Union National Bank joins the International Finance Corporation's ...

IFC is rated "AAA" by both Moody's and S&P. IFC covers payment risks for over 200 banks across more than 80 countries; as such the agreement would allow UNB to undertake risk exposures in more markets, with the safeguarding of the cover provided by the IFC.

Ms. Mona Zein Eldin SVP & Head of Financial Institutions & Structured Finance at Union National Bank commented that "Joining the IFC's GTFP would allow UNB to expand its geographic coverage into markets which it has previously shunned and thus promoting growth in trade flows in addition to expanding the scope of services extended to our clients. Under the GTFP, UNB as a Confirming Bank would partially or fully benefit from guarantees of IFC in covering payment risks on issuing banks in emerging and non investment grade markets."

Ms. Mona added that "Union National Bank is very proud to be cooperating with a prestigious organization such as the International Finance Corporation and to become a Confirming bank under IFC's Global Trade Finance Programme. We look forward to working actively with International Finance Corporation on this Global Trade Finance Programme."

Under their program, GTFP offers Confirming Banks a partial or full guarantee in covering payment risks 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 program combines global reach and maximum flexibility to assist trade finance deals by covering large and small transactions across countries. A dedicated trade unit serves business requirements, covering up to 100% of transaction values as well as providing tenors of up to three years to support capital goods imports.

Source: http://www.ameinfo.com/282469.html

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