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News
posted 4 Dec 2003
EuroFin Asia: East Asia’s new player
Having spent more than ten years working for
companies such as Accenture and the Andre Group in Switzerland,
launching and developing trade and structured-finance departments in
Europe, Central America, Beijing and Singapore, and then
establishing the successful structured-commodity-finance business at
Noble Trade Finance in Hong Kong over the past two years, Christian
Stauffer has finally turned his attention to setting up his own
company.
He recently launched EuroFin Asia in Hong Kong
and Singapore as an independent service provider of high-end
tailor-made advisory services in structured trade and project
finance for medium-sized enterprises and industries operating in
China, and emerging markets in South-East Asia, such as Vietnam,
Indonesia and Thailand. The company’s main area of expertise is in
base industries like food and beverages, manufacturing, commodities,
metal production, storage and cold storage, and agrochemical
production, all of which Stauffer identifies as key to development
in Asia.
The rationale behind the launch is based on
Stauffer’s belief that, with a few exceptions, major international
banks are still moving away from structured-trade operations and
medium-sized projects, while local banks remain reluctant to get
involved in the second-tier private or recently privatised
companies. EuroFin Asia aims to benefit from the momentum of
privatisation throughout China and South-East Asia, as well as the
steady increase in regional growth and trade flows, by providing a
service that accounts for the cost considerations that prohibit new
companies from seeking the expertise and resources required to
develop their businesses.
Stauffer does not intend for the company to
deliver a traditional consultancy service, but says that it will get
involved at an early stage in defining and structuring debt and
private equity, raising funds and know-how, and implementing
transactions and development projects, becoming a real long-term
partner of its customers. “Every new customer and project needs a
unique combination of skills that are often not accessible to a
large number of companies in their early stage of development or
ones that do not match the RAROC criteria for international
financial institutions. Our light-cost/light-asset associate
structure allows us to meet the cost considerations of the demand
side of the equation,” he says.
Stauffer is no stranger to entrepreneurial
endeavours in uncharted territory. “I have always been involved in
entrepreneurial activities for the various multinationals that I
have worked for,” he explains. “I assisted in the creation of Andre
Group’s Central American desk for structured trade finance, which
developed into a US$400m business, and I opened the Chinese
operation from scratch as a rep office, which I then integrated into
the structured-trade-finance division in South-East Asia when I
moved to Singapore. And I went to Hong Kong with the aim of starting
the Noble Trade Finance business, which became one of the best
boutiques in Asia.”
EuroFin Asia has considerable access to the
banking community and asset-management industry in both Asia and
Europe through its principal partners and associates, all of which
have established track records that lend the start-up a competitive
edge, says Stauffer. The company will be looking to recruit and
train new staff in the coming months as it expands.
The company’s objectives are outlined as follows:
to grow with a limited and select number of high-potential customers
and become a partner of reference in their development; to meet the
growing demand and lack of supply and consideration of combined debt
and equity financing for medium-sized private companies that are
looking ahead towards growth in base traditional industries; to
leverage the potential of a network of seasoned associates and
partners to bring a fully comprehensive and success-oriented service
at a reasonable price; to combine traditional structured and
project-finance skills with renowned alternative investment managers
to broaden the source of potential funding; and to be fully
committed to Asia and its development.
Stauffer, of course, is confident these goals can
be met. “As a truly independent boutique, EuroFin Asia does not have
conflicts of interest with its customers or with its partners. We
are not a bank, a trading company or a competitor in the same
industry,” he says. “We will base our success on innovation,
networking, integrity, independence and know-how.” Sounds like a
good plan.
Brown and Cooper set up trade-finance boutique
Ray Brown and David Cooper, who both resigned
their directorships of Bon Pour Aval in the summer, have now set up
their own trade-finance company, DR Financial Ltd, which commenced
operations at the beginning of November 2003 and is based in the
City of London.
Cooper was previously head of forfaiting at
National Westminster Bank in London before relocating to New York as
global head of forfaiting at CIBC Oppenheimer. Brown is veteran
trader, having worked in London at Eurotrade, Rabobank, SudWest LB
(now LBBW) and Bank Austria.
The pair will be concentrating on sourcing
and placing trade and structured transactions, as well as acting as
a facilitator in trade/financial transactions. They have hit the
ground running, having already formed alliances with parties in
Central Europe, Latin America and the US.
Brown and Cooper commented that with the ongoing
shortage of quality paper in the market, and given their joint
experience over more years than they would like to remember in the
forfaiting market, there is room for their type of boutique
operation. They do not see themselves as competitors to the major
banks, but rather acting in a complementary role.
Being very experienced trade financiers coming
from banking backgrounds, they are well aware of the emphasis placed
these days in banks on compliance and know-your-customer issues, and
will ensure that any asset that they originate will have had full
due diligence performed.
Fascione appointed VP at TradePoint
TradePoint Systems, software provider to the international trade
community, has appointed Cara J. Fascione as the new vice president
of its US operations.
Fascione joins the executive management staff after 16 years with
the company in a variety of roles ranging from support analyst and
trainer to communication products manager, account manager and, most
recently, director of sales.
Word on the street
- The festive season is upon us and of course the parade of
bank-sponsored cocktail parties has begun in earnest.
Maaike Steinebach was all smiles at the Fortis
commodity-group party at the Dali Universe in London this week.
After both having a child and relocating to Singapore to head up
the bank’s Asian commodity business all in a matter of months, it
seems she has adjusted well to her new role and location.
- After a few sleepy months on the human-resources front, there
has been a bit of activity in London of late, with Joep
Kockmann and Ian Henderson leaving for
UFJ Bank, and head of structured trade finance Hansjorg Kessler
leaving Nedbank for HSH Nordbank.
- Meanwhile, the Yukos saga has been a complete
rollercoaster for Russia-focused bankers, and as a result Russian
‘risk’ is back with something of a vengeance. The credit is still
good – probably even better if the Sibneft acquisition falls
through because the cash position will be so strong – but the
sheer volume of bad news is having a very deleterious effect on
lenders with a lot of talk of provisioning, which is especially
bad news at this time of year.
- Last, many thanks to law firm Denton Wilde
Sapte, which invited me around to speak to its banking
solicitors and staff on writing for the trade press. TFR
is looking forward to receiving all those excellent articles
they’ll no doubt be churning out in the coming months …
- Courtney Fingar
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