The Secretary General of the International Chamber of Commerce (ICC), the largest business organization in the world, has appointed Daniel Schmand of Deutsche Bank as Chair of the Banking Commission effective 1 May 2015 for a three-year term
At Deutsche Bank’s Global Transaction Banking (GTB) division, Daniel Schmand is Managing Director and Head of Trade Finance and Cash Management Corporates for Europe, the Middle East and Africa and is also responsible for the global coordination of the Bank’s trade finance activities. In his new role at the ICC, Daniel Schmand succeeds Kah Chye Tan, Managing Director at JP Morgan Chase, who has chaired the ICC Banking Commission since September 2010.
With a long track record in trade and commercial banking, Daniel Schmand has been involved in several trade related strategic initiatives including product development and risk coordination for trade finance and supply chain products. Schmand, who joined Deutsche Bank in 1987, has worked in various capacities at Deutsche Bank: 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.
ICC Secretary General John Danilovich said: “I have every confidence that Daniel’s leadership and extensive experience will greatly benefit the ICC Banking Commission as it continues expanding into new areas to serve world business. As the commission builds on a fruitful 80-year history of successful rule-making, we very much look forward to having him on board, to take the work of the commission forward and adapt to changes taking place in financial markets.”
Michael Spiegel, Head of Trade Finance and Cash Management Corporates, Deutsche Bank, said: “As one of the leading banks in global trade finance, we are conscious of our responsibility for the industry and the need to make it more resilient and safe in the changing regulatory environment. Against this background we are delighted that with Daniel Schmand’s appointment as Chair of the Banking Commission, an experienced and well regarded expert has been put in charge of this very important role.”
With over 80 years of experience and more than 600 members in over 100 countries, the ICC Banking Commission has gained a reputation of being the most authoritative voice in the field of trade finance.
Mr Schmand’s appointment was announced during the first ICC Banking Commission Annual Meeting currently taking place in Singapore, a thriving trade and banking hub. 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.
Michael Vrontamitis, Head of Trade, Product Management, Transaction Banking, Standard Chartered Bank and Vinod Madhavan, Head of Transactional Products and Services, South Africa, Standard Bank were also announced as new members of the Banking Commission advisory board. Mr 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 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. The ICC Banking Commission helps policymakers and standard setters to translate their vision into concrete programmes and regulations to enhance business practices throughout the world.
About the International Chamber of Commerce (ICC)
ICC is the world business organization, whose fundamental mission is to promote open trade and investment and help business meet the challenges and opportunities of an increasingly integrated world economy.
With interests spanning every sector of private enterprise, ICC’s global network comprises over 6 million companies, chambers of commerce and business associations in more than 130 countries. ICC members work through national committees in their countries to address business concerns and convey ICC views to their respective governments.
ICC conveys international business views and priorities through active engagement with the United Nations, the World Trade Organization, the G20 and other intergovernmental forums.
Close to 3,000 experts drawn from ICC member companies feed their knowledge and experience into crafting the ICC stance on specific business issues.
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