Despite the exits of its regional heads for Asia-Pacific, the bank said it «remains committed to trade commodities finance at the global level and in Asia.»
Paris-based Societe Generale has confirmed that Damien de Rosny and Timothy Siow, its co-heads of trade and commodities finance for Asia-Pacific, have left the bank, «Reuters» reported on Friday.
The pair's exit seems to have been prompted by losses from trade financing in the Singapore bunker fuel market, the report said. It also noted the bank's statement earlier in the year that it would undergo spending cuts at its investment banking unit by exiting some businesses.
Bunkering Concerns
Trade sources contacted by «Reuters» expressed concerns that this was a sign the bank is cutting back or closing down financing services to Singapore's fuel shipping sector, which relies heavily on credit lines provided by banks such as SocGen.
According to the bank, it is being more selective about counterparties in commodities trade finance, but remains active in natural resources financing,
Singapore, the world’s largest bunkering hub, supplied almost 50 million tonnes of marine fuels in 2018, worth over $20 billion in revenues, «Reuters» noted.
