Congratulations to all the winners.
Best global trade finance bank
For years, HSBC was voted best global trade finance bank according to GTR readers.
And even now that the rules have changed and GTR’s editorial board members are casting their votes, the bank continues to scoop this award.
“Trade is where HSBC began 150 years ago, and today trade finance remains at the heart of HSBC’s strategy,” says James Emmett, global head of trade and receivables finance at the bank.
Two years ago, HSBC took the important step of bringing its trade and receivables finance businesses together to support customers throughout their trade cycles, and the bank and its customers continue to reap the rewards from that decision.
“This accolade is testament to the hard work of my 5,000 colleagues who spend every day helping customers manage their trade and receivables finance needs, making the most of our international reach across more than 60 countries,” Emmett adds.
Best global export finance bank
Société Générale has returned to pole position in this category for the fourth time since GTR’s awards were established.
Notable transactions for the bank in 2013 include a US$5bn project financing for the development and construction of a greenfield refinery and petrochemical complex in Vietnam; a US$1bn export credit facility to finance deliveries of network equipment and commissioning services from Scandinavia to telecom companies situated in various countries; a €735mn and €892mn financing package for the construction and sale of the largest cruise vessel ever built; a €559.5mn multi-source loan to finance the hydroelectric power plant modernisation to double the electricity generation capacity in Angola; and a €420mn transaction for a major Russian oil company to finance the modernisation of a European refinery to significantly improve the quality of the fuel oil produced.
“Export finance is a resilient business at the heart of the real economy, supporting economic and social development,” says Frédéric Surdon, the bank’s global head of export finance. “Finding risk mitigation solutions and distribution is our expertise and allows us to provide long-term financing with optimised capital requirement. Complementing the development financial institutions, Société Générale’s mandates are linked closely to countries’ national expansion objectives.”
Best global commodity finance bank
BNP Paribas has been named the best global commodity finance bank. In mid-2013, the bank became the first to sell a bundle of commodity trade finance loans to investors.
The initial transaction on the bank’s Lighthouse platform (technology developed to allow BNP to repackage transactions as a distributable asset) was valued at US$131.6mn in total. The bank retained US$6mn, with fund manager Lord Capital taking a junior piece of US$5mn. The remaining debt – US$115.6mn – was sold to an anonymous asset management company.
The bundle is understood to contain portions of loans made by BNP Paribas to commodities traders for oil, ferrous or non-ferrous metals, coal and fertilisers.
The deleveraging of French banks – previously so dominant in the commodities sectors – has been widely-reported, and by securitising some of its commodity trade finance portfolio, the bank hopes to be able to continue to provide loans to its clients, while holding as much liquidity as possible, thereby ensuring compliance with incoming Basel III legislation.
The launch of the product has also come as a response to a change in the commodities market.
Those involved in the sector are more open to new ways of obtaining funds and banks have, as a result, had to become more creative.
Best global structured commodity finance bank
ING has been recognised as the best structured commodity finance bank for the second year in a row. “We see this award as a lasting recognition for the continued commitment of our global team of experienced professionals to the highest standards in providing financial support to the commodities industry,” says Bernard Zonneveld, global head of structured metals and energy finance at the bank.
The bank prides itself on its win – accomplished in an ever-challenging market environment underpinned by macroeconomic uncertainty for borrowers and ever-growing regulatory pressure on banks.
“Against this backdrop, product expertise and intimate sector knowledge continue to be as important as ever and we think that our success bears testament to our sustained endeavour to be a trusted advisor to our clients and a market leader in the structured commodity finance sector,” says Zonneveld.
Best trade finance bank in Latin America
Santander has been named best trade finance bank in Latin America, beating off stiff competition from, among others, last year’s winner BBVA.
It was a big year for the bank not only in this region but across the world, culminating in the launching of the first ever multibank securitisation of trade finance assets, worth a total of US$1bn, alongside Citi.
It’s this level of innovation and flexibility which Jorge Tapia, global head of trade, export and commodity finance, tells GTR is behind the bank’s continued success. He says: “Our strong presence in Latin America’s main markets and our strong and flexible portfolio of products and services has enabled us to provide our customers with the best financial solutions for their needs in the current environment.
“Next year we will continue to leverage our global presence with local approach, maintaining our priority: to adapt our strategy to our clients’ needs, developing new trade solutions to facilitate their growth.”
Best trade finance bank in Asia
The GTR editorial boards have named Citi the premier trade finance bank in Asia.
“Trade finance is core to Citi and one of our most important businesses globally. As globalisation has increased, so have the flows that we have seen from our clients across our network in developed and emerging markets,” says Sanjay Tandon, Asia trade head of treasury and trade solutions at the bank.
Asia has become a very different place to invest in recent years with the increasing internationalisation of the renminbi (Rmb) and the launch last year of the Shanghai free trade zone.
Citi has been capitalising on this and was among the first international banks to launch a paperless processing solution for Rmb cross-border settlements and has received approval to start preparations for a sub-branch in the free trade zone.
“Our competitive advantage in Asia comes from our global network and our ability to structure transactions for clients that tap into our structuring expertise and leading liquidity and risk management services for our clients,” adds Tandon.
Best trade finance bank in CEE
Wrestling the title from UniCredit, Commerzbank have been voted the best trade finance bank in the CEE region by GTR’s editorial board. The bank continued to strengthen its presence in the region over 2013 and has proven to be one of the most innovative banks in the market.
In October, Commerzbank sold a mezzanine tranche of emerging market trade finance loans – called CoTrax Finance II-1 – showing real invention in balancing the requirements of clients with the constraints of Basel III.
Per Fisher, head of financial institutions CEE, Russia, CIS, Baltics and Turkey, says: “To be recognised by GTR’s editorial board as the ‘best trade finance bank in CEE’ is a great endorsement of our trade finance expertise, correspondent banking network and dedication to facilitating trade in the region. While the CEE region still offers significant opportunities for trading corporates, this year we have seen its growth hampered by sluggish economic performance in the eurozone – which has brought risk mitigation to the fore for corporates and banks alike.”
Best trade finance bank in CIS
It’s been a huge year for Sberbank and so it’s little surprise that they’ve scooped this award for the second successive year.
2013 will be remembered as the year Sberbank cast its net wider, inking a number of partnerships with banks in strategic regions and expanding its product offering as well. In August, the bank announced its intention to move into the commodity finance space through its Swiss subsidiary. It has entered into partnership agreements with banks in China, Korea and Turkey, among others. In April, the bank reached a US$1bn agreement with Boeing for the order of 12 aircraft, to be leased to Transaero.
It’s been a year marked by diversity. Andrey Ivanov, global head of trade finance and correspondent banking, says: “We are delighted to be voted the best trade finance bank in CIS. We will continue making every effort to maintain the leading position and further develop our trade finance business. The achieved results offer additional incentives to make a new leap forward.”
Best trade finance bank in South Asia (including India, Pakistan, Bangladesh, Sri Lanka only)
Moving up the rankings, Standard Chartered has been voted the best trade finance bank in South Asia by the GTR editorial boards this year.
Standard Chartered remains one of the most dominant banks in the region and has seen the benefits from a rapid expansion of trade and increased building of infrastructure.
Ashutosh Kumar, global head of corporate cash and trade, transaction banking, highlights innovation as a key part of the bank’s success in the region: “We have continuously innovated and delivered the industry’s first end-to-end BPO transaction, and implemented solutions to help our clients better manage their trade finance needs.”
“As a preferred working capital banker to clients in the South Asia region, we have continuously developed and enhanced our range of trade product offerings and services to support clients. We continue to remain client-centric and endeavour to support their growth with a solutions-led approach,” he adds.
Best trade finance bank in Australia and the Pacific
Once again, ANZ has fended off the competition and been named the best trade finance bank in Australia and the Pacific.
Alan Huse, head of transaction banking sales, Australia and New Zealand, says that 2013 was a relatively tough economic environment, especially for exporters, because of the stubbornly high Australian dollar, market volatility and overall reduction in commodity prices.
He talks to GTR about the trade finance needs of the bank’s clients: “We have found that working capital management is high on the agenda for almost every corporate treasurer, and therefore a trade dialogue has rapidly extended into one about working capital efficiency.”
“As well as this, our structured trade business has also seen some nice growth, especially in the natural resources space, as producers move to manage working capital more efficiently in the environment of greater production and lower prices,” Huse adds.
During the year, the bank became the first Australian bank to be BPO ready and has continued to upgrade its technology by releasing further versions of its online portal.
Best trade finance bank in the Middle East & North Africa
It’s seven-up for HSBC, as the bank celebrates scooping GTR’s Mena award yet again. In what’s been a challenging few years for banks in the region, HSBC has remained strong and kept its hand in the game, throughout the downturn.
The bank was heavily involved in the Sadara deal – last year’s (and most other years’) largest project financing, which took place in Saudi Arabia. Along with the IFC, it was joint arranger of a US$500mn loan to Petroceltic, an oil and gas explorer and producer, for expansion into Egypt and Algeria.
Tim Evans, regional head of trade and receivables finance, Mena, says: “Being awarded ‘best trade finance bank in Mena’ for the seventh consecutive year is recognition of our people’s commitment to deliver world-class services.
“Financing trade is where HSBC started just under 150 years ago – today our footprint covers 77% of world’s trade flows. This award is also testament to the way we use our collective expertise and international network to work to serve the needs of customers seeking to expand their businesses overseas.”
Best trade finance bank in Sub-Saharan Africa
The GTR editorial boards have chosen Standard Bank as the best trade finance bank in Sub-Saharan Africa.
The rapid economic growth across the region continued in 2013, with a number of infrastructure and energy projects requiring financing.
Standard Bank has been at the heart of the industry with a number of high-profile deals, including the signing of a R20bn (US$2.1bn) facility with the Industrial and Commercial Bank of China (ICBC) to promote and fund renewable energy projects in South Africa.
“2013 has been a momentous year with further strengthening of our focus on providing our clients with a set of complete trade and working capital solutions at a market-leading level of service execution,” says Jerry Pearce, global head of product management, transactional products and services.
“The economic and regulatory landscape for global trade continues to evolve. This offers challenges to all solution providers.
“Conversely, it allows Standard Bank to also differentiate ourselves through our strength of balance sheet, liquidity and execution prowess in Africa,” he adds.
The bank also came out trumps in GTR’s 2013 Africa Leaders in Trade awards, where it was voted best local trade finance bank in South Africa, the Democratic Republic of Congoand East Africa.
Best trade finance bank in the Nordic region
Rising above stiff competition in the region, Nordea secured its place this year in the minds of the GTR editorial board as the best trade finance bank in the Nordic region.
The Norwegian bank stepped up during 2013 with a number of high-profile financings in a variety of industries, particularly oil and gas, and has cemented its position as the largest financial services group in Northern Europe. Nordea’s global head of trade finance, Søren Andresen, says that with the new regulatory environment, 2014 will have challenges that must be met to keep the bank on top and meet customers’ needs.
“The major challenge is to figure out what is the ‘future fit’? We are confident that we are on-track and we continue to learn more about corporates’ internal procedures when going live with modern and effective ways for multi-banking interchange. Recently agreed collaborations with various banks are bringing us and our customers mutual benefits,” he says.
Best trade finance bank in North America
The Bank of America Merrill Lynch (BofAML) continues to dominate the Americas section of GTR’s Leaders in Trade and there seems to be no sign of the bank resting on its laurels. BofAML has continued to make senior appointments in the transaction services area, with Jennifer Boussuge joining in the summer to lead the team on a global basis. It continues too to grow its technological and solutions offering.
The bank’s Trade Pro solution goes from strength to strength and with the launch of a set of solutions addressing Dodd-Frank requirements for conducting cross-border payments in March, is leading the industry in complicated regulatory times. Bruce Proctor, head of global trade and supply chain finance, says: “We’re very pleased to have been recognised again by GTR as the best trade finance bank in North America. This is a reflection of the continuing investments which we have been making in our people, products and global network. Our intent is to provide our clients with innovative capabilities and excellent service delivery.”
Best trade finance bank in Western Europe (excluding the Nordic region)
GTR’s editorial board has voted Deutsche Bank as the best trade finance bank in Western Europe, marking the second year in a row the bank has scooped the award. While Deutsche has been very busy closing deals and opening branches in the rest of the world (perhaps most notably in Asia), it has continued to navigate a tricky regulatory environment at home, being involved in a number of important deals and develop key business areas such as supply chain finance.
Upon winning last year, the bank told GTR that its goal was to be “the preferred trade finance bank in Western Europe”. If this vote from its peers is anything to go by, they’re well en route to achieving this aim. Daniel Schmand, Emea head of trade finance and cash management corporates says: “Our approach – in terms of investment in innovation, efforts to drive industry debate, and combining local expertise with global capability – has allowed us to continue to grow our trade finance business in a healthy and sustainable way. This approach will continue to allow us to help our clients make the most of arising opportunities.”
Best trade finance bank in the UK
Barclays is the inaugural winner of GTR’s best trade finance bank in the UK award, as voted for by our editorial board. The bank continues to lead the way in UK trade, being one of the only banks to have maintained or increased trade lending over the past couple of years. It has grown its relationship with UKEF, the ECA, and continued to support the work of UK companies abroad. In December, for instance, Barclays lent US$43mn to Biwater, a UK-based engineering, water and wastewater company, to build a seawater desalination plant in the British Virgin Islands. The loan was backed by a 100% repayment guarantee from UKEF.
In a statement issued in response to this award, Barclays UK trade team says: “We’re seeing the benefits of integrating our invoice discounting and global trade finance teams which means we can look holistically at our clients’ trade and working capital needs. We’ve been working jointly with UKTI to support and educate UK SMEs and corporates and have been leveraging our ECA capabilities with UKEF support to conclude some landmark transactions.”
Best forfaiting house
Pipping last year’s winner to the post, UniCredit has reclaimed its title as the best forfaiting house.
Markus Wohlgeschaffen, the bank’s head of global trade finance and services, says that the award shows that UniCredit is “going the right way and that our clients and partners both in the primary and in the secondary market appreciate our engagement”.
Forfaiting has come a long way from the simple endorsement of drafts to complex supply chain finance structures.
“With open account transactions playing an ever-growing role in international trade, corporates not only seek banks to finance their deferred payment periods, but accompany them through the whole supply chain and offer state-of the-art technology for easy implementation and user-friendliness,” adds Wohlgeschaffen.
“Without recourse purchase and sale of trade-related assets remain at the heart our business. This is the business we believe in and for which we give our full commitment.”
Best factoring house
Fimbank has again secured its place as the best factoring house.
“This award recognises Fimbank’s efforts to offer sophisticated receivable finance products in the emerging markets.
“We are already present in countries which are playing an increasingly important role in global trade and will shortly be announcing our expansion into new markets which offer exciting opportunities for the Fimbank Group,” says the bank’s president Margrith Lütschg-Emmenegger.
The last year saw the bank undergo a significant change. In June it announced that the Kuwaiti government’s largest investment firm, Kuwait Projects Co (Kipco) had acquired a majority stake in the bank.
“This development will enable Fimbank to accelerate its growth trajectory, expand its geographical footprint and increase its market share in the coming years,” says Lütschg-Emmenegger.
She told GTR at the time of the acquisition that the planned capital injection would expand “not only our footprint further into markets which still have huge growth potential for factoring and receivable finance but also grow our commodity finance and structured commodity finance business substantially”.
Best Islamic finance bank
The ITFC has secured the award for best Islamic finance bank for the fifth consecutive year. The ITFC approved 13% more trade finance deals during 2013 than in 2012, for a total of US$5bn, and helped oversee a major drive from the Arabic world towards its structured trade finance division, which saw an increase of 34% in approved operations, to US$1bn, during the year. CEO Waleed Al-Wohaib says: “Despite the recurrent political turmoil, especially in the Middle East, ITFC was able to support its member countries, and achieve remarkable growth in terms of trade approvals and resource mobilisation.”
Also in 2013, the ITFC launched the Aid for Trade Initiative for the Arab States, which is focused on expanding trade in Arab countries. Waleed says: “This initiative will help in enhancing the competitiveness of our member countries in the global and regional markets.”
Best trade outsourcing bank
For the fifth consecutive year, the award for best trade outsourcing bank goes to BNY Mellon.
“Our repeated success in this category is proof that our collaborative approach continues to resonate with the market,” says Dominic Broom, Emea head of sales and relationship management for BNY Mellon’s Treasury Services group.
“Our processing expertise, coupled with a global network of correspondent banks, means that we can combine local knowledge with global reach to help our clients minimise costs, expand their cross-border trade networks and harness the latest developments in technology. This combination has proven key to our continued success and that of our client banks and financial institution partners.”
Trade and technology now go hand-in-hand. But electronic platforms alone are not a definitive solution. Automation must be underpinned by understanding – both of clients and broader market developments.
“With this in mind, we work to develop trade processing solutions that can be tailored to market and client-specific concerns,” says Vince Galloni, global head of trade processing at BNY Mellon. “Such flexibility is vital if our local bank clients – and their own customers – are to successfully connect the dots between where the market is heading and their individual business strategies.”
Best trade credit and political risk insurance broker
BPL Global has been voted best trade credit and political risk insurance broker.
Over the year, BPL has continued expanding its focus on emerging markets, after the opening of its Hong Kong office in 2011 and its Singapore office in 2013.
“We continue to strive to achieve better, cheaper and more readily available credit and political risk insurance for emerging economies.
“As part of this, we are seeing the political risk insurance market broaden its reach geographically – especially into Asia where we have seen considerable growth this year,” says Charles Berry, BPL’s chairman.
The company is thriving in a market that has been buoyant despite pressures from the continuing economic weakness both in the EU and globally, as well as turmoil in the Middle East and Africa.
“BPL Global has long been synonymous with the growth of the political risk insurance market, and this recognition from GTR’s editorial board speaks as much about the resilience of the market itself as it does about our own dedication to making sure that it works for our policyholder clients,” adds Berry.
Best trade credit insurance underwriter
AIG retained its top position this year, being voted the best trade credit insurance underwriter by GTR’s editorial boards.
The insurer expanded rapidly during 2013, adding teams in Frankfurt, Dubai and Moscow as well as expanding its coverage to include Mena, as more banks and corporates in the region seek security in the post-Arab spring environment.
AIG provides a full range of trade credit insurance products and, with the new additions to its team, can provide more support for them across the globe.
Neil Ross, regional manager Emea trade credit, says: “Winning an award is a great compliment for any business but to win it four years on the trot is something special indeed. I think it starts with a key fundamental and that is ‘we underwrite our clients’. From such a simple statement, this helps to establish long-term and meaningful relationships with clients, brokers and banks alike which holds us in good stead in our market.”
Best political risk insurance underwriter
Once again, Ace has snapped up the award for the best political risk insurance (PRI) underwriter. The firm was very active last year in selling more basic PRI covers to new markets in response to the increased demand created by the issues in Syria, Egypt, Thailand and the Ukraine.
“We have also continued to build out our regional offices in Asia and Latin America to take advantage of the increased south-south trade and investment flows. The addition of our São Paulo office in June was a very important part of this strategy,” says the firm’s head of political risk and credit, Julian Edwards.
He adds: “The next 12 months will be very challenging given the continued risk environment and increased competition in the market. We will continue to look for opportunities in new markets using our risk management skills and global distribution. The key to successful political risk underwriting has always been finding the good risks in difficult countries.”
Best development bank in trade
The EBRD has once again been voted the best development bank in trade. It’s no mean feat, when you consider the amount of development finance in the market over the past few years. But the EBRD has continued to stay ahead of the pack through the broad range of its funding and its admirable focus on financing renewable and clean energy projects. 2013 marks the year that the EBRD decided to stop funding coal-fired plants and continued to heavily invest in renewables projects.
Rudolf Putz, the head of the EBRD’s trade facilitation programme (TFP), tells GTR: “In 2013 banks participating in the TFP used the EBRD’s support for the financing of more than 1,900 trade transactions with a total value of more than €1bn. Preference was given to transactions which support the development of SMEs and trade between EBRD’s countries of operation.
“In 2013 the TFP was particularly important for banks and their clients in Belarus and Ukraine.”
Best alternative trade finance provider
Falcon Group has held on to its title as best alternative trade finance provider – no mean feat considering the number of players that have been active in this space over the last 12 months.
2013 has been a very successful year for the group, with significant progress both in terms of growth, profitability and the development of its global network.
“Historically, the demand for alternative financing has come from the emerging markets. However, with financial institutions facing continuing constraints and regulatory restrictions – which continue to affect corporates globally – this demand has spread to more developed markets,” explains Falcon CEO Will Nagle.
Given this, Falcon concluded its plans to expand its operations into the UK and Europe, structuring flexible and sophisticated solutions for corporates within the region.
“On a global scale, the need for alternative finance is becoming increasingly apparent, yet it is our innovative approach and speed of delivery that continues to set us apart,” says Nagle.
Best export credit agency
In October 2013, data released by the Bureau of Economic Analysis showed that US exports had reached a record monthly level of US$192.7bn. Since 2009, US exports have grown by 43.1%, with trade with Panama growing by 27.6%, Russia 22.3%, UAE 20.9% and Peru 20.2% over the course of 2013. It’s unsurprising, then, that the ECA has won this award back from Kexim.
Whether its satellites to Israel, Boeings to Ethiopia or farm equipment to China, the diversity of the transactions US Exim conducts are greater than any other ECA in the world.
Fred Hochberg, US Exim’s chairman says: “We are honoured to be named the best ECA by GTR. The credit goes to our dedicated employees, our lending partners around the world and, above all, to the American exporters that use US Exim’s products to successfully compete globally.
“The bank’s success directly translates into support for hundreds of thousands of American export-related jobs.”
Best trade finance software provider
GTR’s editorial members have voted Misys as the best trade finance software provider for 2013. Over the past 10 years the company has certainly moved up the food chain – from a client server application of a decade ago being sold to tier three and four banks, to now having a product that can, and is, being sold to tier one banks. The last year has seen Misys investing heavily in the front-to-back alignment of its front office Portal and back office TI Plus applications to support a comprehensive range of both trade and supply chain finance functions.
David Hennah, head of trade, explains: “We have built upon our market-leading global processing solution and model bank methodology by introducing an innovative Software Development Kit (SDK) to increase flexibility and provide additional scope for end-user customisations.”
He attributes Misys’ success to the culmination of a huge amount of hard work which has been put in by product management, development, analysts, consultants and all those involved in the end-to-end go-to market process.
Best supply chain finance bank
Securing its fourth year at the top, JP Morgan has snapped up the award for best supply chain finance bank.
“This has been a successful year for JP Morgan’s global trade franchise as we’ve continued to fund new currencies, on-board suppliers in new markets, and activate new countries as we support our clients,” says Michael McDonough, global head of corporate trade and supply chain finance.
The award reflects JP Morgan’s continued investment in its supply chain finance programme and the tailored products, which combine pre-export finance, post-import finance, receivables purchase and supplier financing into multi-currency, multi-regional solutions.
“As the business becomes more global, we’re seeing an increase in demand from multi-national clients to build out their supply chain finance programmes, which we’ve done this past year for countries like Japan, Thailand and Brazil,” adds McDonough.
Best bank for documentary processing
RBS has proven itself a leader in documentary processing for yet another year.
“Despite the present economic challenges including the impacts of shifts in demand for letters of credit and guarantees and pricing felt across the industry, our success at RBS is underpinned by our extensive experience in processing and delivering quality trade solutions unique to our clients and markets they work in,” says Dermot Canavan, head of Emea trade product at the bank.
RBS continues to adapt and improve its offerings. Canavan adds: “In the medium-term we are preparing for the shift towards electronic solutions with the MT798 trade messages. Our MNCs and global traders are among the key influencers for bank-independent platform initiatives that will change how trade services can be delivered with speed and accuracy in order to accelerate the trade cycle.”
RBS has also made strides forward last year with its management of shipping documents as it implemented an electronic presentation service through third-party Electronic Shipping Solutions.
Company with the best supply chain finance platform
PrimeRevenue is the company with the best supply chain finance platform, say GTR’s editorial board members.
Since its launch in 2003, the company has remained committed to constantly improving its solutions to address the supply chain challenges of its growing global customer base.
Today, with 13,000 customers, 40 financial institutions partners, and more than US$60bn in annual trade flows, it has has become the world’s largest platform.
In response to clients’ need for flexibility, reduced costs and the efficient exchange of information and transparency in payment and invoice flow, in 2012, PrimeRevenue launched OpenSCi, an open interchange globally accessible for buyers and suppliers in the cloud in multiple languages and currencies.
In 2013, it expanded the functionality of its product suite by launching SCiMap, a working capital analysis tool and SCiEnable, a customisable supplier finance onboarding and education tool that brings together all the components of a successful financing programme.
“We are very proud to be acknowledged as the leading supply chain finance solution,” says Raghu Rajah, chief technology officer at PrimeRevenue.
“We attribute our track record of success to our ongoing commitment to innovation in the financial supply chain and to the incremental value that our OpenSCi solution delivers.”
Company that operates the best in-house trade finance business
GE Capital is the second company to scoop this award, following on from Siemens Financial Services in 2012. Perhaps the most significant achievement the company has made in this area in 2013 is the US$225mn receivables financing programme that it opened with Gunvor Group in August.
At the time, Germany chief commercial officer Jorg Diewald implied that this is a model the company hopes to roll out with further partners in the future, saying: “GE Capital (GEC) looks forward to a successful co-operation with Gunvor which might even lead to other projects beyond financing-building on both companies’ footprint in the oil and gas industry.”
Managing director Inwha Huh says she is delighted with the recognition, saying it reflects GE’s wide offering. She says: “Through its global trade receivable and payable programmes, GEC offers direct financing, securitisation, servicing and collections for over 100,000 GE customers located in 140-plus countries. GEC works with bank partners and credit insurers to manage risk.”