GTR Trade Finance eNews - August 2010
Stemcor tests Asian appetite
Stemcor has mandated eight international banks to tap the Asian revolving credit facility market for a relatively low US$75mn.
African mining draws Australian interest
West Africa’s mining industry is receiving a US$30mn investment from two Australian institutions.
Turkish bank issues first sukuk
Islamic financing has taken another step towards the mainstream as a Turkish bank issues its first ever sukuk.
Citi expands China offering
Citi Singapore has set up a new China desk to encourage more Chinese multinationals to operate in the city-state.
Rusal returns to strong profit
Aluminium producer Rusal has revealed a vast improvement in profits in H1 2010, compared to the same time last year.
Miga branches out into Asia
Miga has expanded its reach beyond its Washington, DC headquarters by opening an Asian hub.
Armenian SMEs get promising offer
Armenia’s SMEs have received a boost after Inecobank and the IFC signed an agreement to increase access to trade finance.
ABN Amro funds Korean shipping
ABN Amro has loaned US$53mn to a Panamanian company for the acquisition of a Korean shipping vessel.
HSBC closes in on Nedbank
HSBC has entered into exclusive discussions to buy a 53% stake in South Africa’s Nedbank from its parent company Old Mutual.
Akbank returns to syndicated loan market
Turkey’s Akbank has won an oversubscribed dual-currency loan equivalent to €1bn from a syndicate of over 50 international banks.
Cocobod raises record PXF
Ghana Cocoa board’s (Cocobod) annual pre-export finance facility has secured a record number of commitments, closing at US$1.5bn.
Bolero creates new app
Tech-firm Bolero is preparing to launch its newest offering in standardising global trade practices with its Presentation Dashboard.
CBA makes first steps into India
Commonwealth Bank of Australia is breaking new ground in Asia by opening its first Indian branch.
WFW brings in new consultant
Legal firm Watson, Farley and Williams has brought in Peh San San to the company's Singapore office.
Paraguayan SMEs get financing lifeline
Paraguay’s SMEs are due for a boost from a US$30mn loan from Citibank and the US state-run OPIC.
Deutsche bolsters corporate banking teams
Deutsche Bank has made four senior hires to its corporate banking coverage teams.
Surecomp grows in emerging markets
Trade technology provider Surecomp is expanding its emerging markets presence with bigger centres in Chile and China.
Tajikistan revamps energy system
Tajikistan is due to receive a US$141mn overhaul of its electricity system to boost energy trading with neighbouring countries.
TradeCard takes on industry veteran
Supply chain management business TradeCard has hired industry veteran Bob Copeland.
DEG reaches out to Russian telecoms
Germany’s development bank DEG is funding a long-term US$30mn loan to Russian telecoms company Wintergate Holdings.
Three Asean nations prepare trade agreement
Malaysia's government is set to sign an MOU with Brunei and Singapore for a pilot project to increase trade between the states.
Indonesia focuses on infrastructure
The Indonesian government has launched a new financial institution; Indonesia Infrastructure Finance (IIF).
Atradius builds on London specials team
Trade credit insurer Atradius has hired Mark Palmer to head up the London special products team.
Honduran wind farm gets US Ex-Im funding
US Ex-Im has agreed a US$159mn direct loan to Energia Eolica de Honduras for the first utility-scale wind project in Honduras.
Mongolia partners with JBIC
JBIC and the government of Mongolia are enhancing their partnership through a memorandum of understanding.
Brittan accepts UK trade advisor role
Lord Brittan has been appointed trade advisor to the UK's prime minister David Cameron.
Lloyds makes first use of ECGD scheme
Lloyds Banking Group has made its first transaction using the UK export credit agency’s letter of credit guarantee scheme.
Emirates Steel finds funds for Taweelah
Emirates Steel Industries has secured US1.7bn in financing for the development of its plant in Taweelah, just north of Abu Dhabi.
DEDC begins new offering to SMEs
The Dubai Export Development Corporation has launched a new programme to provide financial assistant to the country’s exporters.
Digital media gets ANZ backing
ANZ has provided Sydney-based Viocorp with an A$1mn loan for the digital media company’s inaugural overseas contract.
Orica turns to ECA financing
Australia’s export credit agency EFIC has provided a US$50mn direct loan to mining services supplier Orica.
ING reveals new trade services head
Juultje van der Wijk is to become the new global head of trade finance services for ING.
Moldavian bank becomes GTFP member
Moldova’s Agroindbank has joined the IFC’s global trade finance programme (GTFP) and is already benefitting from a US$15mn loan.
Banks take more Ukraine risk
Ukrainian agribusiness Kernel Holding has closed an oversubscribed US$260mn syndicated facility.
ICC chooses new banking practice chair
Industry expert Tan Kah Chye has been selected as the new chair of the ICC commission on banking technique and practice.
ITFC posts strong figures for H1
The International Islamic Trade Finance Corporation (ITFC) has revealed substantial trade finance operations for H1 2010.
BP targets syndication market
Beleaguered oil company BP has launched a US$2bn term loan facility backed by Azerbaijan crude oil sales.
Deutsche bolsters Asia presence
Deutsche Bank has strengthened its global transaction banking team in Asia with the appointment of four senior staff.
BayernLB funds solar plant
BayernLB is providing a €47.2mn project financing to build and operate a solar energy plant in northeast Germany.
ERC closes massive project financing
The Egyptian Refining Company has finalised a US$2.6bn debt package for the construction of its second-stage oil refinery.
Russia's biggest project financing closes
Sibur has closed Russia’s largest project financing for 2010, a US$1.44bn debt facility for a new complex in Tobolsk, central Russia.
StanChart offers UAE online platform
Standard Chartered has launched a new web-based cash management service for corporate and institutional clients in the UAE.
RBI expands export subsidy scheme
The Reserve Bank of India has extended its interest subsidy scheme to additional sectors.
Maybank introduces online platform
Malaysia’s Maybank has launched a new web-based trade finance solution called TradeConnex.
Ethiopian Airlines wins ECA support
Ethiopian Airlines has signed a US$1.6bn deal with US Ex-Im for the financing of 15 Boeing aircraft.
Sace plans to increase Brazil exposure
Italy’s export credit agency Sace has revealed plans for US$1bn of new transactions in Brazil.
EBRD signs Romanian refinancing loan
The EBRD is providing a syndicated US$180mn refinancing package to Romanian aluminium producer Alro.
Brazil and Portugal look to Africa
Two Brazilian banks have signed a memorandum of understanding with Portugal’s BES to expand business in Africa.
DBS ramps up GTS
Asia's DBS has made three senior hires to its global transaction services (GTS) business.
HSBC boosts Asia Pacific team
HSBC has expanded its Asia Pacific presence by hiring three staff to its resources and energy (REG) team.
Rusal refinances acquisition debt
Aluminium producer Rusal has agreed terms of a proposed US$4.59bn loan from Russia’s Sberbank.
Stemcor posts strong turnaround
Stemcor has reported an impressive turnaround of profits in H1 2010.
Iridium deal nears closing
Iridium has received commitments for a US$1.8bn credit facility for the construction of its next-generation satellite constellation.
Misys wins PNB contract
Philippine National Bank has chosen software solutions provider Misys to upgrade the bank’s technology systems.
WestLB secures Colombian port financing
WestLB has secured US$142mn of senior debt financing for a commercial container port in Buenaventura, Colombia.
Northstar Europe brings in new MD
Matthias Wietbrock has joined Northstar Europe as managing director.
UK's biggest banks team up for new taskforce
Six of the UK’s biggest banks have formed a taskforce to examine the lack of funding available for trade finance.
Brazilian SMEs gain IADB help
The IADB has offered a dual-tranche US$150mn loan to Brazilian bank Sofisa to on-lend to small businesses.
ECGD criticised by UK lobbying group
The British Exporter’s Association has released an unflattering report of the UK’s export credit agency ECGD.
KEIC transforms into K-sure
Korea Export Insurance Corporation has changed its name to Korea Trade Insurance Corporation (K-sure).
PEFC funds Ford exports
Ford motor company has received a US$250mn revolving loan from the US-based Private Export Funding Corporation (PEFC).
Barclays Corporate makes four key hires
Barclays Corporate has expanded its senior team with four appointments in the banks’ cash and trade operation.
JBIC and Mizuho team up for Japanese shipping
JBIC and Mizuho Corporate Bank have signed a loan agreement with nautical-firm Tata NYK Shipping for up to US$47.4mn.
Cote d'Ivoire joins ICIEC
The Islamic Corporation for the Insurance of Investment and Export Credit has recently welcomed the Cote d'Ivoire as a member.
Gazprom Neft signs oversubscribed facility
Russia’s state-owned oil company Gazprom Neft has signed an oversubscribed pre-export finance facility for up to US$1.5bn.
IADB funds Nicaraguan renewable sector
The Inter-American Development Bank has approved a US$40mn facility to finance a Nicaraguan geothermal power project.
Surecomp receives Swift approval
Swift has approved global trade solutions provider Surecomp’s flagship IMEX banking system for the 12th consecutive year.
Metinvest closes PXF
Steel producer Metinvest has closed its oversubscribed US$700mn pre-export financing facility.
Aite Group expands analytical team
Independent research and advisory firm Aite Group has recruited Enrico Camerinelli to act as a senior analyst to cover trade finance.
SocGen reshuffles syndicate team
Societe Generale CIB's global syndicate team has been partly restructured.
BNY Mellon promotes new head
BNY Mellon has promoted Mark Fenner as head of relationship management and sales for treasury services across the Middle East and Africa.
Gatehouse hires new STF head
Gatehouse Bank has hired Irfan Afzal as head of structured trade finance and syndication to work in the bank’s London offices.
India's Federal Bank increases SME offering
Federal Bank will receive up to US$25mn from the IFC to increase support for trade finance for small and medium-sized enterprises.
CGI wins renewed contract
Information technology solutions provider CGI has renewed its contract with financial services group Manulife Financial.
