GTR Trade Finance eNews - June 2010
Colombia's Banacol secures export financing
Colombian fruit producer and exporter Banacol has won an oversubscribed US$32.5mn export finance facility.
Coface moves into Russian market
France's Coface has become the first international credit insurer to obtain a licence in Russia.
LFC reveals new hires
London Forfaiting Company (LFC) has recruited three new staff members – an experienced forfaiter and two graduate trainees – to its London and New York offices.
China Exim backs Canadian telecom network
The Export-Import Bank of China (China Exim) has agreed a US$350mn ECA-backed deal with Canada’s Public Mobile and ZTE Corporation.
Rosemount secures syndication for Banco Pine
US-based Rosemount Capital has successfully syndicated an oversubscribed trade loan for Brazil’s Banco Pine.
JBIC ups exposure to Vietnamese oil
JBIC has increased oil and gas exposure by signing a memorandum of understanding with Vietnam’s state-owned PetroVietnam.
EBRD boosts Turkish real economy
A US$185mn facility for Turkish micro, small and medium-sized enterprises has been launched by the EBRD.
IFC agrees guarantees for Russian bank
Russia’s VTB and the IFC have agreed a guarantee-granting framework under the IFC’s global trade finance programme (GTFP).
Gunvor revolver oversubscribes
Oil trader Gunvor has been awarded an oversubscribed US$1.03bn revolving credit facility from a syndicate of 25 banks.
Russia and US forge stronger ties
Russia’s VEB and the US Ex-Im have signed a memorandum of understanding to facilitate US exports to Russia.
Japanese syndicate funds Saudi oil
A Japanese syndicate has agreed a buyer’s credit agreement for up to US$400mn for SATORP.
TBI bombing "encouraged" by international interference
One of Britain’s most senior economists has condemned political interference in Iraq, suggesting that it encouraged the terrorist attack on the Trade Bank of Iraq.
Drum hires at Moscow HQ
CIS supply chain solutions provider Drum Risk Management has continued its expansion by hiring Evgenia Katsano.
OAB upgrades with Misys
Oman Arab Bank has upgraded its systems to Misys’s TI Plus solution to enhance the bank’s trade finance capabilities.
Cairo Amman Bank joins IFC programme
Jordan’s Cairo Amman Bank joins the IFC global trade finance programme as an issuing bank
DBS boosts senior management team
Southeast Asia’s largest bank, DBS has made a number of senior appointments to its global transaction services team.
Lloyds TSB partners with Bolero
Lloyds TSB Corporate Markets has signed a strategic partnership with paperless trading solutions provider Bolero.
StanChart launches newest round of Rmb roadshows
Standard Chartered has launched the latest in a round of roadshows to promote Renminbi trade settlement.
StanChart promotes new global head
Standard Chartered has promoted veteran banker Roy Bennett to serve as global head of trade asset sales.
ATB bolsters its ranks
Amsterdam Trade Bank has continued to bolster its ranks by hiring Marina Perova as senior officer, structured trade and commodity finance.
EBRD mulls Polish renewable project
The EBRD is considering a €150mn loan to Polish banks to stimulate small-scale renewable energy investments.
US Ex-Im on track to meet Obama's goal
Figures released by US authorities reveal that the US is on track to meet President Obama’s goal of doubling exports.
Fortis leads ship acquisition syndicate
Fortis Bank Nederland is the mandated lead arranger on a US$100mn syndicated loan facility for the acquisition of two ships by Korean companies.
BankMuscat signs credit line from ATTP
Oman’s BankMuscat has signed a US$35mn credit line agreement with the Arab Trade Finance Programme.
Canadian confidence rising says EDC
Confidence among Canadian exporters is rising, according to a new survey report issued by Canada’s Export Development Canada.
Kyrgyzstan nationalises AUB
One of the largest banks in Kyrgyzstan AsiaUniversalBank has been nationalised by the head of the country’s interim government, Roza Otunbaeva.
ONDD renews Alcatel-Lucent partnership
Belgium’s export credit agency ONDD has renewed its existing partnership with telecommunications provider Alcatel-Lucent.
NAB's hiring spree continues
National Australia Bank has bolstered its Asia Pacific team even further by hiring Mark Borton as head of trade finance product.
Fortis promotes at Dubai office
As part of its ongoing global expansion, Fortis Bank Nederland has made two new promotions at its Dubai office.
Citi boosts China small business offering
Citibank has launched a new banking service for small businesses in China.
MTN Nigeria oversubscribes for expansion
Leading Nigerian telecommunications provider MTN Nigeria has been awarded US$2bn in oversubscribed new loan facilities.
Report finds trends in alternative financing
A new report released by London-based Demica has revealed a growing trend in receivables-based finance in Europe.
US Ex-Im funds Vietnamese infrastructure
The Export-Import Bank of the United States has agreed a US$500mn financing facility with the government of Vietnam.
Robinson returns to RBS
RBS has hired Louis Robinson as trade finance sales head for the Europe, Middle East and Africa (Emea) region.
SMBC funds Aircastle Airbus acquisition
SMBC has signed an export credit agency-backed debt financing for up to US$250mn with airplane leasing company, Aircastle.
Mercuria wins oversubscribed revolver
Energy trader Mercuria has won an oversubscribed US$1.25bn revolving credit facility.
Singapore's ASME expands into Cambodia
Singapore's Association of Small and Medium Enterprises is expanding its international presence by opening a new office in Cambodia.
ICISA chooses new president
The International Credit Insurance and Surety Association (ICISA) has appointed Joaquin de la Herran as its new president.
ABN Amro opens in Athens
The ABN Amro group has opened a representative office in Athens, Greece.
Kexim increases credit line to Russia
The Export-Import Bank of Korea has agreed to increase its credit line to Russia’s Bank Uralsib to a maximum total of US$150mn.
EIB funds London's renewable energy
The European Investment Bank has agreed a £250mn (US$365mn) loan facility with Danish renewable energy producers DONG Energy.
NAB makes key Asia Pacific hires
National Australia Bank (NAB) has made key hires across its Asia Pacific businesses.
JBIC boosts Vietnamese business
The Japan Bank for International Cooperation and the DI Asian Industrial Fund have signed an agreement for equity participation to support Vietnamese companies.
WFW reveals strong results
Legal firm Watson, Farley and Williams has revealed strong results for the last financial year.
Ecuador's hydroelectric plant gets green light
Ecuador's government has announced that the Coca Codo Sinclair 1500MW hydroelectric facility will begin construction in mid-June.
Baja's Boleo project finds further funds
Baja Mining Corporation has entered into a binding letter of intent with commodities trader Louis Dreyfus Commodities to part-finance the Boleo mining project near Santa Rosalia, Mexico.
JBIC and Maybank boost ASEAN businesses
In a bid to support Japanese affiliates overseas, JBIC has signed a letter of intent with Malaysia-based Maybank.
Vietnam's Techcombank selects Citi
Citi’s bank services group has been appointed trade finance bank for Vietnam's Techcombank.
IFC finances Kazakh offshore support
The IFC has offered a US$35mn loan to marine services provider GAC Group for the purchase of up to six supply vessels.
Rabobank signs memorandum with ABC
The Agricultural Bank of China and Holland’s Rabobank have signed a memorandum of understanding to establish a strategic framework for bilateral cooperation.
New report reveals mixed forecast for Africa
Africa faces uneven recovery across the continent according to a new report.
US Ex-Im takes first steps into Saudi Arabia
US Ex-Im has approved its first ever Saudi Arabian private company loan with a US$34mn direct loan for the export of aluminium and steel can-making equipment.
Promsvyazbank secures oversubscribed facility
Russia’s privately owned Promsvyazbank has secured an oversubscribed US$250mn loan facility from 12 international banks.
HSBC bolsters Greater China team
HSBC has promoted Elton Lee to the new head of trade and supply chain to bolster its Greater China team.
Coface backs satellite project
Aerospace joint venture Thales Alenia Space has won ECA backing for a US$1.8bn satellite project.
BTA completes restructuring
After almost two years, Kazakhstan’s BTA Bank has completed its US$12.2bn debt restructuring process.
SG finances Ghana's fire fighters
Société Générale is financing a US$41mn loan to to export over 120 fire engines and related equipment from the US to Ghana.
Gazprom Neft launches syndication for PXF facility
Gazpromneft has appointed initial mandated lead arrangers and bookrunners in a US$1bn five-year pre-export finance facility.
Japan lends for Canadian copper
After Canada’s ECA announced that Asian investment was a high priority, Canada’s Copper Mountain Mining Corporation has been awarded a dual-tranche US$322mn loan from Japanese banks.
ICIEC sets up in Dubai
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) has increased its presence in the Middle East by opening a representative office in Dubai.
Egypt and Japan fortify bond
In the latest use of the JBIC Facility for African Investment, JBIC has signed a memorandum of understanding with the government of Egypt.
Canada sets sights on Asia
The CEO of Export Development Canada has called for Canada to aggressively increase exports and investments in emerging Asian economies.
Service providers team up for supply chain success
Logistics solution provider Flash Global Logistics has announced that it will team up with customer experience analysts OnProcess Technology.
Doha launches SME initiative
Doha Bank’s UAE branch has launched a new set of product packages for financing small and medium-sized enterprises (SMEs).
HSBC strengthens Asia Pacific team
HSBC global trade and supply chain have strengthened their Asia Pacific business development team by hiring two banking veterans.
US Ex-Im considers budget Indian airline plans
US Ex-Im has announced that it is in preliminary discussions with budget Indian airline carrier SpiceJet, with hopes of a deal being finalised late next year.
