Oct 29, 2013
October 23rd 2013 - ABN AMRO is establishing its first commodity Structured Inventory Product ("SIP") presence in Asia, with the launch of a dedicated SIP desk in Singapore for global and regional commodities clients of the bank's Energy, Commodities & Transportation ("ECT") business.
SIP transactions will be facilitated via Icestar B.V. ("Icestar"), an ABN AMRO investment vehicle which provides ownership based financing of commodities where the bank plays an intermediary role by taking legal ownership of physical commodities for a pre-defined period, enabling clients to manage their working capital efficiently and access new sources of liquidity.
ABN AMRO has extensive experience in arranging SIP transactions via Icestar in Europe, USA and Asia, as part of its global commodity finance product offering. The new SIP desk in Singapore will enable commodities clients to access on the ground expertise in the Asia region and will be run by Chuey Peng Ng, Executive Director, Commodities Singapore and Julien Moreau-Pernet, Head of Structured Inventory Product Asia, who both report to Jacqueline Chang, Managing Director, Commodities Singapore.
The establishment of the SIP desk to finance the commodities physical trade in Singapore underscores its role as a growing regional hub for oil, metals and agri-commodities physical trading. Singapore not only serves as a regional commodity trade finance centre for South-East Asia, but also increasingly for the Middle East and North Asia.
Julien Moreau-Pernet, Head of Structured Inventory Product Asia at ABN AMRO, said: "Icestar complements our overall commodity trade finance services offering and allows us to create bespoke SIP structures for clients requiring alternative sources of funding, cash & carry, just-in-time delivery or working capital optimisation. We are one of the few banks with an in-house and integrated platform for commodities, including trade finance, SIP, brokerage and clearing facilities. We are very excited to be able to bring this expertise to Singapore, closer to our Asia-based clients."
Gijs Stroink, Global Head of Structured Inventory Product at ABN AMRO, said: "With dedicated desks in New York, Amsterdam and now Singapore, we are able to service our clients worldwide with our expertise in ownership based financing."
ABN AMRO's ECT business provides standard and structured wholesale banking services to global clients in sectors such as commodity finance, shipping, oil & gas and offshore oil services. ECT is headquartered in Amsterdam and now includes offices in Athens, Dallas, Dubai, Hong Kong, London, Moscow, New York, Oslo, Rotterdam, Sao Paulo, Shanghai and Singapore - part of the bank's overall international network spanning 24 countries and territories.
Re-disseminated by The Asian Banker