Oct 31, 2022
Commonwealth Hires Four Commodities Trading Managing Directors
, Bloomberg News
(Bloomberg) -- Commonwealth Bank of Australia has made four leadership appointments for the new commodities, trade, and carbon arm of its global markets business, as it looks to capitalize on recent volatility and meet the needs of the growing voluntary carbon market.
Australia’s largest lender hired four managing directors, according to a statement. The firm named Martyn Whitehead as leader of the bank’s strategy for its commodities business, with a focus on Australia and New Zealand. He previously served as global co-head of commodities sales at Standard Chartered Plc in London, the bank said.
Joe Arena will be head of the institutional bank’s trade finance, working capital and supply chain finance business, after serving as country head of global trade and receivables for Australia at HSBC Holdings Plc.
Bradley Campbell has been named a managing director for commodities trading. He joins from ASX Ltd. where he was acting co-head group executive of markets and general manager of equities and commodities.
Yasmina Elshafei will have responsibility for the bank’s carbon markets business and joins from Pollination Group, a climate change-focused investment firm.
“Our clients are navigating a volatile commodity price environment, challenging supply chains and the global transition to a low carbon economy – it’s more important than ever that we have the right skills, capabilities and people in place to provide the best level of support,” the division’s executive general manager Alex Toone said in the statement.
Last week, Australian financial serivces firm Macquarie Group Ltd. unveiled a surge in profits owing largely to its commodities trading business as its clients grapple with persistent turmoil in global markets.
Commonwealth’s leadership has made clear that Australian business’s path to net zero is an area of focus for its own growth. The lender views Australia’s regional position and abundant resources as an opportunity to become a big producer of green credits for the rest of the world.
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