Exim Bank of India will raise its stake in Global Trade Finance (GTF) from 35 per cent to 40 per cent.
Global Trade Finance (GTF), a forfeiting-to-factoring company based in India, was formed in 2001 as a joint venture between Westdeutsche Landesbank Girozentrale (West LB), Washington-based IFC and Exim Bank.
At present, West LB has a 40 per cent stake in the company, Exim Bank’s holding was 35 per cent and IFC’s 25 per cent.
Now West LB is pulling out of the venture and while Exim Bank will raise its share to 40 per cent, the remaining stake will be with Malta-based First International Merchant Bank (38.5 per cent), IFC (12.5 per cent) and Bank of Maharashtra (9 per cent).
The company has a paid-up capital of Rs 45 crore and offers structured foreign trade finance products such as forfeiting and factoring to Indian exporters.
