Deutsche Bank has appointed Sandra Hack as global head of structured commodity trade finance.

She replaces John MacNamara, who set up the desk in 1999.

MacNamara becomes the bank’s vice-chairman of trade finance commodities, a newly-created role. He will be responsible for the commodities strategy of trade finance and lending as well as key relationships on the client and investor side of the business. He will continue to lead the commodity trade finance business and will remain based in London.

Hack, meanwhile, will take charge of Deutsche Bank’s structured commodity trade finance business, which provides financing for commodity corporates, including producers, traders and processors, structured around their trade flows and physical collateral. It also focuses on larger, syndicated transactions. She continues to be based in Berlin.

Hack has been with Deutsche Bank since 1993 and has held senior roles in corporate and investment banking, relationship management and credit risk management in Asia, the UK and Germany. Since 2011, she has been heading the bank’s credit risk management workout and recovery management business for Emea, playing a vital role in derisking critical client relationships.

In a statement, Hack refers to herself as a “structured commodity trade finance fan”, saying: “There’s a cycle in commodities which, at the bottom, can put stress on some commodity companies even before extraneous factors like political risk come into play. Over the last years I have seen how structured commodity finance solutions can work successfully under these stressed scenarios. I’m very excited to be entrusted with leading this experienced global team into its next growth phase.”

MacNamara adds that Hack is “a natural fit for this business”.

“Over the years I’ve seen Sandra in very successful action in both emerging and developed markets in what were some very challenging situations, working with some of our most important clients. She’s also a great professional when it comes to achieving consensus between banks and clients in this syndicated end of this market.”

Hack and MacNamara will both report to Daniel Schmand, Deutsche Bank’s global head of trade finance.