Australia: ABB Grain Ltd announced on April 11 that a new Financial Services division in ABB Grain Ltd has been established to expand the company’s role in developing and providing a greater suite of financial products and services to both growers and customers.

ABB managing director Michael Iwaniw said that two new staff members – Patrick Murphy and Stephen Howells – would be the drivers of this new division, which would focus not only on providing growers with increased marketing options but also providing consumers with tools for risk management.

“Patrick Murphy comes to us with over 15 years’ experience in commodity marketing, most recently as a manager for Agricultural Risk Management Services (ARMS), and has been appointed the role of Business Unit Manager - Financial Services, beginning today (11 April),” Mr Iwaniw said.

“Patrick’s main focus will be the management of ABB’s wheat pools and basis contracts, and the development of new products.

“Stephen Howells has joined the division as Manager – Dealing and Training Services based in Melbourne, after holding the position of southern regional manager of ARMS for three years and prior to that, a trading manager with Michell Australia (Adelaide). “Stephen’s role includes the training of ABB’s field staff and other staff dealing with financial products, as well as grower training on the products and services offered.”

Mr Iwaniw said that Patrick and Stephen would be working with ABB’s National Accumulation Manager to ensure ABB offers options that meet the needs of both growers and the market. “Since the introduction of the new financial services legislation last year some aspects of available products have become increasingly complex. Part of the task for ABB’s financial services division will be to provide the facilities to make transactions in accordance with the new legislation and ensure full understanding of the terms of the products and services available.

“ABB’s current products are under review with some changes set for the 2005/06 season. Fact sheets will soon be available on the options on offer, which will include the potential expansion of financial products into other grains and an aligning of the names of pools for different commodities.

“Patrick and Stephen come to ABB with a wealth of experience behind them and we look forward to the developments this innovative new division will bring to the company for growers and customers alike.”

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