Industrial Bank Partners with IFC on Global Trade Finance Program
September 6, Industrial Bank signed with IFC the Agreement on Global Trade Finance Service to join the Global Trade Finance Program (GTFP) in due form. This event is the re-cooperation between Industrial Bank and IFC after the China Utility-Based Energy Efficiency Program, kicking off the all-round cooperation of both sides in global trade finance field.
Global Trade Finance Program (GTFP) is the service project initiated by IFC in 2005， aiming at paving the way for developing countries (like Kenya, Nigeria, Pakistan, Lebanon and so on) to increase their share of global trade and promote flows of goods and services between developing countries. Through offering commercial banks guarantees against underlying trade finance instruments, the program covers the payment risk in emerging markets and promotes the foreign trade of developing countries.
Trade finance is a profitable business requiring less capital and integrating assets business and intermediary business. Under the prosperous situation of domestic import and export trade, the business is endowed a capacious market future.
Industrial Bank attaches great importance to its international business. In recent years, by exploring and practicing in the international trade finance realm in the round, the bank has achieve breakthrough development in aspects as talent cultivating, product innovation, risk control, and market development, receiving high appraisal and broad recognition.
The bank's participating in Global Trade Finance Program (GTFP) is the first cooperation in international trade finance domain of both sides. By availed themselves of respective advantage in international trade finance field, both sides will fulfill interpromotion and mutual development. Industrial Bank will resort to the credit support from IFC to develop its trade finance business in developing countries, extending international trade finance range and boosting the comprehensive competitive competence and market influence of its international business.
Recent years, Multi-level and multi-channel cooperation has been carried out between Industrial Bank and IFC in various areas. Just two months before, in the competition for 2007 FT Sustainable Banking Awards hosted by The Financial Times and IFC, Industrial Bank stood out above100 renowned financial institutions from 50 countries worldwide, including ABN AMRO, HSBC, JP Morgan, etc., and was nominated for Emerging Markets Sustainable Bank of the Year & Sustainable Deal of the Year. Industrial Bank finally achieved runner-up in the Sustainable Deal of the Year category, becoming the first and sole Chinese commercial bank to receive the award. It was the innovative energy-efficient financing product promoted by both Industrial Bank and IFC that accomplished the above award for Industrial Bank.
Recent years saw Industrial Bank's sustainable, speedy, harmonious and sound development in every business line. February 5, 2007, Industrial Bank was successfully listed on Shanghai Stock Exchange, becoming one of the domestic commercial banks which boasting fastest growth, best performance and top quality. According to the Top 1000 World Banks released by The Banker, a British based magazine, Industrial Bank ranked 145th in terms of total assets, up 19 positions compared with previous year; and according to the latest Top 100 Chinese Banks released by the same magazine, Industrial Bank ranked 1st among all the domestic commercial banks in terms of average return on capital and 10th in terms of tier 1 capital and total assets.
IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing capital in local and international financial markets, and providing advisory and risk mitigation services to businesses and governments. IFC's vision is that poor people have the opportunity to escape poverty and to improve their lives.
In fiscal 2007, IFC committed $8.2 billion and mobilized an additional $3.9 billion through loan participations and structured finance for 299 investments in 69 developing countries. IFC also provided advisory services in 97 countries.
For more information please visit www.ifc.org .TOP