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Riccardo Orcel joined London-based agricultural trader Quanton Commodities as chairman in June 2022, Reuters reported. Quanton said his banking experience would help manage its finances, expand banking relationships and support growth. The appointment was reported at the time; the available sources do not establish whether he remains chairman today.
What Orcel was expected to do at Quanton
Quanton founder and chief executive Valerio Antonini told Reuters that Orcel would help with the company’s finances and growth. “Riccardo is a high-profile personality in the banking world and will help us manage our financials and support our growth,” Antonini said. The company also described the appointment as part of its growth plans in a LinkedIn announcement.
Reuters described Quanton as a London-based agricultural trader founded in 2020 and a challenger to larger trading houses. The appointment was a business leadership move, not evidence that Orcel had operational experience in agricultural trading.
What Orcel did at VTB Capital
Orcel spent more than a decade at VTB, including 11 years at VTB Capital, the bank’s investment-banking arm. Reuters reported that he had been VTB Capital’s non-executive vice chairman until March 2022 and left after Western sanctions prompted his departure. A Polymetal board announcement identified his most recent VTB Capital position as Managing Director, Vice Chairman and Head of Global Banking.
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A M.Video-Eldorado 2021 annual report describes Orcel as Managing Director and Head of Global Banking at VTB Capital from 2011 to 2021, and as Vice Chairman from 2021. It also lists earlier work at VTB International, Merrill Lynch and Bank of America Merrill Lynch.
Quanton’s reported turnover and its 2022 target
Reuters reported the following figures, attributing them to Quanton CEO Valerio Antonini. They describe the company’s reported turnover and stated target at the time, not independently verified results:
| Period | Figure | What it represents |
|---|---|---|
| 2021 | Nearly £70 million | Turnover, as stated by Antonini and reported by Reuters |
| First half of 2022 | $405 million | Turnover, as stated by Antonini and reported by Reuters |
| 2022 year-end | $600 million | Target stated by Antonini and reported by Reuters; not a confirmed result |
Quanton’s LinkedIn announcement also quoted Antonini describing a planned Singapore IPO in 2026. That was a 2022 aspiration, not confirmation that a listing later occurred. Reuters’ 2022 report noted that Russia and Ukraine together accounted for more than a quarter of global wheat exports; that was contemporaneous context, not a current market estimate.
Orcel’s other 2022 board role
Orcel’s Quanton appointment was separate from his role at Polymetal. Polymetal announced that he became an independent non-executive director effective March 21, 2022, and Reuters reported he became Polymetal’s chairman that March. The Polymetal announcement described him as having almost 30 years of international management and investment-banking experience.
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What is known about Quanton’s later status
The 2022 appointment reports do not establish Orcel’s present position at Quanton. A House of Lords Register of Lords’ Interests dated January 21, 2025 lists Lord Mancroft’s non-executive Quanton directorship as having ceased on April 23, 2024. Separately, the Companies House filing history for Kalash Commodities Ltd records that the company was formerly named Quanton Commodities Ltd and that a voluntary liquidation resolution and liquidator appointment were filed in September 2024.
Those records do not by themselves show whether the entity in the filing history was the same operating business described in the 2022 Reuters report, or whether it represented the whole business. They therefore cannot establish Quanton’s complete present-day operating status.
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