HSBC is cranking up hiring in structured trade finance (STF) as the sector emerges as a stable source of business despite the credit crunch. It’s already poached Sharon Tan from Standard Chartered, and its ambitions don’t stop there.

Michael Lim, head of Asia Pacific STF for HSBC, tells us he is currently looking for a senior vice president in Hong Kong and will soon be seeking several VPs. “We see significant growth potential as the voracious appetite for commodities continues, liquidity contracts and regulatory risk increases. We will be continuing to expand our STF resourcing and coverage over the coming 12 months,” he adds.

Structured trade finance recruitment in Asia has stayed steady throughout recent market turmoil, according to Dennis Koh, managing partner of search firm Goshen Staines.

HSBC’s not the only one looking for trade finance talent. Singaporean banks DBS, OCBC and UOB, as well as large commercial banks, including Standard Chartered and Citigroup, are also hiring, says Fabrice Desmarescaux, head of Asia Pacific financial services at headhunters Spencer Stuart. “They’re beginning to realise that STF is a reliable and profitable area so recruitment is humming along nicely at the moment.”

But while STF is dependable, is it also dull? Maybe. Desmarescaux says: “You wouldn’t necessarily send your best people to work in transactional roles like this. Hiring is healthy partly because the roles aren’t so technical. Let’s face it – an investment banker isn’t going to want to work in trade finance.”

Although bankers might find STF boring, other professionals are more likely to make the switch. HSBC’s Lim explains: “We are keen to speak with individuals that have the benefit of experience in a blend of disciplines, including leverage finance, project finance and corporate finance.”

A VP in STF can expect a base salary of about SG$300k, with a bonus of between six and nine months, says Desmarescaux.