The International Factors Group (IFG) has announced the election of two new board members.
Global head of receivables finance at HSBC, Steve Box, and executive vice-president at Afreximbank (Afrexim), Benedict Oramah, join the eight-member board, responsible for the strategy and management of IFG: the trade body for the factoring, invoice financing and asset-based lending industry.
“Box represents one of the most important global players in the commercial finance industry and Oramah will be instrumental in IFG for the successful development of factoring in the Africa region,” secretary general of IFG, Erik Timmermans, tells GTR. “Both our new members bring great value and experience in different areas.”
Box has over 30 years’ experience in commercial finance and is currently responsible for HSBC’s trade businesses in 19 countries, and its receivables businesses in 10 countries. In 2010, he was chairman of the UK’s Asset Based Finance Association and currently represents HSBC on the government select committee on SME exports.
Oramah oversees Afrexim’s research, strategic planning and co-operation departments, as well as its business development, syndications and investment banking operations.
Commenting on the significance of his appointment for “the increasingly important” African market, Oramah said in a statement that it “continues the pattern of increasing prominence for factoring in African continent”.