Washington, D.C., March 25, 2007—IFC,
the private sector arm of the World Bank Group, today announced that Banco
Supervielle in Argentina has joined its Global Trade Finance Program as
an issuing bank.
IFC’s Global Trade Finance Program promotes trade with emerging markets
worldwide by supporting flows of goods and services to and from developing
countries. Through the program, 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, thus enhancing
their trade finance coverage.
Julio Piekarz, Director for Banco Supervielle, said, “Participating in
the Global Trade Finance Program will help us build a strong relationship
with IFC and enable us to provide better service in trade finance to our
clients, helping increase their business in new markets around the world.”
Yolande Duhem, IFC Senior Manager for the Southern Cone, said, “The Global
Trade Finance Program is a key element of our strategy in Argentina. Our
main focus is on reaching out to banks that support the growth of small
and medium enterprises.” She also noted that IFC’s emphasis on smaller
businesses is part of its strategy to generate jobs and promote economic
growth as a way to reduce poverty.
James Peter Scriven, IFC Associate Director for Financial Markets in Latin
America, said, “Our program will help Banco Supervielle increase its ability
to provide innovative trade solutions to its clients, especially small
and medium enterprises, as well as enlarge its network of correspondent
Other Argentine banks that have joined the program are BBVA Banco Frances
and Banco Patagonia. For these banks, the program has provided guarantees
for pre-export finance transactions and import letters of credit for a
total value of $37.7 million since its inception in Argentina in 2005.
IFC, the private sector arm of the World Bank Group, promotes open and
competitive markets in developing countries. IFC supports sustainable
private sector companies and other partners in generating productive jobs
and delivering basic services, so that people have opportunities to escape
poverty and improve their lives. Through FY06, IFC Financial Products has
committed more than $56 billion in funding for private sector investments
and mobilized an additional $25 billion in syndications for 3,531 companies
in 140 developing countries. IFC Advisory Services and donor partners have
provided more than $1 billion in program support to build small enterprises,
to accelerate private participation in infrastructure, to improve the business
enabling environment, to increase access to finance, and to strengthen
environmental and social sustainability. For more information, please visit
About Banco Supervielle
Banco Supervielle is owned by Banco Banex S.A., and together they form
the Supervielle Group, the sixth-largest private banking group in Argentina.
The bank operates 122 branches and payment centers, which are mainly
concentrated in the provinces of Buenos Aires, Cordoba, Mendoza, San Luis,
and Santa Fe. Banco Supervielle focuses on individuals and the middle-market
clients and corporate segments in Argentina, including American and European
corporations in the country. It specializes in consumer loans, credit cards,
payroll payments, factoring, trade, leasing, and financial trustees, and
it holds a diversified portfolio in retail, auto parts, civil construction,
agrochemical, manufacturing, and other industries. Joining IFC’s Global
Trade Finance Program will help Banco Supervielle expand, helping serve
the trade finance needs of the country’s small and medium enterprises.
It will also help the bank to consolidate its business in other segments.
For more information, visit www.supervielle.com.ar/.