Please send job moves to
[email protected]would be represented on the board by
Sewing rather than having a seat at the table,
as is currently the case, according to people
familiar with the plans.
On Thursday, German newspaper
Sueddeutsche Zeitung reported that
Deutsche is planning to create a separate
“corporate bank” unit that will include its
transaction banking activities. The division
will have a seat on the board, the paper said,
citing internal documents. Currently, the
transaction bank is part of the investment
bank. A spokesman for Deutsche declined to
comment.
4OûHELPûlNANCEûITSûOVERHAUL û$EUTSCHEû
is seeking to lower the amount of capital
that regulators require it to have on hand,
according to three people with knowledge of
the matter.
The bank is aiming for a common equity
Tier 1 capital ratio of 12.5%, two of the people
SAID ûCONlRMINGûAûlGUREûlRSTûREPORTEDûBYûTHEû
Financial Times. The paper said that would
free up €3.5bn in capital.
TOM SIMS, HANS SEIDENSTUECKER
Please contact us if you have information about job moves: [email protected]
COMMERZBANK’s
Denis Rath is
relocating to Frankfurt
to become head of
international banks
for the international
banks franchise,
which combines
the German bank’s
former overseas and
emerging markets
teams.
Rath is currently
based in Singapore
in a debt capital
markets syndication
and origination role,
but will move in the
near future. He will
continue to cover
banks in Australia,
New Zealand and
Singapore.
In his new role, Rath
will report to Sylvia
Moussalli, head of
banks and public
sector origination. GOLDMAN SACHS has
promoted Philippe
Perzi to run its
financial institutions
group in Australia
and New Zealand.
Perzi is a direct
replacement for
Craig Murray, who
relocated to Hong
Kong last year to
become head of FIG
for APAC ex-Japan.
Murray retained hisposition as FIG head
for Australia and New
Zealand at the time.
Perzi joined Goldman
in 2015 as executive
director and was
promoted to
managing director
two years later. He
previously spent 13
years at Macquarie
Group. Syndicated loans
banker Marilyn Fung
has left DBS BANK
after more than eight
years.
Based in Singapore,
Fung was senior vice
president for the
syndicated finance
team and reported to
Mildred Chua, head
of syndicated finance
at DBS.
Prior to that, Fungwas an associate
for the corporate
coverage team at
Natixis for almost
three years, also in
Singapore, according
to her LinkedIn
profile.on DVRs, effectively preventing companies
from issuing them.
Market participants said DVRs are
not likely to be welcomed by minority
shareholders. “The credibility of many
Indian promoters is not very high especially
against the background of wilful default of
loans and pledging of shares to raise funds,”
a Mumbai-based analyst said.
However, some bankers said that the
regulator is merely mirroring moves in
Hong Kong and Singapore to allow dual-class
shares. “The easiest thing is to do nothing
fearing the worst. We need to give superior
rights shares some time to see how well
they work,” an ECM banker said.
S ANURADHA
Hong Kong, China strike audit pact
Hong Kong’s securities regulator will be
able to see audit working papers when
investigating mainland China-based
companies after signing an agreement with
Chinese authorities.
The agreement last Wednesday may go
some way to solving a long-standing point of
contention between Chinese and Hong Kong
regulators.
The issue also came to the fore after a
bipartisan group of lawmakers in the US
introduced a bill last month to force ChineseCOMPANIESûLISTEDûONû53ûSTOCKûEXCHANGESûTOû
provide access to audits or face delisting.
China has long been reluctant to allow
overseas regulators, including those in Hong
Kong, to inspect audit documents relating
TOûMAINLANDûlRMS ûCITINGûNATIONALûSECURITYû
concerns.
In spite of a 2013 agreement with the US to
end the stalemate and allow US regulators to
see audit working papers held in China, there
HAVEûBEENûDIFlCULTIESûINûACTUALLYûGAININGû
ACCESSûFORûBOTHû53ûANDû(ONGû+ONGûOFlCIALS
In 2014, EY was ordered by a Hong Kong
court to hand working papers to Hong
Kong’s Securities and Futures Commission
relating to its work for a planned IPO. EY had
argued it could not produce the papers underChinese laws prohibiting the spread of state
secrets.
Since then, at least two Hong Kong-based
AUDITûlRMSûHAVEûBEENûBARREDûFROMûAUDITINGû
US-listed companies because they could not
produce the China-related papers asked for
by US regulators.
The SFC’s new memorandum of
understanding will allow the Hong Kong
regulator access to papers relating to Hong
+ONGûACCOUNTINGûlRMSûAUDITSûOFûMAINLAND
based companies that are listed, or are
trying to list, in Hong Kong as well as their
related persons or entities, the SFC said in a
statement last Wednesday.
Roughly half of the 2,315 companies on
(ONGû+ONGSûSTOCKûEXCHANGEûAREûBASEDûINû
MAINLANDû#HINA ûACCORDINGûTOûEXCHANGEû
lGURES
The memorandum of understanding was
signed by China’s Ministry of Finance, the
China Securities Regulatory Commission and
the SFC.
The MoF and the CSRC “will provide the
fullest assistance in response to [the] SFC’s
requests for investigative assistance regarding
the provision of audit working papers,” the
statement said.
MoF vice minister Cheng Lihua said in
the statement that the deal would “further
deepen the regulatory cooperation between
the two sides, helping to improve the
quality of annual reports of listed entities in
Hong Kong and fully protect the legitimate
interests of investors in both sides”.
Hong Kong’s Financial Reporting Council
and the MoF’s Supervision and Evaluation
Bureau signed a separate agreement in May
to assist each other in their audit regulatory
responsibilities.
ALUN JOHNChina has long been reluctant
to allow overseas regulators,
including those in Hong Kong,
to inspect audit documents
relating to mainland firms,
citing national security
concerns.