Mercantil Increases Its Financing Capacity for Exporters.CARACAS, Venezuela--(BUSINESS WIRE)--Oct. 26, 1998--Mercantil Servicios Financieros, C.A. ("MERCANTIL") (Caracas Stock Exchange Caracas Stock Exchange Originally established in 1947 and merged with a competitor in 1974 to become the only securities exchange of Venezuela. : MVZ MVZ Museum of Vertebrate Zoology (University of California, Berkeley) MVZ Main Vertical Zone MVZ Medico Veterinario Zoothanista (Mexico veterinary medicine degree) ) (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : MSVFY) announced today that on Monday, October 19th, it signed a contract with Fondo Latinoamericano de Reservas (FLAR FLAR Forward Looking Airborne Radar FLAR Fault Location And Repair FLAR Flugabwehr-Rakete (German: Anti-Aircraft Missile) ) ("Latin-American Reserve Fund"). The contract was for a credit line of US$10 million dollars in order to finance exports of goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. (before and after shipments) from Venezuela to any country in the world. The contract, signed by Dr. Roberto Guarnieri, Executive President of FLAR and Dr. Gustavo Marturet, Executive President of Mercantil, set up the conditions that regulate the utilization of the credit line by the Bank. Exporters may obtain a credit line from Banco Mercantil to finance the production and sale of goods and services destined des·tine tr.v. des·tined, des·tin·ing, des·tines 1. To determine beforehand; preordain: a foolish scheme destined to fail; a film destined to become a classic. 2. for export. The contract between Banco Mercantil and FLAR provides the exporter a term of 180 days to use the credit line for the purchase of instruments originating from exports. Dr. Gustavo Marturet stated, "With this contract and credit line, Banco Mercantil significantly increases its possibilities in various market segments. This will serve in promoting business, supporting plans for its customers' expansion and offering financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. for foreign commerce, especially for its active participation in integration processes through its international network of agencies, branches, representative offices, subsidiary banks and affiliates." -- Mercantil Servicios Financieros' (Mercantil Financial Services), most important financial operations include those operations carried out by Banco Mercantil (Banco Universal) in Venezuela as well as through its agencies in Miami, 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 , the branch in Curacao, the Representative Offices in Bogota, Lima, London, Mexico City, Manaos and Sao Paulo, Zurich and in Colombia, by its subsidiary, "Banco Mercantil de Colombia". -- Furthermore, Mercantil, as a holding company, offers brokerage services and investment banking, provided by Merinvest as well as businesses in the insurance sector, provided by Seguros Mercantil. -- The magazine, America Economia, in its March, 1998 issue, classifies Banco Mercantil as the only Venezuelan bank among the 25 best of Latin America, occupying eighth (8th) place. -- The magazine Euromoney, in its July 1998 issue, awarded Mercantil Servicios Financieros, a holding company, owner of 98.2% of Banco Mercantil's stock, recognition as the best Venezuelan bank. |
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