Trade finance advisory house China Trade Solutions has opened a subsidiary based in Mumbai, India. Somnath Roy is the chief executive of Trade Solutions India Pvt Ltd.
Roy brings a wealth of experience and contacts in the Indian market, based on 30 years of work there with ICICI Bank, ICICI Asset Management and Lazard India Ltd. Most recently he was chief representative for India and head of specialized finance (Asia) for WestLB AG (2001-03), and managing director of Global Trade Finance Ltd, a forfaiting/factoring joint venture between WestLB, India Eximbank and the IFC.
The goal of Trade Solutions India Pvt Ltd is to advise on and promote trade finance activities such as forfaiting, factoring, import finance and trade facilities with local banks and corporates within the Indian subcontinent including Sri Lanka, and the placement of such transactions within our worldwide network of partners, claims Roy.
The parent company, China Trade Solutions Ltd, is registered in Hong Kong, with a representative office in Shanghai. Since starting business in July 2003, it has placed and advised on more than US$250mn in trade finance transactions. It is headed by Holger Kebernik.