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Barclays chief joins SWIFT board

The appointment of Barclays global head of cash management to SWIFT’s UK board was announced at this year’s Sibos event at which the most senior Barclays delegation – including Barclays Corporate CEO John Winter – gathered for a record number of meetings and fringe events.

Barclays events held in and around the conference this year included the final in a global series of financial institutions symposiums in which a large contingent of senior executives from banks across the globe were hosted in Toronto by Barclays Capital’s Canadian chairman and former Canadian Minister of Finance and Ambassador to the US, Michael Wilson.

The appointment of Maurice Cleaves, global head of cash management, Barclays Corporate to SWIFT’s UK board was seen as a milestone in Barclays relationship with the global financial communications provider and Sibos organiser.

Matt Tuck, head of financial institutions, Barclays Corporate, who led the Barclays Sibos delegation this year, said the event was an ideal opportunity to reinforce the growth ambitions the bank has in the transaction banking space, and the major investment being made in order to fulfil this ambition.

“With the recent appointment of industry heavyweights, including Maurice Cleaves, and Kah Chye Tan as global head of trade finance and working capital, plus the roll-out of a range of new product developments, this Sibos was a very positive experience for the Barclays delegation as we were able to deliver a strong growth message to our clients.

“With global market volatility and the impact of regulation in various jurisdictions the focus going into this year’s event, it was refreshing to see clients looking past current economic gloom to opportunities for future partnerships and growth as a result of a global economy that is increasingly and inevitably becoming more interdependent.”

ICIEC and Turk Eximbank sign co-operation agreement

In a move designed to help Turkish investors and contractors doing business in the member countries of the Organisation of Islamic Cooperation (OIC), the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), and Turk Eximbank, Turkey’s National Export-Import Credit Bank, recently signed a Memorandum of Understanding (MoU) at the annual meeting of the Aman Union (the association of Arab and Islamic Export Credit Agencies).

The signatories were Dr Abdel Rahman El-Tayeb Taha, chief executive officer of ICIEC, and Hayrettin Kaplan, general manager of Turk Eximbank.

The MoU aims to provide political risk insurance to Turkish companies doing business in ICIEC member countries. They will benefit from the co-operation of the two signatories in insuring their investments against the risk of war, civil disturbances, expropriation, transfer restrictions and the non-honouring of sovereign financial obligations by a host country.

Commenting on the MoU, Dr Taha said, “Turkish companies are very active in doing business in OIC member countries, especially in the Middle East, Africa and CIS countries – and this is where ICIEC’s expertise lies. On the other hand, Turk Eximbank is the first name that any Turkish company thinks of for the insurance of export credit.

“Therefore, it is natural that the two institutions should co-operate to provide this critical service to Turkish exporters. ICIEC is also active in Turkey, since it has signed more than 11 insurance policies in favour of Turkish banks and investors.”

Hayrettin Kaplan said, “The bank has provided insurance coverage and lending facilities to Turkish exporters and contractors operating in the Middle East, Africa and OIC member countries. The agreement will enhance the capacity of Turk Eximbank’s activities in those countries by providing co–insurance and re-insurance facilities.

“Moreover, a new instrument, investment insurance, which is run by ICIEC, will be available to Turkish exporters, contractors and investors through Turk Eximbank. The agreement will pave the way to collaboration in the countries of operations and, at the same time, there will be a sharing of experience and knowledge.”