Trade Finance News

Sort News
All (
news)
Trade Finance News (
news)
ICC Banking Commission (
news)
Fraud in Trade Finance (
news)
Regulations (
news)
ICC Policy Statements (
news)
Events (
news)

Challenge insurer collateral requirements to reduce L/C costs says insurance expert

Insurers typically request insureds to provide collateral as security for their obligations under a reimbursement or reinsurance agreement. This most commonly comes in the form of a letter of credit (L/C). Each year, an L/C can cost an insured tens of thousands of pounds in fees.

Read More

Ghanaian political party proposes establishment of new banks to issue L/Cs for public projects

A new political party in Ghana is proposing a radical reform of the country's banking sector that would see the government establishing banks that would issue letters of credit (L/Cs) to support public sector projects.

Read More

Iran and Russia continue to mull alternative L/C and other financing arrangements

Iran's central bank chief, Mohammad Reza Farzin, is continuing to call for closer financial ties with Russia that would facilitate letter of credit (L/C) and other transactions between Iranian and Russian banks.

Read More

New Opinions from the ICC Banking Commission

The latest ICC Opinions from the Banking Commission Meeting held in July 2024 are now available under the Trade Finance Channel of the Digital Library:

Read More

Pakistan to push the case for Chinese yuan denominated L/C transactions

Amidst a persistently strong US dollar and fearful of shrinking foreign reserves, industry leaders in Bangladesh are hoping that Prime Minister Sheikh Hasina will successfully push the case for the use of the Chinese yuan in international transactions during his visit to China this week.

Read More

US updates antiboycott list, L/C providers beware

The US department of commerce's Bureau of Industry and Security (BIS) has published its first quarterly update of the boycott requester list.

Read More

Sri Lanka's 2-year L/C drought expected to end under debt restructuring

Sri Lanka's major country creditors have approved a major debt restructuring deal valued at a combined US$10 billion that should allow letter of credit (L/C) flows that dried up two years ago on the island state to resume.

Read More

L/Cs feature in IFC trade facility for First Capital Bank Moçambique

To support trade flows to and from Mozambique and to strengthen the country's financial sector, the International Finance Corporation (IFC) has announced the agreement of a new trade finance guarantee facility that includes letter of credit (L/C) support to First Capital Bank Moçambique (FCBM).

Read More

Afreximbank facility to help CBZ Bank access L/Cs in Zimbabwe's dollarised economy

Zimbabwe's largest bank, CBZ Bank, says it already has customers lining up to take advantage of a new facility provided by the African Export-Import Bank (Afreximbank) that will provide them with improved access to letters of credit (L/Cs).

Read More

Raiffeisen partners Surecomp to streamline L/C and guarantee processing

Canadian fintech Surecomp, which specialises in global trade finance solutions for banks and corporates, has been selected by Raiffeisen Bank International (RBI), one of the leading banks in Austria and the wider Central and Eastern European (CEE) region, to reinforce their trade finance customer engagement.

Read More

Discounted L/Cs on offer for foreign investors in Vietnam

Discounted letter of credit (L/C) fees are amongst the incentives on offer from Saigon Hanoi Bank (SHB) for companies operating in Vietnam that are either wholly or partially owned by foreign investors.

Read More

Largest energy storage project in Arizona features multi-million dollar L/C facility

A multi-million dollar letter of credit (L/C) facility features in the US$513 million financing closed last week by solar and energy storage project developer, Recurrent Energy, for its 1,200 megawatt per hour energy storage project in Arizona.

Read More

Afreximbank extends trade finance facility to help DRC's Rawbank access L/Cs

African Export-Import Bank (Afreximbank) has signed an agreement for a US$100-million trade finance facility in favour of Rawbank to assist the bank increase trade flows into and out of the Democratic Republic of Congo (DRC).

Read More

UniCredit right to refuse L/C payment under sanctions says appeal court

A UK appeals court has overturned a ruling against UniCredit in a high-profile sanctions case, determining that the bank was justified in refusing payments under letters of credit (L/Cs) issued prior to Russia's invasion of Ukraine.

Read More

Power executives used L/Cs to fraudulently divert funds to their own accounts

India's Enforcement Directorate (ED) is investigating an alleged fraud related to Chadalavada Infratech Limited (CIL) and its executives who are suspected of using letters of credit (L/Cs) to fraudulently obtain the equivalent of US$23 million.

Read More

Ukrainian and Swedish businesses mull L/C opportunities to develop business links

Representatives of Ukrainian companies have been meeting with their Swedish counterparts to explore new ways of doing business, including on letter of credit (L/C) terms.

Read More

Healthcare provider outlines strategy to monetise standby L/C for stock repurchases

Healthcare provider Novo Integrated Sciences (NIS) says HSBC has issued a 'ready, willing and able letter' that will enable the company to embark on a programme to monetise a standby letter of credit (L/C).

Read More

AfDB facility for Zimbabwe's First Capital Bank to improve L/C access

The African Development Bank (AfDB) has approved a US$15 million trade finance package for First Capital Bank (FCB) in Zimbabwe to help bolster intra-African commerce in line with the goals of the Africa Continental Free Trade Area.

Read More

Société Générale launches sustainable GTB framework

Société Générale has launched what it describes as a global transaction banking (GTB), framework that focuses on the bank's sustainable solutions for its large corporate clients, including those writing letter of credit (L/C) business.

Read More

Successful eBL transactions integrated with digital L/Cs on Surecomp's RIVO trade platform

Surecomp has announced the completion of successful electronic bills of lading (eBL) transactions bringing together multiple parties via its collaborative trade finance platform, RIVO.

Read More

Nigeria reports plummeting L/C payments data

Nigeria's letter of credit (L/C) payments plunged by 63 per cent in the first quarter of 2024 compared with the same period in the previous year, according to Central Bank of Nigeria (CBN) international payments data.

Read More

Anti-boycott advisory could impact on L/C business between the US and Turkey

The US' Bureau of Business and Security (BIS) has issued an anti-boycott advisory regarding Turkey that could impact on letter of credit (L/C) business written between the US and Turkey.

Read More

Supreme Court of Canada reaffirms fraud exception principle in L/Cs

The Supreme Court of Canada (SCC) has denied leave to appeal the recent ruling by the Alberta Court of Appeal (ABCA) in the case of Pacific Atlantic Pipeline Construction (PAPC) versus Coastal GasLink Pipeline (CGL).

Read More

Surging L/C business helps Ameriabank win top IFC and EBRD awards

A surge in letter of credit (L/C) and guarantee business has helped Ameriabank to receive prestigious awards from international financial institutions in recognition of its trade finance operations.

Read More

Philippine government support for L/Cs for exporters and MSMEs

Government financing institutions in the Philippines are including support for letters of credit (L/Cs) in financing programmes and facilities they are making available to exporters and micro, small and medium enterprises (MSMEs).

Read More

ADB and Citi ink risk participation agreement to support L/Cs amongst other trade and supply chain offerings

The Asian Development Bank (ADB) and Citi have partnered to sign a master risk participation agreement to enhance access to supply chain financing for small- and medium-sized enterprises (SMEs) and support more than US$100 million in additional annual trade across Asia and the Pacific.

Read More

Saudi Eximbank and SNB sign documentary credit insurance and Murabaha agreements

The Saudi Export Import Bank (Saudi Eximbank) and the Saudi National Bank (SNB) have signed an insurance agreement to enhance documentary credits and a major Murabaha agreement to finance the export of Saudi non-oil products.

Read More

Prominent US insurer takes legal action against China Construction Bank's fraudulent reinsurance L/Cs

Porch Group, a prominent US company specialising in homeowners insurance and home inspection software, has taken legal action against China Construction Bank (CCB), accusing the financial institution of involvement in reinsurance fraud.

Read More

New Delhi mulls L/C guarantees as banks face difficulties with Russian payments

India is contemplating extending guarantees on lenders' letters of credit (L/Cs) as New Delhi seeks ways to support trading links with Russian counterparties.

Read More

L/Cs exempt from Nigeria's new cybercrime levy

Letters of credit (L/Cs) have been exempted from an order from the Central Bank of Nigeria (CBN) to banks in the country to begin imposing a cybersecurity levy on many types of transactions.

Read More

March issue of Documentary Credit World

The March 2024 issue of DCW, the source for LC and Trade News & Analysis is now available under the Digital Library.

Read More

L/C boost for burgeoning Saudi automobile sector

Data released by the Saudi Central Bank (SCB) has revealed that a significant increase in import letters of credit (L/C) helped boost Saudi Arabia's car imports in 2023 by a massive 40 per cent.

Read More

Singapore's banks restrict L/Cs for Russian shipments

Singapore's biggest banks are apparently responding to pressure from Washington not to participate in trade financing that could be seen to be linked to transactions that evade the G7-led price cap on Russian oil or other sanctions imposed on Moscow in response to its military action in Ukraine.

Read More

ITFC's comprehensive financing package for Cameroon to support L/Cs for SMEs

Cameroon has secured a US$800 million funding package from the International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB).

Read More

WeWork landlords could swap L/Cs for equity in proposed bankruptcy restructuring agreement

Landlords of WeWork with letters of credit (L/Cs) to guarantee that funds would be available to pay rent even if the now collapsed workspace provider faced financial difficulties may be able to swap their debt holdings for shares in the newly restructured company.

Read More

IMF counts the cost of Egypt's L/C policy

The International Monetary Fund (IMF) has been counting the cost of Egypt's controversial policy over the last two years to significantly limit the availability letters of credit (L/C) as a measure to control the country's balance of payments and manage foreign exchange reserves.

Read More

New Opinions from the ICC Banking Commission

The latest ICC Opinions from the Banking Commission Meeting held in April 2024 are now available under the Trade Finance Channel of the Digital Library:

Read More

L/C difficulties may be behind oil cargo stranded outside Dangote's new super-refinery

Difficulties experienced by Nigeria's new Dangote Oil Refinery in securing a letter of credit (L/C) may have left a shipment of US crude oil stranded offshore Nigeria for over a month.

Read More

Partial shut downs at Pakistan's vehicle plants may lengthen if SBP fails to process L/Cs

Toyota and Suzuki will partially shut down vehicle assembly operations in Pakistan next month due to raw material shortages, supply chain disruption, exchange rate volatility and curbs on the letters of credit (L/Cs) they need to import materials.

Read More

Doha Bank reveals Qatar's L/C support for Bangladesh

The CEO of Doha Bank has revealed that the Qatari bank has extended support to banks in Bangladesh to help them finance imports of essential goods on letter of credit (L/C) terms.

Read More