The Vinmar Group of Companies has launched a new firm designed to identify and facilitate international trade opportunities. Vinmar Finance was conceived after it was recognised that the shortage of available capital for financing cross-border trade transactions was a limiting factor in pursuing new trade opportunities, claims the company.
In announcing the appointment of Thomas Wells as the new company’s new managing director, Vinmar’s chairman, Vijay Goradia, states: “Tom’s experience of 20 years in international banking and structured trade is uniquely suited to steer this new venture.”
Wells was most recently a partner with The Structured Trade Group, a firm specialising in trade finance and credit and political risk insurance. Before that Wells supported the trade finance activities of First Interstate after more than 12 years with First City Bank where his responsibilities included managing the bank’s Singapore branch and international division.
Wells comments: “We believe the services offered by Vinmar Finance will be enthusiastically received by the global marketplace. Vinmar’s own experience has identified the need for the facilities we offer and we know others share this need. Vinmar Finance is yet another example of putting the group’s credo, “out of every necessity is born an opportunity”, into practice.”
“There are many American companies which could dramatically increase their export sales if they had help in structuring transactions and financial institutions willing to take prudent cross-border risk,” Wells adds. “Commercial banks often avoid certain types of trade finance risk and prefer to work only with established bank relationships. Vinmar Finance hopes to help bridge that gap by leveraging its expertise and capital to provide exporters with more trade finance flexibility.”
The Vinmar Group includes Vinmar, Inc, Vinmar Overseas, Ltd and Vinmar International, Ltd. Over the past 25 years it has grown to become one of the world’s leading independent chemical marketing organisations. Headquartered in Houston , the global marketing, distribution and project development organization has 24 offices in 18 countries.