First Union Corp. has named John Jourdan to the new post of managing director of trade services and finance, and Steven Bash as managing director of correspondent banking for Asia, Europe, the Middle East and South Africa. Both are based at First Union’s headquarters in Charlotte, N.C.
Their recruitment signals the bank’s emphasis on international trade financing, said Andrew Oleksiw, the division’s managing director to whom they report. First Union’s international division has expanded from 170 to 230 employees since 1992, and its annual trade finance volume has tripled to $4 billion. Besides Charlotte, the division has offices in Atlanta, Richmond and Tampa.
Mr. Jourdan will lead First Union’s trade finance efforts, including its structured trade finance unit, which will provide companies with export financing utilizing U.S. government guarantee and insurance programs, private insurance programs, multilateral agencies such as the World Bank and its International Finance Corp. (IFC) and other means.
He came to First Union from Columbus, Ohio-based Huntington Bancshares, where he was manager of the international division.
Mr. Bash came from Philadelphia-based CoreStates Bank where he served in a number of key international and corporate positions, including general manger of CoreStates’ Hong Kong branch. He also was responsible for overseeing CoreStates’ Hamburg and London representative offices, and was the regional manager for Northern European correspondent banking.
Last year, First Union formed a joint venture with The HONG KONG Chinese Bank, Ltd., to support U.S. companies with trade in Asia, a venture that is expected to generate $1 billion in annual trade transactions within five years, according to the bank. First Union also was the first U.S. banking company to sign an agreement with a South African bank and the Export-Import Bank of the U.S. (Eximbank) to facilitate trade with South Africa.
For more information, call Jeep Bryant of First Union, (704) 374-2957.