In Memoriam: Rita Ricci (1959-2023)

The Trade Finance community was deeply saddened at the passing of Rita Ricci on 14 January 2023 after her courageous battle with cancer. A wonderful person and tremendous specialist, Rita was a great colleague, mentor, and friend to many. At the banks in which she worked prior to her October 2019 retirement, Rita was so willing to assist, guide, and share her exceptional experience. At IIBLP conferences, ICC meetings, and BAFT committee sessions, Rita was among the most active participants and her well-placed comments always advanced the discussion or challenged others in a constructive way. To honor Rita, DCW reached out to just a few of the many peers in the trade community that collaborated with Rita and knew her well.

“I have known Rita since 2011 when I took over the Chair of the BAFT Southeast Committee and she was the Chair of the BAFT National Commercial of Letter of Credit Committee. I was always impressed with her time and dedication to the Committee, her attention to every detail when reviewing cases or opinions and always providing valuable feedback. She was truly a passionate trade finance expert and anyone who met Rita learned something from her. I was privileged to have the opportunity to co-host several annual workshops and panels with Rita over the years and become the new Chair of the BAFT National Commercial of Letter of Credit Committee before she retired. She was a great mentor and friend and I will miss her.”

– Normand Girard, Director of Global Trade Operations at BMO (Toronto)

“When I think of Rita Ricci, I remember the first time I met her as she ran into a workshop in NY a bit late due to her flight. She was dragging a large briefcase and unloaded piles of paperwork onto a table and immediately jumped into the conversation. I learned very fast that Rita could speak expertly on any trade topic. She was just a font of information routinely quoted court rulings as well as best practices. I was always amazed by how if it wasn’t at the tip of her tongue she would delve into all the papers she brought with her, find and answer a question.
When it came to ICC opinions, it almost seemed as if Rita had written the opinion herself. Her expertise was incredible. She gave so much to the world of trade finance both globally and in North America. When she attended the BAFT Standby Committee meetings you didn’t want the meeting to end as she gave so willingly of her knowledge. When Rita retired there was a void one could feel. Many of us were hoping we would get a visit with her at some point however the pandemic came and the world changed. Now all I can say is that the trade works has forever lost one of its pillars, and personally I will treasure both our friendship and the knowledge I learned from Rita. Rest in peace my friend.”

– Kristine Siebel, former chair of BAFT Standby LC/Guarantee Committee
(Staten Island, NY)

“I miss Rita. I started missing her when she retired, but now I know I won’t see her again. We never worked for the same employer, but we worked together on projects for BAFT as we were in the same committees, we were on panels together at IIBLP gatherings, and we compared notes by phone and email on technical matters we were confronting at the office. And we would just hang out together during breaks at conferences. I remember the first time we met: It was at an IIBLP workshop in Miami and I wondered where such an authority on letters of credit had been hiding. (It turned out to be Canada.) Rita was a letter of credit scholar. Where others would say they thought there was a legal case or an old ICC Opinion on a matter, Rita would have looked it up and would cite the source. She was a great researcher, which made it difficult for her when her disease caused her to start losing her eyesight. She loved having technical discussions, was open to opposing viewpoints, and was always willing to share her own, with the objective of coming to a common understanding. I recognize that I have a tendency to bore people when I try to explain technical letter of credit issues to them, but not Rita. And I was always interested in the questions she would pose to me. Rita was respected as an informed authority by members of the letter of credit community and, I believe, by her employers. We’ll all miss Rita.”

– Buddy Baker, Vice President of Investment Banking at Goldman Sachs Bank USA (Chicago)

“The trade banking community lost a clear voice this month. I met Rita while we were both active with IIBLP and BAFT more than 15 years ago. Rita was vice-chair of the BAFT Commercial LC Committee when I held the chairperson role, then of course she became the chair, she was the most supportive vice-chair one could imagine. I witnessed Rita come into her “chops” over these early years, developing her deep knowledge quickly (not that she didn’t put enormous time and effort in), she was absolutely dedicated. She could call upon her memory of specific rules, opinions, and practices with amazing ease and clarity. We felt a kinship – having “grown-up” in the trade operations end of the business, learning piece-by-piece, and developing our voices and our careers through practice. Rita’s natural intellect and endless drive resulted in her becoming an internationally-recognized expert in this industry. Rita shared her gifts with us on committees, in conferences, and as individuals; Rita was always available when I wanted to talk through a messy letter of credit. Rita, my friend and her guidance and counsel, will be greatly missed.”

– Paula Greaves