Source: Deutsche Bank
Deutsche Bank and Ecobank Nigeria LTD today announced the signing of a Memorandum of Understanding (‘MOU’) to expand their trade finance relationship.
Under the terms of this MOU, Deutsche Bank will provide export credit guarantee program GSM-102 to Ecobank Nigeria.
The Bank’s offering of a GSM-102 program will guarantee credit to encourage financing of commercial exports of US agricultural products, while providing competitive credit terms to buyers. Ecobank Nigeria will use irrevocable US dollar denominated letters of credit for the import of eligible agricultural products from the US. Deutsche Bank will advise, confirm and negotiate these letters of credit as well as provide post-shipment financing in accordance with the GSM-102 program regulations.
“We look forward to expanding our relationship with Deutsche Bank with the GSM-102 program,” said Jibril Aku, Managing Director at Ecobank Nigeria. “Deutsche Bank’s export credit guarantee service will offer a simple and efficient way for our importers to access agricultural products in the US and strengthen economic and trade development in the region.”
“We are pleased to offer this program to Ecobank Nigeria,” said Ulf-Peter Noetzel, Head of Trade Finance Financial Institutions - Western Europe & Africa, Global Transaction Banking, at Deutsche Bank. “As a leading provider for GSM-102 business in Africa, and in close coordination with the Commodity Credit Corporation and the US Department of Agriculture’s Foreign Agricultural Service, Ecobank Nigeria will benefit from Deutsche Bank’s strong global and US footprint.”
Ecobank Nigeria is a member of Ecobank, a leading independent pan-African bank. In 2011, Ecobank Nigeria acquired 100% of the shareholding in Oceanic Bank, creating the expanded Ecobank Nigeria Plc and making it one of the five largest banks in Nigeria. Ecobank Nigeria a universal bank, providing wholesale, retail, corporate, investment and transaction banking services to its customers in the Nigerian market.