Washington, D.C., November 30, 2005
—The International Finance Corporation today announced that BBVA Banco Francés S.A. of Argentina is the first issuing bank in Latin America to join its Global Trade Finance Program. BBVA is one of the leading banks in the country.
The Global Trade Finance Program supports trade with emerging markets worldwide by promoting flows of goods and services between developing countries. IFC provides guarantee coverage of bank risk in emerging markets, allowing recipients to expand their trade finance transactions within an extensive network of countries and banks and to enhance their trade finance coverage.
Tomás Deane, director of wholesale banking of BBVA Banco Francés S.A., said, “We are delighted to be working with IFC in its Global Trade Finance Program. This will enable us to assist our clients with importing financing of capital goods while providing access to developing markets.”
Jyrki Koskelo, IFC director of Global Financial Markets, said, “IFC’s program allows issuing banks to increase the volume and value of trade transactions with enhanced tenors and competitive pricing terms as well as access to a global network of confirming banks.”
BBVA Banco Francés S.A. is a leading private sector bank, ranking first in terms of deposits, loans, and shareholder equity, according to the most recent statistics published in August 2005 by the Central Bank in Argentina. It has one of the most important distribution networks in the country with 232 branches backed by more than 512 ATMs as well as Internet and phone banking.
The International Finance Corporation is the private sector arm of the World Bank Group and is headquartered in Washington, D.C. IFC coordinates its activities with the other institutions of the World Bank Group but is legally and financially independent. Its 178 member countries provide its share capital and collectively determine its policies.
The mission of IFC is to promote sustainable private sector investment in developing and transition countries, helping to reduce poverty and improve people’s lives. IFC finances private sector investments in the developing world, mobilizes capital in the international financial markets, helps clients improve social and environmental sustainability, and provides technical assistance and advice to governments and businesses. From its founding in 1956 through FY05, IFC has committed more than $49 billion of its own funds and arranged $24 billion in syndications for 3,319 companies in 140 developing countries. IFC’s worldwide committed portfolio as of FY05 was $19.3 billion for its own account and $5.3 billion held for participants in loan syndications. For more information, visit
www.ifc.org
.
