GLOBAL TRANSACTION BANKING
Trade Finance for Financial Institutions
Peter Knodt
Head of Trade
Finance, Financial
Institutions
peter.knodt@db.com
Dear Readers,
We hope this newsletter reaches
you before you head off on your
mid-year vacation and that the
content provides you with some
food for thought during the
summer!
In recent weeks, there has been
considerable media attention on
the economic problems of various
European nations. Despite this
backdrop, we still expect overall
growth in global trade in 2010. Our
keynote macroeconomic article
describes where export levels are
particularly strong and provides
some indications of when we may
expect to reach pre-crisis levels
again.
In the background, the World
Trade Organisation (WTO) and the
International Chamber of
Commerce (ICC) are trying to
smooth out potential "systemic
obstacles" to the growth of trade.
These obstacles include heavy-
weighted capital requirements
imposed on banks for trade
obligations, or sanction clauses in
Letters of Credit. We have two
articles on initiatives underway to
overcome these challenges.
Speaking of the ICC, its revised set
of rules for demand guarantees,
URDG 758, will be available to the
market from July 1. In this
newsletter, we outline the
improvements.
Bulletin
June 2010, Issue No 10
In our regular section highlighting
our trade presence globally, we
feature the recent opening of our
Abu Dhabi Branch and our close
links with Nigerian banks.
Finally, our recent business growth
has necessitated a further increase
in headcount within our TF-FI team
and I was pleased to welcome
eight high-calibre new colleagues
who will enhance our trade offering
to you.
Enjoy the summer and we look
forward to working with you!
World trade heading for
double-digit growth in 2010
of 2008/2009, many of the world’s
major economies also fell into the
worst recession since World War
Jochen Moebert II. Countries and regions such as
Assistant Vice President China, Japan and Eastern Europe
DB Research – hitherto virtually uninvolved in the
jochen.moebert@db.com financial crisis – were hit by a
severe drop in economic activity.
World trade is still experiencing The slump in demand in key
a mixed recovery after markets was partly to blame, but
collapsing by nearly 13% in the much more stringent conditions
2009. The emerging markets for financing global merchandise
have seen external trade pick up trade, in the wake of the Lehman
strongly and in some cases shock, also played a part.
rapidly, unlike the developed
economies. In a few instances, Learning from history
the export performance of
emerging markets is close or Fiscal stimulus packages around
above pre-crisis levels. the world helped to cushion the
impact of the deep recession.
Moreover, the ultra-expansionary
World trade is closely linked to the
monetary policy of the central
health of the global economy; it
banks also contributed to the
usually fluctuates more sharply
economic rebound in the course of
than global GDP, which is fairly
2009. Fortunately, monetary and
stable. When world trade slumped
fiscal policies did not focus too
by around 20% during the winter
heavily on the respective domestic
Trade Finance for Financial Institutions
Bulletin
markets. As beggar-thy-neighbour
policies had been widespread
during the Great Depression of the
1930s, fears arose during the
financial crisis that history would
repeat itself and national economic
policy would be pursued to the
detriment of other countries and
world trade. Ultimately, the
measures taken by the
governments back then not only
throttled world trade but also
worsened the economic situation
at home. These lessons from the
past were part of the reason for the
much greater willingness to
cooperate internationally in the
current crisis. Major central banks
coordinated efforts to ensure a
worldwide supply of US dollars,
and the leaders of the G20
governments met for their first
summit. Thanks to expansionary
economic policy and international
cooperativeness, world trade has
recovered unexpectedly rapidly
(+16% since Q2 2009).
Resurgence in Asia
The recovery has been particularly
pronounced in the emerging
markets. The latest monthly data
on exports in many regions far
outstripped the year-earlier
readings, though this is of course
partly attributable to the low base.
The rapid recovery in Asia is
especially impressive. With its
huge fiscal packages, China
boosted not only its own economy
but also intra-Asian trade. As a
consequence, total export traffic
from a host of Asian countries,
such as Japan, Indonesia,
Malaysia and Taiwan, grew at a
double-digit pace towards the end
of 2009. China’s enormous
demand for goods helped fill the
gap that the slump in international
trade had caused in the countries
of Asia. This is documented by
Japan’s export figures. In January,
Japan’s exports to China jumped
by 80% yoy and thus returned
close to pre-crisis levels. Japanese
exports of chemical and
Page 2 of 8
automotive products to China in
particular nearly doubled in
December in comparison with the
pre-year figures. Also, Japanese
exports to the US, partly due to the
low pre-year levels, increased by
24% (yoy).
Given the current dynamics of the
recovery, Asian exports have even
topped the record volumes of the
pre-crisis years in the months
ahead. During 2010, other growth
regions such as Latin America and
Africa/Middle East may also
surpass the record volumes of pre-
crisis years. Central and Eastern
European economies were not hit
by the global crisis until relatively
late. For this reason, after a
stabilisation phase lasting 8
months, export growth there has
recovered not before year-end
2009. The current exports are
therefore 25% below the pre-crisis
levels. The major economies make
a greater contribution to world
trade than the emerging markets
(total share of the developed
economies is 67.1% – of which:
euro zone 28.9%, US 18.7% and
Japan 5.8%). Despite the incipient
recovery, the developed
economies will not return to their
pre-crisis levels again for several
years. If the exports of the
developed economies grow at an
average rate of around 6% p.a.
(1991 to 2007), the pre-crisis level
will not be reached again until
2013.
Forecasts
For world trade as a whole, the
IMF forecasted expansion of 5.8%
in 2010 (World Economic Outlook,
January 2010). This forecast can
be regarded as pretty
conservative. In fact, it even falls
short of the long-term average for
world trade (roughly 7.5% based
on 1991 to 2007). In addition,
world trade normally increases at
twice the pace of global economic
expansion. With the IMF currently
predicting global GDP growth of
3.9%, this would be more in
keeping with world trade growth of
close to 8%. Higher growth in 2010
is also implied by the growth
overhang developing since mid-
2009 which, because of the sharp
slump in early 2009, now totals
around 5%. Last but not least, the
macroeconomic environment
should also give world trade a
further boost. The major
economies have passed the trough
of recession and many indicators
such as Purchasing Manager
Indexes (PMIs) and export orders
point to further growth potential for
the global economy and world
trade. All things considered, world
trade should expand at a double-
digit rate in the current year.
WTO survey shows
constraints on trade finance
are hampering the recovery
of global trade
Ulf-Peter Noetzel
Director, Trade Finance,
Financial Institutions
ulf-peter.noetzel@db.com
A recent article on Reuters,
which names Deutsche Bank as
one of three leading players in
the trade finance sector,
documents a survey
commissioned by the World
Trade Organization (WTO) and
conducted by the International
Chamber of Commerce (ICC)
that shows that the supply of
trade finance remains
constrained.
As a result, said Reuters, leading
trade finance banks are increasing
pressure on the G20 to ease
regulation in order to ensure that
global commerce continues to
recover. Indeed, the survey has
Trade Finance for Financial Institutions
Bulletin

also highlighted concerns that

some regulators may not be Visit Deutsche Bank’s Trade Finance FI Team
recognizing the less risky nature of
traditional trade finance
Sibos 2010, Amsterdam, 25 – 29 October,
instruments. Booth A 240
You are also invited to our “Happy Hour” at the Booth on
World trade volumes contracted by Tuesday, 26 October, from 16:30
12.2% in 2009 and, while
economists now believe that a
shortage of trade finance only
accounted for a small part of this,
the availability of these instruments
at an affordable price is
acknowledged as being a key
driver of economic recovery. And
many practitioners are taking the
view that the current Basle II
accords on capital adequacy do
not recognize shorter-term – and
hence less risky – nature of most
trade finance instruments.

As the Reuters’ article points out,

default rates in trade finance are
lower than in many other forms of
credit – a crucial fact when
assessing the risk of trade finance
instruments. Indeed, the ICC and
Asian Development Bank are
currently building a database in
order to document the lower
default rates and make the case to
regulators that trade finance
instruments need to be given
special consideration.
New URDG 758 lifting
Guarantee business to the
next level
Ulrich Benz
Director
Product Management
Guarantees
ulrich.benz@db.com
The revised Uniform Rules for
Demand Guarantees (“URDG
758”), will come into effect on
July 1 2010. The revision creates
a new set of independent
guarantee rules for the coming
years. The rules are designed to
create more efficiency, clarity,
transparency and to reduce the
complexity for all parties when
working with applicants,
beneficiaries and between
financial institutions.
Background
The new URDG publication will
replace the URDG 458 which were
implemented in 1992. The latter
set of articles formed the first
attempt by the International
Chamber of Commerce (ICC) to
codify independent guarantee
practice around the globe. Over
the years, URDG 458 proved to be
an accepted and recognized part
of worldwide guarantee business.
However, after a period of 17
years, the need arose for drafting
adjustments, clarifications and for
expanding the scope. A revision of
the original rules was launched in
2007, conducted under the aegis
of both the ICC Banking
Commission and the ICC
Commission on Commercial Law
and Practice.
The ICC Task Force on
Guarantees acted as a
consultative body to a Drafting
Group that produced five
comprehensive drafts during the
two-and-a-half year revision
process. Each draft was submitted
for review to the ICC national
committees; over 600 sets of
comments from a total of 52 ICC
national committees were received
and thoroughly examined. Those
comments were instrumental in
shaping the new rules.
Deutsche Bank played an
important part in the revision with
one of its senior guarantee experts
serving as a member of the ICC
drafting group. This is reflective of
our bank’s significant role in global
guarantee business with a market
share globally of “guarantees sent”
at around 4%, based on SWIFT
MT 760 statistics.
Culmination of years of work
The resulting URDG 758 were

Page 3 of 8
Trade Finance for Financial Institutions
Bulletin

adopted by the ICC Executive Recent Awards

Board in December 2009. No.3 Best Global Trade Finance Provider
No.1 for Western Europe, Central & Eastern Europe
The new rules apply to any No.2 for North & Central America, South America
demand guarantee or counter- No.3 for Asia Pacific
guarantee where incorporated by Euromoney Trade Finance Survey, Jan 2010
reference in the text. They
tentatively can also apply as trade
usage or by implication - from a Best Transaction Bank – India
consistent course of dealing Best Transaction Bank - Pakistan
between parties to the demand Best Transaction Bank - Sri Lanka
guarantee or counter-guarantee Best Trade Finance Bank – Pakistan
Best Trade Finance Bank – Sri Lanka
where so provided by the
Rising Star Trade Finance Bank - India
applicable law. The Asset Triple A Asian Transaction Banking Awards,
February 2010
Improvements

The revised URDG are aimed to
be more creative and clearer, more
precise and more comprehensive
than the old URDG, thus improving
their worldwide acceptance
between commercial partners in
guarantee business.
Clearer - URDG 758 adopt the
drafting style of ICC’s universally
accepted Uniform Rules for
Documentary Credits by bringing
together the definitions of terms in
one article.
More precise - Some standards in
URDG 458 left a margin for
individual interpretation. This was
particularly true for the terms
“reasonable time” and “reasonable
care”. The new URDG have
excluded all imprecise standards
with an aim to foster certainty and
predictability.
More comprehensive - URDG
758 cover important practices
previously omitted, such as:
The advice of a guarantee
Amendments
Standards for examination
of presentations
Partial, multiple and
incomplete demands
Linkage of documents
Transfer of guarantees
Full treatment of counter-
guarantees
Innovative - A number of
innovations, as a result of the
development of practice and the
need to avoid disputes, feature in
URDG 758. An example is the new
rule that proposes a substitution of
currencies when payment in the
currency specified in the guarantee
becomes impossible.
The “URDG 758 package
approach” - The new rules are
accompanied by a model
guarantee and counter-guarantee
form. Experience shows that a
comprehensive ready-to-use
package that combines both the
rules and model forms is more
conducive to harmonised
practices.
What matters most
Clear drafting is the linchpin of
successful international demand
guarantee practice. Using the new
URDG 758 model guarantee form
can level the playing field and
avoids misunderstandings. As
such, it will hopefully significantly
curb the tendency in recent years
to re-characterise demand
guarantees as accessory
suretyships – or the reverse. The
embedded model guarantee shall
also give guidance to all
participants in guarantee business
to focus on the essentials as far as
the content of a guarantee is
concerned. It clearly aims to
reduce excessive wording and
“multi page” guarantees which are
time-consuming to handle and to
manage for all counterparts.
In summary, the new URDG 758
have definite advantages
compared to the old rules.
Deutsche Bank as one of the
leading banks in global guarantee
business will support and assist all
its partners in business, corporate
clients as well as financial
institutions. In particular we will
promote all efforts to make
guarantee wording clearer and
shorter and to reduce contents to
the necessary, thus leveraging the
new URDG 758 to gaining
efficiency and standardisation.
ICC releases guidelines on
sanction clauses in trade
related products
Daniela Hinkens
Director
Operational Risk
Management
daniela.hinkens@db.com
Background
Over the last few years, banks
have increasingly included
sanction clauses in trade related
transactions (letters of credit,
documentary collections and

Page 4 of 8
Trade Finance for Financial Institutions
Bulletin
guarantees) due to concerns
about the implications of
sanctions on their own
obligations under these
transactions. However, banks
are putting at risk the
irrevocable nature of the credit
or guarantee, the certainty of
payment and the intention to
honour obligations.
Sanctions can be imposed by
the United Nations, the EU
Council and individual countries
which may prohibit dealings
with specific countries, persons,
ships, aircraft or goods. Where
sanctions are in place, banks
must comply with them in
accordance with the applicable
national law or regulation in the
jurisdiction(s) in which they
operate. This means large global
banks are subject to regulatory
or legal requirements that may
be potentially conflicting.
Issues
As no (global) standard for such
clauses exists, clauses may vary
from:
(i) Informing involved parties about
/ seeking compliance with relevant
sanctions, or with sanctions based
on internal policy of the issuing
bank, up to (ii) giving the issuer
discretion whether or not to honour
the letter of credit transactions.
Issues for banks can at least be
two-fold, in the following exemplary
analysis only focussing on letter of
credit business.
(i) No handling / confirming of
transaction: In some countries,
such informational ”advice”
must be rejected by the
advising bank as (local)
legislation prohibits mention of
“boycott” or “sanctions” in any
transaction. Other countries -
such as Germany - might be
legally prohibited to add a
confirmation to letters of credit
mentioning specific unilateral
Page 5 of 8
sanctions implemented by
some countries or internal
business policies of selected
banks.
(ii) Reimbursement provisions
of UCP600 at risk: Nominated
banks that have acted
pursuant to their nominations
are uncertain as to whether
they will be able to obtain
reimbursement, this especially
for confirmed transactions.
Solution
In March 2010, the ICC Banking
Commission Task Force on Anti-
Money Laundering has released a
guidance paper on the Use of
Sanction Clauses for Trade
Related Products (e.g. Letters of
Credit, Documentary Collections
and Guarantees) subject to ICC
Rules (the full text of the paper is
available at:
http://www.iccwbo.org/uploadedFil
es/ICC/policy/banking_technique/p
ages/1129%20rev%20Sanctions%
20Clauses%20Guidance%20Pape
r.pdf):
A sanction clause should not
compromise the Bank’s
commitment under a transaction to
which it relates, i.e. not bring into
question the irrevocable nature of
the credit or guarantee, the
certainty of payment or the intent
to honour obligations. This, clearly,
in the understanding that the letter
of credit or guarantee and the
UCP, ISP or URDG have always
been subject to the application of
relevant local law.
Therefore, recommendation is
made by the ICC to refrain from
including such clauses in
transactions subject to ICC rules.
Due to the potential negative
impact of such clauses for our
business, Deutsche Bank does
refrain from including such clauses
in its trade-related transactions.
Deutsche Bank
Abu Dhabi Branch
- Open for Business Now
Bernd Schueler
Managing Director
Trade Finance,
Financial Institutions
bernd.schueler@db.com
The opening of its first branch in
the United Arab Emirates’ (UAE)
capital, Abu Dhabi has given
Deutsche Bank’s Global
Transaction Banking (GTB)
fresh impetus in the Gulf
Cooperation Council (GCC).
The inauguration of the branch
in February was marked by the
attendance of H.E. Sheikha
Lubna Al Qasimi, Minister of
Foreign Trade, H.E. Sultan Bin
Nasser Al Suwaidi, Governor of
the Central Bank of the UAE,
Werner Steinmueller, Deutsche
Bank’s Head of Global
Transaction Banking and
member of the Group Executive
Committee, and many of the
Bank’s senior representatives in
the region.
In his opening speech
Steinmueller emphasised the
strategic importance of the Middle
East to Deutsche Bank, especially
the Bank’s regional hub in the
UAE. “Our expansion and
continued growth in the UAE is a
testimony to our unwavering
commitment to the region, and is
part of a strategic vision that has
long recognised the Middle East as
an important part of the global
economy and financial sector. We
are proud of the contribution we
have made in the UAE to date, and
we look forward to further assisting
our clients in the region with their
financial needs.”
While the financial crisis had a
serious impact on some
Trade Finance for Financial Institutions
Bulletin
institutions, Deutsche Bank has
come through strongly with regard
to its cash management and trade
finance business in the MENA
region. The Bank has recently
been a net beneficiary of large
cash and trade mandates in the
region, as large corporates seek to
ensure that they have a global
provider that has the strength and
investment power to continue
growing and developing products
and services to meet the changing
needs of the GCC market place.
Deutsche Bank first set up a
presence in the UAE in 1999,
with the establishment of a
representative Office in Abu Dhabi.
The branch opening marks a
significant step in the expansion of
GTB’s global footprint
complementing Deutsche Bank’s
existing network in the UAE, which
includes an off-shore branch within
the Dubai International Financial
Centre, and an on-shore branch,
Deutsche Securities & Services.
Initially focussing on GTB products
and solutions, the new branch will
specifically offer its corporate and
financial institution clients
commercial banking services such
as securities administration
services, cash and treasury
management, including taking non-
retail deposits in a number of GCC
and international currencies, as
well as the full suite of trade
finance products. This will allow
clients to leverage Deutsche
Bank’s expertise and global reach
while benefiting from best-in-class
platforms to support their current
and future business needs.
Page 6 of 8
left to right: H.E. Sultan Bin Nasser Al Suwaidi, Governor of the Central Bank of the UAE,
Werner Steinmueller, Head of GTB, H.E. Sheikha Lubna Al Qasimi, Minister of Foreign Trade
Promoting Trade some 30 years - we are the oldest
with Africa's Third foreign FI in the country!
Economy
Key facilitators for the workshop
were drawn from various business
divisions within the bank including
Seyi Soetan Asset Management (Dr Steffen
Client Manager Totzke, Director), Trade and
Deutsche Bank Lagos Structured Finance (Piers
seyi.soetan@db.com Constable, Director) Cross-Border
Payments (Neil Brady, Director),
Islamic Banking & Finance
(Mohammed Lawal, Vice
President), Foreign Exchange
Between February 1 and 5 2010,
Trading & Options (Dirk Vereeken,
Deutsche Bank hosted a five-
Vice President), Fraud,
day interactive banking
Compliance and Anti-Money
workshop at the Oriental Hotel,
Laundering (David Cady, Assistant
Lagos, Nigeria for its
Vice President). The facilitators
correspondent banks in Nigeria
also had over 30 meetings with
and the West African sub-
senior management from
region. The workshop was the
participating banks at their
first of its kind to be hosted by
respective corporate headquarters.
Deutsche Bank in Nigeria. It was
attended by more than 250
Discussions at the meetings
participants representing some
touched on the financial crisis and
30 banks.
how it affects West Africa,
product developments, challenges
The event was hosted by Charles
Weller, Deutsche Bank Country
Representative for Nigeria and
West Africa. He welcomed
participants to the workshop,
stating that it demonstrated
Deutsche Bank's commitment to
the local market and the growth of
trade in the region.
Deutsche Bank has an unbroken
presence in Nigeria spanning
Trade Finance for Financial Institutions
Bulletin
to AML & corporate governance
and a host of other topical issues
Participants were particularly
fascinated with the Islamic banking
module and the FX4Cash product -
two areas where Deutsche Bank is
well ahead of the market.
Adeola Azeez, Deputy Head
Deutsche Bank Lagos, told
participants that owing to the huge
success and positive feedback
received from both participants and
facilitators it is planned to repeat
the event again next year.
Participants speaking after the
workshop commended Deutsche
Bank's effort in hosting the event
despite the current economic
climate and the recent shake-up in
the Nigerian Banking industry.
Participants stated that the
successful hosting of the workshop
and the large turnout for each
session was an indicator of
Deutsche Bank's strength and the
goodwill enjoyed in the market.
Others added that it also highlights
Deutsche Bank's commitment to
the growth and development of the
Staff Announcements
Norbert Ackermann has been
appointed as
Head of Trade
Finance, Financial
Institutions (TFFI)
Country- and
Counterparty Risk.
Norbert previously
headed the Trade
Advisory Team – Central Region in
Frankfurt after holding various
roles within the Bank’s Trade
Finance organization. With more
than 20 years in Trade Finance he
brings in a wealth of experience to
his new assignment.
Page 7 of 8
market. The event received wide
coverage in the local media and
the business flow as a direct result
of the workshop has been good.
Whilst other financial institutions
also offer workshops and seminars
to banks of the region, Deutsche
Bank was the first to host such an
event 'in country' involving more
than 250 bankers!
With a population of more than 150
million people and being one of the
Leveraging his extensive Sales
knowledge will not only foster the
dialogue between Sales and FI-
Risk but also support our growth
objectives. Norbert is a valuable
addition to our Risk team and will
strengthen and proactively drive
the Risk function.
Katrin Freiberger joined the TFFI/
-Country and
Counterparty Risk
team in May 2010.
Katrin will
contribute to
further strengthen
the team’s efforts
in transaction
top 5 oil producing nations globally,
Nigeria is not to be ignored.
Significant FDI has come in from
Europe and Asia and continues. In
2010 Nigeria will celebrate 50
years of independence. With the
focus on Cash & Trade, the
Deutsche Bank Lagos Office is
more than well placed to assist
also our preferred correspondent
banks around the globe in
facilitating trade with Nigeria.
approval and ensure that all
structuring options are considered.
Katrin has a degree in Banking &
Finance. Besides being fluent in
English, she speaks German and
Russian and has knowledge of
French. Most recently she
completed the GTB Trainee
Program, where she broadened
her experience in many GTB
areas, notably in Trade Finance.
Amongst others, she completed
training in Trade Advisory,
Financial Supply Chain
Management and Structured Trade
and Export Finance, as well as
Cash Management Corporates and
Capital Market Sales in Moscow.
Trade Finance for Financial Institutions
Bulletin
Effective 1st of April 2010,
María-Dolores
Jaime took over
her new
assignment within
the TFFI team in
Deutsche Bank
Frankfurt. Dolores
has more than
10 years experience in Trade
Finance and joins from Deutsche
Bank Spain. She has also worked
for the Bank in Belgium. Dolores
has work experience both in Trade
Services and Trade Advisory. She
now works on the FI/Country and
Counterparty Risk side and
concentrates on the Americas and
Latin America in particular, as well
as Turkey and Western Europe.
Anish Ghosh became part of
the TFFI team, with
responsibility to
cover trade and
cash sales to FI's
in Bangladesh.
Anish is based in
our Kolkata (India)
branch. He has
an MSc in Electronics & MBA from
Mumbai University. Anish worked
in our Trade centre for five years
and then moved to the Business
Management Service Centre
supporting MIS & Analytics &
specifically the TFFI Asia team on
Sales Support.
Page 8 of 8
Ratna ( Mia ) Indrakesuma joined
TFFI with
responsibility to
cover trade sales
for FI's in
Indonesia. Ratna
is based in our
Jakarta office.
Ratna completed
her BA at Richmond University,
London & Dipl.Ing from Yayasan
Bina Eksekutif, Jakarta. She has
worked at Deutsche Bank for over
14 years, with stints in Trade
operations for eight years and as a
Trade Advisor for two years.
Tran-Dinh Thong joined the TFFI
team with
responsibility to
cover trade sales
for Financial
Institutions in
Vietnam. He is
based in our Ho
Chi Minh City
office. Thong is a BA in Business
Administration from a University in
Vietnam. Thong joins us from J P
Morgan where he was responsible
for the Trade Finance and Cash
Management Sales to Financial
Institutions. Thong has over 12
years of work experience.
www.db.com/gtb
gtf.infoline@db.com
This publication is for information purposes
only and is designed to serve as a general
overview regarding Trade Finance for
Financial Institutions and related services
planned. The general description in this
publication relates to Trade Finance for
Financial Institutions services planned to be
offered to customers as of the date of this
publication (June 2010), which may be
Monika Jacob-Schnitzius has
rejoined our team
from Product
Management in
order to drive
Business
Management
issues in line with
our sales
initiatives. She will be working
closely with the Management and
Sales team to identify and co-
ordinate business opportunities
with our FI customers.
Furthermore we welcome
Madeleine
Kanzler. She
succeeds Marijkje
Vervoorst-Klauke
who took absence
from the team for
maternity leave.
Madeleine has
joined the Business Management
function. With her strong
background in Operational Risk
Management and Capital Market
Sales she will be a valuable
contribution to our team.
Subject to change in the future. The general
description of Trade Finance for Financial
Institutions products and services are in their
nature only illustrative and do not therefore
contain or cannot result in any contractual or
non-contractual obligation or liability of
Deutsche Bank AG or any of its affiliates.
Copyright © June 2010 Deutsche Bank AG