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May
Banque de Commerce et de Placements has named its new head of commodity trade finance.
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KfW IPEX-Bank has put forward funding for the supply of parts for the construction of the Istanbul metro.
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Laurent Mignon appointed chairman of the board of directors of Coface.
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Sweden’s export credit agency, EKN, reports a continuation of the sustained high demand for guarantees and services through the first quarter of 2012.
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Finacity and NordLB increase a trade trade receivables securitisation facility for German-headquartered shipping company Hapag-Lloyd Group.
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Turkish Airlines has secured financing for an Airbus 321 aircraft from CIC, ING and NordLB in deal backed by German ECA Euler Hermes.
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Scott Shepherd named Foreign Trade Counselor of Luxembourg.
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The EBRD is providing a loan to Turk Ekonomi Bankasi for onlending to agri-businesses in Turkey.
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New research from Demica reveals that the European invoice finance market is now worth over Eu1 trillion.
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UniCredit in Germany has launched an app for its corporate customers providing them with an overview of their liquidity and transactions.
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GE Capital brings funding and development security to Ceramic Prints with finance package to support one of UK’s largest tile companies.
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Thai Airways has mandated BNP Paribas to arrange the first yen-denominated ECA-backed A380 financing.
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The International Chamber of Commerce (ICC) has appointed a new chairperson for the ICC Task Force on Guarantees.
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Commodity trading company Trafigura has appointed a new chief financial officer for the EMEA region.
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The French carrier accesses export credit agency cover for a second A380 under an exemption to the home market rule.
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Copper producer KME Group is one of a small, but growing number of manufacturers in Western Europe that use trade finance for working capital in preference to more conventional untied loans. Graeme Burton talks to KME’s corporate finance director, Pierpaolo Di Fabio, about the company’s financing strategy.
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Commodity trading company Trafigura expands its commodity finance capabilities with the hire of three bankers and development of new initiatives.
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Nordea’s former deputy CEO has been elected as chair of the board of directors at Finnish export credit agency Finnvera.
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By supporting the new GSIA infrastructure fund, JBIC hopes to expand investment opportunities for Japanese companies and institutional investors.
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The successful strategic partner for Lithuania’s nuclear power ambitions is discussing the options for Japanese export credit agency support.
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April
In an amendment to European legislation on short-term export credits, Greek borrowers will now be able to receive guarantees from other EU states based on export contracts.
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Banks have submitted offers on the debt component of the Enerjisa 2.5 power plant in Turkey, which benefits from the guarantee of Korean export credit agency K-sure.
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Deutsche Bank and KfW IPEX-Bank are funding five ATR72s for the Danish lessor Nordic Aviation Capital, under export credit agency cover.
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RBS and Nordea tap Swedish state funding for Indian telecoms loan.
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Norway’s new state-funded export credit company has been named Eksportkreditt Norge AS (Export Credit Norway), and will employ 29 Eksportfinans staff.
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The Dutch export credit agency issues its largest working capital guarantee for shipbuilder IHC Merwede, as well as supplier risk insurance on two vessels purchased by Malaysia’s SupuraCrest.
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Transactions insured by Sace reached Eu72 billion in 2011, up 4.3% on the previous year, although overall earnings have slipped.
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DNB Livsforsikring, the Norwegian life and pensions insurance company, has invested in the long-term financing of Aker DOF Deepwater supply vessel under an export credit structure.
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Commodity trader Ecom Agroindustrial Corporation has signed a revolving credit facility with a syndicate of international banks.
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The head of oil & gas, infrastructure and metals at Italian export credit agency Sace moves to the corporate finance division of motorway operator Autostrade.
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The Bank of Ireland has appointed a new head of trade finance.
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Japanese banks BTMU and SMBC have issued a loan to Denmark’s Moller-Maersk for the purchase of three Korean-built containerships under a guarantee from K-sure.
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The Hungarian subsidiary of South Korea’s Hankook Tire has won financial support from European banks under K-sure cover.
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Serbian conglomerate EPS draws down on China Exim soft loan for its Drmno power complex.
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HSBC arranges loan to Carnival to purchase Fincantieri ships with funding under Italy’s Export Banca scheme.
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UniCredit in Germany has teamed with Northstar Europe to provide express solutions for export finance deals below Eu5 million.
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US Ex–Im has cleared the first loan guarantee for Avolon, the Irish aircraft lessor.
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The Danish export credit agency, EKF, has today announced record results for last year.
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Santander has hired a new trade finance director for the South Midlands & Anglia.
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Turkey’s VakifBank signs trade loan at the latest Turkish FI pricing benchmark.
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Vitol Asia approaches banks for RCF, while Vitol secures additional jumbo European trade finance line.
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Swiss-based Hinduja Bank raids Geneva trade banks for five senior trade financiers.
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HSBC has promoted Andrew Robison to deputy head of commodity and structured trade finance UK.
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China is now the largest factoring market overtaking the UK for the first time, according to statistics by Factors Chain International.
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ICC United Kingdom announces a change of director.
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HSBC picks Box to the newly-created role of head of trade and receivables finance, Europe.
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Japan’s JBIC has signed an agreement with the UK Trade and Investment (UKTI) designed to promote investment in the UK.
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Access to finance is an increasingly important issue for corporates, especially for those in countries which have experienced sovereign downgrades. For exporters in Mediterranean Europe, such as Spain for example, economic reform is making slow progress, but perhaps foreign export credit agencies could provide some respite. John Geddie reports.
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Helen Castell talks to EMEA short-term trade financiers and finds them particularly active, innovative and un-phased by the talk of crises and default.
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IFC and Credit Agricole CIB have teamed to help finance agri-inputs from Germany’s Bayer for farmers in Ukraine.
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Sweden’s export credit agency, EKN, has signed a cooperation agreement with the Export-Import Bank of India (India Exim).
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Commodity trading company ED&F Man has signed a new revolving credit facility with a wide-ranging group of international banks.
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International banks are working hard to bring Glencore’s mega revolving credit facility to sign-off later this month.
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In a big shake-up within BNP Paribas’ commodity finance group, Jacques-Olivier Thomann is leaving the bank, and is replaced by Philippe de Gentile.
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Germany’s export and project finance bank, KfW IPEX-Bank reports increased new loan commitments in its original lending business.
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Insurance broker Marsh appoints new chairman for its global infrastructure practice.
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March
Trade credit insurer, QBE Trade Credit, has hired Ian Bocca to manage new business development UK.
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UK signs free trade agreement with South Korea.
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BNP Paribas is set to be the first bank to launch a proprietary trade finance fund.
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The EBRD is extending a loan for the development of Mongolia’s first wind energy project – the Salkhit wind farm.
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Japan’s Nippon Export and Investment Insurance (Nexi) is providing 100% PRI for the UK’s Gunfleet Sands Wind Farm financing, in a ‘first’ for the agency in a UK renewables project.
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KfW IPEX-Bank funds ECA-backed delivery of one Airbus A320-200 to aircraft lessor Ansett Worldwide Aviations Services.
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Aqua Star selects PrimeRevenue Supply Chain Finance to address its short term liquidity concerns, and derives early cash flow benefits.
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A new set of trade finance definitions shows for the first-time how trade banks perceive the risk profile for traditional trade finance products.
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Belgian export credit agency ONDD has downgraded nine countries by one point for short-term political risk.
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The European Bank for Reconstruction and Development reveals record year for its trade facilitation programme.
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Greece’s PPC is in talks with German export credit agency Euler Hermes over its Ptolemais V lignite plant and it is also likely to tap funds from the EIB.
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SWIFT instructed to disconnect sanctioned Iranian banks following EU Council decision.
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French export credit agency Coface confident of covering first bond in 2012 after French state rule relaxation, while Spain and Italy work on similar capital market solutions.
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The lessor has mandated Deutsche Pfandbriefbank to fund a loan for Airbus aircraft, underwritten by export credit agencies Euler Hermes and ECGD.
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ICO, the financial agent of the Spanish state, is going to step up its export credit activities over the next six months to counter funding shortfalls in the Spanish banking system.
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Bibby Financial Services (BFS) has appointed a new global trade finance director.
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Dickon Harris asks a panel of senior legal partners what challenges the structured commodity financing market faces in 2012.
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Turkish Airlines has mandated three banks to arrange a Euler Hermes-guaranteed euro-denominated loan to finance three A330s.
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The latest WTO findings on a seven-year dispute between Airbus and Boeing over illegal state aid published today.
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Satellite manufacturer Globalstar has successfully delayed the initial principal repayment on a credit facility backed by French export credit agency Coface.
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UK Export Finance will be presenting at the British Exporters Association’s (BExA) seminar on 29 March 2012 at Rolls-Royce’s offices in Derby, UK.
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At EADS annual results briefing in Paris yesterday, outgoing CEO Louis Gallois and CFO Hans Peter Ring dismissed German government threats to remove development loans and export credit guarantees.
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Denmark’s export credit agency EKF expands scheme to improve Danish companies’ access to financing.
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Netherlands-based women's apparel retailer MS Mode has gone live with TradeCard’s trade platform.
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Award-winning trade finance transactions from Europe, the Middle East, and Africa, signed in calendar year 2011 – as selected by the Trade Finance Magazine editorial team.
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WTO chief Pascal Lamy is giving the keynote speech at Trade Finance Magazine’s 9th Annual Global Commodities Finance Conference, held in Geneva on 14 June.
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PwC is arranging creditors’ meetings this month to discuss the restructuring of Swiss oil refiner Petroplus’ outstanding debt.
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Supply chain finance platform provider PrimeRevenue is continuing its global expansion with the appointment of a general manager for Europe.
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Commodities trader Trafigura has increased its overall bank lines, explains Trafigura’s global head of corporate finance, in an interview with Trade Finance Magazine.
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Northern European firms’ confidence in China has tumbled further since September according to a report by SEB.
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Sinosure’s short term export risk index (ERI) launched this week shows that France, UK and Germany have second-tier risk ratings, and are expected to fall.
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Trafigura has attracted an oversubscription for its revolving credit facility which signed today, and states commitments are rolling in for its three-year extension.
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UK’s Aldermore has hired an associate director from rival Close Invoice Finance.
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Oil and energy trader Mercuria are in the final stages of signing a borrowing base facility secured against European oil and energy assets.
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February
According to Finnvera’s preliminary statistics for financial year 2011, demand for export credit is down but offers issued continue to rise.
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Watson, Farley & Williams has hired a new associate in its project, commodities and export finance group, based in London.
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Trafigura has attracted an oversubscription for its revolving credit facility, which is due to sign in the next couple of days.
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Belgian export credit agency ONDD has acquired a majority stake in Trade Credit Re Insurance Company (TCRe) with the repurchase of ABN Amro’s shareholding.
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Bank of Ireland is in the process of selecting a new head of trade finance as its present head plans to leave the bank at the end of March.
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Despite a contraction over the next five years UK trade is set to increase by 59.01% by 2026, according to a report by HSBC.
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EBRD finances heating project in Ukraine which is first to benefit from the E5P energy efficiency fund.
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Oil field service provider Archer has secured a loan backed by German export credit agency Euler Hermes for its Emerald drilling rig.
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HSBC has launched a new fund aimed at assisting small and medium sized enterprises to trade internationally.
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Barclays Corporate has provided costume maker AFG Media with a short-term, £600,000 trade finance loan, allowing it to increase production of morphsuits to meet global demand.
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The Royal Bank of Scotland has launched a new China desk to coordinate trade flows between China and EMEA.
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Swedish export credit agency EKN guaranteed export transactions of SEK63 billion ($9.4 billion) in 2011, a record year for the state insurer.
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SMBC appoints ex-RBS banker to manage the bank’s export and agency finance business in the EMEA region.
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Insurance broker Miller has appointed James Cunningham and Ewan Wauchope to bolster its political risk, trade credit and political violence capabilities.
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The Danish export credit agency has not followed up with additional financing for the Hog Jaeren wind farm, after the Norwegian sponsor won a land dispute to maintain its planned capacity.
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Arab Banking Corporation (ABC) has revealed that it made a $204 million profit in 2011, a rise of 43% compared to 2010.
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RBS has appointed a new product head of trade finance.
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DEG results underline the importance of development finance institutions in catalyzing job creation and growth.
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HSBC has promoted a banker to the newly created role of head of UK trade, receivables and equipment finance.
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Today is the deadline for bank commitments for Trafigura’s revolving credit facility, say market insiders, as the syndication looks to close in a week’s time.
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The UK trade deficit contracted in December 2011 according to figures released by the Office for National Statistics (ONS).
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Alcatel-Lucent teams with Crédit Agricole CIB to become the first corporate to manage its bank guarantees using SWIFT’s MT 798.
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Carnival Corporation has secured funding from Japanese export credit agencies for its landmark ship order with Mitsubishi Heavy Industries.
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Lloyds Bank has signed a secured working capital facility for UK grain trader, Wessex Grain, as well as a secured capital expansion loan.
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HSBC promotes banker to lead its London offshore RMB business.
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Polish copper mining company KGHM has approached banks for a jumbo unsecured financing.
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Citi leads two ship financings for Seadrill and ENI originally intended for Eksportfinans funding, but which ultimately benefitted from an unusual 100% Giek guarantee.
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Law firm Shearman & Sterling has hired an EMEA project finance specialist from Ashurst.
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Speaking at Trade Finance Magazine’s Supply Chain Finance Europe conference in Frankfurt, Klaus-Peter Müller warns of the impact the EBA capital buffer will have on trade and supply chain finance.
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Germany’s KfW end-year figures reveals strong growth for export finance activity conducted by KfW IPEX-Bank
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The global head of forfaiting at CA-CIB has retired and is being replaced by his deputy and a director for export finance Asia.
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Misys signs software licensing deal to help banks optimise business processes.
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GE Capital has provided an asset based loan to Glasgow-based safety equipment and work-wear supplier Willis Safety.
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High-technology group Safran has selected GlobalTrade Corporation’s multi-bank trade finance platform for monitoring trade credits.
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January
The World Bank has pledged to assist countries of emerging Europe and Central Asia with $27 billion in funding, including trade finance.
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Marsh has stated that it expects to see demand for short-term trade credit insurance continue to rise in 2012 among countries in Europe, the Middle East and Africa.
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Barclays’ global trade finance head states Basel III regulations and CRD IV will limit the availability of trade finance for European SMEs.
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HSBC has announced plans to offer billions of trade finance for UK business.
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Norwegian Air Shuttle has ordered 222 narrow-body aircraft from both Boeing and Airbus.
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BayernLB signs buyer credit loan to support the delivery of wind turbines to Turkey’s Bilgin Enerji to develop its Zeytineli wind farm.
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Santander UK and Moldov’s Banca Comerciala Româna Chisinau have joined Factor Chain International (FCI).
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Turk Eximbank promises loans to both Tunisia and Libya to aid reconstruction efforts.
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Norway’s new government-funded export body is expected to hire former Eksportfinans staff, but others will face redundancy.
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Oliver Belin has been appointed as business development executive for PrimeRevenue Europe.
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A group of banks have signed a revolving credit facility on behalf of Export Credit Bank of Turkey (Turk Eximbank).
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Nordic Investment Bank has named its new president and chief executive officer.
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Ukraine’s ZhL secures export credit agency financing for the import of Dutch-made confectionary packaging equipment.
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An interim board has been appointed to oversee the transition to a permanent Norwegian government-funded export finance scheme in July 2012.
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French export credit agency Coface guarantees luxury cruise ship financing on behalf of Hapag-Lloyd Cruises, part of the TUI Group.
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Malta-based trade finance specialist FIMBank brought together the CEOs of all of its international factoring joint ventures to discuss strategy and growth.
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Reporting from Airbus New Year Press Conference, held in Hamburg, John Geddie looks at the manufacturer’s financing plans for the year ahead.
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ING and NordLB have signed an export credit agency-backed buyer credit on behalf of Ryanair for 18 Boeing narrowbodies.
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Banks team to finance the delivery of a semi submersible drilling rig to offshore deepwater drilling company, SeaDrill Ltd.
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Deutsche Bank appoints UK trade finance director.
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RBS is merging its corporate banking business with its global transaction services (GTS) arm to form a new international banking unit.
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As of 1 January 2012, Søren Møller has taken over as deputy CEO at EKF.
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Trade credit insurer Equinox Global has poached Chartis’s European trade credit regional manager, Alban De Malherbe, to help it open an office in France.
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A distributor of Japanese construction machinery in Turkey has obtained a credit line supported by Japan’s export credit agencies.
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Law firm SNR Denton has made a strategic hire for its banking and finance team in London.
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Arab Banking Corporation has announced changes to the top management team at its key European subsidiary, ABC International Bank London.
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Siemens Financial Services has hired an export finance banker to boost its capabilities in the German export credit sphere.
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Société Générale Corporate and Investment Bank (SG CIB) reveals fresh job cuts in France in addition to planned job losses in Asia and the US.
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Danish shipping company Norden gains export credit agency cover to cap off Asian fleet order.
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China’s export credit agency China Exim pledges to fund Elektroprivreda’s billion dollar power complex in Serbia.
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RBS to merge a reduced investment bank with its corporate and global transaction services business.
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Air France has closed the first-ever export credit agency-backed loan for a home market airline.
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The Finnish government has accepted a proposal for a Eu3 billion permanent transfer scheme to be funded by a Finnvera capital markets issuance.
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Photos from the EBRD’s 2011 trade facilitation programme conference, held in Istanbul, are now online.