Wednesday, August 27th, 2014

The Board of the ITFA has approved the establishment of a working party to assist members in their problems with Bank Turanalem (BTA) in Kazakhstan.

Wednesday, August 27th, 2014

Speakers from the ITFA will address delegates on the final day of the, International Trade Finance Conference Week in Vienna, organised by the International Chamber of Commerce Austria. Day five of the event, which will be held between 11th and 15th May, and is to be hosted by RZB Raiffeisen Zentralbank Österreich, is concerned with […]

Tuesday, August 26th, 2014

Banks and forfaiters in Middle Eastern and North African countries are affected by the global financial crisis but trade finance offers scope for doing new business. Lack of liquidity and a collapse in stock market prices are taking their toll. However financing trade using traditional instruments such as letters of credit, stand-bys and avalised promissory […]

Tuesday, August 26th, 2014

ITFA’s Northern European Regional Committee (NERC) aims to increase its representation of the region and become more inclusive in its activities. These are the aims of Paul Jennings, of ABC International Bank, NERC’s recently elected chairman. He is conscious that currently representation on the regional committee has largely been drawn from London and feels that […]

Tuesday, August 26th, 2014

Investment banking in the main Asian centres of Singapore and Hong Kong is in the doldrums, with many formerly profitable product areas doing little if any business. However trade finance in general and forfaiting in particular are offering some rays of hope. “Many exporters need funding,” explains Charles Brough, chairman of ITFA’s South Asia Regional […]

Tuesday, August 26th, 2014

The new chairman of ITFA’s Southern Europe Regional Committee (SERC), Demetris Zouzoukis, is leading an initiative to share information and common concerns for the good of all members in the region during the current financial crisis. Zouzoukis, Deputy General Manager and Head of Forfaiting at Athens based Marfin Factors & Forfaiters, is currently convening a […]

Tuesday, August 26th, 2014

The document, produced by the ITFA’s Market Practice Committee and lawyers Denton Wilde Sapte, is designed primarily for new entrants to the market. It also reflects the views of a number of ITFA members both in form and content as well as those of the Forfaiting Task Force set up within the International Chamber of […]

Tuesday, August 26th, 2014

We are receiving reports, that because prices of certain goods and commodities have been moving against buyers, some are unilaterally canceling letters of credit. We understand that the L/Cs emanate from a variety of markets and are affecting overseas suppliers who are not being consulted by their customers in advance of shipping commodities. This is […]

Tuesday, August 26th, 2014

The 364-day facility will be used to finance Transcapital’s customers’ trade contacts and was priced at a margin of 2.95%. It was brought to market by Banco Finantia S.A., Commerzbank AG and VTB Bank (Deutschland) AG in mid-June. By the time of loan-signing five weeks later, subscriptions had reached US$70m with Raiffeisen Zentralbank Osterreich AG […]

Tuesday, August 26th, 2014

More than 70 delegates attended a reception in Singapore on 6th June to mark the inauguration of ITFA’s new India and South Asia Regional Committee. The attendees represented the major banks and forfaiting houses in the region, most of which are based in Singapore. The new Committee’s chairman, Unicredit Singapore’s Charles Brough, comments that to […]

Tuesday, August 26th, 2014

The Paris-based multilateral trade body is best known in the forfaiting market for its Uniform Customs and Practice for Documentary Credits and other key rulebooks for facilitating international trade. It has now constituted a Forfaiting Task Force that has commented on the Primary Guide soon to be released by ITFA.

Tuesday, August 26th, 2014

Daniel Vignial and Giovanni Rosa have been appointed by the ITFA Board as “Advisor to the Board” with the specific task to draft the ITFA Corporate Governance.