Barclays Corporate appoints head of trade and working capital

MUMBAI: Barclays Corporate, a provider of integrated banking solutions, on Tuesday said it appointed Tan Kah Chye as head of its trade and working capital.

Chye, to be based in London, will work closely with Barclays Corporate in India to grow the bank's share of trade finance which currently accounts for more than a quarter of the banking income in the country, Barclays Corporate said in a statement issued here.

Prior to his appointment, Chye was the Global Head of Trade Finance at Standard Chartered Bank in Singapore for six years.

"India has significant trade ties with Europe, Middle East and Africa and is seeking to more than double the bilateral trade with the UK to 24-billion pounds alone over the next five years. Barclays Corporate is well placed to provide end-to-end trade financing and risk mitigation solutions to Indian corporates who are exporting to, or importing from these regions," Chye said in a statement.

Barclays Corporate's decision to increase its support for trade finance in India comes at a time when India is in talks with African nations and holding continues negotiations for a free trade agreement with the EU, it said.

Barclays Corporate provides integrated banking solutions like lending, risk management, cash and liquidity management, trade finance to businesses.