NEW YORK, Dec. 21, 2017 /PRNewswire/ -- In a signing ceremony on November 10th, 2017, BNY Mellon became a partner bank in IDB Invest's Trade Finance Facilitation Program (TFFP). The agreement covers a range of trade finance instruments, including loans and letters of credit, and will allow BNY Mellon to continue its strong growth in Latin American trade services by facilitating support to a wider range of customers and countries.
IDB Invest, the private sector institution of the Inter-American Development Bank (IDB) Group, is a multilateral development bank committed to supporting the private sector in Latin America and the Caribbean. It finances sustainable enterprises and projects to achieve financial results that maximize economic, social and environmental development for the region.
Backed by the IDB's AAA credit rating, the TFFP enables companies throughout Latin America to engage in import and export activities through the provision of loans and guarantees by IDB Invest's 102 partner banks across Latin America. Since 2005, the TFFP program has supported over USD2.96BN in trade transactions in the region and issued 1,331 guarantees. Sectors range from commodities and capital goods to medical supplies and consumer goods.
Dino Sani, BNY Mellon's Regional Head of Relationship Management Latin America & The Caribbean said: "Partnership with IDB Invest gives us an additional trade finance channel and increased capacity through which to assist our correspondent banks and their respective trade clients. We look forward to utilizing the program actively."
Fabio Jose Fagundes, IDB Invest's Chief of Financial Products and Services shared, "IDB Invest is confident BNY Mellon will further impact the development of trade flows in the Latin American and the Caribbean by joining our Trade Finance Facilitation Program. Our AAA and Preferred Creditor Status will allow BNY Mellon to leverage multiple times its capital deployed in the region in the financing and guaranteeing of trade flows catalyzing growth."
Furthermore, Joon Kim, BNY Mellon's Head of Trade Product and Portfolio Management, said: "Given the increasing importance of providing trade finance support, our signing the TFFP agreement and expanding our long-standing partnership with IDB Invest will provide new opportunities and sources of revenue for both importers and exporters alike."
About BNY Mellon
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of March 31, 2017, BNY Mellon had $30.6 trillion in assets under custody and/or administration, and $1.7 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.
Contact: Frank Pinto
BNY Mellon Investment Services
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BNY Mellon Investment Services
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SOURCE BNY Mellon