Mizuho Bank has appointed four new heads under its global trade finance division in the Americas, GTR learns.
Mizuho has selected Michael Lonie and Jared Sarfaty to lead its supply chain finance and export credit agency (ECA) finance teams, respectively, in the Americas.
With the divisions coming under the aegis of the bank’s global trade finance division, Lonie and Sarfaty will be based in New York and will report to Ted Aldrich, who was appointed deputy general manager and head of global trade finance for the Americas, as of April 1, 2014.
Lonie has played an important role for the global trade finance team, since joining three years ago, helping to promote all trade products throughout North America. He had previously established an extensive career in trade finance, across all trade products and functions, both in the US and abroad.
Mizuho recruited Sarfaty from Citibank last year, where he had spent almost 10 years building up their global export and agency finance business. Prior to that, he was heavily involved in originating and executing transactions across a number of banking products in Latin America.
Aldrich says the rapid growth of the team in New York reflects a larger expansion of the business globally at Mizuho that warrants a more specialised client approach.
“In Mike and Jed,” says Aldrich, “we not only have specific product expertise, but also an impressive breadth of experience across the entire trade finance spectrum, benefiting clients not only of Mizuho in New York but of the entire global trade finance division around the world.”
Mizuho veteran Jim Grotticelli, vice-president of global trade finance, rounds off the business promotion team, formally heading up the structured trade and commodity finance group.
Aldrich points out that Mizuho’s purchase of WestLB do Brasil last year “gives the bank an excellent position in Latin America from which to further expand trade finance and Jim’s leadership and experience will be key to our success in the region”.
The news comes a month after GTR reported two new hires in Mizuho’s global trade finance division.
Mizuho has global trade teams in 14 countries at present, a number that the bank is growing every quarter.