Trade finance provider Falcon has recruited three former Deutsche Forfait (DF) executives to spearhead its new forfaiting arm.
Martin Betts, Ray Webb and Keith McConnell will start at Falcon on November 2 to provide forfaiting and other forms of non-recourse receivables financing (in addition to Falcon’s other core trade finance offerings).
All three hires are consummate professionals in the industry, counting 25, 30 and 35+ years of experience respectively. They all worked at Aon Forfaiting before leaving in 2007 to manage DF’s London office. They mention the company’s financial difficulties following its OFAC listing as one of the reasons for their departure.
“Due to its size, increased funding capability and excellent credit rating, Falcon offers us the chance to expand the breadth and scope of our activities, which had previously been restricted and held back at Deutsche Forfait,” Webb tells GTR.
DF’s recently-appointed board member Mark West explains that the company is hoping to re-build its London office by Q2 2016, though maybe not to its full capacity. “We are aware that our front-line head count has come down, and we have spoken to a number of people that are interested, but we need to make sure we have the right financial footing first.”