GTR Trade Finance eNews - March 2010
ERBD invests in Turkish agribusiness
The European Bank for Reconstruction and Development has made its first investment into Turkish agribusiness by signing a US$30mn loan to Noble Hammadde Ticaret.
Akbank earns oversubscribed syndicated loan
A syndicate of 55 banks from over 20 countries has signed a multi-currency dual-tranche term loan facility for Turkey’s Akbank.
TBI doubles letter of credit value
The Trade Bank of Iraq (TBI) has doubled the maximum value of letters of credit (LC) that it allocates to the country’s private banking sector.
WestLB makes three new hires
WestLB has expanded its global energy team by hiring three new members.
SG and BTMU finance Japanese ship acquisition
Société Générale (SG) and the Bank of Tokyo Mitsubishi UFJ (BTMU) have signed a buyer credit loan totalling ¥15.5bn (US$167.7mn) to finance Denmark's acquisition of Japanese ships.
MIT announces new J2E software launch
Micro Informatique and Technologies (MIT), Lausanne will launch new J2E risk-tracking browser-based software in May.
Credit Suisse branches out to India
Credit Suisse has received an in-principle approval from the Reserve Bank of India to open a bank branch in Mumbai.
Bank of America Merrill Lynch expands global presence
Bank of America Merrill Lynch (BAML) has announced seven new hires across its global corporate banking platform.
Canadian gold-miner secures credit facility
Canadian gold mining company Iamgold has obtained a US$350mn unsecured, revolving credit facility and a US$50mn letter of credit facility.
JBIC and Mizuho finance Borneo telecoms
The Japan Bank for International Cooperation (JBIC) and Mizuho Corporate Bank have signed loan with Indonesia’s Telekomunikasi for approximately US$60mn.
VEB signs MOU with Swift
Russian state-owned Vneshenconombank (VEB) has signed a memorandum of understanding (MOU) with Swift.
Standard Bank appoints new head of soft commodities Africa
Terry Sparling has been appointed head of soft commodities Africa at Standard Bank.
Belize's Atlantic Bank joins IFC programme
Atlantic Bank has become the first bank in Belize to join the IFC global trade finance programme.
Ultimate Finance branches out to TF
The UK-based Ultimate Finance group is creating a new trade finance subsidiary.
Egyptian Refining Company receives development loan
The Egyptian Refining Company (ERC) has received a US$225mn loan from development banks and ECAs to build and operate a new hydro-cracking and coking facility.
Rwanda's development bank launches TF facility
Rwanda's development bank, Banque Rwandaise de Developpment (BRD), is launching a trade finance facility to enhance the country’s trade flows.
Mongolian banks sign TF agreements with ADB
Four Mongolian banks have signed key trade finance agreements with the Asian Development Bank (ADB).
Credit Agricole opens new Shanghai commodity finance platform
Crédit Agricole CIB has opened a new transactional commodity finance platform in Shanghai.
Bibby expands its Asia Pacific team
Bibby Financial Services has increased its Asia Pacific presence with the appointment of Ian Watson as chief executive in the region.
Italian shipbuilder signs reverse factoring deal
Italian shipbuilder Fincantieri has signed a reverse factoring agreement with BNL and factoring company Ifitalia.
The Benche expands to cover cash management
SEB’s online information and networking platform The Benche has widened its scope to include cash management.
Asian banks team up for ship acquisition
JBIC has signed a loan agreement of approximately US$57mn with KDB, co-financed by the Sumitomo Mitsui Banking Corporation.
IADB adds six banks to its TFFP network
The Inter-American Development Bank (IADB) has added six financial institutions to its trade finance facilitation programme (TFFP).
DB expands in Indonesia with two new appointments
Deutsche Bank has hired Michael Sugirin as head of TF and cash management corporates and Runi Irnandari as head of multinational corporate coverage and account management services.
Zambia's Lumwana gains refinancing loan
Four banks have signed a US$400mn loan facility to Zambia's LMC to refinance the company’s existing senior and subordinated project finance debt.
Standard Chartered signs Tiger Airways double deal
Standard Chartered has signed two new financing deals with Tiger Airways for the pre-delivery payments of six Airbus aircraft and the purchase of an additional seven planes.
TomTom chooses RBS
Navigation solutions provider TomTom has selected RBS to provide cash management services across Europe, North America and Asia Pacific.
Nord Stream signs first phase of pipeline project
Nord Stream has secured a €3.9bn (US$5.35bn) financing for phase one of the natural gas pipeline project between Russia and the EU, via the Baltic Sea.
Gray joins Intesa Soditic
John Gray has joined Intesa Soditic Trade Finance in London as the new head of operations.
3i Infotech upgrades KASTLE
Technology provider 3i Infotech has completed the latest phase of upgrades to its KASTLE factoring solution platform.
TBI switches to Misys Equation
The Trade Bank of Iraq (TBI) is the latest in a line of banks to implement Misys Equation.
Germany extends long-term export credit scheme
The German government will extend its refinancing scheme for long-term export credit until December 31, 2010.
Swift launches BPO
Swift is set to trial BPO, a new TSU addition designed to eliminate issues associated with traditional Letters of Credit.
SG agrees Faso Coton deal
Société Générale has signed a US$11mn pre-export deal for African cotton producer, Burkina’s Faso Coton.
HSBC launches cash and supply chain guide
HSBC has launched its 13th guide to cash, supply chain and treasury management for the Asia Pacific region.
Barclays hires new liquidity management head
Barclays Corporate, cash and trade, has hired David Manson as the new head of liquidity management and propositions.
US Ex-Im names award winners
US Ex-Im have named the winners of three prestigious awards at their annual conference.
Al Hilal opens first Islamic bank in Kazakhstan
Al Hilal bank is set to open Kazakhstan’s first Islamic bank in the first quarter of 2010.
US Ex-Im votes for renewable energy
US Ex-Im has voted to increase renewable energy financing and review fossil fuel projects.
EBRD helps power the Baltics
The ERBD has signed a US$96.7mn loan to build a power turbine in Lithuania
China Ex-Im funds Sri Lankan airport
China Ex-Im has agreed up to US$190mn in financing for the Sri Lankan government to build an international airport.
BP announces Brazil breakthrough
BP has announced a deal for core strategic exploration position in the deepwater offshore Brazil.
Standard Chartered launches premium China-Africa network
Standard Chartered Nigeria to launch a premium small and medium enterprise (SME) China-Africa network.
Sace approves Sibur deal
Sace has approved a guarantee on a US$808mn loan to Tecnimont to build a dehydrogenation plant for Russian petrochemicals company Sibur.
Obama launches US National Export Initiative
Obama has promised a new scheme to help trade finance at US Ex-Im conference.
EBRD finances Kazakh oil
EBRD approves a US$50mn convertible loan to Polish company Petrolinvest to finance exploration in Kazakhstan.
Indonesian energy production gets boost
Two power producers in Indonesia have signed loan deals worth US$2bn
BCC report blasts lack of government support for UK exports
A BCC report finds that the UK’s trade is US$5.1bn behind the EU.
Deutsche hires new TF head for Germany
Kees Hoving has been appointed as managing director and regional head of TF for Deutsche bank in Germany.
US Ex-Im names new senior vice-president
Charles Tansey has taken the role of senior vice-president for small business at US Ex-Im.
ANZ to open in Mumbai
ANZ has received approval from the Reserve Bank of India (RBI) to open a Mumbai branch.
Standard Bank and OFID team up for African trade
Up to US$221mn in African commodity financing will become available after Standard Bank and OFID launched two unique initiatives.
DBS selects new group head of global transaction services
Tom McCabe has been chosen as group head of global transaction services at DBS, Southeast Asia’s largest bank.
Standard Bank stays focused on emerging markets
Standard Bank suffered a tough 2009 as their corporate and investment banking divisions report a growth in revenue, but significantly high credit losses.
Coface refutes S&P's downgrading
Coface CEO blames S&P's analysis for cause of downgrading from A to A-.
ATB signs up to Misys system
Amsterdam Trade Bank (ATB) has signed a 10-year licence for the latest version of Misys’ core banking system.
JP Morgan set to expand in Malaysia
JP Morgan Treasury Services has reported investments in Malaysia designed to strengthen its domestic capabilities.
Oberbank chooses SmartStream to update business processes
Austrian-based Oberbank has enlisted SmartStream’s TLM Trade Finance to further automate its guarantees, letters of credit and collections business processes.
Jones joins Green Capital Advisors
Green Capital Advisors (GCA) has appointed Peter Jones as its new managing director.
Citi appoints new EMEA industrials sector head
Citigroup's Global Transaction Services business has appointed David Aldred as the industrials sector head for corporate clients in the EMEA region.
Miga and Kexim promote FDI in developing countries
Miga and Kexim have signed a memorandum of understanding to promote private sector investment in developing countries.
Australian export institute names new president
Loftus Harris has been appointed national president of the Australian Institute of Export (AIEx).
US Ex-Im takes first steps into Slovakia
US Ex-Im has approved a US$20mn loan guarantee for a turbine generator in its first long-term financing of US exports to Slovakia.
US Ex-Im backs Mexican infrastructure expansion
US Ex-Im and Mexico’s Banobras have signed a memorandum of agreement for US Ex-Im to provide up to US$1bn for Mexico’s national infrastructure programme.
EDC hits record business volume
EDC has reported a total business volume of US$82.8bn with a record 8,469 Canadian companies, despite a 24% decline in Canadian exports in 2009.
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