Banking News

Standard Chartered poaches Deutsche Bank veteran as its new head of global trade

(21 January 2019 - Asia) Standard Chartered has taken on a 30-year banking veteran – who has worked across Europe, the US and Asia – to head up its global trade business in Singapore.

Standard Chartered has appointed Michael Spiegel as its global head of trade, effective January 2, 2020.

Based in Singapore, he will report to Lisa Robins, SC’s global head of transaction banking. He replaces Farooq Siddiqi, who moved to Falcon Group as CEO of Southeast Asia in November last year.

Spiegel – who has worked across Europe, the US and Asia - was with Deutsche Bank for more than 32 years where he shaped the bank’s global trade finance and cash management business.

As well as senior roles in client coverage and regional management responsibilities at the executive management committee level, Spiegel was global head for trade finance and corporate cash management while at Deutsche Bank.

“We’re delighted to have Michael join us as we embark on the next phase of the evolution in our Transaction Banking business. His expertise will be key in strengthening our position as a leading transaction bank working with our clients across close to 150 markets,” Robins said of the appointment.

As one of the world’s leading trade banks, Standard Chartered is heavily focused on investing in its global trade finance business.

Recently, the bank announced a strategic investment into Linklogis, China’s leading blockchain-enabled supply chain financing platform, to enhance its joint supply chain ecosystem proposition.

It also introduced SC GPI Track, a publicly accessible portal that offers its clients the ability to trace all cross-border payments cleared through the bank’s major clearing centre.

Earlier in 2019, the Bank also announced a strategic collaboration with SAP Ariba to make its financial supply chain solutions easily accessible to businesses through Ariba Network.

“What attracted me about Standard Chartered is the strength of its network and presence across some of the world’s most dynamic trade corridors,” Spiegel said.

“Clients look to us to facilitate their cross-border commercial needs. I look forward to supporting our clients using Standard Chartered’s unique footprint and expertise,” he said.

Standard Chartered hires a global head of trade in Singapore as its transaction banking business undergoes a tech-fueled transformation.

Michael Spiegel joins in his new role reporting to Lisa Robins, global head of transaction banking at Standard Chartered. Spiegel has over 30 years of experience in Europe, the U.S. and Asia and was most recently with Deutsche Bank where he held various senior roles such as global head for trade finance and corporate cash management. Previously, he also held senior positions in client coverage and at the bank’s executive management committee.

The new hire coincides with what Robins calls the «next phase of the evolution in [Standard Chartered’s] transaction banking business» with various tech-related milestones to boast for in recent times. 

Earlier this month, the bank made a strategic investment into Linklogis, China’s leading blockchain-enabled supply chain financing platforms to expand its ecosystem of partners. In the same week, it also became the first bank to introduce a public portal for real-time tracking of cross-border payments called SCI GPI Track.