It's beefing up Asian Transaction Services team.
ING Bank has announced the appointment of Andy Dyer as Regional Head of Transaction Services Corporate Sales Asia from 11 January 2016. It also plans to further expand the transaction services corporate sales team in Asia in 2016.
According to a release from ING, Dyer has over 25 years of experience in financial services, having spent the last 20 in various senior transaction banking roles with ANZ and Standard Chartered in Asia.
Based in Singapore, he has the mandate to grow ING’s corporate transaction services business and support the growing interest among corporate clients for trade finance services and working capital solutions in Asia.
Dyer will also be responsible for facilitating Asian clients’ business expansion in Europe through ING’s capabilities in payments and cash management across its large European network that spans 21 countries. He will report to Dick Oskam, Global Head of Transaction Services Sales, and to Manolet Salak, Regional Head of Client Coverage and Corporate Finance Asia.
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Mark Newman, CEO of ING Commercial Banking Asia said, “We are pleased to have Andy on board to lead the team. Economic growth and initiatives like the ‘One Belt One Road’ and the ASEAN Economic Community will continue to drive cross border trade in the next three to five years. This offers huge opportunities for our clients and with our longstanding experience and global network, we can support them.”
According to a working paper published by McKinsey & Company in June 2014, the Asia Pacific region has become the world’s largest transaction banking market, with post-risk revenues accounting for 53% of global opportunity. The market, according to McKinsey’s Global Banking Pools data, is expected to grow at about 12% annually through 2017.
Mark added that working capital solutions, which are more commonly used in Europe and the United States, are now gaining traction among Asian companies as they expand regionally and internationally.
“There is a growing demand for more efficient capital management and companies are now more familiar with various alternative solutions. Large multinational companies see the importance of maximising efficiency in cash flows and having a strong supply chain. So in addition to trade finance services that involve letters of credit, more companies are keen to explore working capital solutions such as receivables finance and supply chain finance,” Mark noted.
Commenting on that trend, Manolet said, “In 2016, we plan to grow our business in trade finance services and working capital solutions more aggressively. To support the business growth, we have been beefing up our transaction services corporate sales team in Asia since last year, and we will continue to do so in 2016.”
The team took on three new colleagues based in Singapore and South Korea in 2015 and will further expand this year. “The transaction services business is a growth driver for ING Bank in Asia and enhancing our coverage for corporate clients with relevant financing solutions is one of our key priorities. It is aligned to our strategy to become the primary European bank for our clients and support their business growth with our global network across 40 countries,” Mark added.
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