SocGen's heads of Asia trade finance depart after Singapore bunker fuel losses

"Societe Generale remains committed to trade commodities finance at the global level and in Asia," the bank said in an email to Reuters.

The bank's reshuffle had sparked concern it could scale back, or even wind down, its financing services to Singapore's shipping fuel sector, five trade sources said. "Banks are certainly a lot more vigilant in the marine fuels sector at this time, and are asking themselves more questions as to the support they should be providing in light of a number of hits different banks have taken," said a risk management executive at a Singapore oil trader.

Of IPP's more than US$168.5 million in outstanding liabilities, more than US$96 million was in trade financing from SocGen, court documents reviewed by Reuters showed. The bank did not confirm the losses.

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SocGen heads of Asia trade finance depart after Singapore bunker fuel lossesSINGAPORE (REUTERS) - Societe Generale's regional heads of trade and commodities finance for the 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.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »