Singapore: Germany-based HypoVereinsbank has announced that its global shipping division opened a new shipping desk in Singapore yesterday, supplementing its existing branches in Piraeus and Oslo. The move is expected to help the bank target business in the Middle and Far East as well as Asia. The bank attributed the decision to factors such as the traffic calling at the port, surge in shipping companies attracted to the area by the Approved International Shipping Enterprise scheme and the favourable economic and fiscal conditions. Singapore currently rankes fifth in terms of glabal competitiveness out of 125 countries surveyed by the World Economic Forum.
"As more ship owners are going to come to base themselves in the country we decided to provide our services on the spot," HVB said in a statement.
The Singapore desk will be headed by Wah Sun Seong Koon, who will serve as the managing director and relationship manager. Koon has over 20 years experience in banking and previously worked at Scotia-bank, Singapore (Bank of Nova Scotia). She will be supported by German Relationship Manager Philipp Rohr.
HVB Global Shipping services available in Singapore include structuring/arranging project finance, Issuance of guarantees, cash and liquidity management, treasury services, shipyard consulting, sale & purchase settlements, acquisitions and leverage finance, tax lease structuring, advice on/financing for mergers & acquisitions and wealth management.
The headquarters of the shipping division of HVB, based in Hamburg, currently manage a portfolio of over EUR6.7bn. [03/07/07]
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