A master agreement was signed on June 26 between Banco de Oro-EPCI, Inc. and Norddeutsche Landesbank Girozentrale (Nord/LB), one of the major banks in Germany, which stipulates the terms of reference by which both major banks will cooperate in financing local capital projects that BDO-EPCI would choose to deal exclusively with Nord/LB.

The agreement covers long-term trade finance (structured trade finance) of capital goods and services manufactured by exporters from member countries of the Organisation for Economic Co-operation and Development (OECD), basically the G-8 nations, that are to be procured by Philippine project sponsors. This milestone paves the way for BDO-EPCI to access long-term funds across international borders, supported by export credit agencies in Western Europe, the U.S.A. and Asia, averred Banco de Oro-EPCI President Nestor V. Tan.

The partnership with Nord/LB is being handled by Cross Border and Wholesale Group (CrossBoW), a new team within the unibank formed to specialize in structured trade finance. "CrossBoW is designed to cater for the multiplicity of requirements of medium to large Philippine corporates wanting to fuel their capital investments with concessional overseas funding," Banco de Oro-EPCI EVP & CrossBow Head Aristotle L. Villaraza said. "In a field dominated by multinational banks, BDO-EPCI can proudly say, "We are in!"

The agreement was signed by (L-R) Nord/LB Export & Trade Finance Head-Asia Pacific Michael Bott, Banco de Oro-EPCI EVP & CrossBow Head Aristotle L. Villaraza, Banco de Oro-EPCI President Nestor V. Tan, and Nord/LB General Manager & Regional Head-Asia Pacific Heinz-Werner Frings. The signing was witnessed by Banco de Oro-EPCI SEVPs Antonio N. Cotoco and Walter C. Wassmer, and Banco de Oro-EPCI Treasurer Pedro M. Florescio III.