Chief Executive Officer, Sucden Financial

Michael has been actively involved in commodities for over 40 years, having begun his career on the London Metal Exchange (LME) in 1971. He has worked for the Sucden Group since 1973.

In 1984, Michael was appointed to the board of Sucden Financial. He has been responsible for helping the company expand its activities from being a single commodity house to a fully comprehensive brokerage company with an extensive international client base.

Michael was Chairman of the London Sugar Market for 4 years, Director of the former London Commodity Exchange (LCE) and London International Financial Futures and Options Exchange (LIFFE). He was also a long serving Director of the LME until the exchange was sold to Hong Kong Exchanges and Clearing Limited (HKEx) in 2012 and is a current member of the LME User Committee.

1952 / 2016


Sucres & Denrées was founded by Maurice Varsano in 1952.
The group, headquartered in Paris, remains private and is presently led by Maurice's son, Serge Varsano.

A market leader in the global business of sugar, Sucres & Denrées is active in sugar sourcing, logistics, risk management, merchandising, trading, processing and distribution. The group originates and ships annually more than 8M Mts of sugar (bulk/bagged/container) while also distributing over 1M Mts sugar in domestic markets. Logistical and industrial processing activities have been developed in Russia, Brazil, Mexico, India, Europe, USA and several African and Latin American destinations.

Through the years, the Group has expanded its scope of activities beyond sugar into other products and services like cocoa, ethanol, ocean freight, coffee and futures/options brokerage on the world's major exchanges. With an entrepreneurial and creative team of more than 4 000 employees in over 30 locations worldwide Sucres & Denrées strives to serve its customers with quality and integrity.

Sucres & Denrées would hereby like to thank its customers and partners for their loyalty over the past 64 years and wishes them renewed success in the future.

News :



Paris, 21st June 2016 — Sucres et Denrées SA has successfully signed its revolving credit facility (the “RCF“) for a total of USD400 million.

The RCF, initially launched at USD225 million, was very well received by invited banks and closed substantially oversubscribed.

The facility is structured as a USD400 million 364-day revolving credit facility with two 364-day extension options. The RCF will be used to refinance the Company’s existing USD210 million facilities dated 25th February 2013 and amended in 2014 and 2015, as well as for general corporate purposes.

The recent strong increase of sugar prices coupled with the expansion of the Group into cocoa and coffee trading lead Sucden to increase substantially its RCF.

The turnover achieved by the Group in 2015 was 5,7 billion euros, up 40% from 2014.

The RCF was arranged by Mandated Lead Arrangers & Bookrunners ING Bank N.V., Société Générale Corporate & Investment Banking and Rabobank. In addition to the three Mandated Lead Arrangers & Bookrunners, ten Mandated Lead Arrangers and 4 Lead Arrangers joined the RCF during syndication, totalling 17 banks. Six new institutions joined the syndicate, while all the existing lenders continued to participate in the RCF.

Sucden had issued its first Euro Private Placement in 2015, with 5 and 7 years maturities, also arranged by Société Générale CIB.