First International Bank Expands in Africa and South America and Repeats as #1 U.S. Export-Import Bank Transaction Lender

The Bank’s new African representatives are New Africa Finance Corp., based in Johannesburg, South Africa, and Sprout International, which will handle North African business from its base in Tunis, Tunisia. Combined with existing representatives in West Africa and Egypt, these new operations establish a pan-African presence for First International, putting the Bank in a strong position to support bilateral trade between the U.S. and the African continent.

Enhancing its network in the Americas, First International has formed a new representative relationship with Argencima S.A., based in Buenos Aires, Argentina, and broadened the market territory for Brazilian-based representative, NetPlan Corporate Finance Ltda., to include Bolivia, Colombia, Paraguay, Peru and Venezuela.

Though most banks avoid small international transactions, First International provides a textbook example of how to capitalize on them. In 1999, for the third consecutive year, First International transacted more loans supported by the U.S. Export-Import Bank (Ex-Im Bank) than any financial institution in the world. First International made 107 Ex-Im Bank loans primarily to industrial companies in the Americas, Asia, Africa and the Middle East, beating BankAmerica, Citicorp, and Chase Manhattan, to name a few. That’s more than double the number – just 48 – reported by the number two lender. First International holds "preferred status" under Ex-Im Bank’s delegated lending program, with an "AA" rating.

According to James A. Harmon, Ex-Im Bank’s chairman, "For Ex-Im Bank, the small business initiative is a top priority. First International has done an exceptional job supporting its growth. They have made good use of programs for both U.S. exporters and foreign importers, with tremendous benefits for industrial businesses the world over."

First International Bank’s Chairman and CEO, Brett N. Silvers, observes that "The biggest beneficiaries of our success are small and medium size business owners around the world who can expand operations, including exports and imports, with the support of our cross-border financing programs and expertise."

James G. Fortsch, head of International Banking at First International, measured the impact of the Bank’s presence in Africa and elsewhere. He recalls a notable deal in which the Bank used a combination of Ex-Im Bank guaranteed lending programs to finance a cross-border transaction between a U.S. manufacturer and its customer in Ghana. "What’s truly remarkable about this deal is that our bank leveraged its global reach and broad product line to provide virtually seamless financing solutions for both the U.S. exporter and foreign importer," said Fortsch.

First International provided pre-export working capital financing to Commodore Machine Company, based in Bloomfield, New York, which manufactures polystyrene production equipment. The Bank also approved medium-term equipment financing to a company in Accra, Ghana, Expandable Polystyrene Products Ltd. (EPPL), to purchase Commodore’s machines. With this transaction, EPPL became the first company in Ghana capable of producing Styrofoam products. All polystyrene in Ghana was previously imported.

About First International Bank and First International Bancorp, Inc.

Hartford-based First International Bank (www.upscapital.com) and First International Bancorp, Inc. specialize in providing innovative credit, trade and financial solutions to small and medium size industrial companies located in the United States and international emerging markets. The Company is the nation’s most active combined user of loan guarantee programs made available by the U.S. Small Business Administration, U.S. Department of Agriculture and U.S. Export-Import Bank. During 1999, the Company originated $551 million in loans primarily within its industrial niche, bringing the managed portfolio including loans on-balance sheet and serviced for investors to $1.076 billion.

The Company has SBA preferred lender status in 21 districts, USDA certified lender status in several states, and Export-Import Bank AA delegated authority for export working lines of credit on a national basis. The Company operates domestic representative offices in Boston, MA, Cleveland, OH, Detroit, MI, Hartford, CT, Morristown, NJ, Philadelphia, PA, Pittsburgh, PA, Providence, RI, Rochester, NY, Springfield, MA, St. Louis, MO, and Washington, DC. The Company also has international representatives in Argentina, Brazil, Central America, Egypt, India, Indonesia, Korea, Mexico, North Africa, the Philippines, Poland, South Africa, Turkey and West Africa.

CONTACT:

First International Bank:
Michele Zommer
(860) 241-4705
zommerm@firstinterbank.com