BTMU adds to Singapore team
(27 January 2016 – Singapore) Following a gain in transaction banking market share across Asia, Bank of Tokyo-Mitsubishi UFJ (BTMU) has expanded its team in Singapore.
Japan's largest lender announced that it has added four new hires to its Asia and Oceania banking transaction team based in Singapore, boosting it to around 70 staff.
"This is part of the bank's strategic intent to further expand its transaction banking business in this region," the bank said.
The four hires include Azim S Walli, who will head the trade and supply chain finance products; Meetu Singh, head of global corporate sales; Sudhamsh Cheekoty, senior vice-president who reports to Mr Walli; and Paul van Sint Fiet, also senior vice-president reporting to Ms Singh.
"We have made great inroads in building our business, especially over the last two years, in which we rolled out many new product solutions and delivery channels," said Ken Stratton, BTMU regional head of transaction banking sales, transaction banking office for Asia & Oceania.
"We are gaining market share, and I believe with the expertise of Azim, Meetu, Sudhamsh and Paul - who, combined, have close to 75 years of experience in transaction banking across the globe - we will be in a position to leapfrog our competitors to become the preferred transaction banking partner for both Japanese and global corporates by 2020," said Stratton.
"Over the last three years or so, we have seen some of the large global banks pull back on traditional and trade lending as they encounter challenges in their home markets, especially in the US and Europe," he said.
"A number of major trade finance banks have also trimmed their trade loan books as commodity companies go through challenges resulting from price reductions in their core commodities, significantly reduced margins and market volatility (currencies and interest rates). In addition, reduced shipments to China have seen margin compression in areas such as country and bank risk pricing."
He added "We have taken this as an opportunity to press home with our increased trade capabilities developed over the last three years or so, and used the 'pull back' as an expansion opportunity.
"We have always provided significant lending support to our clients, in good times and bad. Now is the time to show our further commitment to our client base, through the provision of our new transaction banking product capabilities across our global network, and it is paying off."
According to the statement, the bank's trade finance revenues have increased by close to 60 per cent annually over the past two years. Additionally, BTMU said its transaction banking unit’s gross profit has also increased by more than 10 percent compound annual growth rate in the past three years.
East & Partners Asia provides in-depth analysis and insight in to the Asian Trade Finance Market and Institutional Transaction Banking Markets.
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