Bank employee, previously at UniCredit, resumes work in Munich
In a strategic move, UniCredit has appointed Yeo Siow Chin as the new head of trade risk management, effective from March 1. Siow Chin succeeds Irene Port, who has moved back to Munich after holding the position for an undisclosed period.
Siow Chin brings more than 20 years of banking experience to her new role, having previously worked at Crédit Agricole where she was head of trade finance in Hong Kong. Prior to her time in Hong Kong, she worked in Munich for UniCredit in trade risk management, forfaiting financial institutions, and the secondary market business within the global transaction banking division.
Irene Port, who has moved back to Munich, expressed her pleasure at being succeeded by someone with considerable experience in trade finance. The exact nature of Port's previous role at UniCredit is not specified in the available information.
Meanwhile, UniCredit has been making significant strides in capital efficiency and risk management. The bank recently announced its Significant Risk Transfer (SRT) program and a substantial synthetic securitization deal with PGGM. These moves underscore UniCredit's commitment to enhancing its risk management capabilities.
Elsewhere in the trade finance sector, Trafigura has closed significant European RCF deals with a 55-bank syndicate, while Mercuria has upscaled European RCFs to US$3.5bn as part of its expansion plans. The trade finance results also show Europe's steady performance, while the Middle East and Brazil are experiencing growth.
However, Northvolt, a Swedish battery manufacturer, is facing issues as export credit agencies are on the hook due to its power plant shutting down. The exact implications of this development are yet to be fully understood.
UniCredit's previous head of trade risk management, Silja Calac, left the company last year, but further details about the reasons for her departure are not available. Interested parties seeking more specific information about the new head of trade risk management at UniCredit or their previous experience are advised to check UniCredit's official announcements or press releases for the most accurate and up-to-date information.
Siow Chin's extensive experience in trade finance, recently gained as head of trade finance in Hong Kong at Crédit Agricole, will likely contribute significantly to UniCredit's trade risk management. Given Siow Chin's previous role in UniCredit's transaction banking division, her return to Munich is expected to further strengthen UniCredit's business and finance operations within the industry.
