Clifford Chance

Clifford Chance advises ING Wholesale Banking on a milestone financing for BEXIMCO backed by Euler Hermes AG

International law firm Clifford Chance has advised ING Bank, a branch of ING-DiBa AG (ING Wholesale Banking) as lender and agent on a milestone Euler Hermes-backed financing for Bangladesh Export Import Company Limited ("BEXIMCO"). Established in the early 1970s, BEXIMCO is Bangladesh's largest conglomerate exporting a wide array of manufactures goods to more than 55 countries worldwide and operates one of the largest integrated textile production businesses in Asia.

The financing will be used by BEXIMCO for the acquisition of state-of-the-art German and other textile equipment critical to the growth and modernisation of BEXIMCO's vertically integrated textile manufacturing facility. This will enable BEXIMCO to further strengthen its commitment to clean production practices by incorporating renewable energy and sustainable raw materials into its processes.

The Clifford Chance team comprised partner Riko Vanezis, counsel Sergei Kabanov and associates Jan Adriaan Botha (all Frankfurt) and Lucy Garratt (Munich) advising on English law. German law and Hermes-specific advice was provided by counsel Andreas Ruthemeyer (Frankfurt, all Finance).

Clifford Chance has a long-standing relationship with ING Bank, a branch of ING-DiBa AG and regularly advises it on ECA backed financings around the globe, including with Euler Hermes AG and SACE S.p.A.