LONDON, Dec 1 (Reuters) - Dutch financial institution ING INGA.AS has reorganised its commerce fina
LONDON, Dec 1 (Reuters) – Dutch financial institution ING INGA.AS has reorganised its commerce finance divisions and appointed Maarten Koning as its new world lead of commerce and commodity finance, the financial institution mentioned on Tuesday.
The financial institution is bringing its structured commodity finance (SCF) items in Geneva and Asia into the commerce and commodity finance (TCF) division.
Koning will run the newly mixed division out of Geneva. He joined ING in 2001 and was world head of SCF till the brand new appointment. Koning succeeds Anthony van Vliet, who not too long ago took on the position of head of Know Your Buyer (KYC) for ING Wholesale Banking.
ING is among the lead banks in financing the commerce of oil, metals and agricultural merchandise. The commodity buying and selling world was shaken this yr after a collection of main commerce home defaults, largely in Asia, that prompted inside opinions at many prime banks.
Dutch lender ABN Amro ABNd.AS, a large in commodity commerce finance, shocked the market in August when it introduced its withdrawal from the realm. BNP Paribas that had already downsized its presence mentioned in September it was closing its Swiss commodity commerce finace enterprise.
(Reporting by Julia Payne, enhancing by Louise Heavens)
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