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JB's weekly round-up - 28 October 2013
JB's weekly round-up - 28 October 2013
Jonathan Bell
28 October 2013

First the Berne Union (BU), and now the ICC Banking Commission – both hosting in Vienna. Well, why not, it is a beautiful and friendly city – any time of the year. So, last week, the great and the good in much of the trade finance world descended once again on the city for the ICC’s Banking Commission meeting.

Standard Bank signs financing for Kenyan wind power
Standard Bank signs financing for Kenyan wind power
Mayur Pande
28 October 2013

Standard Bank has signed a ground-breaking deal with independent power producer Aeolus Kenya (AKL), to build a $150-million wind power plant in Kenya. The 60.8MW Kinangop Wind Park project will be largest wind power generation farm in sub-Saharan Africa to date. The wind power plant will be built in Kinangop Plateau in central Kenya.

ICC in Vienna: Taylor and Affaki step down
ICC in Vienna: Taylor and Affaki step down
Dan Sheriff
25 October 2013

Several significant changes to the ICC Banking Commission executive committee were announced during October’s meeting in Vienna. Long time industry stalwarts, Dan Taylor and Georges Affaki are stepping down from their roles on the executive committee.

Trade finance and the BPO: World Trade Organisation Public Forum 2013
Trade finance and the BPO: World Trade Organisation Public Forum 2013
Alexander R Malaket
25 October 2013

Alexander Malaket, president of OPUS Advisory Services International, and managing director of Trade Finance Associates Ltd, reports on the trade finance and BPO panel at the WTO Public Forum 2013 held in Geneva in early October.

Barclays expands trade finance team
Barclays expands trade finance team
Dan Sheriff
25 October 2013

Barclays is continuing to expand its tade finance team with the appointment of Geoff Parry as UK head of global corporates, trade finance. Parry joins Barclays from National Australia Bank (NAB) where he was head of trade finance South-East Asia, based in Singapore.

ICC in Vienna: regulation will lead to trade bank consolidation
ICC in Vienna: regulation will lead to trade bank consolidation
Dan Sheriff
25 October 2013

Regulation was the key challenge identified by panelists at an engaging opening session of the ICC banking commission meeting in Vienna.

BPO: Concerns over regulation addressed
BPO: Concerns over regulation addressed
Dan Sheriff
24 October 2013

An update on the progress of the Bank Payment Obligation (BPO) was provided at the ICC Annual Meeting in Vienna, Austria. Questions flew in thick and fast from bankers at a pre-event workshop, ranging from concerns about fraud, comparisons with letters of credit

FMO makes new appointments
FMO makes new appointments
Phoebe Robertson
24 October 2013

Netherlands based development bank, FMO, has made two new appointments to its management structure. In the first instance, Jurgen Rigterink has been appointed as the new chief risk and finance officer. He takes over the role from Nico Pijl, who is retiring (see below). Rigterink will move from his current position as chief investment officer.

Factors Group appoints new chairman
Factors Group appoints new chairman
Phoebe Robertson
24 October 2013

Margrith Lütschg-Emmenegger has been name as the new chairman of the International Factors Group (IFG). Lütschg-Emmenegger, who is president at FIMBank in Malta, has worked across factoring and forfaiting throughout her career and is well known in the market. Her appointment to the new role was made at the IFG's annual conference in India.

BNY Mellon hires EMEA market manager from Barclays
BNY Mellon hires EMEA market manager from Barclays
Phoebe Robertson
22 October 2013

BNY Mellon has appointed Monika Aminiova as market manager for treasury services in Europe, the Middle East and Africa (EMEA) based in London. With the aim of orientating the company as a key provider of global payment services, Aminiova will report into Peter Hazou and will seek to develop and commercialise BNY Mellon's multi-currency payments solutions. The company already sustains payment transactions in over 100 currencies.

Armenia’s ACBA secures EBRD loan
Armenia’s ACBA secures EBRD loan
Phoebe Robertson
22 October 2013

Credit Agricole Bank in Armenia (ACBA) has secured a three-year, $9 million local currency loan from EBRD for on-lending to micro, small and medium-sized enterprises (MSMEs) and a further $3.5 million for energy efficiency loans. ACBA aims to continue to strengthen and support MSMEs who have difficulty accessing finance especially in local currency.

Equinox adds syndicates and increases capacity
Equinox adds syndicates and increases capacity
Dan Sheriff
22 October 2013

Equinox Global, the Lloyd’s coverholder specialising in trade credit, has increased its available capacity to underwrite from $35 million to $50 million, effective 1 November 2013

Atradius DSB expands financing pool
Atradius DSB expands financing pool
Jonathan Bell
21 October 2013

Atradius Dutch State Business (DSB), the export credit agency of the Netherlands, has announced that banks outside the OECD area are now eligible for export credit cover if they finance Dutch exports.

JB's weekly round-up - 21 October 2013
JB's weekly round-up - 21 October 2013
Jonathan Bell
21 October 2013

Last week we were pleased to welcome the well-known and greatly admired trade and commodity finance lawyer Geoffrey Wynne back to the world of trade finance following his required one-year absence from the market after leaving Dentons.

Aviation Capital closes RCF
Aviation Capital closes RCF
Mayur Pande
18 October 2013

Aviation Capital Group (ACG) has closed a four-year, senior unsecured revolving credit facility of $850 million. The facility increases ACG’s committed revolving debt capacity to $1 billion and provides increased flexibility to support its operations and growth.

BAML appoints head of GTS India
BAML appoints head of GTS India
Dan Sheriff
18 October 2013

The Bank of America Merrill Lynch (BAML) has recruited Meeta Makhan as managing director and head of Global Transaction Services (GTS) in India team, further complementing the bank’s offering in Asia-Pacific.

MFI and DFI statement puts pressure on WTO
MFI and DFI statement puts pressure on WTO
Mayur Pande
18 October 2013

A joint statement from seven multilateral financial institutions (MFIs) and development finance institutions (DFIs) puts pressure on the World Trade Organisation (WTO) to further assist in global trade with the establishment of a trade facilitation programme.

Korea Exim success with global bond
Korea Exim success with global bond
Jonathan Bell
18 October 2013

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 selects Surecomp’s trade finance suite
Nordea selects Surecomp’s trade finance suite
Jonathan Bell
18 October 2013

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.

McAdams joins ExWorks Capital as new CEO
McAdams joins ExWorks Capital as new CEO
Dan Sheriff
18 October 2013

John McAdams, formerly of US-Ex-Im, has been appointed as the CEO of ExWorks Capital, a newly formed joint venture between Interlink Capital Strategies and RedRidge Finance Group*. The company offers export trade financing solutions to underserved US exporters and international buyers using US Ex-Im Bank loan guarantees and insurance.

Berndt starts at RBS London
Berndt starts at RBS London
Dan Sheriff
16 October 2013

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 expands trade operations in UK
Federated Investors expands trade operations in UK
Jonathan Bell
16 October 2013

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.

PSB dual currency syndication oversubscribed
PSB dual currency syndication oversubscribed
Jonathan Bell
16 October 2013

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.

Video Interview: Daniel Riordan, CEO of Zurich Global Corporate North America
Video Interview: Daniel Riordan, CEO of Zurich Global Corporate North America
Jonathan Bell
15 October 2013

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.

Zurich’s Daniel Riordan named Berne Union president
Zurich’s Daniel Riordan named Berne Union president
Dan Sheriff
15 October 2013

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.

Video Interview: Rudolf Scholten, Co-Chairman at OeKB, the Austrian export credit agency
Video Interview: Rudolf Scholten, Co-Chairman at OeKB, the Austrian export credit agency
Jonathan Bell
15 October 2013

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.

Video Interview: Johan Schrijver, Atradius managing director and outgoing Berne Union president
Video Interview: Johan Schrijver, Atradius managing director and outgoing Berne Union president
Jonathan Bell
15 October 2013

Atradius managing director and outgoing Berne Union president Johan Schrijver tells TXF editor-in-chief Jonathan Bell of the pressures that ECAs are placed under, the challenges when putting together finance on larger projects, and an increasingly scientific approach to underwriting.

CIT arranges acquisition finance
CIT arranges acquisition finance
Jonathan Bell
15 October 2013

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.

EBRD provides funds to Garanti and Yapi Kredi for SMEs
EBRD provides funds to Garanti and Yapi Kredi for SMEs
Jonathan Bell
14 October 2013

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.

JB's weekly round-up - 14 October 2013
JB's weekly round-up - 14 October 2013
Jonathan Bell
14 October 2013

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.

StanChart arranges cross-border RMB loan for Nokia
StanChart arranges cross-border RMB loan for Nokia
Mayur Pande
11 October 2013

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).

SG appoints head of payments and cash management
SG appoints head of payments and cash management
Dan Sheriff
11 October 2013

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.

EBRD and IFC provide loans for Turkish agri-sector
EBRD and IFC provide loans for Turkish agri-sector
Mayur Pande
9 October 2013

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.

Video Interview: Peter Knodt, Global Head of Trade Finance Financial Institutions, Deutsche Bank
Video Interview: Peter Knodt, Global Head of Trade Finance Financial Institutions, Deutsche Bank
Jonathan Bell
8 October 2013

Peter Knodt, Global Head of Trade Finance Financial Institutions at Deutsche Bank talks collaboration, relationships and adapting to changing global trade flows.

Video Interview: Markus Wohlgeschaffen, Head of Global Trade Finance and Services, Unicredit
Video Interview: Markus Wohlgeschaffen, Head of Global Trade Finance and Services, Unicredit
Jonathan Bell
7 October 2013

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.

Stanbic IBTC signs pact with John Deere and Tata for Nigerian-agri
Stanbic IBTC signs pact with John Deere and Tata for Nigerian-agri
Mayur Pande
7 October 2013

Stanbic IBTC Bank, a member of Stanbic IBTC Holdings, has signed a collaboration pact with Tata Africa Services and John Deere Financial, whereby Stanbic IBTC Bank will provide a range of financial services to customers of the US’s John Deere within Nigeria’s agricultural sector

JB's weekly round-up - 7 October 2013
JB's weekly round-up - 7 October 2013
Jonathan Bell
7 October 2013

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.

XL Group makes hire for trade credit market
XL Group makes hire for trade credit market
Mayur Pande
7 October 2013

XL Group's political risk and trade credit business has hired Jeffrey Abramson as senior vice president and global product leader for its expansion into the Supplier Trade Credit (STC) market

Video Interview: Michael Spiegel, Global Head, Trade Finance and Cash Management, Deutsche Bank
Video Interview: Michael Spiegel, Global Head, Trade Finance and Cash Management, Deutsche Bank
Jonathan Bell
4 October 2013

Michael Spiegel, Global Head, Trade Finance and Cash Management at Deutsche Bank speaks to Jonathan Bell of TXF and speculates that supply chain finance may be reaching a tipping point, in part due to an increased desire amongst corporates to ensure the stability of suppliers post-crisis.

PTA Bank gets cash injection from AfDB
PTA Bank gets cash injection from AfDB
Dan Sheriff
4 October 2013

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.

King & Spalding hires ex WTO deputy director
King & Spalding hires ex WTO deputy director
Dan Sheriff
4 October 2013

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

Video Interview: Werner Steinmueller, Global Head of Transaction Banking, Deutsche Bank
Video Interview: Werner Steinmueller, Global Head of Transaction Banking, Deutsche Bank
Jonathan Bell
3 October 2013

Werner Steinmueller, Global Head of Transaction Banking at Deutsche Bank talks trade trends with Jonathan Bell, Editor in Chief at TXF News.

ICBC provides first rand financing
ICBC provides first rand financing
Jonathan Bell
2 October 2013

The Industrial and Commercial Bank of China (ICBC) has provided more than ZAR180 million ($18.2 million) financing to a 27MW wind project near Nelson Mandela Bay, Eastern Cape, South Africa. The loan is the Chinese bank’s first rand-denominated transaction ever.

US Ex-Im recruits Claudia Slacik for SVP export finance role
US Ex-Im recruits Claudia Slacik for SVP export finance role
Jonathan Bell
1 October 2013

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.

Trade & Supply Chain Finance
Trade & Supply Chain Finance
Max Carter
1 October 2013

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

Natixis appoints global head of loan syndication
Natixis appoints global head of loan syndication
Dan Sheriff
1 October 2013

Natixis has appointed Christopher Lovgren as global head of loan syndication. He will be based in London. Lovgren will report to Alain Gallois, global head of the debt platform and fixed-income and treasury sales,

EKN signs cooperation pact with Bancomext
EKN signs cooperation pact with Bancomext
Mayur Pande
30 September 2013

EKN, Sweden’s export credit agency (ECA) has signed a cooperation agreement with Mexico’s ECA Bancomext. The agreement is a declaration of intention to cooperate to further strengthen the export support to Mexican and Swedish companies. It is also the first step to enter into a reinsurance agreement going forward.

JB's weekly round-up - 30 September 2013
JB's weekly round-up - 30 September 2013
Jonathan Bell
30 September 2013

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.

IFC arranges first South Asia supplier finance facility
IFC arranges first South Asia supplier finance facility
Jonathan Bell
26 September 2013

IFC has launched a trade supplier finance facility with Sri Lankan apparel exporting company Brandix. This is the first such facility in South Asia, as part of IFC’s Global Trade Supplier Finance programme. No detail has been given as to the amount expected to be provided.

SG and Bpifrance sign pact for French exporters
SG and Bpifrance sign pact for French exporters
Jonathan Bell
25 September 2013

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.