SINGAPORE - 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.
De Rosny declined to comment when contacted by Reuters, citing a confidentiality agreement. Siow could not be reached for comment. A SocGen source in France acknowledged that as the firm cut back on commodities trading it was also becoming more selective about counterparties in commodities trade finance.
"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.