A complex structured trade finance solution provided by FIMBank plc to international trading house Bauche SA has been awarded the “2010 Best Deal of The Year” by specialist publication Trade Finance Magazine.
In 2010, Bauche SA, an international trading house which specialises in commodities trading - particularly sugar, fertilizers, coffee and rice - requested FIMBank to provide it with a facility covering the shipment of urea from Indonesia to Abidjan, Ivory Coast on a cost insurance and freight basis. FIMBank structured a cross-border trade finance solution covering no less than six countries.
Commenting on the successful deal, Aly Siby, Head of Correspondent Banking Africa at FIMBank, said that the Bank’s “…long standing, good relationship with the client, Bauche, coupled with FIMBank’s expertise within the African market allowed us to successfully conclude this transaction in 2010. FIMBank was capable of innovatively structuring the deal, thus catering for the needs of Bauche to purchase, transport, stock and finally deliver the goods throughout six different countries and across continents from Asia to Europe, to reach its final destination in Africa. In our eyes, a clear achievement for all involved.”
The award will be presented to the Bank at the 9th Annual Awards Dinner, which will be held in London in June of this year.
Aly Siby, FIMBank’s Head of Correspondent Banking Africa