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JPMorgan and IFC work to Boost Trade Finance in Asia PDF Print E-mail
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Written by Hugh McManus   

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Monday, 29 November 1999 16:00

Hong Kong, August 26, 2008: JPMorgan [NYSE:JPM] and IFC, a member of the World Bank Group, today announced that they have jointly launched an innovative trade finance structure in Asia and the Pacific to help facilitate and boost trade activities in the region.

The funded trade advance, a component of the IFC Global Trade Finance Program, provides cost-effective pre-export and post-import financing to banks. It combines several trade transactions into a single trade facility and provides an innovative approach to raising funds through risk-mitigated avenues. It is also flexible and can be easily replicated in other regions.

Habib Bank Limited, Pakistan's largest privately owned bank, will be the first to benefit from this solution. It raised a $55 million trade advance to support its corporate clients' international trade activities. This will help the bank expand its financing options as trade flows in Pakistan continue to grow.

"This innovative structure attests to our strategy to partner with multilaterals like the World Bank Group and introduce viable and cost-effective solutions to help customers cope with increasing international trade activities. We are excited about this first transaction with Habib Bank Limited and committed to supporting financial institutions in the region," said Asif Raza, Managing Director, Asia Pacific Head of Trade Services and Logistics Management, JPMorgan Treasury Services.

"In an environment where liquidity is scarce, we are thrilled to work with IFC and JPMorgan on this trade solution. We remain committed to our clients and constantly look for alternative sources of funding to facilitate trade," said Tariq Mateen Khan, General Manager for Financial Institutions International Banking, Habib Bank Limited.

"Creating and delivering this structure demonstrates our leadership in providing world-class solutions tailored to our clients' needs. We plan to expand our capabilities in Pakistan and look forward to working closely with clients to implement new financing ideas," said Reza Rahim, Senior Country Officer of JPMorgan Pakistan.

"We are pleased to partner with JPMorgan to support Habib Bank Limited's expanding trade business. We will continue to look for innovative ways to boost trade in emerging markets," said Priyamvada Singh, IFC Regional Head for Trade, Asia and the Middle East.

About JPMorgan Treasury Services

The Treasury Services business of JPMorgan is a top-ranked, full-service provider of innovative payment, collection, liquidity and investment management, trade finance, commercial card and information solutions to corporations, financial services institutions, middle market companies, small businesses, governments and municipalities worldwide. With more than 50,000 clients and a presence in 36 countries, JPMorgan Treasury Services is the world's largest provider of treasury management services and a division of JPMorgan Chase Bank, N.A., member FDIC. More information can be found at www.jpmorgan.com/ts.

About JPMorgan Chase

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of US$1.8 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its JPMorgan and Chase brands. Information about the firm is available at www.jpmorganchase.com.

About IFC

IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing private capital in local and international financial markets, and providing advisory and risk mitigation services to businesses and governments. IFC's vision is that people should have the opportunity to escape poverty and improve their lives. In FY07, IFC committed $8.2 billion and mobilized an additional $3.9 billion through syndications and structured finance for 299 investments in 69 developing countries. IFC also provided advisory services in 97 countries. For more information, visit www.ifc.org.

About Habib Bank Limited

Habib Bank Limited or HBL is Pakistan's oldest and largest commercial bank and has a balance sheet size of over USD 10Bn. With over 1,400 domestic branches, HBL has the strongest Retail Banking network in the country. The bank also enjoys a strong leadership position in the Corporate Banking sector. HBL's presence in 25 countries gives it the largest international presence among Pakistani banks. The bank caters to people from all walks of life and its dedication to the customer base is evinced in the successful nurturing of over 5 million relationships. HBL is currently rated AA+ (Long Term) and A-1+ (Short term) by JCR-VIS, Pakistan, and is the first Pakistani bank to raise Tier II Capital from external sources.

 
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