The evolution of Bissma Pacific from a humble trader of textiles established in Egypt in 1883 to a thriving international importer/exporter of oil seeds and pulses is the stuff of dreams.

The family-owned company exports products from Canada, China, the United Kingdom, Australia, East Africa, Argentina, Chile and Turkey to more than 50 countries, managed at offices throughout the world.

In 1995, Bissma Pacific moved its head office to Canada where it manages its global operations, and sources and exports Canadian agricultural products with particular emphasis on pulses. Pulses are crops harvested solely for dry grain such as seeds, beans and peas.

"Today, we export Canadian pulses to South and Central America, Europe, North Africa, the Middle East, as well as China, India and Pakistan," says Magdi Bissada, President of Bissma Pacific. "We are very happy to be in Canada, now the world's largest exporter of pulses, which represents a tremendous potential for growth."

	Magdi Bissada, President and Debbie Walbourne, Execution & Logistics at Bissma Pacific

With expansion plans to capitalize on increasing demand, Bissma Pacific was convinced to make a switch when contacted by Carmen Lau, Client Relationship Manager, Scotiabank Commercial Banking.

Bissada wanted a Canadian bank with an international presence while retaining a long-term relationship with a Geneva-based financial institution. As well, with China representing a very large part of Bissma Pacific's trade activity, they wanted a banking partner to help them with their expanding trade needs in this country.

"Our first transaction with China dates back to the sixties when we exported Ethiopian sesame seeds to the Chinese market," explains Bissada. "Today we continue to export agricultural commodities to China as well as export Chinese agricultural commodities around the world, while our offices in China monitor crop production, logistics, local prices and quality.

With an extensive network of branches and offices in more than 50 countries, Scotiabank was well represented in the markets where Bissma Pacific operates like China and Egypt and was able to leverage its correspondent banking network for broader coverage. This extensive network layered with dedicated relationship managers and local representatives helped Bissma Pacific make their decision to partner with Scotiabank.

The Commercial Banking group brought together Scotiabank trade experts and product specialists to provide a customized solution for increased financing and facilitating letters of credit (LC).

"Scotiabank was able to increase their credit line based on regular and seasonal peaks to match buying and selling cycles," says Prakash Jeevaratnam, Senior Manager, Trade Finance Sales. As part of financing arrangements, Scotiabank finances Export Development Canada (EDC) insured receivables plus a portion of Bissma's inventory and non-insured foreign receivables.

"A typical transaction for Bissma Pacific would involve issuing an import LC to an exporter for shipment of goods, who would then forward documents to Scotiabank for payment once the shipment takes place," explains Jeevaratnam. "Bissma Pacific would create a receivable against the buyer, which would be covered under EDC insurance, allowing Bissma to borrow from Scotiabank to pay for the initial import LC."

Bissma Pacific is also using Scotiabank's TRADEXPRESS elite™ service to take its trade activity online. Bissada can now easily prepare and submit LCs online, reducing the time required to prepare trade documents from almost a week to less than 24 hours. The company's former bank issued letters of credit via fax or courier and required signed documents.

Scotiabank's foreign exchange team has also effectively anticipated Bissma Pacific's currency needs. For instance, when hedging activities intensified causing the company to come close to its limit, the team arranged for an increase. And, when market share in China recently grew substantially in one of its key commodities, its limit for operating lines of credit was increased to accommodate growth.

With ScotiaFX™, Bissma Pacific is accessing foreign exchange trading online. "Typically, Bissada books spot and open-windowed forward contracts so they have flexibility in their settlement and can pay for the entire foreign exchange requirements online," says Patricia Doyle, Director, National FX Desk - Scotia FX.

"The timeliness of both services is the most important feature," says Bissada, who accesses TRADEXPRESS elite and ScotiaFX on his laptop with an exported digital certificate while he travels. He closely monitors Bissma Pacific's position, with real-time visibility to available credit and exposure, as well as market rates in foreign currencies.

Bissma Pacific also looked to Scotiabank's Global Transaction Banking group to help automate its treasury processes. With ScotiaConnect™ electronic banking, the company has online access to account information to monitor its cash position and link to payment services such as Government Tax Payment and Filing to pay and file business taxes. To help manage business purchases and travel and entertainment expenses, Scotiabank recommended the Scotiabank VISA* Business Card. Now Bissma Pacific is able to consolidate their business spending into one convenient program with access to online reporting and reconciliation.

Bissada is very impressed with Scotiabank's work ethic, relationship skills and teamwork. "The approach is absolutely amazing in a large organization like Scotiabank," says Bissada. "They continue to exceed our expectations — I have never experienced such a quick and positive response to our financial needs."

A deeply-rooted, rich heritage combined with a proactive, automated financial institution means that Bissma Pacific is very well-positioned for continued growth on a truly international scale.