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