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

GTR Trade Finance eNews - December 2010

December 22, 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.

December 22, 2010

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.

December 22, 2010

HSBC hires across Europe

HSBC’s commercial banking department has taken on four new senior staff to its European trade and supply chain team.

December 22, 2010

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.

December 21, 2010

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.

December 21, 2010

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.

December 21, 2010

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.

December 21, 2010

JBIC signs first Angolan loan

The Japan Bank for International Cooperation has signed its first direct loan to the government of Angola.

December 21, 2010

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.

December 20, 2010

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.

December 16, 2010

Uralsib draws in international support

Russia’s Uralsib has successfully closed a massively oversubscribed US$275mn syndicated term loan facility.

December 15, 2010

India's Yes Bank boosts agribusiness

India’s Yes Bank is expanding its agribusiness by partnering with the country’s National Collateral Management Services.

December 15, 2010

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.

December 15, 2010

China Power closes offshore bond first

China Power International Development has successfully closed its first renminbi-denominated corporate offshore bond through Standard Chartered.

December 15, 2010

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.

December 14, 2010

CBC Trade Finance takes on new staff

Newly launched US boutique CBC Trade Finance has hired Robert Denhert to a senior vice-president role.

December 14, 2010

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.

December 14, 2010

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.

December 13, 2010

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.

December 13, 2010

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.

December 13, 2010

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.

December 13, 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.

December 13, 2010

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.

December 09, 2010

IFC arranges China first

China has successfully completed its first wind power deal financed entirely through international bank syndication thanks to the IFC.

December 09, 2010

NBAD continues hiring

The London branch of the National Bank of Abu Dhabi has hired Martin Broadhurst as a trade finance marketing manager.

December 09, 2010

EDC appoints new president

Trade veteran Stephen Poloz has been selected as Export Development Canada’s new president and chief executive officer.

December 08, 2010

ABN Amro grows Asia team

ABN Amro has expanded its Asia commodities metals team by hiring Ben Cheung as an executive director.

December 08, 2010

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.

December 08, 2010

Lebanese bank opts for Misys

Lebanese commercial bank BBAC has upgraded its tech systems with Misys’s BankFusion Equation and Opics Plus.

December 08, 2010

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.

December 08, 2010

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.

December 08, 2010

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.

December 08, 2010

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.

December 08, 2010

HSBC extends Islamic financing offering

HSBC has expanded its shariah-compliant products to Bahrain and Bangladesh.

December 03, 2010

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.

December 03, 2010

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.

December 01, 2010

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.

December 01, 2010

Pirelli signs new revolver

Italian tyre company Pirelli has signed a new €1.2bn revolving credit line with 12 domestic and international banks.

December 01, 2010

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.

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