From Global Trade Review (GTR) | By Sanne Wass
From Global Trade Review (GTR) | By Sanne Wass
From Global Trade Review (GTR) | By Sanne Wass
From Global Trade Review (GTR) | By Shannon Manders
From Global Trade Review (GTR) | By Shannon Manders
From Global Trade Review (GTR) | By Shannon Manders
From Global Trade Review (GTR) | By Finbarr Bermingham
From Global Trade Review (GTR) | By Sanne Wass
From Global Trade Review (GTR) | By Shannon Manders
From Global Trade Review (GTR) | By Shannon Manders
From Global Trade Review (GTR) | By Finbarr Bermingham
From Global Trade Review (GTR) | By Shannon Manders
From Global Trade Review (GTR) | By Finbarr Bermingham
From Global Trade Review (GTR) | By Shannon Manders
From Global Trade Review (GTR) | By Shannon Manders
Barclays’ global head of trade and working capital Baihas Baghdadi has left the bank. Sources tell GTR that he will be replaced by Deutsche Bank’s James Binns, who currently holds the position of global head of cross product solutions, cash management. It is understood that he will join Barclays in September.
The reason behind Baghdadi’s departure, and his next move, remain unknown to GTR. He had been with Barclays for 10 years and was appointed trade head in 2015.
Binns has been with Deutsche Bank since 2014 and previously worked at HSBC in a variety of trade roles across a number of locations.
The post Barclays gets new trade head after Baghdadi departure appeared first on Global Trade Review (GTR).
From Global Trade Review (GTR) | By Shannon Manders
Chris Bozek has joined Santander Bank North America as managing director, head of working capital solutions, based in Boston.
Bozek previously worked at Bank of America Merrill Lynch, where he had been since 2004, most recently as global head of trade product and North America trade head.
Earlier in his career he held positions within finance, global product and general management, sales and international business development with Fortune 100 companies and startup firms.
At Santander, Bozek leads a team that is focused on delivering globally integrated card, FX, trade and supply chain solutions that enable businesses of all sizes to streamline and digitise payment processing, manage currency and counterparty risk, and optimise working capital.
“Chris brings to Santander more than 25 years of invaluable experience in working capital solutions, global trade and supply chain finance, procure-to-pay, complex payments and card-based solutions,” says Ken Deveaux, Santander North America’s head of transaction banking. “He is a leader in our industry and we’re pleased to have him on board as we continue to expand our portfolio of core electronic banking capabilities.”
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From Global Trade Review (GTR) | By Shannon Manders
Norwegian bank DNB continues to expand its London-based trade team with the appointment of Sven Rynhoud as vice-president of trade and export solutions.
He joined the bank last week from ANZ, where he had been for the last 12 years, most recently as director of oil and gas for Europe transaction banking.
Rynhoud reports to Peter Sargent, first vice-president and head of trade Central Europe, Middle East and Africa (Cemea), who joined DNB in November last year and in turn reports to global head, Jan Martin Holst. Also from ANZ, Sargent served as the bank’s head of transaction banking, Europe from 2007 to 2016. He previously held positions at ABN Amro, Citi and Lloyds Bank, and co-founded an advisory business, International Trade Initiatives, in 2016.
Tasked with setting up and running DNB’s trade organisation in Cemea, Sargent has brought in Rynhoud on the trade side of the business.
Another new hire, Chantelle Stevens, will join in August to handle cash management. Further hires will be made later in the year.
“There’s a big opportunity here. If we can get this business started in a correct manner, this team can expand on a considered but regular basis,” Sargent tells GTR. The bank will eventually be looking to roll out new trade products, “especially around the working capital product area, ultimately using digital delivery”, he says.
The new team has in part been driven by DNB’s desire to look beyond its traditional industry focus and the associated supply chains.
“The bank is focused by industry: Norway is a world leader in shipping, oil and gas and seafood, and those three industries are vital to the way we do our business. But supply chains around those industries are increasingly important,” says Sargent. He adds that the bank also wants to expand selectively into the financing of manufacturing, services and packaging – all of which are tied in some way to Nordic countries.
“There is a strong desire to develop this product set in the bank to add to existing borrowing facilities already extended to large corporates,” Rynhoud tells GTR. This will include onboarding new customers.
Rynhoud’s initial focus will be on rolling out more extensive trade propositions, such as supply chain programmes, for large non-Norwegian oil and gas corporations and services companies.
“I see a combination of receivables and payables opportunities,” Rynhoud explains. “The low-hanging fruit for me initially will be receivables financing – short-dated crude and petro invoice discounting between customers of the bank and other major counterparties.” He adds that DNB will also be looking to tap into and provide liquidity to its partner banks’ programmes.
The post DNB grows London trade team with second ANZ hire appeared first on Global Trade Review (GTR).
From Global Trade Review (GTR) | By Sanne Wass
Gallagher has expanded its Manchester-based trade credit and surety team with two new hires, who will help the firm build out its footprint in the north of England.
Colin Cunningham and Rachel Smailes both join from Marsh, a rival brokerage firm.
Cunningham (pictured) becomes Gallagher’s national sales leader for trade credit and surety, a UK-wide role. He brings 28 years of experience, having spent the past 17 at Marsh, where he most recently held a similar position. At Gallagher, he will support the wider national teams and look to maximise opportunities arising from customers across the firm’s network of regional branches.
Smailes has joined as account executive, bringing 27 years of experience in trade credit. She joined Marsh in 1998 and was most recently client advisor leader. In her new role, she will take responsibility for managing and building client portfolios and support the business development agenda for the north.
Gallagher writes in a statement that the decision to scale up the practice in Manchester “comes on the back of strong 20% organic revenue growth across the UK niche” and “a growing proportion of both clients and new business opportunities arising in the north”.
Commenting on the two hires, Tim Fisher, UK managing director of trade credit and surety, says: “Colin’s proven track record in sales planning, delivery and leadership will ensure not only our trade credit and surety team members, but also our wider Gallagher colleagues, are fully supported in helping clients manage their evolving risk exposures. Rachel is another great addition to our growing team bringing huge experience, market insight and customer service skills as we look to build out our footprint across the north.”
The post Gallagher recruits Marsh duo to bolster UK trade credit team appeared first on Global Trade Review (GTR).
From Global Trade Review (GTR) | By Shannon Manders
Global specialty underwriter Ascot has created a new trade credit insurance division in the US, marking its first move into whole turnover credit business.
It has recruited Doug Collins as executive vice-president and head of trade credit, and Anthony Barrett as senior vice-president of trade credit, both of whom will be based in New York.
Collins, who will lead all aspects of Ascot’s US trade credit business, has been in the industry for over 23 years, having spent the last 14 years with Atradius – most recently serving as head of risk services for the Americas. Before that he held senior trade credit roles at AIG in North America and Asia, and started his trade credit career with Trade Indemnity Canada.
Barrett is a 33-year veteran of the trade credit insurance industry, most recently working at EvenFlow Consulting. He previously spent four years as senior vice-president and head of multi-buyer trade credit at Zurich North America, and before that he worked 10 years in senior roles at Atradius.
The new team adds to Ascot’s credit insurance capacity: its established London-based political risks team writes single situation credit business in Lloyd’s Syndicate 1414.
The New York team will write admitted insurance, whereas the London-based team can only write excess and surplus lines.
“We are delighted to have Doug and Anthony join our team,” says Greg Wolyniec, Ascot’s head of group strategy. “They bring decades of experience and client service to our business and will provide a market leading technology-enabled underwriting and servicing platform to our trade credit brokers and clients.”
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From Global Trade Review (GTR) | By Finbarr Bermingham
Trade finance marketplace LiquidX has opened a Singapore office, as well as expanded its presence in New York.
Rohit Goyal has been named managing director in Singapore, after joining from trade finance fund EFA Group in April. Goyal was the deputy head of the SME finance fund at EFA Group, which is among Asia’s most prominent players in that space.
He has previously worked across the fintech, private equity and asset management sectors in Singapore.
LiquidX is one of a clutter of relatively new platforms making waves in the invoice financing and account receivables space. The company is now operational in 25 jurisdictions and has expanded beyond US dollar transactions, having denominated its first trade in pound sterling earlier this year.
It handled US$1.8bn in transactions in the second-quarter of this year, a 64% increase on the previous year. Since its inception in January 2016, it has processed US$13bn in trade volume.
In New York, the company has also established a new desk focusing exclusively on Latin American transactions, catering for demand there.
“We’re rapidly ramping up to better serve our clients, no matter where they are located. It is a tremendous opportunity for us but we are also excited to be able to provide the global infrastructure our clients demand,” says global head of sales, Glenn Kocher.
Goyal adds: “We’re seeing strong interest in our marketplace in Asia, and we’re very pleased to be open for business here in Singapore.”
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