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Bank Fraud Fallout in India Spreads to Market for Trade Finance [Bloomberg Business News]

CITIGROUP (C)  More Company Research Source: Bloomberg Business News
Last citigroup earnings: 7/13 07:59 am Check Earnings Report
US:NYSE Investor Relations: citigroup.com/citi/investor/pres.htm
PDF The fallout from India’s biggest banking fraud is spreading to the market for trade financing, as foreign lenders become more reluctant to accept the guarantees from their local counterparts that underpin the loans. Citigroup Inc., Deutsche Bank AG, Standard Chartered Plc and HSBC Holdings Plc are among banks reducing exposure to these transactions, used by smaller companies to access short-term dollar funding, said people with knowledge of the matter. As questions are raised about the creditworthiness of guarantees from Indian state-run banks, rates have risen by as much as 0.5 percentage point for some types of financing, the people said, asking not to be identified as the details are private. Foreign banks’ reaction to the $2 billion fraud disclosed by Punjab National Bank two weeks ago, which allegedly involved fake letters of guarantee, is having an impact on financial markets. Signs that trade credit is getting tougher for smaller firms have hurt the rupee, whi [Read more]

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