Till now, it was mainly active in Europe, the Mediterranean basin and West Asia for trade finance. Now, the bank is diversifying its geographical reach to new emerging markets, including India and South America.
In line with the ongoing strategy to enhance and strengthen its trade finance services, the bank has expanded its team by hiring five senior trade finance professionals. It, however, did not disclose their names, citing a confidentiality clause.
The bank said the team would start operating in June and July. The team has a combined trade finance experience of more than 70 years in different aspects of the business, including sourcing of clients, and setting up different trade finance credit facilities. The specific product expertise of team members include soft commodities, metals and petroleum products. Specific market expertise includes Brazil/ South America, sub- Saharan African markets, West Asia and Europe. The Bank started its trade finance activity in 2009 and has been investing in developing its capacity to serve Swiss and foreign companies with trade finance services.
The rupee fell to near a one-week low on Monday hit by heavy demand for dollars from oil importers and tracking a euro that was under pressure.