GENEVA, April 5 (Reuters) - Switzerland’s Banque de Commerce et de Placements (BCP) said on Thursday that its Geneva-based head of commodity trade finance resigned earlier this week, the second high-profile departure from the sector in the past fortnight.
Cem Osmanoglu’s decision to leave his post comes after BNP Paribas’ Swiss managing director and top trade finance executive Jacques-Olivier Thomann resigned in late March.
European banks in trade finance, traditionally a low-risk and low-margin business, have come under pressure from shortages of dollar funding and pending new rules on capital requirements.
“Mr. Cem Osmanoglu, our head of trade finance, has given notice of his decision to leave his role at BCP after 17 years to give new direction to his career and follow personal projects outside of the banking world, drawing on his knowledge of international trading,” said a spokeswoman for BCP.
She added that Osmanoglu would remain with the bank for six months as a consultant to train his replacement Yvan Rodo.
Geneva is the top global centre for commodity trade finance and Swiss-based banks are estimated to provide at least half of funding for the world’s $1,500 billion a year commodities trade.
Reporting by Emma Farge and Pascal Schmuck; editing by Keiron Henderson