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JB's weekly round-up - 6 February 2014
JB's weekly round-up - 6 February 2014
Jonathan Bell
3 February 2014

There was much talk and media attention towards the end of last year around the Citi and Santander Trade MAPS securitisation programme. And the subject of securitisation is firmly embedded in most bankers’ minds as they consider the options to move assets off-balance sheet.

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.

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.

“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.

Paving the way for trade finance securitisation
Paving the way for trade finance securitisation
Hans Krohn
28 January 2014

Hans Krohn, head of trade products at Commerzbank, heralds the bank’s success of its CoTrax Finance II-1 trade finance securitisation. But why has it taken so long for this emerging asset class to get off the ground and what will it take for the trade finance securitisation market to succeed in the long-term?

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.

Michael F Jackson appointed Fundtech’s head of Americas cash management
Michael F Jackson appointed Fundtech’s head of Americas cash management
Dan Sheriff
28 January 2014

Michael F Jackson, former vice president of ACI’s electronic bill presentment and payment (EBPP) group, has been appointed head of Americas cash management at Fundtech, the transaction banking solutions company.

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.

JB's weekly round-up - 27 January 2014
JB's weekly round-up - 27 January 2014
Jonathan Bell
27 January 2014

Earlier this month, Dealogic sent out press releases broadcasting their results for the overall trade volumes for 2013, declaring that volumes had fallen by over 30% compared to 2012! Such a declaration, of course, gives a very misleading perspective of the trade finance sector.

Sibur and Exiar sign export trade insurance agreement
Sibur and Exiar sign export trade insurance agreement
Jonathan Bell
27 January 2014

The Export Insurance Agency of Russia (Exiar) and Biaxplen, a subsidiary of Russia’s industrial group Sibur, have entered into a comprehensive export credit insurance agreement. This is Sibur's the first experience in insuring foreign receivables.

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.

BPL Global expands Asian operations
BPL Global expands Asian operations
Jonathan Bell
27 January 2014

Political risk insurance (PRI) broker Berry Palmer & Lyle (BPL Global) is expanding its operational scope in Asia with the hiring of Margaret Ho as a senior broker for their Hong Kong office.

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.

EDC issues first green bond
EDC issues first green bond
Jonathan Bell
23 January 2014

Export Development Canada (EDC) has priced its first green bond in the principal amount of $300 million.

Qatar Shipping secures refinancing facility
Qatar Shipping secures refinancing facility
Jonathan Bell
23 January 2014

Qatar Shipping Company, a wholly owned subsidiary of Milaha, has secured a 12-year, $425 million (equivalent to QAR1.55 billion) fixed-term ship financing facility with a consortium of international banks.

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.

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.

AfrAsia secures loan from Afreximbank
AfrAsia secures loan from Afreximbank
Jonathan Bell
20 January 2014

The African Export-Import Bank (Afreximbank) and Mauritius-based AfrAsia Holdings Limited have signed a term sheet for a $10 million facility. The funds will be made available to Meridan SPV, a subsidiary of AfrAsia.

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.

JB's weekly round-up - 20 January 2014
JB's weekly round-up - 20 January 2014
Jonathan Bell
20 January 2014

The Global Annual Meeting – Europe of BAFT-IFSA takes place today and tomorrow at the Landmark Hotel in London. The conference and gathering has a high-level collection of delegates, primarily from the banking sector, discussing a range of key issues from innovation in transaction banking, regulatory impacts, sustainability, right through to commodity financing.

State Bank of India signs credit line with Kexim
State Bank of India signs credit line with Kexim
Mayur Pande
17 January 2014

The State Bank of India (SBI) has signed a $200 million loan agreement with the Export- Import Bank of Korea (Kexim).

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.

Euler Hermes expands Singapore trade team and services
Euler Hermes expands Singapore trade team and services
Jonathan Bell
16 January 2014

Euler Hermes is expanding its services in Asia-Pacific with the addition of a specialised single risk and political risk insurance team based in Singapore.

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.

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.

Trade finance: A new multi-billion dollar fixed income asset class
Trade finance: A new multi-billion dollar fixed income asset class
Dan Sheriff
15 January 2014

The opportunities are there, but trade banks need to fully understand investors before they can sell to them

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.

JB's weekly round-up - 13 January 2014
JB's weekly round-up - 13 January 2014
Jonathan Bell
13 January 2014

As we are all firmly back in the groove for 2014, at TXF we would like to send everybody our best wishes for a healthy and successful year ahead. Of course, we still have Chinese New Year to come at the end of January.

NBAD appoints head of trade finance in Paris
NBAD appoints head of trade finance in Paris
Hesham Zakai
13 January 2014

Christophe Kloeti has been appointed head of trade finance in Paris by the National Bank of Abu Dhabi (NBAD). The move signals the expansion of the bank’s international activities, focusing on the economies spanning from West Africa to East Asia.

Craig Weeks joins insurance broker IRIA to head US arm
Craig Weeks joins insurance broker IRIA to head US arm
Jonathan Bell
10 January 2014

Geneva-headquartered trade insurance brokerage IRIA SA has hired highly experienced ex-banker Craig Weeks to head up their North American office. He is based in the IRIA New Jersey office.

ADB and StanChart to cooperate on supply chain finance
ADB and StanChart to cooperate on supply chain finance
Mayur Pande
10 January 2014

The Asian Development Bank (ADB) and Standard Chartered Bank (StanChart) have signed a cooperation agreement to support supply chain financing in Asia It is the first partnership of its kind under ADB’s recently launched supply chain finance (SCF) programme.

Equinox Global expands London team
Equinox Global expands London team
Hesham Zakai
9 January 2014

Equinox Global, the Lloyd’s cover holder specialising in trade credit insurance, has appointed Genevieve Ahinful as senior underwriter. Ahinful has had a distinguished career over more than a decade in the trade credit industry. She joinsEquinox Global from AJG UK, where she was an associate director of credit and political risks responsible for advising and supporting large multinationals

BBVA arranges loans for Enel in Mexico and Chile
BBVA arranges loans for Enel in Mexico and Chile
Mayur Pande
8 January 2014

BBVA has arranged two loans for Enel Green Power (EGP) in Mexico and in Chile in separate loan agreements each valued at $150 million. In the first instance, the bank has arranged a $150 million for the EGP subsidiary Enel Green Power Mexico. The funds will be used to partially cover its investment plan in Mexico over the next few years.

Conning launches new trade finance investment programme for US insurers
Conning launches new trade finance investment programme for US insurers
Dan Sheriff
8 January 2014

US insurers will be able to invest into pools of trade receivables, via a new offering from Conning, the asset management services company.

VEB arranges credit for Russian auto exports to Belarus
VEB arranges credit for Russian auto exports to Belarus
Mayur Pande
6 January 2014

Russia’s Vnesheconombank VEB has signed a credit agreement with Belvnesheconombank (Bank BelVEB) of Belarus to facilitate the export of engines and related equipment. The agreement provides for VEB to extend loan facilities worth $16.7 million to Bank BelVEB.The funds received will then be extended to the Minsk Automobile

VTB records substantial rise in export finance activity
VTB records substantial rise in export finance activity
Mayur Pande
6 January 2014

Russia’s VTB Bank has announced that it arranged deals worth more than $4 billion in 2013 as part of a drive to develop its international trade and export finance business. The results mean an increase in the relevant portfolio by over 150%.

Sberbank reports record year for trade finance transactions
Sberbank reports record year for trade finance transactions
Mayur Pande
3 January 2014

Russia’s Sberbank Corporate & Investment Banking (Sberbank CIB) has reported a record number of trade finance and documentary operations (TF&DO) implemented for the calendar year 2013. The bank says TF&DO transactions amounted to approximately RUB1.3 trillion ($43 billion).

Sberbank issues largest trade guarantee for Turkish power project
Sberbank issues largest trade guarantee for Turkish power project
Jonathan Bell
24 December 2013

Sberbank Corporate & Investment Banking (CIB) together with Sberbank’s international operations has arranged its largest trade guarantee yet – designed to facilitate work being done by Russia’s Rosatom and Turkey’s Akkuyu NPP in the construction of a nuclear power plant on the Turkish Mediterranean coast.

JB's weekly round-up - 24 December 2013
JB's weekly round-up - 24 December 2013
Jonathan Bell
23 December 2013

The run up to the Christmas and New Year holiday period is always a hectic time. This year was no exception, as deals closed and a lot of end-of-year balance sheet activity took place.

AFC signs debut syndicated loan facility
AFC signs debut syndicated loan facility
Mayur Pande
19 December 2013

The Africa Finance Corporation (AFC) has signed a $250 million syndicated term loan facility marking its debut in the international syndicated loan market. The facility, which was oversubscribed, has a tenor of two years and will be used to enhance the corporation’s ability to support investment and trade finance across the continent.

ING names new global head T&CF
ING names new global head T&CF
Mayur Pande
19 December 2013

ING Corporate Bank has named Anthony van Vliet as the new global head trade & commodity finance (T&CF). He takes over from Paul van Heerde who has been in charge since 1 April 2006. Van Heerde retires at the end of 2014, after a successful career of 28 years at ING

NBAD appoints head of corporate banking Asia
NBAD appoints head of corporate banking Asia
Mayur Pande
19 December 2013

The National Bank of Abu Dhabi (NBAD) has appointed Bernard Shum as the head of corporate & institutional banking in Hong Kong to lead the expansion of NBAD’s business and partnership in Asia.

Deutsche appoints LatAm global transaction banking head
Deutsche appoints LatAm global transaction banking head
Jonathan Bell
18 December 2013

Deutsche Bank today has appointed Maria Cristina (Kika) Ricciardi as head of global transaction banking (GTB) Latin America and head of trade finance and cash management corporates for Latin America (LatAm).

ACWA Power secures Islamic loan
ACWA Power secures Islamic loan
Mayur Pande
18 December 2013

Saudi Arabian-based water and power project developer, ACWA Power, has secured a SR1.77 billion Islamic loan from four local banks. The funds will be used to help finance investments including acquisitions and act as a bridge to a sukuk issue in 2014.

US Ex-Im names 2014 advisory committee
US Ex-Im names 2014 advisory committee
Mayur Pande
17 December 2013

The Export-Import Bank of the United States (US Ex-Im) has announced a new slate of members for its advisory committee as of today. Now in its 31st year, the Congressionally-established advisory committee advises US Ex-Im on its policies and programmes, in particular on the extent to which the bank provides competitive financing to support American jobs through exports.

US Ex-Im results show increased support for SMEs
US Ex-Im results show increased support for SMEs
Mayur Pande
16 December 2013

The Export-Import Bank of the United States (US Ex-Im) has just released its figures for its financial year 2013, which reveal the agency has supported a record number of transactions with small and medium-sized businesses (SMEs).

China Airlines implements BAML cash management solution
China Airlines implements BAML cash management solution
Mayur Pande
16 December 2013

China Airlines, Taiwan’s largest international carrier, has implemented CashPro Accelerate, a cash-management and treasury solution provided by Bank of America Merrill Lynch (BAML) global transaction services (GTS).

IFC and StanChart sign RMB risk sharing agreement
IFC and StanChart sign RMB risk sharing agreement
Mayur Pande
16 December 2013

The IFC and Standard Chartered Bank (StanChart) have signed a unique risk sharing facility, which will increase the amount of renminbi (RMB) denominated trade finance available to Chinese banks, as well as corporates and businesses in China and across Asia and other emerging markets involved in imports and exports to China.

IFC and StanChart sign RMB risk sharing agreement
IFC and StanChart sign RMB risk sharing agreement
Jonathan Bell
16 December 2013

The IFC and Standard Chartered Bank (StanChart) have signed a unique risk sharing facility, which will increase the amount of renminbi (RMB) denominated trade finance available to Chinese banks, as well as corporates and businesses in China and across Asia and other emerging markets involved in imports and exports to China.