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US Ex-Im appoints James Burrows SVP for small businesses
US Ex-Im appoints James Burrows SVP for small businesses
Hesham Zakai
5 March 2014

James Burrows has been appointed senior vice president for the small business group at the Export-Import Bank of the United States.

Mobily inks new ECA deals for NSN and Ericsson equipment
Mobily inks new ECA deals for NSN and Ericsson equipment
Hesham Zakai
27 February 2014

Saudi Arabian telecommunications company Mobily (Etihad Etisalat) has agreed two new financings amounting to SAR2.1 billion ($560 million) backed by the export credit agencies (ECAs) of Finland and Sweden, Finnvera and EKN respectively, for the purchase of equipment from Nokia Siemens Networks (NSN) and Ericsson.

EBRD and Nordea fund Oil & Gas Systems upgrades
EBRD and Nordea fund Oil & Gas Systems upgrades
Hesham Zakai
26 February 2014

The European Bank for Reconstruction and Development (EBRD) has joined forces with Nordea Bank to support a €123 million ($170 million) modernisation of two manufacturing plants owned by Oil & Gas Systems (OGS), one of Russia’s largest pipeline valve producers.

Crédit du Maroc receives trade finance boost from EBRD
Crédit du Maroc receives trade finance boost from EBRD
Hesham Zakai
24 February 2014

The European Bank for Reconstruction and Development has provided a boost to Morocco’s export and import community in the form of a $40 million trade finance line to commercial bank Crédit du Maroc for the financing of foreign trade.

Mississippi Silicon to construct metal plant with KfW financing
Mississippi Silicon to construct metal plant with KfW financing
Hesham Zakai
24 February 2014

Germany’s KfW IPEX-Bank (KfW) is providing a $109 million loan to Mississippi Silicon for the construction of a silicon metal manufacturing plant in the United States. SMS Siemag, the specialised metallurgical plant and mechanical engineering company based in Düsseldorf, will produce the arc furnace, the key component required for the new plant’s production process.

Ray Zabarte joins RBS as head of trade services
Ray Zabarte joins RBS as head of trade services
Hesham Zakai
24 February 2014

The Royal Bank of Scotland (RBS) has expanded its global transaction services division, appointing Ray Zabarte as its new head of trade services. Zabarte, who was previously head of trade product management at Barclays, will also take up the post of chief administrative officer for trade.

US Ex-Im guarantees landmark Apple Bank aircraft loan to MSFL
US Ex-Im guarantees landmark Apple Bank aircraft loan to MSFL
Hesham Zakai
21 February 2014

The Export-Import Bank of the United States has guaranteed a $300 million loan by the Apple Bank for Savings to China’s Minsheng Financial Leasing (MSFL) for the purchase of eight Gulfstream Aerospace aircraft. The deal means US Ex-Im has now supported more than $1 billion in financing for US-made business aircraft and helicopters since the start of the 2012 financial year.

NBE receives loan from EBRD to boost Egyptian trade
NBE receives loan from EBRD to boost Egyptian trade
Hesham Zakai
20 February 2014

The National Bank of Egypt (NBE) has received the second half of a $100 million loan from the European Bank for Reconstruction and Development aimed at helping businesses in Egypt to carry out more international trade.

South Stream Transport places pipe order as line gathers momentum
South Stream Transport places pipe order as line gathers momentum
Hesham Zakai
20 February 2014

South Stream Transport (SST) has placed an order for 75,000 12-metre pipes to be used in the construction of the South Stream pipeline in a sign of the project’s increasing momentum.

Crossflow Payments hires business development directors
Crossflow Payments hires business development directors
Hesham Zakai
19 February 2014

Supply chain finance provider Crossflow Payments has strengthened its business development team with the appointment of Alistair Ward and Peter Renshaw as business development directors. Adrian Benjamin also joins the team as an assistant business development manager.

KfW provides JSW Steel with loan for site expansion
KfW provides JSW Steel with loan for site expansion
Hesham Zakai
19 February 2014

India’s largest steel company, JSW Steel, has received an export finance loan of approximately €15 million ($21 million) that will allow it to expand its production site in Vijayanagar, south India. The loan has a tenor of 8.5 years.

Keaton Energy secures financing facility from Investec
Keaton Energy secures financing facility from Investec
Hesham Zakai
19 February 2014

Keaton Energy, the South African coal mining and development company, has concluded a R350 million ($32 million) financing facility from Investec Bank, of which R300 million ($27.5 million) is a term loan and R50 million ($4.5 million) is a working capital facility.

Bpifrance to launch financing mechanism to support SME exports
Bpifrance to launch financing mechanism to support SME exports
Hesham Zakai
18 February 2014

Bpifrance, the French public investment bank, has announced a new funding mechanism aimed primarily at small and medium-sized enterprises (SMEs) to help French businesses export their goods abroad.

Agrowind project financed by Rabobank, KfW and EIB
Agrowind project financed by Rabobank, KfW and EIB
Hesham Zakai
14 February 2014

NOP Agrowind has secured €350 million ($480 million) in loans to construct 26 wind turbines in the Netherlands from a consortium of Rabobank, KfW IPEX-Bank and the European Investment Bank (EIB).

Hopes, fears, challenges and outlook: take the ICC export finance survey
Hopes, fears, challenges and outlook: take the ICC export finance survey
Hesham Zakai
14 February 2014

The ICC, in conjunction with TXF, is currently conducting its first ever survey on export finance. The findings will form part of the prestigious ICC Global Trends Survey on Trade Finance, produced later this year.

KfW to finance Meyer Werft-built RCCL cruise ship
KfW to finance Meyer Werft-built RCCL cruise ship
Hesham Zakai
6 February 2014

KfW IPEX-Bank is financing a cruise ship commissioned by Royal Caribbean Cruises (RCCL) to be built by Meyer Werft – the third Quantum-class cruise ship built at the Papenburg shipyard for the Florida-based cruise company.

World economy: 10 game changers for 2014
World economy: 10 game changers for 2014
Hesham Zakai
6 February 2014

The new year is set to usher in new political risks, largely focused around upcoming elections in India, Brazil, Turkey, South Africa and Indonesia. Some of the old risks have not abated either, with the Middle East and North Africa still beset by a series of political, social and economic challenges.

EDC opens in Bogota to tap further business in the region
EDC opens in Bogota to tap further business in the region
Hesham Zakai
5 February 2014

Canada’s export credit agency, Export Development Canada (EDC), has continued its expansion across the Andes with the establishment of a permanent representative office in Bogota, Colombia. The move has been made in anticipation of an infrastructure boom in Colombia.

Deutsche establishes new global solutions unit
Deutsche establishes new global solutions unit
Hesham Zakai
5 February 2014

Deutsche Bank has established a new global solutions unit in the trade finance/cash management for corporates (TF/CMC) section of its global transaction banking division, focusing on designing and reproducing business solutions for large corporate clients with a view to accelerating growth.

 HSBC appoints Carlos Gonzalez Fillad as LatAm head of payments
HSBC appoints Carlos Gonzalez Fillad as LatAm head of payments
Hesham Zakai
5 February 2014

HSBC has appointed Carlos Gonzalez Fillad, formerly head of multinationals for its global banking business, as its new regional head of payments and cash management (PCM) in Latin America, effective from 1 February 2014.

Fundtech hires Kyle McGaffey as head of Americas sales
Fundtech hires Kyle McGaffey as head of Americas sales
Hesham Zakai
4 February 2014

Fundtech, the global transaction banking solutions company, has hired Kyle McGaffey as its head of sales for the Americas. McGaffey’s role will be to lead Fundtech’s sales strategy in the region, where he will also be responsible for the sales personnel based there.

NTPC secures power financing from JBIC and SMBC
NTPC secures power financing from JBIC and SMBC
Hesham Zakai
4 February 2014

India’s National Thermal Power Company (NTPC), the country’s largest power provider, has secured $430 million in financing after signing two loan agreements with the Japan Bank for International Cooperation (JBIC) and Sumitomo Mitsui Banking Corporation (SMBC).

ICBC poised to acquire Standard Bank’s London arm
ICBC poised to acquire Standard Bank’s London arm
Hesham Zakai
3 February 2014

The Industrial and Commercial Bank of China (ICBC) is to buy a 60% stake in Standard Bank’s London-based Global Markets business for $765 million, making it China’s first lender to establish a significant trading hub in London.

Andrew England leaves Lloyds
Andrew England leaves Lloyds
Hesham Zakai
3 February 2014

Andrew England, head of transaction banking at Lloyds, has left the bank after his role was incorporated into a new operating structure led by Ed Smith. The transaction banking and commercial finance units at Lloyds will now be merged into a new united called global transaction banking.

Moroccan juice producer Citruma receives EBRD loan
Moroccan juice producer Citruma receives EBRD loan
Hesham Zakai
3 February 2014

Moroccan juice producer Citruma has received €5.5 million ($7.4 million) in financing from the European Bank for Reconstruction and Development (EBRD), to fund the expansion of its product offering and operations.

EBRD provides drinking water loan to Morocco’s ONEE
EBRD provides drinking water loan to Morocco’s ONEE
Hesham Zakai
31 January 2014

Morocco’s Office National de l'Electricité et de l'Eau Potable (ONEE) is to receive a €65 million ($88 million) sovereign guaranteed loan from the European Bank for Reconstruction and Development (EBRD) to increase the supply of drinking water in the North African country.

Atek receives credit boost from VTB
Atek receives credit boost from VTB
Hesham Zakai
31 January 2014

Bashkortostan-based oil trader Atek has received a boost from VTB Bank in the form of a credit facility with a RUB 5 billion ($142 million) limit.

Suek signs syndicated PXF facility
Suek signs syndicated PXF facility
Hesham Zakai
29 January 2014

Russian coal mining company Siberian Coal Energy (Suek) has secured a five-year, $1.5 billion syndicated pre-export finance (PXF) facility. The deal was signed on 28 January 2014.

“Made in America brand has never been stronger”: Hochberg testifies to US Senate
“Made in America brand has never been stronger”: Hochberg testifies to US Senate
Hesham Zakai
29 January 2014

The president of the Export-Import Bank of the United States (US Ex-Im), Fred Hochberg, has highlighted the achievements of the agency in recent years as he appeared before the Senate Committee on Banking, Housing, and Urban Affairs.

KfW and AWAS close penultimate ECA-backed financing
KfW and AWAS close penultimate ECA-backed financing
Hesham Zakai
28 January 2014

KfW IPEX-Bank and AWAS Aviation Capital have closed the seventh financing under their eight aircraft ECA supported financing facility.

IFC expands partnership with Egypt’s AUBE to boost trade
IFC expands partnership with Egypt’s AUBE to boost trade
Hesham Zakai
28 January 2014

The International Finance Corporation (IFC) has expanded its partnership with Ahli United Bank Egypt (AUBE) in a bid to enhance the country’s international trade activity and provide a bridge for local businesses to reach international markets.

HSBC opens outlet in Shanghai FTZ for cross-border transactions
HSBC opens outlet in Shanghai FTZ for cross-border transactions
Hesham Zakai
28 January 2014

HSBC China has opened a sub-branch in the Shanghai pilot free trade zone (FTZ) to facilitate cross-border financial transactions for corporate customers.

EBRD and HSBC provide Egypt’s IPR with energy loan
EBRD and HSBC provide Egypt’s IPR with energy loan
Hesham Zakai
28 January 2014

The European Bank for Reconstruction and Development (EBRD) and HSBC Egypt have combined to provide a $100 million financing facility for independent Egyptian exploration and development company Improved Petroleum Recovery (IPR).

Sustainable commodity finance gains momentum
Sustainable commodity finance gains momentum
Hesham Zakai
27 January 2014

The Banking Environment Initiative (BEI) has set out trade financing solutions aimed at increasing sustainability in the commodity trade sector, in a report entitled ‘Sustainable Shipment Letter of Credit’ released on 24 January.

NBAD appoints Anton Martin managing director for global markets sales
NBAD appoints Anton Martin managing director for global markets sales
Hesham Zakai
27 January 2014

Anton Martin has been appointed managing director and head of sales in global markets at the National Bank of Abu Dhabi (NBAD), bolstering the bank’s West-East corridor strategy.

RMB now eighth most-used currency for global payments
RMB now eighth most-used currency for global payments
Hesham Zakai
24 January 2014

The renminbi (RMB) has achieved a symbolic milestone after it became the eighth most used currency for global payments, according to the Society for Worldwide Interbank Financial Telecommunication (SWIFT).

Euler Hermes to provide HSBC’s US customers with TCI
Euler Hermes to provide HSBC’s US customers with TCI
Hesham Zakai
23 January 2014

Euler Hermes Americas has reached an agreement with HSBC to provide direct access to trade credit insurance (TCI) for the bank’s US customers, following a global distribution partnership forged between the two in May last year.

HSBC boosts global trade and receivables finance team
HSBC boosts global trade and receivables finance team
Hesham Zakai
23 January 2014

HSBC has made three appointments to its global trade and receivables finance (GTRF) team, with Gerd Pircher becoming regional head, Latin America; Wei Wei Ng becoming head of international, GTRF Asia-Pacific; and Lorna Strong taking up the position of deputy general counsel for GTRF.

MSFL leases Bombardier jets using EDC financing
MSFL leases Bombardier jets using EDC financing
Hesham Zakai
22 January 2014

Asia’s leading business aircraft leasing company, Minsheng Financial Leasing (MSFL), has received a $210 million loan from Canada’s export credit agency, Export Development Canada (EDC), to facilitate its leasing of two business jets from Canadian aerospace company Bombardier.

StanChart completes RMB cross-border lending for Taiwan’s Hong-Wei
StanChart completes RMB cross-border lending for Taiwan’s Hong-Wei
Hesham Zakai
22 January 2014

Standard Chartered (StanChart) Bank Taiwan has completed a $40 million two way cross-border lending for Taiwan’s largest custom-made industrial elevator manufacturer, Hong-Wei Electrical Industry.

StanChart and Finnvera combine for loans to Indonesia’s PLN
StanChart and Finnvera combine for loans to Indonesia’s PLN
Hesham Zakai
22 January 2014

Standard Chartered (StanChart) has arranged two loans totalling €160 million ($215 million) for Perusahaan Listrik Negara (PLN), Indonesia’s national electricity company, to finance the production of two gas power plants that will include 35 Wärtsilä 34SG gas-fired generating sets.

Basel Committee issue amendments to leverage ratio framework
Basel Committee issue amendments to leverage ratio framework
Hesham Zakai
20 January 2014

The Basel Committee has issued changes to the Basel III regulatory framework’s leverage ratio structure and disclosure requirements, following a consultation process on the proposed changes dating back to June 2013.

Henri d'Ambrieres takes up advisory role at ICC
Henri d'Ambrieres takes up advisory role at ICC
Hesham Zakai
17 January 2014

Henri d'Ambrieres, the former global head of export finance at Crédit Agricole, has joined the International Chamber of Commerce (ICC) as a technical expert advising on its trade finance loss register.

StanChart signs loan for agri-development in Vietnam
StanChart signs loan for agri-development in Vietnam
Hesham Zakai
17 January 2014

Standard Chartered (StanChart) Vietnam has signed a $70 million trade facility agreement with An Giang Plant Protection (AGPPS) to allow the agricultural business to develop its paddy field purchase model in south-west Vietnam.

EBRD leads refinancing for Hungarian gas storage facility
EBRD leads refinancing for Hungarian gas storage facility
Hesham Zakai
16 January 2014

The European Bank for Reconstruction and Development (EBRD) has led the refinancing of a strategic Hungarian gas storage facility, after majority stakeholder MOL sold its stake in the unit to the Hungarian Development Bank and the Hungarian Hydrocarbon Stockpiling Association. The deal signals something of a return for project financing in Central and Eastern Europe.

HSBC initiates RMB cross-border sweeping for Dover Corporation
HSBC initiates RMB cross-border sweeping for Dover Corporation
Hesham Zakai
16 January 2014

HSBC China has initiated renminbi (RMB) two-way cross-border sweeping for businesses in the pilot Shanghai free trade zone (FTZ), with industrial manufacturer Dover being the first to benefit from the initiative through its subsidiary in the zone.

UOB hires Jim Liddell as corporate banking SVP
UOB hires Jim Liddell as corporate banking SVP
Hesham Zakai
16 January 2014

The Singapore-based United Overseas Bank (UOB) has appointed Jim Liddell, former vice president of trade finance at Scotiabank (and occasional TXF contributor), as its senior vice president for corporate banking.

Former Atradius MD Johan Schrijver founds consultancy
Former Atradius MD Johan Schrijver founds consultancy
Hesham Zakai
15 January 2014

Johan Schrijver, the former managing director of the Dutch export credit agency Atradius, has set up a new consultancy, Schrijver & Partners, to advise businesses and government institutions on export finance, project finance and credit insurance.

Bancomext and Sace sign cooperation pact
Bancomext and Sace sign cooperation pact
Hesham Zakai
14 January 2014

The export credit agencies of Mexico and Italy, Banco Nacional de Comercio Exterior (Bancomext) and Sace respectively, have signed a cooperation agreement aimed at strengthening trade and investment between the two countries.

Nexi provides credit insurance for export of bulk carrier
Nexi provides credit insurance for export of bulk carrier
Hesham Zakai
13 January 2014

Japan’s Nippon Export and Investment Insurance (Nexi) has provided a $12.3 million buyer’s credit insurance on loans extended to Bahama-based African Kite Shipping. The insurance will help to facilitate the shipping company’s purchase of a bulk carrier built by Japanese company Imabari Shipbuilding.