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Eximbank has its eyes on further expansion, new partnerships

​​​EBRD President Sir Suma Chakrabarti (right) led a delegation to visit Eximbank on March 19, 2015. During the visit, the Chairman

EBRD President Sir Suma Chakrabarti (right) led a delegation to visit Eximbank on March 19, 2015. During the visit, the Chairman of Eximbank Chu Rueen and the EBRD President signed a Memorandum of Understanding

Established in 1979, the Export-Import Bank of the Republic of China (Eximbank) is a key player behind a tremendous expansion in export value and growth in Taiwan over the past few decades through offering Export Credit Insurance, Relending Facility and other various kinds of financing facilities. As the head of Eximbank, Chairman Chu Rueen-fong talked about the company's achievements and plans for growth in ?an interview with Taiwan News.

 
Collaboration with the National Development Council
 
Since 2006, Eximbank has carried out two project finance programs – "Machinery Export Financing" and "Overseas Investment Financing," both of which are supported by the National Development Council. In 2013, a new finance program called "Green Energy and Industrial Machinery Export Financing" was again agreed between Eximbank and the NDC. In these three programs, Eximbank plays the role of lead arranger and book runner, and welcomes all domestic public and private banks for their participation. As of March this year, Eximbank approved 551 cases of export credit, overseas investment credit, and overseas construction credit, representing a total value of NT$19.9 billion.
 
Strengthening international partnerships
 
Eximbank is actively involved in the "Berne Union," which was established by export credit agencies from various countries. Hence, it has access to a platform where it can exchange information and share experiences with sister agencies around the world, and leverage the strength of this international organization to effectively recover debts and reduce losses.
 
“Eximbank is also one of the members in the Regional Cooperation Group (RCG), a sub-group of the Berne Union, where it provides an additional platform for Asian members,” explained Chu Rueen-fong, chairman of Eximbank.
 
In recent years, export credit agencies around the world have been strengthening their cross-border cooperation. In response to this international trend, Eximbank has signed Memorandums of Understanding to bid for mutual learning and information exchange, with the official export credit agencies of 18 countries and regions, including Hong Kong, India, Finland, Poland, the Czech Republic, Hungary, Slovakia, Turkey, Thailand, Indonesia, Japan, Malaysia, Belarus, Korea, Israel, Mainland China, Sweden, and Sri Lanka.
 
Extending relending services
 
Relending facility is a program aimed to facilitate foreign businessmen to purchase manufactured goods, mainly machinery and the like, from Taiwan. It is a bank-to-bank arrangement by which Eximbank extends a credit line to peer financial institutions overseas, in support of financing their client’s importation from Taiwan.
 
“Eximbank has been committed for many years to expanding its relending network in countries around the world with the aim of assisting Taiwanese manufacturers to develop overseas markets,” said Chu.
 
Eximbank currently offers relending facility services with 62 financial institutions in 23 countries, including Thailand, Mongolia, Turkey, Vietnam, Russia, Brazil, India, and the Philippines, for a total value of US$689 million.
 
Restructuring and Innovation
 
Due to globalization, liberalization, and revolution of information technology, Eximbank plans to restructure its organization through 2016. A new “Plan and Review Department” is set to be dedicated to strategic planning, business review and public affairs, through which an independent and objective review mechanism could be achieved as well as an improvement of the overall synergy could also be expected.
 
To fully implement the Financial Shield Enhancement Program, Eximbank completed the development of special insurance products for banks called “Globalsure Account Receivable Insurance for Bank” and “Letter of Credit Insurance for Bank.” These two insurance products provide financial institutions with covers for the risks associated with the factoring and forfeiting business, therefore increasing the capacity of the commercial banks to purchase account receivables from the exporters as well as indirectly protecting the financial assets for the exporters.
 
To date, Eximbank has signed six contracts with four commercial banks, including E.Sun Bank, First Bank, Bank SinoPac and CTBC Bank.
 
Promoting bilateral trade development
 
To promote the partnership with the European Bank for Reconstruction and Development (EBRD) and to facilitate bilateral trade development with Europe, EBRD President Sir Suma Chakrabarti led a delegation to visit Eximbank on March 19, 2015. During the visit, the Chairman of Eximbank and the EBRD President signed a Memorandum of Understanding.
 
In the Memorandum of Understanding the two sides agree to exchange, confidentially and lawfully, market, economic, financial, and industry information, and to strengthen their cooperation in the financing of energy, transport and infrastructure projects. The Memorandum of Understanding will be helpful to Taiwanese companies undertaking engineering works in the projects supported by EBRD and will contribute to the development of bilateral trade. It will also help raise the international profile of Eximbank.
 
Moving towards further expansion
 
Eximbank has carried out the plan to expand its business capacity and service points in a bid to actively assist Taiwanese companies in gaining a competitive edge in the global market and hence further boost the growth of Taiwan’s imports and exports. Eximbank is increasing its capital by NT$20 billion to strengthen its power to deepen and broaden its services. The capital injection plan was approved by the Executive Yuan in July last year through the program called “Financial Shield Enhancement Program - Strengthening the Eximbank’s Functionality,” a sub-program of the “Export Product Transformation Action Plan.” In the sub-program, Eximbank is given more responsibility for the creation of momentum for Taiwan’s exports.
 
“To better serve and develop clients in the Chiayi-Tainan region, and specifically assist them in expanding their international trade as well as to promote the balanced development of urban and rural areas in the South, Eximbank has obtained permission from the Financial Supervisory Commission to establish a branch in Tainan, which began operation in March this year,” explained Chu. Meanwhile, Eximbank has also obtained permission to apply for the establishment of a representative office in Bangkok, Thailand.

 

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Taiwan News 
2015-05-05

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