Washington, D.C., June 13, 2007 —
IFC, the private sector arm of the World Bank Group, today announced that
Nuevo Banco Comercial S.A. in Uruguay and its subsidiary, Banco Comercial
Uruguai S.A. in Brazil, have joined IFC’s Global Trade Finance Program
as issuing banks. The expanded bank participation will result in increased
access to trade finance for smaller companies and in stronger economic
growth in the two countries.
IFC’s Global Trade Finance Program (GTFP) supports 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.
Josť Fuentes, General Manager for Nuevo Banco Comercial, sees this agreement
with IFC as “the first step in the construction of a relationship that
will not only be beneficial for IFC and NBC, but for the small and medium
enterprises that both institutions seek to reach."
Alejandro Conforte, Head of International and Financial Institutions for
Nuevo Banco Comercial, said, “The participation in the GTFP is an important
support for our growth strategy in the SME segment. The program gives
us the conditions to offer a wide and competitive set of trade products
for companies in the south of Brazil, where demand significantly exceeds
our current offerings, as well as in Uruguay.”
IFC’s emphasis on small and medium enterprises is part of the Corporation’s
strategy of generating jobs and promoting economic growth as a way to reduce
poverty, according to Yolande Duhem, IFC Senior Manager for the Southern
Cone. “The Global Trade Finance Program is a key element of IFC’s strategy
in Uruguay, where we focus on reaching out to banks that support the growth
of small and medium enterprises,” she said.
James Scriven, IFC Associate Director for Financial Markets in Latin America,
added, “The IFC Global Trade Finance Program will help both banks
enhance their ability to provide innovative trade solutions to their clients,
especially in the small and midsize business sector. The addition of the
two banks will enlarge the program’s network of correspondent banks worldwide,
allowing expanded coverage for more businesses.”
Since the Global Trade Finance Program was launched in the region in February
2006, IFC has issued $186.7 million in guarantees in six countries of the
region, to which Uruguay is now added: Argentina, Bolivia, Brazil, the
Dominican Republic, Ecuador, and Mexico. Brazil accounts for the highest
volume, primarily for pre-export financing. Argentina’s volume is the
next highest. One-third of the guarantees issued support smaller
and midsize businesses and interregional trade flows between emerging market
nations. Main industries covered through the program include agribusiness,
automotives, consumer goods, industrial goods, commodities, oil and gas,
telecommunications, and textiles.
IFC is the private sector arm of the World Bank Group and 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 improve
their lives. Over the past 50 years, 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 www.ifc.org.
About Nuevo Banco Comercial
Nuevo Banco Comercial, Uruguay’s largest bank in terms of loans, is headquartered
in Montevideo, and has a national presence through 47 branches across Uruguay.
Nuevo Banco Comercial has a strong focus on smaller and midsize companies,
which it serves through a diverse array of products. The bank is
controlled by a consortium of investors led by Advent International, an
international private equity fund with 14 offices and nine affiliates in
25 countries. For more information, visit www.nbc.com.uy/.
About Banco Comercial Uruguai
Banco Comercial Uruguai, a wholly-owned subsidiary of NBC, is headquartered
in Porto Alegre, and has an important presence serving clients in the south
of Brazil through a network of branches in Caxias do Sul and Londrina.
Banco Comercial Uruguai has been serving Brazilian SMEs since 1997
and focuses mainly on trade and lending products. For more information,