The International Finance Corporation (IFC) has announced that BBVA Banco Francs of Argentina is the first issuing bank in Latin America to join its Global Trade Finance Program. BBVA is one of the leading banks in the country.

The Global Trade Finance Program supports trade with emerging markets worldwide by promoting flows of goods and services between developing countries. IFC provides guarantee coverage of bank risk in emerging markets, allowing recipients to expand their trade finance transactions within an extensive network of countries and banks and to enhance their trade finance coverage.

Toms Deane, director of wholesale banking of BBVA Banco Francs, says: “We are delighted to be working with IFC in its Global Trade Finance Program. This will enable us to assist our clients with importing financing of capital goods while providing access to developing markets.”

Jyrki Koskelo, IFC director of global financial markets, adds, “IFC’s programme allows issuing banks to increase the volume and value of trade transactions with enhanced tenors and competitive pricing terms as well as access to a global network of confirming banks.”BBVA Banco Francs is a leading private sector bank, ranking first in terms of deposits, loans, and shareholder equity, according to the most recent statistics published in August 2005 by the Central Bank in Argentina.

It has one of the most important distribution networks in the country with 232 branches backed by more than 512 ATMs as well as internet and phone banking.