Drawn to trade finance by its complexities and interconnectedness, Cherine Kenawy, Executive Director of Trade & Working Capital Solutions at Santander Bank in New York, has come to recognize that continual learning, discipline, solid judgment, teamwork, and a detail-oriented approach are indispensable ingredients for making operationally-sound deals that clients need.
How did you first find your way into trade finance? Was it planned, accidental, or somewhere in between?
My path into trade finance was a combination of opportunity, curiosity, and fit. Early in my career, I was drawn to the technical nature of documentary credits and the way trade finance connects banking, law, commerce, operations, compliance, and client service. Over time, what began as an opportunity became a long-term professional passion. For more than 30 years, I have worked across standby letters of credit, documentary letters of credit, collections, and other trade products. That experience has allowed me to support clients not only with standard trade transactions, but also with more complex structures where the solution needs to be carefully tailored to the client’s commercial objectives, risk profile, and operational requirements.
What made you stay — and what keeps you motivated or engaged over time?
What made me stay is the complexity and constant evolution of the business. No two transactions are the same and each one requires a balance of technical knowledge, risk awareness, client focus, and sound execution. I remain motivated by the opportunity to structure solutions that accommodate clients’ needs while protecting the bank’s position. In many cases, that means identifying how letters of credit can work in synergy with other products, such as receivables financing, securitization, working capital solutions, and broader credit support structures. A key part of my role is working closely with legal, credit, compliance, operations, and business partners to draft, review, and negotiate agreements that are commercially workable, legally sound, and operationally executable.
What part of your work still energizes or inspires you?
I am still energized by the technical, advisory, and structuring aspects of the work. Documentary credits require discipline, accuracy, and a strong understanding of rules, business context, legal documentation, and operational risk. I particularly enjoy working through complex transactions where letters of credit are not viewed in isolation, but as part of a broader financing or risk mitigation solution. The synergy between LCs and other products—such as receivables financing, securitization structures, collateral arrangements, and working capital facilities—can create tailored solutions that support the client’s commercial objectives while maintaining appropriate risk controls. These transactions require creativity, collaboration, and practical judgment, including close work with legal teams on drafting and negotiating the underlying agreements so that the final structure is clear, enforceable, and operationally manageable for the bank.
If you could change one thing about the industry or how we work, what would it be?
If I could change one thing, it would be to continue improving the industry’s investment in practical training and technical expertise. Technology and digitization are important, but trade finance still depends heavily on judgment, experience, and understanding the details of the transaction. As products become more structured and often combine elements of trade, receivables, securitization, and credit support, it is even more important that teams understand not only the product mechanics, but also the legal documentation, operational flows, and risk implications. Stronger knowledge-sharing and mentoring across the industry would help reduce operational risk and preserve the discipline that documentary trade requires.
Tell us about a specific experience — a deal, project, challenge, or case — that taught you an important lesson. What was the lesson and how did it shape your approach?
One important lesson I have learned over the years is that in documentary credit and structured trade transactions, details matter. A transaction may appear straightforward, but the wording of the instrument, the applicable rules, the agreement terms, the collateral or payment structure, the interaction with other products, the timing of a presentation, or a small operational step can materially affect the outcome. This has shaped my approach to be thorough, practical, and clear in communication. It also reinforced for me that successful execution requires close coordination across business, legal, credit, compliance, and operations, particularly when structuring solutions that combine letters of credit with receivables, securitization, and other financing or risk mitigation products. The lesson is that client needs can often be accommodated through thoughtful structuring and product synergy, but the structure must be precise, properly documented, enforceable, and operationally achievable.
What advice would you offer to someone just starting their career in this field today?
My advice is to build a strong technical foundation and never stop learning. Understand the rules, read the instruments carefully, ask questions, and take the time to learn from experienced colleagues. At the same time, develop good judgment, communication skills, and a commercial mindset. Trade finance is not only about processing documents; it is about understanding risk, supporting clients, negotiating workable solutions, and making sound decisions under time pressure. As the market evolves, professionals in this field also need to understand how letters of credit can work alongside other products and how legal documentation supports the overall structure. Being able to collaborate with legal teams on agreement negotiation and documentation is an important skill, particularly for more complex transactions that combine several products and disciplines.
What do you do outside of work that people might be surprised to learn?
Outside of work, I enjoy cooking and find it to be both creative and relaxing. It gives me a chance to recharge, bring people together, and focus on something very different from the pace and complexity of banking. Those moments are important because they bring perspective, and that perspective helps me remain focused, resilient, and effective in a demanding field.
