Syndicate in US$35m export finance facility

Brazilian Banco Santos has obtained a US$35m secured revolving export finance facility from a syndication of international financial institutions, according to syndication book runner and lead arranger US ORIX Trade Capital.

Factoring rebounds from 2002 lows

The stabilisation of the economy and decreasing interest rates in 2000 and 2001 led to growth in the factoring industry, which continued to expand despite the market turmoil of 2002.

BankBoston to target SMEs

BankBoston Brasil will increase its focus on small- and medium-sized enterprises (SMEs) this year by opening 25 new SME-targeted business centres, according to the bank's president Geraldo Carbone.

BNDES increases small business lending

Brazil's national development bank BNDES boosted its lending to micro- and small-size enterprises by 20% to more than 10bn reais (US$3.4bn) this year compared to 2002, according to interim development minister Mario Fortes.

Euler Hermes to offer export credit insurance

The Brazilian credit insurance unit of German insurer AGF, Euler Hermes, plans to offer credit insurance for export operations in January, after receiving authorisation from the government, Euler's Brazil manager Marc Cambourakis said.

Flat economy with record exports

Brazil's central bank is forecasting economic growth cut by more than half, from 1.5 per cent to 0.6 per cent, with recovery not expected until the fourth quarter.