Our thanks to Norbert Fritsch

Norbert, who works for HVB in Munich, has completed two three-year terms on ITFA’s Board and therefore under our Board mandate he is obliged to step down. But we will miss him.

“He has brought to ITFA his three decades of experience of trade finance and forfaiting, as well as playing a vital role on the board as our treasurer,” says ITFA Chairman, Lucio Matassoni. “He’s really been very supportive towards myself and the ITFA Board in general. We’re very grateful for the work he has put in over the last six years.”

In that time Norbert says that he has seen the membership of ITFA grow considerably. He says the products and structures now used by forfaiters have continued to evolve such that the days of the “10 by 6” traditional prom note discount now seem like history.

Having attended the launch of the India and South Asia Regional Committee in Singapore earlier this year he adds that he is optimistic about the growth of forfaiting. “I saw plenty of new participants from emerging markets in the Far East and that is very healthy for the market. We are also lucky that our market has suffered relatively few problems with transactions and that is partly due to the work of ITFA in establishing strong market practices.”

We thank Norbert for his work on the Board and the part that he has played in making our market what it is today.