NEW YORK, March 29, 2017 /PRNewswire/ -- ING, the Bank
of Tokyo-Mitsubishi UFJ, Ltd. and Sumitomo Mitsui Banking
Corporation closed $115 million in
5-year pre-export financing to Vicentin S.A.I.C., one of
Argentina's largest agriculture exporters. ING Bank N.V., ING's
Tokyo branch, was the sole
coordinator, working in close coordination with ING's Argentina
office and ING Capital LLC, who led the syndication of the loan
from New York City.
The Bank of Tokyo-Mitsubishi UFJ, Ltd. and Sumitomo Mitsui
Banking Corporation were mandated lead arrangers in the
transaction.
The facility contributes to Japan's food security by enabling Vicentin
S.A.I.C. to commit to export at least 40,000 tons of grains and
oilseeds to Japan on an annual
basis over a 5-year period. Loan insurance was provided by Nippon
Export and Investment Insurance (NEXI), Japan's official export credit agency.
"Partnering with ING provides us the opportunity to strengthen
our commercial relationships with Japanese importers and ensures we
can scale our operations to meet Japan's food import mandate over the next 5
years," said Roberto Gazze, CFO at
Vicentin S.A.I.C. "Working through both ING's local Argentina
office, with whom we maintain a long-lasting relationship and who
counts with a deep knowledge of the Argentine agri-sector and its
Tokyo branch, that contributed
with its thorough understanding of NEXI's requirements and
processes, streamlined the entire process and provided a high level
of comfortability."
"Having the opportunity to connect our clients from around the
world is what drives us, and we are happy to help strengthen the
ties between these two countries and organizations," said
Marnix van Iterson, country manager
at ING Argentina. "We are particularly grateful for the support
from NEXI, which has been instrumental in pushing forward the
Japanese government's commitment to diversifying its international
food supply."
This continues Japan's
"Strategy for Exporting Infrastructure Systems," that states the
Japanese government, in collaboration with the private sector, will
increase the purchase of grains and oilseeds from South America. NEXI's support for the Vicentin
S.A.I.C. deal is an example of how this strategy is put into
practice, and follows recent deals with ING and Compañía
Argentina de Granos S.A. (CAGSA) and
Asociación de Cooperativas Argentinas C.L. (ACA).
Press enquiries
Elaine Clark
+1646-424-7021
elaine.clark@ing.com
About ING Bank N.V.
ING Bank N.V., is part of ING
Group N.V. ("ING") a global financial institution with a strong
European base, offering banking services through its operating
company ING Bank. The purpose of ING Bank is empowering people to
stay a step ahead in life and in business. ING Bank's 52,000
employees offer retail and wholesale banking services to customers
in over 40 countries.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/ing-closes-115-million-in-financing-to-argentinian-based-vicentin-saic-to-meet-japanese-food-demand-300430908.html
SOURCE ING