GTR Trade Finance eNews - October 2012
Liberia signs up for WAPP
The Liberian president Ellen Johnson Sirleaf has signed a treaty paving the way for a US$418mn power project.
Mercuria gets syndicated facility
Swiss-based commodity trader Mercuria has closed a US$700mn, 18-month borrowing base facility.
ANZ picks Bolero multi-bank trade tool
ANZ has gone live with Bolero’s multi-bank trade finance solution.
Sibos round-up
Here is the latest news from Sibos 2012 in Osaka.
Sibos highlights Rmb growth in trade
Banks and corporates attending Sibos in Osaka have pointed to the need for favourable regulations and payment systems compatible with the Rmb as the currency grows in global trade transactions.
An opinion poll carried out by Barclays at Sibos reveals that 87% of bank executives are open to holding the Chinese renmibi (Rmb) for trade or investment purposes, with over two thirds (68%) having already done business in Rmb. 59% of those surveyed believe Asia offers the greatest opportunities outside of their home market.
However, the majority of respondents were sceptical about when the Chinese currency would become fully convertible, and regulation remains the single biggest concern for 66% of banks.
Matt Tuck, global head of financial institutions at Barclays says: "The poll results confirm that banks continue to focus on the opportunities in Asia with the Rmb continuing to grow in importance. It is also no surprise that regulation remains the biggest challenge and a theme of significant debate and discussion here at Sibos.”
There will be five Rmb-related sessions at Sibos this year, and Swift has taken the opportunity to publish a white paper on the importance of having a payment infrastructure compatible with global payment systems in the context of growing Rmb internationalisation.
‘Rmb internationalisation: Perspectives on the future of Rmb clearing’ was created with contributions from Bank of America Merrill Lynch, Bank of China, Bank of Communications, Citibank, HSBC, JP Morgan, RBS and Standard Chartered, and shows that the Rmb has advanced from number 35 in the ranking of world payment currencies in October 2010 to number 14 in August 2012.
Patrick de Courcy, head of markets and initiatives, Asia Pacific, Swift, says: “The existing arrangement for offshore Rmb clearing has served the industry well to-date. In the medium to long term, however, it is important that we have an enhanced platform that can address the need for longer operating hours to cover various time zones and lower the amount and cost of liquidity required to support these transactions. This white paper will be a practical point for dialogue related to the development of a future cross-border Rmb clearing system.
“There will, however, be some challenges for the industry related to the translation of international standards, reference data and the use of non-Latin characters.”
To produce the white paper, Swift collected business intelligence data from more than 10,000 financial institutions across 212 countries.
Calypso unveils Basel III liquidity tool
The treasury system provides intra-day, short-term and long-term liquidity management capabilities in addition to extensive cash management functionality, to allow institutions to address the upcoming Basel III liquidity requirements.
The Calypso solution helps to aggregate cashflows and data from multiple systems and business units. It can also model all asset classes (including cash and derivatives products) or integrate custom pricing models so that managers can perform market data perturbations or simulate behavioral assumptions into business-as-usual or stressed scenarios.
By using the new solution, treasurers will be able to manage enterprise concerns, such as survival horizon, asset liability distortion and intra-day liquidity usage, Calypso says in a statement.
Apart from producing the required metrics, namely liquidity coverage ratio, net stable funding ratio, credit line usage ratio, asset maturity mismatches and funding concentration, the Calypso platform will also allow treasurers to understand the key significant currencies by running balance sheets at a currency level.
Swift teams up with SmartStream
Swift is partnering with software provider SmartStream Technologies to evolve its confirmation matching engine, Accord.
Under the agreement, SmartStream will provide underlying components of the updated Accord platform, including elements of the firm’s Transaction Lifecycle Management (TLM) solution suite, also launched at Sibos. SmartStream's TLM T+0 (trade plus zero) provides a single view of transactions in real time, as opposed to the next day or three days later (T+3), across all currencies and accounts, while highlighting the current risk profile across all balances.
The improved Accord platform, currently used by 500 institutions worldwide, will support all commonly traded instruments, allow for the rapid addition of new asset classes, and provide value-added features such as an affirmation model and fax and e-mail processing, according to Swift.
“Given the ongoing market transformation, regulatory pressure and the increasing complexity of traded instruments, post-trade processing is once again at centre stage and a top priority of many operations executives,” says Javier Perez-Tasso, head of marketing, Swift.
SmartStream’s existing 1,500 clients who have deployed TLM across their back offices will now have the option to access Swift’s Accord rather than deploying TLM, or another matching solution on site.
Philippe Chambadal, CEO, SmartStream Technologies, says, “We’re excited to see our products leveraged in this way, creating an industry-owned confirmation service which will support clients and communities in need of a common matching platform as they seek to control the cost and risk of trading a broader array of products in increasing volumes.”
The new Accord platform will be launched in early 2014, with further releases to follow.
Swift also announced this week that its corporate treasury user community has surpassed 1,000 corporations, with a sharp rise in the number of Asia-Pacific corporates. Samsung SDI, NTT Data Corporation, Toshiba and Rakuten are four of the corporations that recently connected to Swift, and the organisation adds that Asia Pacific is the fastest-growing region in terms of traffic.
The British Broadcasting Corporation (BBC) is also among the corporates that recently joined the network.
Deutsche reveals liquidity app
Deutsche Bank has created a new liquidity technology app to offer its clients access to daily liquidity analysis, planning and management processes.
The new app is part of the bank’s Autobahn app market, Deutsche Bank’a first app-based electronic offering for clients in the financial services industry.
The app, which will be showcased at this year’s Sibos event in Osaka, will also improve the accuracy of local and worldwide forecasting, the transparency into branch account positions and centralises control of liquidity management through shared views and workflows.
Rhomaios Ram, global head of product management, global transaction banking, Deutsche Bank, says, “This new app will benefit clients by allowing them to take advantage of the associated increase in transparency and reduction of risk from one convenient location.”
OB10 launches fast payment tool
e-Invoicing network OB10 has launched a supply chain finance service to help organisations receive their invoice payments within three days.
Under the OB10 Express Payments service, once an invoice has been approved, suppliers can choose to receive guaranteed early payment direct to their bank within three working days. Suppliers can also agree to a discount in return for more immediate payment.
According to OB10, Express Payments will eliminate the costs of chasing unpaid invoices, while streamlining collections processes and strengthening relationships with customers.
The service will also support the agreement announced this week between UK prime minister David Cameron and large UK organisations to help their suppliers’ cash flow through supply chain finance.
Under this agreement, companies will notify their supplier’s bank once they have approved an invoice for payment, enabling them to access a 100% loan at lower interest rates.
A spokesperson at OB10 tells GTR that one buyer organisation has already signed up for the service, and other companies are set to sign up shortly, although they could not divulge the names of the companies in question other than they were “prominent UK companies”.
“From a supplier perspective, the beauty of it is that it’s entirely optional so companies can pick and choose when they want to take early payment. It could even become the way they take payment on all invoices to those buyers.
From the buyer’s perspective, it also helps them get a better return from their working capital as they can keep hold of their money until the payment date, but keep their suppliers happy with early payment,” the spokesperson says.
Beirut Hellenic names international banking head
Tony Sacre has been appointed as head of international banking at Beirut Hellenic Bank.
Polish Railway strikes EIB deal
The Polish Railway Company has won €165mn from the EIB to finance upgrades in Wroclaw, Poznan and Lodz.
Calypso unveils Basel III liquidity tool
Calypso has launched a liquidity management solution to help global banks to comply with Basel III.
Vyksa Steel seals VTB credit line
VTB has opened a three-year US$190.6mn revolving credit line for Russia’s Vyksa Steel Works, part of OMK.
Swift teams up with SmartStream
Swift is partnering with software provider SmartStream Technologies to evolve its confirmation matching engine, Accord.
IFC and Citi extend GTLP
The IFC and Citi have signed a three-year US$1bn risk-sharing facility to stimulate trade growth in emerging markets.
The facility is the first extension of an existing agreement, signed in 2008 between Citi and the IFC, under the IFC’s global trade liquidity programme.
The extension will expand the availability of trade finance for the bank’s clients in emerging markets through a 50-50 risk-sharing structure.
Sibos highlights Rmb growth in trade
Sibos attendees have pointed to the need for favourable regulations and Rmb-compatible payment systems.
UniCredit selects collateral solution
UniCredit has selected technology firm Triquesta’s commodity finance collateral and risk management platform for its commodity trade activities.
NAB expands SME financing
NAB and EFIC will now offer Australian exporters additional working capital to finance their export contracts.
Deutsche reveals liquidity app
Deutsche has created a liquidity app to offer its clients access to daily liquidity analysis and management processes.
Factors urged to take up SCF
Factoring companies are being urged to use their knowledge of the receivables market to help develop supply chain finance.
Mixed ratings for Atradius
Trade credit insurer Atradius rounded off a turbulent week on a positive note, with Moody’s assigning it an A3 credit rating.
Equinox launches new solutions
Trade credit insurer Equinox Global has launched two new solutions which offer top ups on existing policies.
ABN Amro buys Brazilian bank
ABN Amro is acquiring Banco CR2 in Brazil to offer on-shore products in the energy, commodities and transportation sector.
OB10 launches fast payment tool
OB10 has launched a supply chain finance service to help organisations receive their invoice payments within 3 days.
Oil and steel to decline in 2013
ABN Amro has forecast a weak year for oil and steel prices in 2013.
Manitowoc wins securitisation
Manitowoc Company has won a US$150mn securitisation with the help of Wells Fargo and Finacity Corporation.
ING co-ordinates loan to DTEK
A group of five banks, co-ordinated by ING, has issued a €416mn loan to Ukrainian energy company DTEK.
Mercuria appoints commodities team
Mercuria has added a hard commodities team to its Beijing office to build on its existing iron ore trading activities.
Discount for settling trade in Rmb
A survey has revealed the potential saving for companies outside China settling trade in Rmb.
Britain launches SCF initiative
UK prime minister David Cameron has launched an initiative to release billions of pounds in finance for UK SMEs.
Cameron described the initiative as “win-win”: small companies will have access to cash flow quicker – he hopes that up to £20bn of cheaper finance will be available – while large corporates will have a more reliable supply chain, with less likelihood of suppliers going bust.
UK must develop export strategy
At this week's British Chamber of Commerce conference, Lord Green said that Britain must develop its export strategy.
HSBC expands liquidity solutions
HSBC has launched its global liquidity solutions offering in Australia and Japan, expanding cash pooling locations.
Survey outlines transaction banking attitudes
GTR-BNY Mellon’s transaction banking survey examines current attitudes and issues affecting the market. The results have been collated, and the full report will be published in GTR’s Nov/Dec issue. These are the highlights.
GTR readers poll
Follow the link to cast your vote in the GTR Leaders in Trade 2012 readers poll: You have until November 16 to tell us who you think are the world’s best financial institutions in trade finance.
Coming soon: GTR Mena Leaders in Trade 2012.
Neeson joins Barclays Ireland
Barclays Bank Ireland has hired Sinéad Neeson as a relationship director within its multinational corporate team.
VTB Capital appoints chief economist
VTB Capital has hired Raza Agha as chief economist for the Middle East and Africa in its capital research department.
Reed Smith hires partner
Reed Smith has recruited a partner and an associate to its global shipping group from Stephenson Harwood.
Bibby launches Singapore office
Independent funding specialist Bibby Financial Services (BFS) is opening its first branch in Singapore.
Opic to deploy staff to South Africa
The US Overseas Private Investment Corporation (Opic) is to dedicate a staff member to South Africa.
Liberty grows financial risk team
Lloyd’s insurance firm Liberty Syndicates has appointed two new members to its global financial risk team.
ECAs agree reinsurance programme
US Exim and Coface have signed an agreement to give US small businesses better access to short term export credit.
GlobalTrade hires Nordics consultant
Kim Sindberg has joined software company GlobalTrade Corporation as a business consultant for the Nordics.
Promsvyazbank secures syndication
Russia’s Promsvyazbank has closed a one-year US$307mn and €72mn trade-related term loan facility with 19 banks.
Apicorp reports soaring profits
Apicorp almost doubled its third quarter net profit between 2011 and 2012 by growing its lending capacity while managing risks.
Canadian and SA law firms merge
Canadian-based law firm Fasken Martineau is merging with Johannesburg-based Bell Dewar.
SCB names regional transaction head
StanChart has appointed Sridhar Kanthadai as its new regional head for transaction banking for North East Asia.
Saudi SMEs get financing boost
ICIEC has signed an MOU with National Commercial Bank to support small and medium enterprises in Saudi Arabia.
Trafigura signs facility with Arab banks
Trafigura has signed a US$400mn loan with a syndicate of Middle East banks, showing increasing interest for commodity financing in the region.
The 12-month revolving borrowing base facility, signed at the end of August, was arranged by BNP Paribas and involved 11 Middle East banks, Trafigura confirms to GTR.
ADB opens Bhutan branch
The Asian Development Bank (ADB) is opening an office in Bhutan in early 2013.
Finacity grants Colombia's first receivable securitisation
Colombian textiles manufacturer Coltejer has won the first trade receivable securitisation in the Colombian market from Finacity Corporation.
Deutsche combines TF and SCF
Deutsche Bank has teamed up with GE Aero Energy on a risk management tool mixing trade finance and SCF products.
AfDB launches Tokyo office
The African Development Bank (AfDB) has opened its first representative office outside Africa in Tokyo.
Petrobras signs Japanese mega loan
Brazilian state-owned oil company Petrobras has signed a US$1bn loan with a syndicate of Japanese banks and ECAs.
The loan is co-financed by the Japanese Bank for International Co-operation (JBIC) with US$600mn, and the Bank of Tokyo-Mitsubishi UFJ (BTMU) with US$400mn. JBIC is also providing a partial guarantee on the deal.
Spain's FCC gets ECA-backed facility
Spanish infrastructure firm FCC has signed a US$450mn facility with BBVA for the issuance of its contractual bondings.
Mechel wins Sberbank loans
Mechel has arranged four long-term credit lines totalling R24bn for one of its divisions Southern Kuzbass Coal Company.
Equinox increases insurance capacity
Equinox Global has increased its available capacity to underwrite US$30mn-worth of trade credit insurance per buyer.
Fundtech launches CM tool for tablets
Fundtech has launched its CASHplus mobile corporate banking for tablets – an interactive tool for treasurers.
Vitol increases revolving credit facility
Vitol has signed a US$782mn, 364-day facility with 57 banks, bringing its revolving credit facility to a total of US$6bn.
Demand grows for long-term cover
Members of the Berne Union (BU) insured an all-time high of US$589bn of long-term export transactions in the first six months of 2012, showing an increase in demand for such products.
"There is strong demand from exporters to secure their international operations and employment,” says Peter Jones, BU secretary general. “Credit insurers are meeting this demand and ensuring continued international trade flows against a backdrop of a global economic slowdown.”
Members also increased levels of support for insurance of trade transactions with payment terms of 30 to 90 days, matching pre-crisis levels. Credit insurance capacity was just over US$900bn at the end of June 2012, consistent with pre-crisis levels.
Johan Schrijver, president of the union, says: “Despite these positive results, members continue to express serious concerns about the ability of banks to fund trade and investment given the proposed regulatory changes and the on-going funding challenges that banks are facing. Any further deterioration in bank capacity for trade and export finance could have serious consequences for global trade and economic recovery."
BU members indemnified US$2bn to exporters who suffered from buyer defaults in H1 2012. Foreign direct investment insurance reached US$47bn, 10% ahead of the same period last year.
In 2011, they insured US$1.8tn of international trade and investments, over 10% of world exports, according to the Berne Union.
The organisation held its annual general meeting 2012 on October 9-11 in Stockholm, re-electing Johan Schrijver, managing director of Atradius, as its president, and making a number of other appointments.
Marcelo Franco, executive vice-president of medium and long-term business of Brazil’s
SBCE, was elected as the incoming vice-president of the Berne Union.
Ralph Lai of the Hong Kong Credit Insurance Corporation (HKEC) and Khemais El-Gazzah of the Islamic Corporation for Insurance and Export Credit (ICIEC) were elected as the incoming chair and vice-chair of the short-term committee.
Ken Tinsley of US Exim and Hans-Joachim Pflocksch of Euler Hermes were re-elected as chair and vice-chair of the medium and long-term committee.
John Hegeman of the American International Group (AIG) and Vinco David of Atradius were elected as the incoming chair and vice-chair of the investment insurance committee.
Stern moves to Standard Bank
Ian Stern has left Crédit Agricole to take up a position at Standard Bank.
ATI joins Berne Union
The African Trade Insurance Agency (ATI) has become the 50th member of the Berne Union.
Arcadia signs oversubscribed RCF
Singapore-based oil company Arcadia Energy has signed a US$305mn facility with a group of international banks.
Stemcor finalises oversubscribed credit facility
Steel trader Stemcor has secured a 364-day US$225mn oversubscribed revolving credit facility from 16 international banks to refinance its previous US$205mn facility launched in October 2011.
Trade finance volumes drop
Trade finance volumes dropped by 15% year-on-year in the first nine months of 2012, while ECA financing grew by 78%.
Union National Bank secures credit line with ATFP
Abu Dhabi-based Union National Bank has received a US$45mn line of credit from the Arab Trade Financing Programme to encourage UAE foreign trade.
Trafigura renews Asian revolver
Commodities trading company Trafigura has renewed its Asian syndicated revolving credit and term loan facility at US$1.24bn.
Japan backs Turkish green sector
Turkey’s Isbank has received a US$100mn export credit line from a syndicate of Japanese ECAs and financial institutions, to fund the country’s renewable energy sector.
FSA initiatives must go beyond UK banks
Initiatives by the Financial Services Authority (FSA) to improve the banking environment need to look beyond the UK’s border in order to bring significant change, trade finance experts have said.
Following the FSA’s announcement that trade finance rules should be reviewed to give banks more power to prevent fraud, Barclays’ head of trade and working capital Tan Kah Chye tells GTR that it is too early to know how significant an impact it would have on the business.
Video: Challenges ahead for SCF and the BPO
GTR spoke to experts at the International Chamber of Commerce's supply chain finance conference in Paris on October 4-5 about the challenges preventing the development of the sector and the opportunities offered by the Bank Payment Obligation (BPO).
Trafigura scoops jumbo revolver
Commodities trading company Trafigura has won a US$250mn revolving receivables purchase facility from a syndicate of international banks.
Reed Smith sets up in Singapore
International law firm Reed Smith has opened a new office in Singapore to further expand its Asian presence.
Polish LNG wins EBRD support
The European Bank for Reconstruction and Development has provided a €75mn loan to Poland’s Gaz System for the construction of the country’s first liquefied gas terminal.
IFC funds Romanian trade
The International Finance Corporation is providing a US$15mn trade credit line to Romania’s Banca Transilvania to help it fund trade finance for small businesses.
Azerbaijan gets funding for road upgrade
Azerbaijan’s ministry of transport has received a US$500mn loan from the Asian Development Bank (ADB) for the upgrade of a road that links the country with Russia and Iran.
Flydubai receives ECA-backed loan
Dubai-based low cost airline flydubai has secured a US$117.5mn 12-year loan from boutique funding firm Private Export Funding Corp to finance export s of Boeing 737-800 aircraft.
Tangsteel secures export pre-payment loan
China-based Tangsteel has received a US$200mn loan from Deutsche Bank to facilitate the pre-payment of US$270mn of its exports to steel trader Duferco in Singapore and Switzerland.
Africa gets a further boost from banking trio
The African Development Bank, Citi and the International Finance Corporation have extended their previous revolving credit facility to improve the availability of trade finance in Africa.
ICC adoption crucial for BPO development
Adopting a clear set of rules is essential in rolling out the Bank Payment Obligation on a wide scale, according to supply chain finance experts.
Speakers at the International Chamber of Commerce supply chain financing conference in Paris on October 4-5 stressed the lack of a common definition of the BPO, and emphasised the importance of a harmonised framework. Vinod Madhavan, Standard Chartered’s managing director of transaction banking and global head of local corporates product, receivables and supply chain product management, said: “The fact that the ICC has still not fully blessed the rules for the BPO is an issue because that’s a question that corporate keep asking.”
ICC policy manager Thierry Sénéchal told GTR that the chamber expects to adopt the rules at its next committee meeting in Portugal in April 2013, but that a full consensus on the new draft must have been reached by then.
The adoption of the rules should also make it easier for smaller banks to start offering BPO services to their clients by reducing infrastructure costs. “The fact that we are developing standards on the legal and technological sides will reduce costs because technology providers will be able to offer standardised solutions that will be more affordable,” said André Casterman, head of banking and trade solutions at Swift, adding that banks can simply upgrade their portfolio of trade finance instruments without investing in a separate solution.
Anil Walia, head of trade and supply chain advisory, Emea, at RBS, added: “A quicker way to get on the supply chain financing bandwagon and start to earn money from that is to join forces with the larger banks, use the infrastructure, skills and knowledge of the larger banks to be able to provide the service to their clients.”
But beyond the lack of harmonised rules, experts pointed to a general lack of awareness of the BPO among corporates. Katarina Lodin, senior advisor at banking consultancy Cash Dynamics, told GTR: “Banks have not really created a clear strategy about how to implement this product. The corporates are not really that aware and don’t really see a need because they haven’t seen the impact it can have on open account trading. That is still for the banks to position, they need work more to [make corporates] look at it not as a replacement for letters of credit, but as a guaranteed bank payment.”
To corporates who questioned the BPO’s financial efficiency, speakers replied that the new instrument would reduce costs for banks, which should then reflect that on their clients. “In the BPO, the operational risk element goes to zero, or at least gets reduced a lot, and consequently, the banks would be passing on those benefits to the corporate,” said Madhavan.
ITFC strikes energy deal with Egyptian government
The International Islamic Trade Finance Corporationhas signed a US$235mn murabaha agreement with the Egyptian General Petroleum Corporation to import petroleum products into Egypt.
Ghana seals ECA-backed deals
Ghana’s ministry of finance and economic planning has signed a 12.5-year US$162.6mn ECA-backed syndicated loan to finance the construction of seven district hospitals.
Lewis moves to Wells Fargo
Wells Fargo has hired Christopher Lewis as executive vice-president and head of global trade services.
Patrick Crawford leaves UK Export Finance
UK Export Finance’s chief executive Patrick Crawford will be stepping down on November 15 to take up a role at Charity Bank.
UK government invests in trade
UK Trade & Investment (UKTI) has received £9mn in funding from the UK government to help boost trade opportunities for small and medium-sized businesses (SMEs).
Cameron helps to boost UK-Brazil trade relationship
Britain’s prime minister David Cameron visited Brazil last week with the aim of strengthening UK trade ties with Brazil.
On his two-day visit Cameron led a delegation of 58 businesses with UK trade minister Lord Green, starting in Sao Paulo.
Cameron believes that Brazil-UK trade has not been fulfilling its true potential; the UK accounts for 1.5% of imports to Brazil, compared to 6.4% from Germany.
TBC Bank and EBRD sign renewable energy deal
Georgia’s TBC Bank and the EBRD have signed a five-year US$10mn loan agreement to finance renewable energy projects.
B&N Bank secures syndicated loan
Russian B&N Bank has mandated four international banks to arrange a 364-day US$55mn trade-related syndicated term loan facility.
US Exim signs Caribbean deal
Energy solutions company Williams Industry has won a 10-year US$6.4mn loan from PNC Bank in Pittsburgh, US, to finance a solar-power system in Barbados.
US Export-Import Bank (US Exim) will provide a guarantee for the full amount of the loan. The bank was unable to reveal the pricing details of the loan when contacted by GTR, although a spokesperson at the bank did confirm that the loan achieved an attractive rate.
Williams Industry will use the loan proceeds to import solar modules to build its solar system, which will provide 1.4MW of on-site power to 10 sites within its portfolio. The modules will be exported from West Coast-based SolarWorld Americas.
This project, one of the largest financings in the Caribbean, includes engineering services and solar-system racking exported from two American companies.
“Without the assistance of US Exim, Williams Industries through its subsidiary Williams evergreen would not have been able to build 1.4MW of solar capacity over the last six months,” says Williams Industries chairman Ralph Williams.
“By combining SolarWorld’s high-quality solar equipment with Williams’ knowledge of the Caribbean electrical sector, we can provide significant oil savings to the island and lower payments for Williams,” Williams adds.
The immediate savings in power costs is expected to furnish a hedge against future increases in electricity prices.
Williams Industries, established in 1972, controls 13 wholly-owned and 17 joint venture companies in Barbados, St Lucia and other Caribbean islands.
Jordan's Investbank gets EBRD support
The EBRD has signed a US$30mn trade finance line to Jordan’s Investbank in support of trade transactions with tenors of up to five years.
Petrofac names head of structured finance
Afonso Reis e Sousa has left Sumitomo Mitsui Banking Corporation to join Petrofac as group head of structured finance.
Barclays expands FI trade team
Barclays has appointed Jim Murphy as director of financial institutions trade as it continues to grow its trade and working capital team and FI business.
