Export Trading Group (ETG) has appointed Anish Jain as chief executive of two business units, Pesa Capital and Nuforth, as it seeks to increase provision of trade finance to SMEs unable to access facilities from traditional lenders.
Jain had been involved in managing the two businesses since their launch last year, but now steps down from his role as chief treasury officer after an eight-year stint to take on full responsibility.
He is succeeded in his treasury position by Paul Van Spaendonk, who joined the company as deputy chief treasury officer in January 2022 and has previously held senior roles at ExxonMobil and Cofco International.
Pesa Capital focuses on providing bespoke trade finance solutions across a broad range of industries and geographies, and has carried out transactions in Africa, the Middle East and Asia. Nuforth is active in distribution and marketing, helping brands expand into target markets across more than 100 countries.
Jain tells GTR the group is seeking to “fill that gap that has been created by banks retreating from the market, particularly from SMEs, which have not been able to access the capital they need”.
“If you look at the past 18 months, in Singapore for example, many of the banks have stopped their trade finance activities or reduced their exposures in the commodity space,” he says.
“For SMEs in particular, that has completely dried up. That’s the space we’re coming into, adding value to our clients by structuring trade finance solutions in a bespoke way.”
The new roles have been effective as of April 1.