SABB's Managing Director David Dew said: "We are proud of our association with the IFC and of our recognition for the second year running, as the most active
confirming bank in the MENA region under the IFC's Global Trade Finance Program.
The status of
confirming bank is an achievement, as
Additionally, since the bank gets to choose the
confirming bank, everyone will be aware of which bank that is, meaning the risk of an injunction is still present in a confirmed LC.
The
confirming bank creates the same obligation to the beneficiary as the issuing bank when the
confirming bank adds its confirmation.
The facility is therefore quite timely, as it will enable Nedbank to grow its asset book as well as increase its visibility as a credible
confirming bank for African trade transactions.
This requires the
confirming bank to review the credit risk of the issuing bank and protects the exporter if either the importer or the issuing bank becomes insolvent.
Uzpromstroybank is TFPs Leading Partner Bank in Uzbekistan for 2018 and with this
confirming bank agreement, we hope that TFP will further help Uzpromstroybank in overcoming intra-regional challenges related to export finance, said ADB Relationship Manager for Uzbekistan Ms.
It is a long-standing partner of the EBRD, and became a
confirming bank under the TFP in March 2003.
IFC covers payment risks for 172 banks in 77 countries, under which, First Gulf Bank will register all of its branches and subsidiaries as a
Confirming Bank, which will allow FGB to undertake risk exposure in emerging markets private trade flows with the safeguarding of the IFC and its availing covers.
Leading
Confirming Bank - JPMorgan Chase Bank, N.A.
The RPA will enable FRB to increase its visibility as a established
confirming bank for trade transactions originated by African issuing banks.
The EBRDs Trade Facilitation Programme currently includes over 100 partner banks in 29 countries where the Bank invests, with limits exceeding 1.5 billion in total, and more than 800
confirming banks worldwide.
