Washington, D.C., November 30, 2005—The
International Finance Corporation today announced that BBVA Banco Francés
S.A. of Argentina is the first issuing bank in Latin America to join its
Global Trade Finance Program. BBVA is one of the leading banks in
The Global Trade Finance Program supports trade with emerging markets worldwide
by promoting flows of goods and services between developing countries.
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 and to enhance their trade finance coverage.
Tomás Deane, director of wholesale banking of BBVA Banco Francés S.A.,
said, “We are delighted to be working with IFC in its Global Trade Finance
Program. This will enable us to assist our clients with importing financing
of capital goods while providing access to developing markets.”
Jyrki Koskelo, IFC director of Global Financial Markets, said, “IFC’s
program allows issuing banks to increase the volume and value of trade
transactions with enhanced tenors and competitive pricing terms as well
as access to a global network of confirming banks.”
BBVA Banco Francés S.A. is a leading private sector bank, ranking first
in terms of deposits, loans, and shareholder equity, according to the most
recent statistics published in August 2005 by the Central Bank in Argentina.
It has one of the most important distribution networks in the country with
232 branches backed by more than 512 ATMs as well as Internet and phone
The International Finance Corporation is the private sector arm of the
World Bank Group and is headquartered in Washington, D.C. IFC coordinates
its activities with the other institutions of the World Bank Group but
is legally and financially independent. Its 178 member countries provide
its share capital and collectively determine its policies.
The mission of IFC is to promote sustainable private sector investment
in developing and transition countries, helping to reduce poverty and improve
people’s lives. IFC finances private sector investments in the developing
world, mobilizes capital in the international financial markets, helps
clients improve social and environmental sustainability, and provides technical
assistance and advice to governments and businesses. From its founding
in 1956 through FY05, IFC has committed more than $49 billion of its own
funds and arranged $24 billion in syndications for 3,319 companies in 140
developing countries. IFC’s worldwide committed portfolio as of FY05 was
$19.3 billion for its own account and $5.3 billion held for participants
in loan syndications. For more information, visit www.ifc.org.