Commonwealth hires four commodity trading chief executives

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(Bloomberg) – The Commonwealth Bank of Australia has appointed four leaders for the new commodities, trading and carbon arm of its global markets business as it seeks to capitalize on recent volatility and respond to market needs growing carbon volunteer.

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Australia’s biggest lender has hired four chief executives, a statement said. The company has appointed Martyn Whitehead to lead the bank’s strategy for its commodities business, with a focus on Australia and New Zealand. He was previously co-head of global commodities sales at Standard Chartered Plc in London, the bank said.

Joe Arena will lead the institutional banking trade finance, working capital and supply chain finance businesses, having served as country head of global trade and receivables for Australia at HSBC Holdings Plc .

Bradley Campbell has been named Managing Director of Commodities Trading. He joins from ASX Ltd., where he was interim co-group head, managing director of markets and managing director of equities and commodities.

Yasmina Elshafei will be responsible for the bank’s carbon markets business and joins Pollination Group, an investment firm focused on climate change.

“Our customers operate in a volatile environment of commodity prices, challenging supply chains and the global transition to a low carbon economy – it is more important than ever that we have the right skills, capabilities and people in place. place to provide the best level of support,” the division’s executive general manager, Alex Toone, said in the statement.

Last week, Australian financial services firm Macquarie Group Ltd. unveiled an increase in profits largely due to its commodities trading business as its clients grapple with continued turmoil in global markets.

Commonwealth leadership has made it clear that Australian businesses’ path to net zero is a priority area for their own growth. The lender sees Australia’s regional position and abundant resources as an opportunity to become a major producer of green credits for the rest of the world.

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