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Forfaiting in a users' world
31 August 2005
Michael Rowe examines how banks are meeting the challenges that are impacting on forfaiting business.
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forfaiting
trade
export
finance
trade finance
With the drying up over recent years of much plain vanilla forfaiting business and the shrinking of the related interbank markets, banks and other providers of forfaiting services are having to adapt their offer to attract new corporate customers and devise new arrangements with investors in forfaiting assets. At the same time, growth of international trade between parties in emerging and developing markets is sparking new interest in forfaiting outside Europe and North America, albeit still on a modest level.
Banks that wish to remain in the forfaiting business are adopting a variety of strategies to address today's tougher market realities. For example, Piero Greco, global head of GSF Forfaiting at WestLB in London, remarks that: "Some players are leveraging on their branch network in order to source forfaiting business alongside traditional trade finance, although distribution of such deals in the secondary market is often constrained by asset-hungry...
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