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British Arab Commercial Bank (BACB) has hired Paul Jennings as chief banking officer and deputy chief executive. Jennings previously spent more than 21 years at ABC Bank, most recently as managing director and chief executive. He was also group head of the bank’s global trade finance business between 2005 and 2015. BACB, which specialises in supporting trade in ...
Global commodities trader Mercuria has closed an oversubscribed US$2.2bn revolving credit facility from a group of banks in North America. Financing will back the company’s working capital needs in the region, as well as wider efforts to boost Mercuria’s renewable portfolio on the continent and transition towards greener business. The multi-year senior secured borrowing base ...
The trade of merchandise goods hit a record US$5.6tn in the third quarter of 2021, according to the UN, but concerns are growing that the Omicron variant of coronavirus could disrupt supply chains and threaten further recovery. World trade is continuing its strong recovery from the pandemic, states the United Nations Conference on Trade and ...
SSE Renewables and Equinor have closed financing for the final stage of their Dogger Bank wind farm project off the northeast coast of England, drawing in dozens of lenders and a trio of export credit agencies (ECAs). In a deal announced this week, the two energy companies have secured around £3bn for Dogger Bank C, ...
Greensill’s use of risk mitigants, including trade credit insurance and export credit agency guarantees, was extensive. However, since the company’s collapse, doubts have been raised over its dependence on such cover, and in some cases, whether policies or guarantees were valid in the first place. John Basquill examines the controversial claims at the heart of ...