Norwegian bank DNB continues to expand its London-based trade team with the appointment of Sven Rynhoud as vice-president of trade and export solutions.
He joined the bank last week from ANZ, where he had been for the last 12 years, most recently as director of oil and gas for Europe transaction banking.
Rynhoud reports to Peter Sargent, first vice-president and head of trade Central Europe, Middle East and Africa (Cemea), who joined DNB in November last year and in turn reports to global head, Jan Martin Holst. Also from ANZ, Sargent served as the bank’s head of transaction banking, Europe from 2007 to 2016. He previously held positions at ABN Amro, Citi and Lloyds Bank, and co-founded an advisory business, International Trade Initiatives, in 2016.
Tasked with setting up and running DNB’s trade organisation in Cemea, Sargent has brought in Rynhoud on the trade side of the business.
Another new hire, Chantelle Stevens, will join in August to handle cash management. Further hires will be made later in the year.
“There’s a big opportunity here. If we can get this business started in a correct manner, this team can expand on a considered but regular basis,” Sargent tells GTR. The bank will eventually be looking to roll out new trade products, “especially around the working capital product area, ultimately using digital delivery”, he says.
The new team has in part been driven by DNB’s desire to look beyond its traditional industry focus and the associated supply chains.
“The bank is focused by industry: Norway is a world leader in shipping, oil and gas and seafood, and those three industries are vital to the way we do our business. But supply chains around those industries are increasingly important,” says Sargent. He adds that the bank also wants to expand selectively into the financing of manufacturing, services and packaging – all of which are tied in some way to Nordic countries.
“There is a strong desire to develop this product set in the bank to add to existing borrowing facilities already extended to large corporates,” Rynhoud tells GTR. This will include onboarding new customers.
Rynhoud’s initial focus will be on rolling out more extensive trade propositions, such as supply chain programmes, for large non-Norwegian oil and gas corporations and services companies.
“I see a combination of receivables and payables opportunities,” Rynhoud explains. “The low-hanging fruit for me initially will be receivables financing – short-dated crude and petro invoice discounting between customers of the bank and other major counterparties.” He adds that DNB will also be looking to tap into and provide liquidity to its partner banks’ programmes.