Citi reorganises trade and export units

Citi has reorganised its global trade and export finance business, making the decision to incorporate its export agency finance division into its global transaction services (GTS) unit.

Following this change, John Ahearn, previously head of trade services and financial institutions, has now become the global head of supply chain finance, export and trade finance.

Within the GTS unit, there is a sub-division called the Treasury and trade solutions unit (TTS). It is within this business area that the various arms of the global export and agency finance business are being absorbed.

London-based Patrick Brockie, managing director, export and agency finance, EMEA, and Valentino Gallo, managing director and Americas head, export and agency finance, in New York, will now both directly report to Ahearn.

Commenting on the changes, Ahearn remarks: "In our export and agency finance business we had great success in the big-ticket and project finance-type transactions, and in the TTS division we did a good job with financing the short-term trade transactions. By combining the two units, we now hope to fill the middle ground between two business areas, as well continue to strongly support the growth of Citi's export and agency finance activities. We are in the integration period right now, but once that is completed we will be looking to recruit more staff.”

Eli Hassine, former global head of export and agency finance at Citi, left his role at the end of March to join SMBC's specialised finance department and develop the bank’s export finance business in the Americas (Click here to read previous coverage on Hassine’s move in GTR eNews April 9, 2007)