Zurich-based commodity trade finance lender TradeXBank, formed in 2022 after the sale of sanctions-hit Sberbank’s Swiss subsidiary, has announced the hire of Camille Sednaoui as chief executive. 

Sednaoui boasts more than three decades in transaction commodity finance, and joins from Crédit Agricole, where he headed the bank’s international trade and transaction banking department in Switzerland. 

TradeXBank says he is tasked with executing its strategic growth plans and establishing its presence in the commodity trade finance market. 

“There is high demand in the market for an agile Swiss bank like TradeXBank, that is serving its clients with bespoke solutions,” Sednaoui says. “We are committed to further grow the business without compromising risk and compliance.” 

Bank chairman Christian Luescher, a veteran lawyer and former Swiss parliamentarian, adds the appointment will help “re-establish our bank as a strong player in the market”. 

TradeXBank started life in September 2022 after the acquisition of Sberbank Switzerland by m3 Groupe, which has operations in real estate, healthcare and hospitality. 

Swiss authorities temporarily halted certain sanctions requirements to facilitate the sale, with TradeXBank taking over the banking licence previously held by the Russian-owned lender. 

Its focus is on financing trade in energy, metals, agricultural goods and fertilisers. 

TradeXBank’s progress contrasts with that of Amsterdam Trade Bank, a one-time trade finance specialist that was considered a solvent and healthy business until sanctions were imposed on its Russian parent company, Alfa Bank. 

With counterparties no longer able to do business with the bank, it was placed into the hands of bankruptcy trustees by a Dutch court in April 2022.