After USD 9 billion credit hit, banks seek trade finance revamp
After a range of trade finance scandals that have caused potential losses of USD 9 billion for international banks, including the debacle surrounding oil trader Hin Leong, lenders are preparing to fight back, with a central database tracking collateral as one potential endeavor.
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By Chanyaporn Chanjaroen, Alfred Cang and Lulu Yilun Chen, Bloomberg News
When Credit Agricole SA and HSBC Holdings Plc issued a payment guarantee for a USD 76.5 million fuel purchase from a Singapore trader in March, they unwittingly became the latest victims in a series of trade finance scandals that have led to more than USD 9 billion in potential losses for global lenders.
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