SINGAPORE/PARIS - Societe Generale’s regional heads of trade and commodities finance for Asia Pacific have left the Paris-based bank, raising concerns among Singapore-based shipping fuel traders that it may wind back financing services to the sector.
Societe Generale, or SocGen, confirmed on Thursday that Damien de Rosny and Timothy Siow had left the bank, without providing further details. “Societe Generale remains committed to trade commodities finance at the global level and in Asia,” the bank said in an email to Reuters. Commodities trading relies heavily on credit lines provided by banks and Societe General has been a significant player in the sector, said the sources, who declined to be identified, citing company policy.
Of IPP’s more than $168.5 million in outstanding liabilities, more than $96 million was in trade financing from SocGen, court documents reviewed by Reuters showed. The bank did not confirm the losses.