BankBoston Granted 'Super Delegated Authority' by Ex-Im Bank.BOSTON--(BUSINESS WIRE)--Aug. 24, 1999-- BankBoston today announced that it has been awarded "Super Delegated Authority Delegated authority is an authority obtained from another that has authority since the authority does not naturally exist. Typically this is used in a government context where an organization that is created by a legitimate government, such as a Board, City, Town or other " by the Export-Import Bank of the United States Export-Import Bank of the United States (Ex-Im Bank) One of the principal U.S. government agencies in international finance. Originally incorporated as the Export-Import Bank of Washington in 1934, its goal is to help finance U.S. (Ex-Im). This award allows BankBoston to provide Ex-Im Bank See Export-import Bank. guaranteed loans under its Working Capital Guarantee Program of up to $10 million per borrower and an aggregate total of up to $150 million, without Ex-Im's prior approval. "Our existing delegated authority enables BankBoston to provide a quicker turnaround for transactions under the program," said Jeremy Shaw, director of Global Trade Products at BankBoston. "This new designation -- with its increased limit -- helps us to expand our support of the working capital needs of our exporting clients." Ex-Im Bank is a federal agency responsible for encouraging the expansion of U.S. exports through a series of export financing programs. Its Working Capital Guarantee Program, administered through BankBoston's Global Trade Division, encourages commercial banks to provide financing to small- and medium-sized companies that export. BankBoston (NYSE NYSE See: New York Stock Exchange : BKB BKB Basler Kantonalbank (Switzerland) BKB Black King Bar (gaming weapon) BKB BV Kwaliteitsverklaringen Bouw (Dutch) BKB BankBoston Corporation ), with assets of $75.7 billion and some 25,000 employees, is the nation's oldest commercial bank. BankBoston is engaged in consumer and business banking in New England; delivering sophisticated financial solutions to corporations and governments nationally and internationally; and full-service banking in leading Latin American markets. The Corporation's common stock is listed on the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and Boston stock exchanges. |
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