GTR Trade Finance eNews - September 2009
Scotiabank signs on to EDC's export guarantee programme
Scotiabank is the first of the big five banks to join EDC’s expanded export guarantee programme (EGP).
EKN's guarantee framework set to increase
The Swedish government is proposing to increase EKN’s framework for export credit guarantees from SEK350bn to SEK500bn.
Baft meets Kazakh leaders to discuss restructuring
Baft has met with leading Kazakh government financial officials over recent developments in the Kazakh banking sector regarding the honouring of outstanding trade finance obligations.
SBI launches corporate banking services from DIFC
State Bank of India (SBI) will provide a full range of banking services, including trade finance, from its base in the Dubai International Financial Centre (DIFC).
EBRD provides financing for Kyrgyz micro entrepreneurs
The EBRD is boosting the availability of finance to private businesses in Kyrgyz Republic with a US$1mn credit line for on-lending to micro and small enterprises (MSEs).
Redden joins Norton Rose in Hong Kong
Norton Rose has appointed Chris Redden as a banking partner in the energy and infrastructure team in Hong Kong.
China Systems partners up with Export Entreprises
Trade processing solutions company China Systems has partnered up with Export Entreprises, a provider of online information on international trade.
StanChart expands Rmb services to Asean markets
Standard Chartered Bank will start offering renminbi (Rmb) clearing and settlement services to clients in Asean markets.
IFC expands access to finance for Kazakh SMEs
IFC and Kookmin Bank have teamed up to provide long-term capital that will help promote access to finance for SMEs in Kazakhstan.
Optimism soars for trade among Asia Pacific corporates
Small and mid-market exporters and importers in mainland China and Indonesia are the most optimistic in their trade outlook for the next three months, according to a report by HSBC.
AfDB backs project to link up Central Africa
The African Development Bank (AfDB) Group has approved a financial package worth US$190mn to link up Congo and Cameroon.
Cocobod PXF closes
Ghana’s Cocoa Board (Cocobod) has successfully closed its annual syndicated receivables-backed trade finance facility at US$1.2bn.
Opic and Citi expand microfinance programme
Opic has approved up to US$250mn to expand a partnership with Citi to provide microfinance lending to borrowers in emerging markets.
Sonangol signs oversubscribed
The annual syndicated facility for the Angolan state oil producer Sonangol has signed oversubscribed at US$1.5bn.
Citi names new Middle East head for GTS
Citi's global transaction services (GTS) division has appointed Steve Donovan as head of global transaction services, Middle East and Pakistan.
New trade finance fund to launch in US
US firm Delphi Trade is set to launch an investment fund that will provide exporters with a new source of trade finance.
ECGD saves export contract to Brazil
The UK’s export credit agency ECGD and the UK Trade & Investment (UKTI) have joined forces to save a £9mn deal for Cleveland Potash.
JBIC supports Japanese exports to Korea
JBIC has signed a loan agreement totalling up to ¥20bn (US$220mn) with the Korea Development Bank (KDB).
EBRD and Raiffeisen back Eastern European banks
The EBRD and Raiffeisen International Bank are teaming up to help strengthen banks in Ukraine, Romania and Russia.
World Bank supports new projects in India
The World Bank has approved four projects worth US$4.3bn to India.
Cocobod signing is imminent
The 17th annual Ghana Cocoa Board (Cocobod) pre-export finance loan is set to be signed in Paris on September 25.
WTO: "Red tape" stands in way of trade finance liquidity schemes
Bureaucracy is just one of the obstacles preventing the effective use of the G-20 trade finance support package launched earlier this year, according to the WTO.
HSBC makes key client management appointment
HSBC global payments and cash management (GPCM) has appointed Brian Tsang as senior manager, regional client management office, GPCM, Asia Pacific.
EDC names permanent representative in Mexico
Johane Seguin has been appointed Export Development Canada's (EDC) chief representative for Mexico.
WFW hires new project and structured finance partner
Mehraab Nazir has moved from law firm WFW's London office to join the Singapore office as a partner in its international project and structured finance group.
BTA Bank signs MOU with creditors
Kazakhstan’s BTA Bank has signed a memorandum of understanding (MOU) with its creditors’ steering committee to restructure US$10.3bn-worth of debt.
AsiaUniversalBank secures ratings upgrade
Moody’s has upgraded Kyrgyzstan’s AsiaUniversalBank (AUB) long-term foreign and local currency deposit rating from Caa2 to Caa1.
ABI sees decrease in trade credit insurance claims
The latest figures from the Association of British Insurers (ABI) show that trade credit insurance claims have fallen for the first time in four quarters.
Sace and Europe Arab Bank sign bond agreement
Sace has concluded an agreement with Europe Arab Bank to support Italian companies looking to export to the Middle East and North Africa.
IFC promotes infrastructure in Kazakhstan
IFC and the Kazakhstan Public-Private Partnership Centre will cooperate on increasing private sector investments in the country’s infrastructure.
Australian exporters to get extra support
The EFIC's role will be expanded to make it easier for Australian exporters and overseas investors to obtain financial assistance.
ONDD downgrades risk ratings
The Belgian ECA ONDD has downgraded Chile, Thailand and Kazakhstan for medium and long-term political risk cover.
African banks gain trade finance training
IFC and the Japanese government will provide training in trade finance to bankers in the Democratic Republic of Congo.
Miga grows portfolio to record high
Miga has issued US$1.4bn in guarantees in support of 26 projects in developing countries in the fiscal year ending June 30, 2009.
AfDB boosts investment in West Africa Fund
The African Development Bank has approved an investment of US$10mn into the West Africa Emerging Market Fund (WAEMF).
Swift's TSU reports increased interest
The community of Swift Trade Services Utility (TSU) banks now well exceeds 100.
Former BTA Bank management condemns debt restructuring
Former CEO of BTA Bank Roman Solodchenko has condemned proposals for the restructuring of Kazakhstan’s BTA Bank.
MDM loan heralds opening of markets to Russian banks
Russia’s MDM Bank is in the market raising a US$175mn-equivalent dual-currency loan via initial mandated lead arrangers and bookrunners Calyon, ING Bank, RZB, Standard Chartered Bank and VTB Bank.
S1 drives convergence of TF and corporate banking
S1 Enterprise, a division of S1 Corporation, and a global provider of multi-channel financial services software, will implement a converged trade finance and corporate banking solution for one of its largest customers in Asia.
ABCIB hires new head of European trade finance
ABC International Bank (ABCIB) has appointed David Lilley as head of European trade finance.
Rabobank signs with Bolero
Rabobank has signed an agreement with Bolero to enable the bank to provide a multi-bank trade finance service to its customers.
Deutsche Bank enhances supply chain platform
Deutsche Bank has invested in a new financial supply chain management (FSCM) platform.
StanChart and Pakistani banks ink trade agreement
Standard Chartered Bank (China) has signed bilateral trade processing cooperation agreements with three Pakistani partner banks.
JP Morgan continues Asia investment and expansion
JP Morgan's treasury services business will continue the expansion of its service capabilities in the Asia Pacific region.
VTB continues to increase lending to Russian industry
VTB Group's total loans to corporate Russian customers and households exceeded Rb144bn (US$4.75bn) in August.
Yapi Kredi closes dual-tranche club deal
Turkish Bank Yapi Kredi has closed a dual-tranche club loan for US$397.5mn and €399.5mn via a syndicate of relationship banks.
Baft reports trade finance markets are stabilising
The Bankers’ Association for Finance and Trade (Baft) sees some stabilisation in the trade finance markets, according to data from a joint Baft and IMF survey.
Islamic Development Bank’s sukuk hints at Gulf recovery
HSBC has closed a US$850mn sukuk for the Islamic Development Bank (IDB), signally a potential revival of the debt markets in the Gulf region.
Agricultural Bank of China and Kookmin partner Citi
Citi's bank services group has joined forces with Agricultural Bank of China and South Korea’s Kookmin Bank.
BNYM appoints head of treasury for India
BNYM has appointed Aneish Kumar as head of treasury services for the Indian sub-continent.
CGI grows trade finance offering
CGI Group has added accounts receivable and cash management capabilities to its global trade and supply chain platform.
SunTrust and Citi sign trade alliance
The US bank SunTrust Bank has joined forces with Citi to help support the international financing needs of its corporate clients.
Misys expands online portal platform
Misys has expanded its range of online portal solutions across all areas of its portfolio.
IFA names new chairman and board members
The International Forfaiter's Association (IFA) has elected a new chairman and new members.
JP Morgan boosts treasury services in Asia
JP Morgan has launched its liquidity management services and enhanced domestic cash management capabilities in South Korea.
IFC supports Sub-Saharan infrastructure
IFC will invest US$150mn in South Africa’s Absa Bank to provide funding for infrastructure projects in Sub-Saharan Africa.
BTA Bank discloses debt restructuring options
Kazakhstan’s BTA Bank has unveiled four restructuring options for its creditors.
Canada's EDC reports H1 net loss
EDC recorded a net loss in H1 this year as a result of an increased allowance for claims on insurance and higher claim payments.
Standard Bank raises debut Asian loan
South Africa’s Standard Bank has signed a five-year US$1bn loan facility with four major Chinese banks in Macau.
HSBC expands US supply chain team
HSBC has appointed Steven Lotito as head of sales, trade and supply chain for the US.
JP Morgan widens China footprint
JP Morgan has announced the opening of its Chengdu branch, the bank's fifth branch in mainland China.
LatAm agribusiness attracts DEG and FMO loan
DEG and FMO are providing the Latin American Agribusiness Development Corporation (LAAD) with a US$30mn loan.
Two more banks join IFC's global trade programme
JP Morgan and Commerzbank have pledged a total of US$2.25bn in funding to the IFC’s global trade liquidity programme (GTLP).
Marfrig contracts PXF from Credit Suisse
Brazilian meat processor Marfrig has signed a US$100mn long-term financing line in export pre-payments with Credit Suisse.
AfDB supports mobile telecom in Nigeria
The African Development Bank (AfDB) Group has approved a US$30mn loan to finance the Helios shared telecom infrastructure project in Nigeria.
EBRD ups annual investment volume
The EBRD is raising the level of its investments to €8bn this year, in response to the continuing effects of the global financial crisis.
Swift launches solution to increase efficiency of enquiries management
Swift has launched a solution that will increase the productivity of financial institutions and automate the management of payments-related enquiries.
Marubeni secures financing for Chilean copper mine projects
JBIC is co-financing a US$656mn loan for Marubeni Holding for its acquisition of a 30% stake in two Chilean copper mines.
ICC warns against risk of “dislocation” of trade
Problems relating to the availability of trade finance can be expected well into 2010, says an International Chamber of Commerce (ICC) report.
Demand for EKN guarantees soars
The demand for guarantees from Swedish export credit agency EKN increased nine-fold during the first half of 2009.
China helping to steady world economy says World Bank
China is taking decisive action to help stabilise the world economy, says World Bank Group president Robert Zoellick.
EFIC appoints new chief credit officer
Export Finance and Insurance Corporation (EFIC), Australia's export credit agency, has appointed John Pacey as chief credit officer.
Evraz reports weak H1 results
Russian steel company Evraz posted a first-half (H1) net loss of US$999mn, reflecting lower steel prices and a change in accounting methods.
Citi hires new head of correspondent banking
Citi's global transaction services (GTS) group has appointed Carlos Perez as global head of correspondent banking.
Falcon looks to expand beyond trade services
Falcon Group has hired two structured finance professionals, Niels Slikker and John Bishop, to develop its offering of financial structures away from the trade services arena.
TradeBeam enhances global trade management suite
TradeBeam has launched GTM 3.5, an enhanced global supply chain solution for global trade management (GTM).
Cotecna launches electronic document transfer solution
Cotecna has unveiled its E-dox solution in response to a growing demand for a fast and secure way to speed up trade transactions.
Trade finance on road to recovery says Baft survey
International trade finance is beginning to stabilise says a new survey conducted by Baft in co-operation with the IMF.
EBRD backs Dreyfus in Russia and Ukraine
The EBRD is providing US$75mn to one of the world’s largest commodity groups to fund grain purchases in Russia and Ukraine.
FIMBank posts interim profit
FIMBank, the Malta-based global trade finance institution, has posted an after-tax profit of US$2.92mn for the six months ending June 2009.
Johannesburg signs trade deal with UK
Johannesburg has signed a bilateral agreement with the UK that will ensure ongoing business collaboration beyond next year's World Cup.
Siemens invests in Israeli solar power
Siemens is investing US$15mn in Arava Power Company, Israel’s leading solar developer, to be used to set up the country’s first commercial solar farms.
Glencore posts H1 drop, remains optimistic
The first half of 2009 has seen Glencore post a significant drop in net income as a result of plummeting commodity prices.
Miga teams up to promote FDI in Georgia
Miga and Georgia’s Investment Risk Management Agency (Irma) have signed an agreement aimed at promoting FDI into the country.
StanChart makes key appointment in Southern Asia
Standard Chartered Bank has appointed TS Shankar as the Southern Asia transaction banking head for banks.
US Ex-Im backs Boeing purchase for EgyptAir
US Ex-Im will support a JP Morgan loan for EgyptAir’s purchase of five Boeing 737-800 aircraft as part of a major fleet renewal.
