Nigerian Bank Nigeria Access Bank Plc – China EximBank Approves N4-5bn Trade Facility For Access Bank

Source: Vanguard, March 22, 2011

In furtherance of the trade relationship between Nigeria and China, the Export-Import Bank of China (China EximBank) has granted a N4.5 billion ($30 million) trade finance facility to a Nigerian bank, Access Bank Plc.

The facility which is expected to further boost trade between Nigeria, China and other Asian countries, covers letters of credit and export credit guarantee.

The partnership with China’s EXIMBank, according to a statement by Access Bank Plc, is expected to strengthen its trade services capacity and position the institution for excellent offerings to the growing Chinese community in Nigeria.

The statement, signed by Segun Fafore said, “The $30 million trade line will support the increasing volume of trade transaction between the two countries and facilitate the actualisation of various developmental projects on the African continent.”

“The Bank,” according to Fafore, “is renowned for its cross-continental economic intermediation activities, particularly through trade services. Its excellent reputation has endeared it to several foreign Commercial Banks, Export and Credit Agencies, Multilateral and Development Finance institutions with a network covering major trade centres across the world.

“Access Bank is reputed for pulling landmark deals from global finance institutions and multilateral agencies. Notable among these deals was in 2010, when it signed a syndicated trade finance facility programme with FMO under which FMO and other Development Finance Institutions (DFI) to be arranged by FMO will provide guarantees for letters of credit issued by Access Bank,” he said.

He further noted that Access Bank has been at the forefront of trade and structured finance, with several recognitions and awards including the International Finance Corporation’s “Most Active Issuing Bank in Africa” Award in 2010; IFC’s “Innovation in Trade Structure” and “Best GTFP Network Bank” Awards in 2008 and 2007 respectively

He said that the bank’s UK subsidiary, Access Bank UK Limited, which became fully operational in 2008 emerged the winner of Treasury Today’s “2009 Adams Smith Award for best practice and innovation in the “In sourcing and Outsourcing” category.

“The Bank’s strategic partners include Netherlands Development Finance Company (FMO), International Finance Corporation (IFC), Belgian Investment Company for Developing Countries (BIO), European Investment bank (EIB), Finnish Fund for Industrial Cooperation (FINNFUND), African Development Bank (AFDB), Export-Import Bank of the United States (EXIM Bank), African Export-Import Bank (AFREXIM), Commerz Bank amongst others. These partnerships are leveraged to provide its customers with value-added advisory services and access to competitively-priced funding,” he added.

Nigerian Bank Nigeria Access Bank Plc