GTR Trade Finance eNews - December 2010
UniCredit promotes new STEF head
UniCredit has promoted a new head of structured trade and export finance to succeed Walter Rupprecht, who has left the group.
ANZ hires China expert
ANZ has brought in ex-China Ex-Im worker Alice Zou to continue building on the Australian bank’s exposure to China’s government-run agencies.
HSBC hires across Europe
HSBC’s commercial banking department has taken on four new senior staff to its European trade and supply chain team.
Rusal returns to international market
Russian aluminium firm Rusal has tapped the international market for the first time since its 2009 US$16.8bn restructuring.
The world’s largest aluminium producer has agreed the main terms and conditions of a one-year US$300mn trade finance line with a club of international banks.
BNP Paribas, ING, Natixis, Crédit Agricole, Société Générale and UniCredit will act as mandated lead arrangers for the deal, with BNP Paribas taking on the extra responsibility of facility agent and collateral agent.
Kenyan bank chooses Misys
The Cooperative Bank of Kenya has signed up for Misys’s BankFusion Universal Banking technology to cover trade finance, treasury functions and retail banking operations.
Banks team up for copper mine
Barclays and Australia’s Macquarie Bank have signed an A$50mn project finance loan facility agreement to Australian mining company Hillgrove Resources.
UPS delivers security financing
A subsidiary of courier service UPS is financing the sale of US$23mn of equipment to strengthen the security of Mexico’s airports.
JBIC signs first Angolan loan
The Japan Bank for International Cooperation has signed its first direct loan to the government of Angola.
US boosts aviation trade with China
The US’s Export-Import bank is hoping to resume its diminished aircraft financing business with China with a new trade agreement with China’s ICBC Financial Leasing Co.
SEB makes offshore Rmb inroads
Sweden’s SEB has become the first Nordic bank to offer a set of services in offshore renminbi for cash management, trade finance and foreign exchange.
Uralsib draws in international support
Russia’s Uralsib has successfully closed a massively oversubscribed US$275mn syndicated term loan facility.
India's Yes Bank boosts agribusiness
India’s Yes Bank is expanding its agribusiness by partnering with the country’s National Collateral Management Services.
Belarusbank wins largest deal ever
Minsk’s Belarusbank has signed the largest syndicated loan in its history with a group of 15 institutions.
The one-year oversubscribed US$145mn loan was originally set at US$100mn.
“The almost 50% oversubscription demonstrates the growing confidence and trust international investors place in the Belorussian banking system and in particular in Belarusbank,” says a spokesperson from the bank.
China Power closes offshore bond first
China Power International Development has successfully closed its first renminbi-denominated corporate offshore bond through Standard Chartered.
ADB signs Tajiki agreement
The Asian Development Bank is continuing to expand its presence across Central and Southern Asia by signing a trade finance agreement in Tajikistan.
CBC Trade Finance takes on new staff
Newly launched US boutique CBC Trade Finance has hired Robert Denhert to a senior vice-president role.
Coface replaces CEO
Jérôme Cazes has left his job as chief executive officer of France’s export credit agency Coface after a disagreement with the agency’s shareholders.
Deutsche GTB switches to Tata
Deutsche Bank has taken a step forward in transforming its transaction banking service by implementing Tata Consultancy Services’s core banking platform.
Standard Bank bolsters Joburg team
Africa’s Standard Bank has taken on a number of new hires to expand the bank’s Johannesburg structured trade and commodity finance business.
Bolero completes eUCP world first
Bolero has completed the first ever presentation of documents required under a letter of credit issued subject to the ICC’s eUCP regulations.
US exports rise in 2010
The US’s commerce department has released figures showing that the country’s exports have risen by 17% during the first 10 months of 2010.
ADB makes steps into Bhutan
The Asian Development Bank is building on its presence in South Asia by signing its first trade finance agreement in Bhutan.
Weihai opts for SmartStream tech
China’s Weihai City Commercial Bank has chosen tech-firm SmartStream Technologies’ systems to manage parts of its trade finance business.
IFC arranges China first
China has successfully completed its first wind power deal financed entirely through international bank syndication thanks to the IFC.
NBAD continues hiring
The London branch of the National Bank of Abu Dhabi has hired Martin Broadhurst as a trade finance marketing manager.
EDC appoints new president
Trade veteran Stephen Poloz has been selected as Export Development Canada’s new president and chief executive officer.
ABN Amro grows Asia team
ABN Amro has expanded its Asia commodities metals team by hiring Ben Cheung as an executive director.
Hermes backs Turkish wind farm
Germany’s export credit agency Euler Hermes is backing 95% of a €26mn loan from BayernLB for the delivery of 15 wind turbines to the Seyitali-Aliaga wind farm in northwest Turkey.
Lebanese bank opts for Misys
Lebanese commercial bank BBAC has upgraded its tech systems with Misys’s BankFusion Equation and Opics Plus.
US starts green energy scheme
A new initiative is being launched by the Export-Import Bank of the United States (US Ex-Im) and seven other US government agencies to promote green energy exports.
Swift gets Islamic finance approval
Tech-firm Swift’s ISO 15022 message standards for treasury murabaha transactions have been certified compliant with international Islamic finance standards.
Banco Monex turns to Surecomp
Surecomp has won a contract with Mexico’s Banco Monex for the licensing of the tech-firm’s Java J2EE trade finance solution, AllTra.
S&P's signals European bumps in road
Corporate defaults across Europe are expected to rise in 2012 after moderate falls in 2011, according to a new report by ratings agency Standard and Poor’s.
HSBC extends Islamic financing offering
HSBC has expanded its shariah-compliant products to Bahrain and Bangladesh.
O3b gains ECA support
Telecoms firm O3b Networks has secured an ECA-backed US$1.2bn in funding from banks and investors to launch its first satellites to improve internet access to developing markets.
BNDES to see cuts in funding
Brazilian state development bank BNDES is to see its government funding cut by at least half, according to the country’s finance minister Guido Mantega.
Sace and Zurich team up
Private insurer Zurich and Italian export credit agency Sace have entered into a partnership to focus on marketplaces in Africa, Asia, Latin America and North America.
Pirelli signs new revolver
Italian tyre company Pirelli has signed a new €1.2bn revolving credit line with 12 domestic and international banks.
Marsh launches new product
Insurance broker Marsh is offering a new insurance facility to meet the increased concern from multinational firms about the rise in political risks globally.
