Managing director of the new subsidiary will be David Sullivan, formerly general manager and director of trade and commodity finance at Fortis Bank.

"We are planning to set up a forfaiting operation and move it online," says Sullivan. "From this we hope to expand into other areas of credit portfolio management. at the center of our activity will be structured commodity trade deals as an arranger and underwriter. We will raise capital and offer corporate advisory services...". Sullivan also has plans to set up facilities for countertrade, offset and clearing arrangements and asset trading/swaps.

Sullivan has chalked up 12 years of experience in the commodity and ordered finance field with Fortis Bank Asia in Hong Kong and with Mees Pierson.