Posted on: Tuesday, July 14, 2009
The Access Bank UK Limited has been appointed a Confirming Bank under the Global Trade Finance Program run by the International Finance Corporation.
The International Finance Corporation (IFC), a member of the World Bank Group with headquarters in Washington D.C., USA, launched the Global Trade Finance Program (GTFP) to extend and complement the capacity of banks to deliver trade financing by providing risk mitigation in new and challenging markets where trade lines may be constrained.
The GTFP offers Confirming Banks full or partial guarantees covering payment risk on banks in emerging markets for trade-related transactions. These guarantees are transaction-specific and may be evidenced by a variety of underlying instruments such as letters of credit, trade-related promissory notes, accepted drafts, bills of exchange, guarantees, bid and performance bonds and advance payment guarantees. The guarantees are available for all private sector trade transactions that meet IFC’s eligibility criteria. This enables the continued flow of trade credit into the market at a time when imports may be critical and the country’s exports can generate much-needed foreign exchange.
By achieving Confirming Bank status, The Access Bank UK Limited is now in a position to utilise the IFC’s guarantees to cover payment risks of banks from emerging markets, thereby assisting them to increase the volume of their business and also allow for competitive pricing and therefore enhanced profitability. The Bank will work with IFC accredited issuing banks from around the world to support the vision of the GTFP.
Being appointed as a Confirming Bank reinforces our vision to become a world-class financial services provider.
Jamie Simmonds, Chief Executive of The Access Bank UK Limited said “I am delighted to have achieved the IFC’s highly coveted Confirming Bank status which is testament to the hard work and dedication of our Trade Finance team and we look forward to further developing this fast-growing area of our business.”
The Access Bank UK Limited is a wholly-owned subsidiary of Access Bank Plc in Nigeria.
The Access Bank UK Limited is authorised and regulated in the UK by the Financial Services Authority.