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Washington, D.C., September 29, 2008
—IFC, a member of the World Bank Group, today announced that Banco Itaú Argentina S.A. has joined the Global Trade Finance Program as an issuing bank.
Launched in 2005, the IFC Global Trade Finance Program supports trade with emerging markets worldwide. It aims to increase developing countries’ share of global trade and promote South-South flows of goods and services. The program supports an extensive network of banks globally and has issued guarantees for $4 billion to facilitate trade.
Fernando Ferrari, Itaú’s Treasury Sales Representative, said, “Trade finance is a strategic product for Itaú Argentina in developing the middle market. Through the program, the bank will improve its trade finance capacity by broadening access to international markets and extending its geographic coverage to serve clients better.”
James Peter Scriven, IFC Director for Financial Markets in Latin America, said, “IFC’s Global Trade Finance Program will allow Banco Itaú Argentina S.A. to increase its trade finance business worldwide as well as enhance its ability to provide efficient trade solutions to its clients, especially those in the small and medium enterprise sector and the agribusiness industry.”
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 $16.2 billion in fiscal 2008, a 34 percent increase over the previous year. For more information, visit
www.ifc.org
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Since the launch of the IFC Global Trade Finance Program, IFC has issued $900 million in guarantees to facilitate trade flows in Latin America and the Caribbean. The network of issuing banks for the region has expanded to 26 banks in 12 countries: Argentina, Bolivia, Brazil, the Dominican Republic, Ecuador, Haiti, Honduras, Mexico, Nicaragua, Paraguay, Saint Lucia, and Uruguay. More than 40 percent of the guarantees issued benefited small and midsize businesses from the region and supported interregional trade flows between emerging market nations. The IFC Global Trade Finance Program in the region is managed by Antonio Alves, Head of Trade Finance for Latin America and the Caribbean Region. For more information, visit
www.ifc.org/gtfp
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About Banco Itaú Argentina S.A.
Banco Itaú Argentina S.A. is a midsize commercial bank that specializes in retail banking. The bank is increasingly focusing on corporate banking and small and medium enterprises. It has 81 branches and is one of the largest ATM networks in the Buenos Aires metropolitan area.
Banco Itaú Argentina S.A. is a subsidiary of the Brazilian bank, Banco Itaú S.A, the second largest private bank in Latin America and a relevant player in the Southern Cone, with growing operations in Argentina, Chile, and Uruguay. Banco Itaú Argentina S.A and Itaú BBA already participate in the IFC Global Trade Finance Program as confirming banks. For more information, visit
www.itau.com.ar
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