GTR Trade Finance eNews - February 2010
Tatneft looking to raise PXF
The Russian oil company Tatneft is looking to raise a pre-export financing of up to US$2bn, according to a source familiar with the deal.
World trade registers sharpest decline since World War II
World trade contracted 12% last year – its biggest collapse since World War II – says the head of the World Trade Organisation (WTO).
EBRD tops record for 2009 investments
The EBRD invested a record €7.9bn in Eastern Europe in 2009 – a 55% increase on the year before.
Jbic provides direct loan to Japanese plastics company
Jbic has signed a US$30mn loan agreement to support a Japanese firm’s construction of a polycarbonate production facility in China.
US Ex-Im appoints African advisory committee
The US Ex-Im has approved nine new members, and one returning member, to the bank’s Sub-Saharan Africa advisory committee (SAAC).
Spain's Telefonica signs ECA-backed credit line
Telecoms company Telefonica has signed an ECA-supported term loan facility with Citigroup and Deutsche Bank for US$472mn.
StanChart makes key hire to transaction banking team
Standard Chartered Bank has appointed banking industry veteran George Nast as global head of product management for its transaction banking business.
IADB approve new capital adequacy policy
The Inter-American Development Bank (IADB) has approved a new capital adequacy policy to enhance its financial and risk management capabilities.
Philippine banks ink TF agreements
Five Philippine banks have signed the country's first trade finance agreements with the Asian Development Bank (ADB) to provide more support to Philippine companies engaged in international trade.
Citi names South African GTS head
Luis Ponce has been appointed as vice-president, head of client sales management for Citibank’s global transaction services (GTS) division.
BexA launches exporting manifesto
The British Exporters Association (BExA), has launched its ‘Manifesto for Exporting’, calling for the government and opposition parties to re-engage and commit to the issues of exporting.
Thomas Cooper hires shipping partner
International law firm Thomas Cooper has appointed shipping specialist Kevin Oram as partner of the firm’s Singapore-based team.
Bolivian bank joins IFC TF programme
Bolivia’s Banco Ganadero has joined the IFC’s global trade finance programme to help expand trade financing for the bank’s clients.
Ariba ups working capital focus
Spend management solutions provider Ariba has appointed Peter Lugli as senior director, working capital management and business development.
Jbic signs Indonesian buyer's credit
Jbic has signed a US$50mn buyer’s credit with PT Pamapersada Nusantara (PAMA), Indonesia’s largest mining contractor.
Russia and Abkhazia boost trade ties
Russia’s Vnesheconombank (VEB) and Abkhazia’s Universal-bank have signed a cooperation agreement to boost trade.
AfDB appoints chief economist
The African Development Bank (AfDB) has named Mthuli Ncube as the bank’s new chief economist.
Kexim's Hidden Champion programme gets underway
Kexim has unveiled its Korean Hidden Champion programme, which will see 100 South Korean SMEs receive W1tn (US$870mn) in support.
Garanti Factoring continues sustainable growth
Garanti Factoring experienced a significant 42% earnings increase in 2009, and reported a net profit of €4.85mn for the end of the financial year.
SocGen closes France's largest solar project
Société Générale & Investment Banking has arranged the financing of France’s largest photovoltaic solar power facility.
JP Morgan opens office in Abu Dhabi
JP Morgan has hosted an opening ceremony for its new office in Abu Dhabi.
NBAD opens branch in Jordan
The National Bank of Abu Dhabi (NBAD), will officially inaugurate its first branch in Jordan on February 23.
China Construction Bank expands London TF team
China Construction Bank (CCB) has appointed two London trade finance executives as it expands its trade finance team in its new London office.
Dubai EDC and ITFC host trade workshop
Dubai Export Development Corporation (EDC) and the International Islamic Trade Finance Corporation (ITFC) jointly hosted a trade information sharing workshop for UAE businesses at the end of January.
Deutsche launches SupplierFinance in Sri Lanka
Deutsche has launched SupplierFinance, a fully automated online trade payable financing solution that combines superior trade and cash management capabilities, in Sri Lanka.
Revised URDG rules to be presented in Paris
Members of the ICC Uniform Rules for Demand Guarantees (URDG) drafting group will give a public presentation on the newly revised rules at a special seminar in Paris on March 18.
AfDB backs Zambian SMEs
The African Development Bank (AfDB) has signed a US$10mn credit agreement with the Zambia National Commercial Bank (ZANACO), aimed at providing long-term financing to SMEs.
ICC unveils new rules for demand guarantees
The ICC has issued a revised version of the Uniform Rules for Demand Guarantees (URDG), which will apply to hundreds of billions of dollars of demand guarantees securing monetary and performance obligations in a wide array of international and domestic contracts.
UK firms urged to boost exports
Lord Davies of Abersoch, minister for trade, investment and small businesses, has urged UK businesses to ramp up their exports to better compete with their European neighbours such as Germany and France.
Norton Rose hires new trade finance partner
Legal practice Norton Rose has hired Nick Grandage to join its banking practice in London as a structured trade and commodity finance partner.
CDC Group promotes African private sector investment
Africa’s infrastructure is in “critical need of investment” with private sector involvement being the key to strengthen it, says Richard Laing, CEO of the UK’s CDC Group.
StanChart loans to Philippine MFI
Standard Chartered has provided its first Philippine microfinance loan, worth PHP75mn (equivalent to US$1.5mn) to Card Bank, one of the country’s largest microfinance institutions (MFIs).
IFC backs Nigerian telecoms
The IFC is extending US$150mn in syndicated loans to support Helios Towers Nigeria (HTN) to improve access to affordable telecommunications in Nigeria.
EU donates to WTO trade facilitation fund
The European Union has offered a €180,000 donation to the WTO trade facilitation trust fund.
ONDD changes premiums for Baltic states and Serbia
Belgium’s ONDD has increased its insurance premiums for political risk associated with medium and long-term export credits for three Baltic states.
Falcon expands trade presence in Europe
Falcon Trade Corporation has appointed Chris Sheard as head of UK and European sales.
EDC loans to Chilean copper mine
Canada's EDC has provided a US$65mn loan to Chilean mining company Minera Los Pelambres (MLP) to promote the purchase of Canadian goods.
GTR Best Deals 2009
We at GTR are proud to announce the full list of all the winning GTR Best Deals of 2009.
Comerica Bank selects CGI's Proponix360
Comerica Bank will implement CGI’s Proponix360 global trade platform software to help the bank reduce costs and enhance customer service.
VEB signs loan deal for polymer project
Russia’s VEB and a club of international banks have signed an agreement on a US$1.49bn syndicated loan for the construction of a polypropylene production complex in Russia.
Misys reports changing trends in trade services
There is a growing trend towards consolidating payments, cash management and trade services into a single transaction banking division says a transaction banking survey conducted by Misys.
Nedbank appoints trade and commodity advisor
Tim Hart has joined Nedbank Capital to advise the bank on its structured trade and commodity finance offering.
Aon Brazil appoints director of trade and investment
Keith Martin joined Aon Brazil as its first director of international trade and investment on January 4.
EKN's guarantee framework increased
Swedish export credit agency EKN’s framework for export credit guarantees has been increased from SEK350bn to SEK500bn.
Jbic backs Japanese exports with loan to KDB
Jbic has signed a ¥1.56bn (US$17.2mn) loan agreement with the Korea Development Bank (KDB) to support the export of equipment for a power plant in Korea.
EBRD supports Armenian SMEs
The EBRD is providing a US$5mn credit line and a US$3mn trade finance facility to Armenia’s ArmSwissBank.
Belarusbank signs dual tranche trade facility
Belarusbank has signed a US$60mn dual tranche trade-related syndicated term loan facility via initial mandated lead arrangers Intesa Sanpaolo and VTB Bank.
Deutsche Bank opens Abu Dhabi branch
Deutsche Bank has opened its first branch in the United Arab Emirates' (UAE) capital, Abu Dhabi.
Jbic and CAF back LatAm trade
Jbic has signed a US$100mn loan agreement with the Andean Development Corporation (CAF) to directly support trade finance.
Drum Risk Management makes new hire
CIS supply chain specialist Drum Risk Management has hired Elena Egorova as business development manager at their London office.
Germany's Helaba selects SmartStream solution
German financial services firm Helaba Group has selected SmartStream Technologies’ TLM Trade Finance solution to automate its letters of credit and guarantees business processes.
US Ex-Im and Air India sign financing deal
The US Ex-Im and Nacil, the holding company of national carrier Air India, have signed an agreement worth US$1.1bn to support the financing of the sale of Boeing airplanes to the Indian carrier.
EBRD reports boost in 2009 investments
The EBRD has announced a sharp increase of nearly 60% in 2009 investments in response to the impact of the world economic downturn.
IFC expands access to finance in Lebanon
The IFC has made a US$100mn equity investment in Lebanon’s Byblos Bank to help increase access to finance for small and medium enterprises.
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