Collaboration marks first-of-a-kind partnership for a bank in India
· IIC, member of the Inter-American Development Bank (IDB) Group, is a leading source of development financing in Latin America and the Caribbean.
Mumbai, July 11, 2017: Axis Bank, India’s third largest private bank announced its collaboration with Inter-American Investment Corporation (IIC) to facilitate trade with Latin America and the Caribbean. Axis Bank is the first Indian Bank to participate in the Trade Finance Facilitation Program (TFFP) as a confirming bank.
The IIC, acting on behalf of the IDB, is recognized as an honest broker in the region. The value comes from being able to unite the experience of the public sector with the expertise and agility of the private sector.
Latin America, over the past decade has emerged as a flourishing export-import market for India and rivals the other developing continent Africa. With increasing trade relations between the two and considering the potential for the overall economy, the collaboration aims to foster bilateral trade relations by allowing ease of transactions.
Commenting on the announcement, Sidharth Rath, Group Executive, Corporate Banking and Transaction Banking, Axis Bank, said “We are pleased to announce our relationship with the IIC as our partner in Latin America. By virtue of this collaboration, we will further strengthen our international trade relations in the region. We are looking at growing trade financing overseas and this is another step towards serving our customers internationally. We are confident that this partnership will accelerate trade relations between India and the South American continent.”
About Axis Bank:
Axis Bank is the third largest private sector bank in India. Axis Bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses.
With its 3,304 domestic branches (including extension counters) and 14,163 ATMs across the country as on 31st March 2017, the network of Axis Bank spreads across 1,946 cities and towns, enabling the Bank to reach out to a large cross-section of customers with an array of products and services. The Bank also has nine overseas offices with branches at Singapore, Hong Kong, Dubai (at the DIFC), Shanghai and Colombo; representative offices at Dubai, Abu Dhabi and Dhaka and an overseas subsidiary at London, UK. The Bank’s website www.axisbank.com offers comprehensive details about its products and services.
About the Inter-American Investment Corporation (IIC)
The Inter-American Investment Corporation (IIC), a member of the Inter-American Development Bank Group (IDB Group), is a multilateral development bank committed to supporting the private sector in Latin America and the Caribbean. The IIC finances sustainable enterprises and projects to achieve financial results that maximize social and environmental development for the region. With a current portfolio of $11 billion under management and 350 clients in 21 countries, the IIC works across sectors to provide innovative financial solutions and advisory services that meet the evolving demands of its clients.
About the TFFP
The Trade Finance Facilitation Program (TFFP) supports Latin America and the Caribbean (LAC) banks to access international trade finance markets through guarantees, loans, advisory services and knowledge products. The Program seeks to promote development and economic growth in the region by expanding and diversifying the sources of trade finance available for LAC banks and ensuring liquidity in periods of market volatility.
As of December 31, 2016, the TFFP included 104 Latin American and the Caribbean financial intermediaries in 21 LAC countries.
Axis Bank and Inter-American Investment Corporation (IIC)
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