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Washington, D.C., March 31, 2010
—IFC, a member of the World Bank Group, today announced that Romanian bank Bancpost S.A. has joined the IFC Global Trade Finance Program as an issuing bank to expand its trade finance operations as Romania rebounds from the global financial crisis.
Bancpost, which participates in the IFC program as a confirming bank, becomes the program’s first issuing bank in Romania.
The bank will use the facility to increase trade finance offerings and mobilize pre-export financing for companies active in the country’s key job-creating sectors, including agribusiness.
The IFC Global Trade Finance Program supports trade with emerging markets worldwide by providing risk mitigation. By extending and complementing banks’ capacity to deliver trade finance solutions, IFC aims to increase developing countries’ share of global trade.
“Joining IFC’s Global Trade Finance Program will help us provide trade solutions to our clients and increase their access to new markets around the world,” said Mihai Bogza, Chief Executive Officer of Bancpost.
Shahbaz Mavaddat, IFC Director for Southern Europe and Central Asia, said, “IFC´s support to Bancpost is in line with our strategy in Romania to improve access to finance for small and medium enterprises and to expand global trade opportunities for local firms, helping mitigate the impact of the financial crisis.”
Since its launch, the IFC Global Trade Program has issued more than $7.1 billion in guarantees.
IFC is the only international financial institution focused exclusively on the private sector, the engine of sustainable development in emerging markets. Along with IBRD, it is currently seeking a capital increase to strengthen its ability to create opportunity for the poor in developing countries—including by helping banks expand trade finance for their clients.
About IFC
IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. We foster sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. Our new investments totaled $14.5 billion in fiscal 2009, helping channel capital into developing countries during the financial crisis. For more information, visit
www.ifc.org
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About Bancpost S.A.
Bancpost SA is a member of the Eurobank EFG Group, a European banking organization with total assets of €84.3 billion (FY09). The Group employs more than 23,000 people and offers its products and services both through its network of over 1,600 branches and points of sale, and through alternative distribution channels. Eurobank EFG Group has an established presence in Bulgaria, Cyprus, Greece, Luxembourg, Poland, Romania, Serbia, Turkey, Ukraine, and the United Kingdom. It is a member of the EFG Group, an international banking group with presence across 40 countries. For more information, visit
www.eurobank.gr
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