Schmand is managing director and head of trade finance and cash management, corporates, for Europe, the Middle East and Africa at Deutsche Bank’s global transaction banking (GTB) division, and is also responsible for the global coordination of the bank’s trade finance activities. In his new role at the ICC, he succeeds Kah Chye Tan, managing director at J.P. Morgan Chase, who has chaired the ICC Banking Commission since September 2010.

 

With a long track record in trade and commercial banking, Schmand has been involved in several trade-related strategic initiatives, including product development and risk coordination for trade finance and supply chain products. He joined Deutsche Bank in 1987 and has worked in various capacities. From 2003 to 2006, he was head of the GTB in Germany-South and a member of the regional management board. Prior to this, he held several positions in the trade finance business in Germany and Asia, both on the service and sales side. In February 2012, Schmand was appointed vice-chair of the ICC Banking Commission responsible for the newly-created area of supply chain finance.

 

Michael Vrontamitis, head of trade, product management, transaction banking at Standard Chartered and Vinod Madhavan, head of transactional products and services for South Africa at Standard Bank were also announced as new members of the Banking Commission advisory board. Madhavan’s appointment is in line with the Banking Commission’s goal to penetrate new markets, particularly in Africa and is timely ahead of the 2016 annual meeting to take place in South Africa.

 

The appointments were announced during the first ICC Banking Commission annual meeting currently taking place in Singapore. A record 600 participants are taking part in this two-day flagship event, which brings together banking executives and government officials from more than 65 countries to rethink the future of trade finance, encourage governments, regulatory bodies and G20 leaders to remove obstacles to trade finance, and stimulate economic growth and job creation.

 

The ICC Banking Commission produces universally accepted rules and guidelines for international banking practice. ICC rules and guidelines on documentary credits, entitled UCP 600, are the most successful privately-drafted rules for trade ever developed, serving as the basis of US$2 trillion worth of trade transactions a year.