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Interview: Jorge Tapia, Santander

17 February 2010

Jonathan Bell talks with Jorge Tapia, global head of trade, export and commodity finance at Santander, based in Madrid, about the bank’s developments in the trade finance spectrum and its plans for the future.

Read more: [Santander trade finance] [commodity finance Santander] [Jorge Tapia]

Trade Finance (TF): Santander has expanded quite significantly as a bank over the past couple of years, and within trade, export and commodity finance there has been expansion of the teams. What direction is the bank now moving in with these developments and what focus can we expect to see?

Jorge Tapia (JT): In fact, the expansion that you see today is the result of a consistent focus on customer relationships and product development. As we see our customers broadening their scope of activity across the value chain of trade, we have adapted the organisation to be able to support them.

During 2009 we were able to attract talented and experienced people. This year will be a year of consolidation – with a strong focus on integration and product development.

The next few years are certainly important years for trade. There is a ‘back to basics’ sentiment combined with a very...


Poll

Will Russia’s recent ban on grain exports result in a significant rise in private risk insurance claims from grain traders unable to fulfil their contracts?

Yes – there will be more claims. The government’s actions allow traders, with PRI cover, to make claims through contract frustration.
8%
No - the majority of Russia’s wheat production, some 70%-80%, is used for domestic consumption so the contracts represent only a small portion of the total wheat market, limiting the amount of potential claims.
23%
No - traders had a week’s notice before the ban allowing them to secure alternative supplies to fulfil contracts stated as optional origin.
23%
Maybe - but claims are likely to be limited to traders dealing in soft wheat whose contracts demand they source wheat only from Russia.
46%

Quote

From a Brazilian perspective a lot of work still needs to be done in getting foreign lenders more comfortable to finance the second-tier players again.

Ian Henderson, Texel Capital - Brazil: Agri-sector bounces back - Trade Finance July/August 2010