Experienced former banking executive replaces Bolero veteran Nicholas Barber who becomes Deputy Chairman

Trade finance specialist Bolero International has appointed former J.P. Morgan executive Daniel Cotti as its new chairman, with effect from 1st February.

Cotti will replace Nicholas Barber CBE, who joined the company in 1999 and will move from his current role to become Deputy Chairman.

Cotti first joined the board of Bolero International as a non-executive director in September last year, following a distinguished 30-year banking career with JPMorgan, Citibank, ABN AMRO Bank and RBS.

He has been actively involved with major industry associations including the ICC Banking Commission, SWIFT and The Bankers Association for Finance and Trade (BAFT) and now runs his own boutique consulting company CTT – Cotti Trade & Treasury.

Barber joined Bolero International in 1999 and, as the company’s first independent Chairman, has guided the business through a series of critical events in its history which included securing significant investment from Apax and Barings; Bolero’s spin-out from SWIFT; delivering significant growth; opening offices in Hong Kong and Singapore; achieving cashflow breakeven and profitability and appointing Ian Kerr as CEO in 2014.

Cotti’s deep domain expertise and relationships across the trade finance industry have already proven to be invaluable in helping Bolero to define a number of new product offerings which it is planning to bring to the market in 2016. In his new role as Chairman Cotti will continue to work closely with Kerr and the Bolero team to deliver the company’s ambitious growth plans.

Nick Habgood of Azini Capital said: “We are delighted that Daniel (Cotti) has agreed to become Bolero’s new Chairman. Since joining the board in September (2015) Dani’s insight and input have been extremely useful and, with a number of new products due to come to market in 2016, he is exactly the right person to support Ian (Kerr) and the Bolero team in the coming, exciting and ambitious phase of growth.

“The shareholders are also enormously grateful to Nicholas (Barber) for his long term leadership and guidance of the business – taking Bolero from start-up to what is today a highly successful and profitable international SaaS solutions business. We are delighted that he has agreed to continue supporting the company’s development and growth in the capacity of Deputy Chairman”.

He added: “Bolero’s ambition is to enable the seamless settlement of international commercial transactions, providing a single point of access for the multiple participants in trade including the sellers and buyers, the financial community, the shipping agents, the carriers and the various authorities.  Bolero aims to deliver value for all of the parties in the supply chain – reducing time and errors, by improving cash flow and working capital while ensuring efficiency, quality and security.”