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
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.
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.
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.