GTR Trade Finance eNews - October 2010
CBA ramps up Mumbai tech
Australia’s Commonwealth Bank is beefing up its Mumbai offering by upgrading with tech-firm Tata Consultancy Services.
StanChart teams up with Ksure
South Korea’s export credit agency has signed an MOU with Standard Chartered to boost the Asian nation’s trade with Africa.
Sibos: Deutsche Bank and Standard Bank link up via Swift
Deutsche Bank and Standard Bank have launched a financial supply chain partnership project using Swift’s Trade Services Utility.
Sibos: Deutsche branches out into Rmb trade
Deutsche Bank China has processed its first Rmb cross-border trade-related settlement from Beijing to Deutsche Bank Hong Kong.
Sibos: Citi launches multi-bank trade initiative
Citi has launched a new global trade initiative aimed at helping trade banks more efficiently grow their trade portfolios.
Sibos: StanChart offers trade finance iPhone app
Banks can now track the progress of their LC documents via their iPhones, thanks to a new product launched by Standard Chartered.
Sibos: Swift cuts number of passwords
Swift has created a digital identity product that is designed to reduce the number passwords needed to access different accounts.
JP Morgan brings in regulation expert
Trade finance heavyweight Dan Taylor has joined as executive director to JP Morgan treasury and securities services’ global market infrastructure team.
ECGD cancels fixed rate export scheme
The UK’s export credit agency ECGD has announced that it will close its fixed rate export finance initiative by March 30, 2011.
SEB promotes new head of GTS
Sweden's SEB has promoted long-serving employee Rikard Josefson to head of global transaction services.
Key hires for FirstRand group
South Africa's FirstRand has promoted two high-profile bankers to bolster new and existing divisions within the banking group.
Bibby expands in the south
UK SME financer Bibby Financial Services has added to its team by appointing Ruth Bethel as business development manager.
LatAm and China trade in spotlight
Latin American trade ties with China have received a boost from an agreement between China Exim and the Inter-American Development Bank.
Gallagher brings in insurance veteran
Gallagher London has taken on expert political risk broker Keith Thomas as part of the political, project and credit risks team.
ADIB backs plastics mega-project
An ambitious US$2.6bn polyolefin site expansion has received a commitment from the Abu Dhabi Islamic Bank.
TNK-BP inks biggest deal to date
Russian oil joint venture TNK-BP has successfully signed a deal for its largest debt transaction since the firm’s 2003 inception.
RBS launches new Maxtrad upgrade
RBS has launched a number of tech-services to run under a single framework called MaxTrad Digisuite.
Barclays selects new global head
Banking veteran Maurice Cleaves will become managing director and global head of cash management at Barlcays Corporate.
EDC chooses new Shanghai consular
The Canadian ECA has appointed Jacques Lacasse as consular to the Canadian consulate in Shanghai.
US Ex-Im signs controversial power project
US Ex-Im has signed a US$917mn export finance guarantee to build Reliance Power’s controversial coal-fired power plant in India.
EFIC backs Wagners
Australia’s export credit agency has issued two performance bonds on behalf of construction material provider the Wagner group.
Rmb trade comes to Standard Bank
South Africa’s Standard Bank has become the latest bank to offer trade settlement in renminbi.
Nord Stream phase two goes to market
Nord Stream is raising the senior debt package for financing the second phase development of its natural gas pipeline.
US Ex-Im begins reinsurance programme
A new programme has been launched by the US’s export credit agency to offer reinsurance to private insurers.
BankMuscat moves into Kuwait
BankMuscat has opened a Kuwait office to extend its reach in the six-country GCC region.
Vitol finalises jumbo revolver
Swiss energy trader Vitol has closed a US$5.3bn revolving credit facility with commitments from more than 50 banks.
ABN Amro turns to Surecomp
Tech firm Surecomp has signed a deal with ABN Amro to install its web-based trade finance platform.
StanChart hires for new energy role
Standard Chartered has hired industry veteran Alan Koh to the newly created role of global head of energy sales.
BNPP shows interest in US rare earth
US rare earth producer Molycorp has called on BNP Paribas to provide a debt facility worth up to US$150mn.
New law firm opens in Dubai
Shariah-compliant law firm Agha and Co has opened up a Dubai office.
SEK looks to bond market
Swedish Export Credit Corporation (SEK) has tapped the bond market with a US$1bn five-year issue.
Iraq opens account with Miga
An Iraqi manufacturing plant has received the country’s first-ever guarantee from the World Bank’s insurance arm Miga.
Nedbank talks fall through
HSBC has walked away from discussions to purchase a 70% stake in South Africa’s Nedbank for an estimated US$8bn.
Norton Rose appoints new partner
Veteran lawyer Nick Grandage has joined law firm Norton Rose’s London banking practice.
Intesa Sanpaolo signs up for IFC risk share
Italy’s Intesa Sanpaolo has teamed up with the IFC and OFID in a €250mn risk-sharing facility.
EFIC teams with Asian ex-ims
Australia’s export credit agency has signed a framework financing agreement with a number of Asian export-import banks.
China reports trade surplus drop
China has suffered a US$3.1bn slip in its trade surplus in September.
StanChart's Carlson moves to Libya
Standard Chartered has promoted one of its most senior bankers and hired a successor from outside the bank.
Bolero project draws ECA funding
Canada’s Baja Mining has signed US$858mn worth of debt and equity facilities for the development of its Bolero project in Mexico.
Gulfport agrees Canadian revolver
Oil firm Gulfport Energy has signed a US$100mn revolving credit facility with Canada’s Bank of Nova Scotia acting as lead arranger.
Sace confirms bright Asia outlook
Italy’s export credit agency Sace has announced a pipeline for new transactions totalling €2bn in Asia.
Fimbank issues three-year bond
Maltese trade finance bank Fimbank is tapping the bond market to support the bank’s funding of structured commodity transactions.
South-south trade given lift
India and Africa have been granted an opportunity to strengthen trade links with up to US$150mn from the IFC and BTMU.
Citi unveils new China desks
Citi has opened a number of desks around the world to better serve its Chinese clients.
Dewey opens doors in Abu Dhabi
International law firm Dewey & LeBoeuf has ramped up its Middle East offering by opening up an office in Abu Dhabi.
New underwriter steps into LatAm market
A new underwriting outfit is targeting the Latin America and Caribbean market.
Grindrod switches loan
South Africa-listed Grindrod Shipping has migrated a Standard Chartered loan to another of its operating arms.
NBAD ramps up European team
Two banking experts are joining the ranks of the National Bank of Abu Dhabi’s European operations.
EDC offers Vale direct funding
Canada’s export credit agency and Brazilian metals and mining firm Vale have signed an agreement for up to US$1bn in financing.
Report shows rise in Rmb settlement
A new report from HSBC highlights the rise of the renminbi as a viable trading currency in Asia Pacific.
Dentons completes US merger
UK law firm Denton Wilde Sapte and the US's Sonnenschein Nath & Rosenthal have completed their merger to create SNR Denton.
JP Morgan opens up in Bangladesh
JP Morgan is continuing its massive expansion by opening a representative office in Bangladesh.
Miga report points to FDI uptake
Miga has revealed a gradual recovery in foreign direct investment in its annual report.
New evidence presented to Basel committee
A database of 5.22 million trade finance transactions has been revealed on the cusp of being presented to the Basel committee.
Japanese group to build Cairo metro
A Japanese consortium has won the contract for the construction of part of Cairo's metro network.
StanChart launches new shipping platform
The shipping industry has received a welcome boost from Standard Chartered's new operating leasing platform.
HSBC's Asia Pacific growth continues
HSBC continues its shake up of Asia Pacific staff with the appointment of Gary Cross to head of trade and supply chain, New Zealand.
