GTR can exclusively reveal that Commonwealth Bank of Australia (CBA) has appointed Hanspeter Rellstab as executive director of trade asset management.

London-based Rellstab started his new role on October 1 and is responsible for trade asset management globally, including third-party risk distribution and portfolio risk management. He reports to Adnan Ghani, head of trade at CBA.

Rellstab joins from RBS, where he most recently served as managing director, head of GTS, Switzerland, and before that as global head of trade asset management. Rellstab has extensive industry experience in trade finance, transaction banking and relationship management across Europe and the United States, having held posts at Fortis, ABN Amro, Credit Suisse and Citi.

The news comes after GTR exclusively announced that Paul Sullivan, head of trade and commodity finance, RBS, Australia, had stepped down and was to join CBA on November 10.

Commenting on both appointments, Neal Livingston, head of global trade and transaction banking at CBA, says to GTR: “”We are delighted that Hanspeter and Paul are joining Commonwealth Bank of Australia. These hires are part of an ongoing programme of investment designed to support our customers’ global trade and transaction services’ needs.”

Sullivan joins CBA to take up the new role of director of structured trade finance and will be based in Sydney. His remit is to focus on building out CBA’s supply chain finance and related capabilities across Australia. Sullivan will report to Geoff Cox, head of trade sales, global trade and transaction services, CBA.

“I’m delighted to be joining the team at CBA and becoming a part of their continued growth in trade and commodity finance,” says Sullivan to GTR. “With deep client relationships, a strong Asian network and relentless focus from senior management, this business has all of the building blocks needed for long-term, sustainable success.”

Commenting on the move to appoint Sullivan, Cox informs GTR: “The ability to attract someone like Paul to the trade team at CBA is a great endorsement that the strategy we have to grow and build new product and capability across markets is the right one and I have no doubt that Paul will be an excellent asset to the business as we continue on this journey.”