Europe News

Two Balli Steel executives convicted following US$150mn trade finance fraud

A London jury has found two Balli Steel executives guilty on multiple counts of fraud, after they used fake documents to deceive banks into …

Europe / 03-02-23 / by John Basquill

HSBC signs deal with European Investment Bank to finance Greek SME trade

HSBC and the European Investment Bank (EIB) have agreed a €200mn facility to finance trade for mid-caps and SMEs in Greece. The agreement is …

Europe / 30-01-23 / by Eleanor Wragg

Banks eye victory over EU’s Basel reforms on trade finance

The EU looks set to abandon plans to more than double capital requirements for some trade finance instruments, delighting banks and corporates who have …

Europe / 25-01-23 / by Jacob Atkins

Finnish law change signals new export credit opportunities for SMEs

Finland’s export credit agency (ECA), Finnvera, can now offer credit directly to foreign customers of Finnish export companies after the country’s parliament approved a …

Europe / 18-01-23 / by Jenny Messenger

UKEF Mozambique LNG deal gets further legal nod

An appeals court has dismissed a challenge against UK Export Finance’s (UKEF’s) US$1.15bn investment in a giant natural gas development in Mozambique, finding that …

Europe / 16-01-23 / by Jacob Atkins

Trade finance lender stung with UK fine for lax financial crime controls

The UK’s Financial Conduct Authority (FCA) has fined GTBank UK, which specialises in trade finance and correspondent banking for clients in Africa, £7.6mn for …

Europe / 11-01-23 / by Jacob Atkins

Ex-Balli Steel treasurer denies knowledge of trade finance fraud

The former treasury chief of a collapsed UK steel trader has told a jury in London that she did not know that the company …

Europe / 06-01-23 / by Jacob Atkins

UK looks to hike capital requirements on ‘indispensable’ trade finance products

Banks will face higher capital requirements for common trade finance instruments such as stand-by letters of credit, guarantees and warranties under plans unveiled by …

Europe / 13-12-22 / by Jacob Atkins

Gas companies pursue UBS over ‘mistake’ payment for US$4mn butane trade

A dispute involving UBS, two Moroccan gas companies, a Swiss offshoot of Crédit Agricole and collapsed commodities trader Gulf Petrochem is set for a …

Europe / 09-12-22 / by Jacob Atkins

Banks excluded from latest EU due diligence draft law

The Council of the European Union has agreed to exclude banks and investment funds from a directive intended to eliminate human rights and environmental …

Europe / 07-12-22 / by Jenny Messenger