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Hinduja Bank to expand trade finance business

BS Reporter  |  Mumbai 

Hinduja Bank, a Switzerland-based financial services arm of Hinduja Group, is diversifying reach of its trade business to emerging markets, including India.

Till now, it was mainly active in Europe, the Mediterranean basin and West Asia for trade 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 services, the bank has expanded its team by hiring five senior trade 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 experience of more than 70 years in different aspects of the business, including sourcing of clients, and setting up different trade 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 activity in 2009 and has been investing in developing its capacity to serve Swiss and foreign companies with trade services.

First Published: Sat, April 07 2012. 00:53 IST