Banco ABC Brasil Joins IFC Program to Expand Trade Finance for Businesses
In Washington, D.C.:
Lotte Pang, IFC
Phone: +1 202 758 4290
E-mail: LPang@ifc.org
In Brazil:
Angela Martins, Banco ABC Brasil S.A.
Phone: +55 11 3170 2136
E-mail: angela.martins@abcbrasil.com.br
Washington, D.C., June 22, 2009—IFC,
a member of the World Bank Group, announced that Banco ABC Brasil has joined
its trade finance program, enabling the bank to improve access to trade
finance for Brazilian importers and exporters and reduce the impact of
the global financial crisis.
Banco ABC is the 10th
Brazilian bank to join IFC’s Global Trade Finance Program, which promotes
trade with emerging markets worldwide in a number of industries. IFC provides
guarantees that help banks mitigate risks in emerging markets, allowing
recipients to expand their trade-finance transactions within an extensive
network of countries and banks.
“We are delighted to be a part of the IFC Global Trade Finance Program,”
said Angela Martins, Director, International Division, Banco ABC
Brasil. “This new partnership with a respected multilateral provides an
opportunity to broaden our funding alternatives with correspondent banks
all over the world and to diversify our trade finance business.”
Atul Mehta, IFC Director for Latin America and the Caribbean, said: “ABC’s
entry as the 10th Brazilian bank in the program will enhance
and encourage trade operations in the country and help the bank improve
its availability of trade lines in these times of global liquidity constraint.”
Under the Global Trade Finance Program, IFC has issued $1.38 billion in
guarantees to facilitate trade flows in Latin America and the Caribbean.
Over 40 percent of the guarantees issued benefited local small and medium
businesses and supported interregional trade flows between emerging market
nations.
For more information about the program, contact Antonio Alves, Head of
Trade Finance for Latin America and the Caribbean Region, at aalves1@ifc.org,
or visit www.ifc.org/gtfp.
About IFC
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.
About Banco ABC Brasil
Banco ABC Brasil is a financial institution specialized in extending credit
to midsize and large companies. The bank is one of the few midsize Brazilian
banks controlled by foreign shareholders with complete local autonomy.
The controlling shareholder, the Arab Banking Corporation, is an international
bank headquartered in Bahrain, having as main shareholders the Abu Dhabi
Investment Authority, the Kuwait Investment Authority and the Central Bank
of Libya. For more information, visit www.abcbrasil.com.br.
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