Content-Type: text/html; charset=ISO-8859-1 Trade Finance News April 2010 - Global Trade Review - The world's leading international trade finance and export finance magazine
Trade finance news

GTR Trade Finance eNews - April 2010

April 29, 2010

Gallagher expands political risk team

After spending a decade developing FirstCity's political risk practice, Mark Gubbins is heading up a new political risk team that will join insurance broker Arthur J Gallagher.

April 29, 2010

BNY Mellon reveals new regional head of treasury services

BNY Mellon has announced that Robert Whittemore will be its new head of treasury services for Japan.

April 29, 2010

SEB sees Q1 profits soar

Sweden’s SEB has posted a massive 91% increase in operating profits in Q1 compared to the final quarter of 2009.

April 29, 2010

StanChart moves into UK ship financing

In its first ship finance deal with a UK ship owner, Standard Chartered has signed a £36mn (US$54.8mn) loan with Bibby Offshore.

April 29, 2010

ATB hires new head of corporate finance

Hans Tamm has joined the Netherlands' Amsterdam Trade Bank (ATB) as head of corporate finance.

April 29, 2010

Santander sees Q1 profit rise

Spain’s Grupo Santander Q1 2010 financial report reveals that the bank increased ordinary attributable profit to €2.2bn (US$2.9bn), up 5.7% from the first quarter of last year.

April 29, 2010

Denton Wilde Sapte promotes new managing associate

International law firm Denton Wilde Sapte (DWS) has promoted trade finance lawyer Kate Richardson to managing associate.

April 28, 2010

Yapi Kredi boosts Turkish pre-financing

Turkey’s Yapi Kredi has won a syndicated dual-tranche term loan facility worth US$1bn.

April 27, 2010

Santander expands energy team

Santander has appointed Alejandro Garcia Val as head of energy commodities.

April 27, 2010

Confidence in trade finance remains fragile, reveals new survey by the ICC

New survey results released by the International Chamber of Commerce (ICC) have exposed the trade finance (TF) industry’s mixed views on prospects for a strong and lasting trade recovery.

April 27, 2010

Aktif Bank hires new VP

Alper Nalbant has joined Turkey's Aktif Bank as the vice-president of financial institutions.

April 27, 2010

DB posts big increases in Q1

Deutsche Bank (DB) has announced a Q1 net income of €1.8bn (US$2.4bn), up 33% from the same period of 2009.

April 27, 2010

Drum branches out in CIS

Supply chain specialist Drum Risk has opened a subsidiary in Kiev to develop contact with exporters and importers, overseas traders and banks.

April 27, 2010

LloydsTSB grants Lancashire LC

Bermuda-based insurers Lancashire Insurance Company has entered into a US$200mn bilateral two year letter of credit (LC) facility with Lloyds TSB.

April 26, 2010

SG launches new trade team

Societe Generale (SG) is creating a new specialist trade team in Geneva as part of the bank's Zurich branch,

April 26, 2010

ADB appoints new vice-president

Asia Development Bank (ADB) has hired Lakshmi Venkatachalam as vice-president of private sector and co-financing operations.

April 26, 2010

ICISA praises credit insurers' responses

The International Credit Insurance and Securities Association (ICISA) has revealed that credit insurers lived up to their obligations during the financial crisis.

April 26, 2010

BAFT-IFSA and LatAm's Felaban renew alliance

Banking information provider BAFT-IFSA and the Latin American Banking Federation (Felaban) have renewed their collaborative alliance.

April 23, 2010

Belinvestbank trade loan oversubscribes

Initial mandated lead arranger VTB Bank and a consortium of lenders have closed an oversubscribed US$59.5mn loan facility for the Belarusian Bank for Development and Reconstruction (Belinvestbank).

April 23, 2010

Insurers called to speed up response times

Clients are keen to see all insurers act in a “timely” manner when dealing with issues surrounding trade finance debt restructurings, says Marian Boyle, partner, insurance and reinsurance, at Denton Wilde Sapte (DWS).

April 22, 2010

GTR reveals best law firm in trade finance

The votes for GTR's Best Law Firm in Trade Finance 2010 have been counted and the results are in.

April 22, 2010

AGA wins oversubscribed revolver

Johannesburg-based gold miner AngloGold Ashanti (AGA) has won an oversubscribed US$1bn syndicated four-year unsecured revolving credit facility.

April 22, 2010

DB expands Asia STF and export finance team

Deutsche Bank (DB) has hired two members to its structured trade and export finance (STEF) team in Asia.

April 21, 2010

World Bank approves Eskom loan

The World Bank has approved a US$3.75bn project loan to Eskom, South Africa’s state power utility.

April 20, 2010

Returns strong for CDC

The UK development finance institution, CDC Group, have revealed returns of £207mn (US$318mn) and developing country investments of £359mn (US$551.8mn) during 2009.

April 20, 2010

Sace set for Turkish expansion

Sace is set to establish a representative office in Istanbul in what Sace's head of international relations and network calls its "biggest initiative for the coming year".

April 20, 2010

Flash branches out in Brazil

Supply chain solutions provider Flash Global Logistics has expanded its Brazil operations.

April 20, 2010

SunPower signs syndication

A syndication of six banks has signed a US$350mn credit facility to solar energy provider SunPower.

April 20, 2010

Basel III causes concern in trade finance

Consultation on new global capital requirements for banks has closed, provoking a backlash among some banks and industry bodies.

April 19, 2010

FBN Bank expands STF team

FBN Bank has hired Bajide Bode-Harrison as a business development manager.

April 19, 2010

US Ex-Im doubles loan authorisations

US Ex-Im has more than doubled its authorisations of export loans in the first half of the current fiscal year, compared to the same period of 2009.

April 19, 2010

China Ex-Im funds Tanzanian infrastructure

China Ex-Im and the Tanzanian government have signed two loan agreements totalling US$265mn to finance infrastructure projects in the African country.

April 15, 2010

Africa tipped to rival Asia within a decade

The acting CEO of the African Trade Insurance Agency (ATI) has announced that the continent will rival Asia in infrastructure financing in 10 years.

April 15, 2010

Sace to expand Russian focus

Italy’s Sace has revealed that it intends to diversify in its 2010 strategy for corporates and financial institutions operating in Russia.

April 15, 2010

CRBD upgrades to Misys BankFusion

Tanzania’s CRBD bank is the latest in a string of institutions to implement the Misys BankFusion Universal Banking platform.

April 13, 2010

ONDD fills promotion spot

Belgium's export credit agency, ONDD, has appointed Frank Vanwingh as its new deputy chief executive officer.

April 12, 2010

ITFC cements trade finance deal

The International Islamic Trade Finance Corporation (ITFC) has signed an US$19.8mn trade finance agreement with Fujairah Cement Industries (FCI).

April 12, 2010

JBIC opens credit lines to Chile

The Japan Bank for International Cooperation (JBIC) has agreed to arrange dual-currency export credit lines with Banco Santander Chile.

April 12, 2010

Nord Stream construction gets underway

After four years of technical and finance deals, the US$12.3bn Nord Stream natural gas pipeline project has begun construction on schedule.

April 09, 2010

Reports show substantial drop in TF volume

Reports carried out by financial analyst Dealogic have shown a massive 55% drop in global trade finance volume.

April 09, 2010

EBRD supports Moldavan SMEs

The European Bank for Reconstruction and Development has offered a significant boost to Moldovan SMEs by providing Banca Sociala with a €5mn (US$6.7mn) loan.

April 09, 2010

SEB expands its GTS team

SEB has promoted Lars Millberg to the position of head of global transaction services (GTS) corporate and Erik Zingmark to the role of head of GTS international.

April 08, 2010

Nexi backs Indonesian telecoms

Japan’s Nippon Export and Investment Insurance (Nexi) is providing a US$24mn buyer’s credit insurance to back Indonesia’s Telekomunikasi’s telecommunication project.

April 08, 2010

EGPC offers PXF mandate

Egypt’s state-owned Egyptian General Petroleum Corporation (EGPC) has mandated JP Morgan and National Bank of Egypt to arrange a pre-export loan of up to US$2bn.

April 08, 2010

Brazil and US in trade negotiations

The Brazilian government has delayed imposing tariffs and lifting patent protections on US$829mn of American goods after the US offered concessions on an export loan guarantee programme.

April 08, 2010

Sace reveals successful 2009

Sace has announced an increase of insured transactions in 2009, up more than 20% from the previous year.

April 07, 2010

Cotecna extends customs inspection contract

Trade service solutions provider Cotecna’s Mexico subsidiary has agreed an extension to its customs inspection contract with Servicios de Administración Tributaria (SAT).

April 07, 2010

Jaguar Energy agrees power plant financing

Energy operator AEI’s wholly-owned subsidiary Jaguar Energy has closed a financing deal worth US$350mn for the construction of a power plant in Guatemala.

April 07, 2010

Law firm S&J opens China office

The international law firm, Steptoe & Johnson (S&J) has opened an office in Beijing.

April 07, 2010

Brazil's BNDES finances Panamax ships

Brazil's national development bank (BNDES), has signed financing contracts worth R$856mn (US$484.7mn) for four ships.

April 07, 2010

US Ex-Im and Google join forces

The Export-Import bank of the United States (US Ex-Im) is being joined by Google to help American small and medium-sized enterprises (SMEs) increase or begin exporting.

April 07, 2010

Bryan Cave makes three new hires

Law firm Bryan Cave has made three new leadership appointments to its international trade practice.

April 06, 2010

DB acquires of parts of ABN Amro

Deutsche Bank (DB) has acquired parts of ABN Amro’s commercial banking activities in the Netherlands for €700mn (US$939.2mn), paid in cash.

April 06, 2010

Citi announces new GTS head in Canada

John Landry has been hired as Citi's head of global transaction services (GTS) in Canada.

April 01, 2010

ExxonMobil finalises PNG LNG financing

ExxonMobil has announced the finalisation of financing agreements for the Papua New Guinea liquid natural gas (PNG LNG) project, and has reconfirmed that natural-gas deliveries will begin in 2014.

April 01, 2010

Stemcor gains refinancing revolver

Six banks have teamed up as mandated lead arrangers and bookrunners (MLABs) to launch into syndication credit facilities totalling US$500mn for steel trader Stemcor.

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