UK Export Finance (UKEF), the export credit agency of the UK, has officially announced the launch of its direct lending scheme. The new lending scheme will help overseas buyers purchase the goods of UK exporters. Specifically, it will support exports where buyers need loans of up to £50 million ($78 million)
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
Bank of America Merrill Lynch (BofAML) has made several appointments expanding its Europe, Middle East and Africa (EMEA) sales team within global transaction banking (GTS) in London.
Standard Chartered (StanChart) has set up a global treasury solutions team for its transaction banking business. The team is responsible for providing best practice treasury advice and delivering sophisticated global and regional cash management solutions tailored to clients’ needs.
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.
International Finance Corporation (IFC) and Olam International, a Singapore-headquartered global integrated supply chain manager and processor of agricultural products, have signed a five-year $120 million loan agreement to finance upgrades and expansion of five food processing facilities in Nigeria and India.
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.
Bank of China (BOC) and The Royal Bank of Scotland (RBS) have successfully completing their first ever electronic presentation of documents via the Bolero electronic trade platform. Bank of China is the first of the ‘big four’
The Asian Development Bank (ADB) has signed to provide a $50 million five-year senior loan to Azerbaijan’s AccessBank. The loan comes on the heels of a $60 million loan provided by European DFIs in mid-June (see TXF News 21 June 2013).
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
Insurer Equinox Global, has made two hires expanding the trade credit team in the US and in Germany. The Lloyd′s cover holder specialising in trade credit insurance, has appointed Joe McNamara as vice president – credit and political risk, at Equinox Global Inc in New York and Dagmar Böhning as underwriting manager, at Equinox Global in Hamburg, Germany.
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.
The United Nations has announced the appointment of Arancha Gonzalez of Spain as executive director of the International Trade Centre (ITC), the joint agency of the United Nations Conference on Trade and Development (UNCTAD) and World Trade Organisation (WTO) for trade and international business development.
The Kingdom of Saudi Arabia (KSA) mobile telecommunications operator Mobily has secured $650 million in export credit financing to meet the cost of its network and internet expansion through to 2015. Mobily has signed two agreements each for up to $325 million with Finland’s export credit agency (ECA) Finnvera, and the Swedish Export Credits Guarantee Board – EKN
South Africa’s Nedbank and the Bank of China (BoC) have entered into a strategic business cooperation agreement to develop business flows between the People’s Republic of China and Africa.
As part of its supply chain finance offering to corporates, Deutsche Bank has announced the launch of the financial supply chain manager on its Autobahn app market.
The International Underwriting Association (IUA) has launched a new London market political risk committee. The group is made up of underwriting and claims representatives from across the association’s member companies and will meet regularly to discuss issues affecting political risk business.
The German development bank - Deutsche Investitions- und Entwicklungsgesellschaft (DEG) has subscribed for bonds to the amount of TRY90 million ($39.7 million), issued by Turkey’s DenizBank, one of Turkey’s leading commercial banks. DenizBank will employ the funds for the long-term refinancing of loans to small and medium-sized enterprises in the agricultural sector, one of its key customer groups. This is the first time DEG has used such a financing mechanism to support SME’s in Turkey.
In a senior move in the upper echelons of the bank, ABN AMRO has hired Maureen DeRooij as the new country executive in Hong Kong and CEO of large corporates and merchant banking in Asia. Her appointment is effective from 1 September.
Energy commodity trading company Gunvor has signed a €225 million ($298.4 million) factoring programme with GE Capital for Gunvor’s receivables portfolio. The programme will finance part of Gunvor’s German oil refining business.
Commonwealth Bank of Australia (CBA) has appointed Neal Livingston as its global head of trade and transaction services (GTTS), within the institutional banking and markets unit.
The African Development Bank (AfDB) has signed a $50-million Risk Participation Agreement (RPA) with Citi to support trade transactions originated by issuing banks in Africa. The facility will help address critical market demand for trade finance in Africa by providing support for trade in vital economic sectors such as agribusiness and manufacturing. In addition, it will foster financial sector development and regional integration, and contribute to government revenue generation.
HSBC has appointed Luiz Simione as global head of forfaiting and risk distribution for global trade and receivables finance (GTRF). He will be based in London and takes up the post from 1 September 2013.
As external funding withdrawal in emerging Europe generates increasing concern, agencies and banks have met to discuss the issues and trends. The Vienna 2 Initiative Steering Committee* met in Luxembourg on 17 July 2013 to discuss deleveraging trends, work to address asset quality issues in emerging Europe, and the implications for the proposed EU resolution framework on emerging European economies, including non-EU member countries.
Fred Hochberg has been confirmed as by the US Senate to serve a second term as president of the Export-Import Bank of the United States (US Ex-Im). This move followed President Obama’s decision to appoint him in March this year, and the Senate banking Commission nominating him in early June.
BAFT-IFSA, the US-headquartered international financial services association, has appointed Stacey Facter as the association’s new senior vice president of trade services.
The transaction marks the beginning of a new collaboration between both parties.
International law firm Morgan Lewis has expanded its banking practice in Moscow with the recruitment of a team of eight from law firm Gide Loyrette Nouell. The group is led by partners Grigory Marinichev - the former head of the banking and finance and restructuring practices at Gide - and Konstantin Kochetkov, a leading project finance lawyer. A further six associates make up the remainder of the group.
Deutsche Bank has appointed Susan Skerritt as its new regional head Americas for its global transaction banking division. She will be based in New York. Skerritt joins Deutsche Bank with more than 30 years of transaction banking experience covering cash management, global custody, corporate trust, treasury services and trade finance. Most recently she was executive vice president and global head of business strategy and market solutions, treasury services at BNY Mellon.
Trade industry specialist David Hennah has moved back to Misys after an eight-year stint with SWIFT. He has been hired by Misys as head of product management practice for the company’s integrated trade and supply chain finance solution, Misys TI Plus and Trade Portal.
Alternative trade financier Falcon Group has recruited Emma Clark as its new head of business development UK and Europe. She joins from insurance brokers RK Harrison where she was executive director, business and global accounts. Before that she was head of financial services at Sony.
The Export-Import Bank of Korea (Kexim) has signed a reciprocal risk participation agreement (RRPA) with the Export-Import Bank of China (China Exim) to boost collaboration between Korean and Chinese companies when entering a third country.
ANZ has made a several appointments to its structured export finance (SEF) team in London and Singapore as part of a re-shuffle of resources and strengthening of teams in key locations.
Brazilian engineering, construction and production group Odebrecht has announced that Marcela Drehmer has been appointed as the new chief financial officer of Odebrecht SA.
Malta-headquartered FIMBank has announced the completion of the first stage of a multi-step process which has seen Burgan Bank and United Gulf Bank (UGB), members of the KIPCO Group, acquiring 37.05% of shareholding in the bank. At the end of this process, these two major Middle Eastern banks will have
Azerbaijan’s AccessBank has secured a $60 million syndicated loan facility lead arranged by the Development Bank of the Netherlands (FMO). Other lenders under the FMO syndicated loan facility are, the Austrian Development Bank (OeEB), and Proparco of France who joined
The Export-Import Bank of Korea (Kexim) and Japan Bank for International Cooperation (JBIC) held a seminar in Tokyo on 17 June entitled ‘Collaboration between Japan and Korea in Overseas Projects’, to explore further ways to expand joint financing in overseas projects. This was the second joint seminar to be held between the Korean and Japanese export credit agencies (ECAs) since their first in June 2011, in Seoul.
The African Development Bank (AfDB) and Germany’s Commerzbank have signed a $100 million risk participation agreement (RPA) in a move to boost the provision of trade finance in Africa. Under the agreement, the two banks will share the default risk on a portfolio of eligible trade transactions originated by African issuing banks in Africa and confirmed by Commerzbank. The facility will help
The IFC has signed a trade finance agreement with CreditBank, a fast-growing bank in Lebanon, to help its client companies access global markets, boosting trade and spurring growth.
Trade finance in Morocco is set for a boost with the European Bank for Reconstruction and Development (EBRD) announcing a credit line for trade finance purposes to the local Banque Centrale Populaire (BCP). The loan comes under the EBRD’s Trade Facilitation Programme (TFP).
Export Development Canada (EDC), the Canadian export credit agency, has announced that it will provide an innovative $200 million surety bond reinsurance facility for the global operations of Brazil’s Odebrecht group of companies.
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