- HSBC Bank Argentina S.A.

HSBC Bank Argentina S.A. (HSBC or the bank) is a fully owned subsidiary of HSBC Holdings plc. Headquartered in London, HSBC Holdings is one of the largest banking and financial services organizations in the world. The HSBC Group comprises over 9500 offices in 80 countries and territories around the world. HSBC Bank Argentina’s interest in general banking include: investment banking, corporate banking, cash management, leasing, personal banking and asset management.

- BBVA Banco Frances.

BBVA Banco Frances S.A., ( BBVA or the bank) formerly known as Banco Frances S.A., a subsidiary of Spain''s Banco Bilbao Vizcaya Argentaria S.A., operates a banking network of 303 branches throughout Argentina, excluding those of its subsidiaries. The bank provides a full range of financial services to large corporations, middle-market businesses and individual consumers. The Corporate Banking Division specializes in business with large international and domestic companies or companies that belong to an international group. This division has three branches dedicated to serve groups of companies from Europe, the United States and the rest of the world and companies in Argentina. The Middle Market Division handles the relationship with small and medium-sized companies, and has a network in Argentina specialized in serving the small and medium-sized company segment. The Retail Banking Division is in charge of commercial relations with individuals, shops and small companies.

- Banco Rio de la Plata.

Banco Rio de la Plata, (BRLP or the bank) is the second largest private bank in Argentina and member of Banco Santander Central Hispano (BSCH) Group, operates through a network of 250 branches offering commercial and investment banking services to nearly one million customers. Its services include saving and checking accounts, certificates of deposit, insurance, asset management, and credit card services. The bank also provides auto, agricultural, and mortgage loans.

- Providing new sources of funding to exporters, thereby allowing them to capitalize on their improved underlying international competitiveness as a result of currency depreciation.

- Promoting development of Argentina’s capital markets by increasing the supply of a new asset class (i.e., securitized trade finance receivables) that may prove to be an attractive investment opportunity for domestic institutional investors (principally pension funds), who have ample and growing liquidity; and

- Encouraging further development of a relatively low credit risk asset class (i.e., trade finance receivables securitized via a well-designed transactional structure and incorporating offshore payment mechanisms), which may be attractive to international investors, thereby enticing them to gradually return to Argentina in the medium term.

IFC’s role in this transaction is four-fold:

- Supporting an initiative to bring much needed new trade finance funding to Argentine exporters;

- Collaborating with a major domestic financial intermediary to mobilize funding from pension funds system for the country’s export sector;

- Helping to expand use of a new financing structure to smaller and less sophisticated exporters; and

- Demonstrating that an innovative structure which mitigates cross-border risk is viable.