Noble expands into forfaiting

With a team poached from its troubled rival, Asia''s Noble Group sets up a forfaiting team in London.

The trade finance division of commodity trading company Noble Group has established a forfaiting operation in London to trade in short and long term trade assets. The new venture for the Singapore-listed, Hong Kong-based company comes less than a year after it first dipped its toes in trade finance by offering clients structured commodity finance, lending and factoring.

David Sullivan who heads up Noble's finance activities says once the group has cornered a piece of the European forfaiting market it will move into other trade finance services on the continent.

The new division will be run by Mark West and Ralph Napolitano, two executives hired from London Forfaiting Company. London Forfaiting, considered the lender of...

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