The Korean export credit agency (ECA), the Export-Import Bank of Korea (Kexim) has successfully issued global bonds worth $1 billion to investors worldwide. The foreign currency funds obtained through the bond issue will go to supporting the export finance activities of Kexim and the globalisation of Korea’s strategic industries including industrial plants, shipbuilding, resource development, and other industries.
Nordea has selected Surecomp’s trade finance solution suite for its global trade operations. Under the deal, Nordea has licensed IMEX, Surecomp’s world-leading trade finance back-office platform, allNETT, Surecomp's web-based trade finance front-end and SCF-PRO, Surecomp’s supply chain finance solution.
Carole Berndt has now started as the new global head of transaction services at The Royal Bank of Scotland (RBS). She is be based in London and reports to John Owen, CEO, international banking. Berndt joins RBS from Bank of America Merrill Lynch (BAML) where she was EMEA head of transaction banking, a role she has held for over three years. Before BAML she spent nearly 10 years working in transaction banking with Citi, holding a variety of roles in both Hong Kong and New York.
Federated Investors (Federated), one of the largest investment managers in the United States, has expanded capabilities in trade finance and emerging-market debt with new personnel at its London office. Federated has hired three investment professionals specialising in trade-finance strategies and two specialists in emerging-market strategies for the UK office.
Russia’s Promsvyazbank (PSB) has signed one-year, dual-tranche loan facility agreement with a syndicate of international banks, amounting to a total of $300 million.
Daniel Riordan, CEO of Zurich Global Corporate North America is the first Berne Union president elected from the private market for thirty years. He talks about how private insurers have become increasingly involved in the export credit space, what risk models they have had to get used to, and the new capacity they can bring.
Daniel Riordan, CEO of Global Corporate, Zurich North America has been elected president of the Berne Union – the international association of export credit insurers. He is the first representative of a private insurer to be elected president in 30 years.
Rudolf Scholten, Co-Chairman at OeKB, the Austrian export credit agency, tells Joanthan Bell of TXF that he fears a level playing field amongst OECD and non-OECD based corporates may still be some way off.
CIT Capital Market, a leading provider of financing and advisory services to small businesses and middle market companies, has acted as lead arranger in a $110 million financing for fashion retailer Joe’s Jeans, to finance the acquisition of Hudson Clothing Holdings, a leading global designer and marketer of premium branded denim apparel.
The European Bank for Reconstruction and Development (EBRD) is providing funds to Garanti Bank and Yapi Kredi of Turkey to help small and medium-sized company (SME) lending within the country.
Key personnel from the export credit agency (ECA) and private insurance community were in attendance at the Berne Union AGM held in Vienna last week. TXF was kindly invited to film exclusive interviews with key individuals at the event.
Standard Chartered Bank (StanChart) has successfully completed a RMB2.5 billion ($408.4 million) cross-border lending deal for the international mobile broadband corporation Nokia Siemens Networks in China (NSN China).
Société Générale (SG) has appointed Benoit Desserre as head of payments and cash management within the global transaction banking (GTB) division. He replaces Alain Grugé who has been appointed as a regional head of SG retail bank in France.
The European Bank for Reconstruction and Development (EBRD) is to provide a €60 million ($81.6 million) loan to Turkey’s Sekerbank, as part of a programme to assist agribusiness and enterprises led by women.
Markus Wohlgeschaffen, Head of Global Trade Finance and Services at Unicredit talks BPO, technological innovation and multi-bank platforms with Jonathan Bell, Editor-in-Chief, TXF.
There appears to be plenty of personnel movements in the trade finance sector at the present time – some of these we are able to write about, while others are, shall we say, sensitive at the present time. The good thing about all this is that institutions are hiring – and the signs are that, at least in some sectors, the market is picking up.
The Eastern and Southern African Trade and Development Bank (PTA Bank) has received a cash injection form the African Development Bank (AfDB), which is designed to boost trade and economic development activities of PTA Bank.
International law firm King & Spalding has hired Alejandro Jara, former deputy director general of the World Trade Organisation (WTO), as senior counsel in the WTO and international trade practice of its Geneva office
Werner Steinmueller, Global Head of Transaction Banking at Deutsche Bank talks trade trends with Jonathan Bell, Editor in Chief at TXF News.
The Export-Import Bank of the United States (US Ex-Im) has recruited Claudia Slacik as chief banking officer and senior vice president for export finance. She joins US Ex-Im with more than 30 years of experience in the financial industry.
We are pleased to bring you the TXF Trade and Supply Chain Finance Special Report 2013. The report, which is part of our Trade and Supply Chain Finance Series
Each Monday, we will be sending our weekly market news roundup. This will include a short commentary on the key stories of the week, as well as links to our top picks. We hope you enjoy it, and would welcome your feedback. It is entirely free, so please feel free to share with your colleagues, contacts and clients.
Société Générale (SG) and Bpifrance have today signed a partnership agreement to support the overseas growth of French businesses. The two institutions, which have a history of working together to finance French businesses within France, have decided to strengthen their collaboration internationally.
Standard Chartered (StanChart) has arranged a senior syndicated loan facility for marine services company Stanford Asia Holding Company (SAHC), amounting to $300 million. The facility, which was oversubscribed, was syndicated to a largely Middle Eastern investor base, will be used by SAHC to refinance existing debt.
HSBC has recruited Bart Ras to its ranks where he will have the title of global head of business development for the bank’s global trade and receivables finance (GTRF) business He takes up the post on 15 October 2013.
Canada’s Scotiabank has completed the Canadian rollout of CGI’s cloud-based, ‘software-as-a-service’ (SaaS) solution, CGI Trade360. The announcement was made at Sibos Dubai this week. In the first phase of the programme, CGI Trade360 will replacing the Scotiabank’s legacy trade and supply chain applications with an integrated platform.
In a landmark partnership agreement for the trade finance technology sector, Kyriba, a leader in cloud-based treasury management solutions, and trade platform and software company CGI have agreed on the integration of CGI’s market leading trade solution, CGI Trade360, into the Kyriba Enterprise platform.
India’s YES Bank has successfully closed a loan facility equivalent to $255 million. The facility will be used for general corporate purposes and trade financing for the bank’s clients.
Bank of America Merrill Lynch (BAML) has launched a new payment product which is designed to improve the speed and efficiency with which banks and corporations make high value US dollar payments to Asian markets.
The UK’s Lloyds Bank has signed a partnership agreement with Standard Chartered Bank (StanChart) to team in providing enhanced services to its clients importing from Asia-Pacific.
JP Morgan has recruited Kah Chye Tan, within a week of Tan leaving his previous employers Barclays Bank.
The African Export-Import Bank (Afrexim) has signed €5.64 million ($7.5 million) credit facility for the Cote d’Ivoire based firm, SIMAT, to finance the import of equipment for its services in the areas of marine and air transit and handling.
Georgia’s TBC Bank has signed a €35 million subordinated loan agreement with its shareholder Dutch development bank, FMO. The loan facility is provided in syndication with the Canadian investor, Cordiant and the Swedish development bank, Swedfund.
Despite turmoil in much of the Middle East, the EMEA region has a wealth of opportunities for growth in trade finance. TXF talks with Sameer Sehgal and Anurag Chaudhary at Citi about the outlook for trade in the region.
Japan’s Nippon Export and Investment Insurance (Nexi) has agreed to provide overseas untied loan insurance for loans provided by ING Bank, Tokyo branch and Development Bank of Japan to OTO Multiartha (OTO), an auto financing company in Indonesia.
KfW IPEX-Bank is providing a long-term ruble loan for the equivalent of altogether €36 million ($47.8 million) to finance the construction of a hypermarket in Tver, Russia.
TXF talks to Deutsche Bank about the current state of the trade and supply chain finance market.
TXF talks to Citi about the current state of the trade and supply chain finance market.
TXF talks to BNP Paribas about the current state of the trade and supply chain finance market.
After two years at the bank, Kah Chye Tan has departed Barclays in London where he was vice-chair of the bank’s global trade team. As a highly experienced and respected trade banker, Tan’s arrival at Barclays in 2011 was seen as a coup for the ban
VTB Bank’s Shanghai branch, the only Russian bank with a Chinese financial operation licence, has begun conducting transactions in renminbi (RMB) for corporate clients who are Chinese residents. The bank has successfully completed its extensive preparations which included additional capitalisation and the obtaining of a new licence
Deutsche Bank has opened a new branch in Qingdao, China following the approval from the China Banking Regulatory Commission (CBRC). The Qingdao branch is the bank’s sixth branch in China, complementing others in Beijing, Shanghai, Guangzhou, Tianjin and Chongqing.
Russia’s VEB Leasing has received a boost to its operations with the signing of a RUB30 billion ($897 million) credit line provided by VTB Bank. The facility has an overall tenor of 10-years. Under the umbrella arrangement, VEB Leasing has received the first loan instalment of RUB5.78 billion. This loan has a tenor of five years.
One of the largest commercial banks in Mongolia, Khan Bank has teamed with the European Bank for Reconstruction and Development (EBRD) to develop an innovative financial instrument for the Mongolian market under the rubric ‘value chain finance’, to improve access to finance for small businesses and to help strengthen value chains in the country.
Albania’s Union Bank Albania has been able to expand its trade finance offering following an injection of funds from the IFC. The funds will specifically be used to increase financing to small and medium-sized enterprises (SMEs) that work in imports and exports.
The European bank for Reconstruction and Development (EBRD) is providing Albania’s Credins Bank with €10 million ($13.3 million) in loans for on-lending to local small and medium-sized enterprises and supporting trade finance solutions for clients of the bank.
Deutsche Bank is increasing automation in its trade payments processes with China. As of 1 September 2013, the bank will launch paperless cross-border payment services in China via its electronic banking platform − db-direct internet.
Tanzania’s National Microfinance Bank (NMB) has signed a $65 million loan agreement in a transaction led by the Netherlands Development Finance Company (FMO) in cooperation with the German Development Finance Company (DEG) and EFP (European Financing Partners (EFP); a group of 14 other European development finance institutions (DFIs).
Lloyds Bank Commercial Banking has appointed Jacqueline Keogh as director of global trade to lead the bank’s global trade proposition. She takes up the position on 2 September Keogh joins Lloyds Bank from Standard Chartered where she held the position of managing director, regional head of banks, Europe in the transaction banking division, delivering strong
Standard Chartered (StanChart) has set-up a renminbi (RMB Solutions) team that is responsible for delivering bespoke client solutions to help them best capture opportunities arising from the internationalisation of the RMB.
Your largest export, agency & project finance event returns for 2019! Firmly rated in the industry as having rock-star status, we bring the show to Berlin. For those about to finance, we salute you...
TXF China brings commodity finance professionals together in Beijing for a day of collaborative discussion of regional opportunities and productive network building.
The annual German export finance event to join. Senior and exclusive! Includes afternoon session and ice-breaker drinks on the 25th, with a full agenda on the 26th.
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Join the movers and shakers of the political risk and trade credit insurance market for a day of networking, education and collaborative discussion