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.”
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.
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
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,