IFR Asia – November 25, 2017

18 International Financing Review Asia November 25 2017

People

&Markets

WHO’S MOVING WHERE...

IN BRIEF

NEWS IN BRIEF

IN BRIEF

BOC/CCB

Chinese pair climb G-SIB ladder

BANK OF CHINA and CHINA CONSTRUCTION BANK

have moved up one tier in the ranking of global

systemically important banks of the G20’s

Financial Stability Board.

BOC and CCB have been placed in the second

bucket, meaning that both will need to hold an

extra 1.5% each of risk-weighted assets on top

of the global minimum requirements.

Both banks were previously in the first bucket,

which requires an additional 1% of loss

absorbency capital.

The FSB publishes an annual list of banks

identified as G-SIBs, which is split into five

buckets depending on their importance. Such

banks are required to hold higher capital buffers

than regular ones.

Being on the G-SIB list also requires them

to meet other requirements, including more

stringent resolution planning, as well as higher

supervisory measures

The capital requirements take effect from 1

January 2019 onwards.

Last year, the FSB elevated Industrial and

Commercial Bank of China to the second tier.

Agricultural Bank of China remains in the first

tier.

For the quarter ending September 30, BOC’s

common equity tier 1 ratio was 11.15%, while

CCB’s was 12.84%.

ICBC’s CET1 ratio was 12.88%, while AgBank’s

was 10.58%.

UBS Asset Management

Launch of first China onshore equity fund

UBS ASSET MANAGEMENT launched an onshore

equity fund in China last week to be the first

foreign asset manager to make such a move.

The fund will invest primarily in the A-share

market and is available to both qualified

institutional investors and high-net-worth

individuals in China.

Zizheng Wang is portfolio manager for the fund,

called China Equity Private Fund Series 1.

CIMB

Approval to set up Philippines branch

CIMB GROUP has received approval from the

central bank of the Philippines to open its first

branch in the country.

CIMB says in a November 16 statement that

it expects its first branch to be opened in the

fourth quarter of 2018.

Approval from Bangko Sentral ng Pilipinas

means CIMB will now have a presence in all 10

of the ASEAN countries.

Last December, CIMB opened its first branch in

Vietnam after receiving regulatory clearance for

a fully owned subsidiary in 2015.

CIMB has been scaling back its overseas

investment-banking operations in recent

months.

In Hong Kong, equity capital markets trio Chris

Marshall, Roger Lam and Marcin Nowakowski,

have all left the bank.

Deutsche/Bank of Taiwan

Signing of MOU to boost partnership

DEUTSCHE BANK and BANK OF TAIWAN had signed a

memorandum of understanding to strengthen

their partnership and focus on a number of

opportunities important to both, the German

lender said on Friday.

The two banks will cooperate in credit and

project finance opportunities related to Taiwan’s

Green energy initiatives and its new southbound

policy. The increased collaboration will leverage

on Deutsche’s outstanding product expertise

and BoT’s strong local market knowledge and

relationships.

BoT is the largest commercial bank in Taiwan

in terms of total assets. The bank applied to

establish an office in Frankfurt and received

approval to do so from Taiwan’s Financial

Supervisory Commission in early November.

Goldman Sachs

Indonesia court rules for tycoon

An Indonesian court ruled last Tuesday that

Affin Bank and Arab-Malaysian Merchant Bank,

a precursor to AmBank.

„ Kaustubh Kulkarni has left STANDARD

CHARTERED to join Indian steel manufacturer

JSW STEEL as group head of M&A and strategic

financing.

Kulkarni was with StanChart for almost 12

years.

Last year, he was given oversight of the

Indian rupee bond syndicate in addition to his

responsibilities as managing director within the

South Asia debt capital markets group.

He was previously with ICICI Securities for six

years.

JSW has been looking at opportunities to

acquire distressed assets in the steel industry.

Last week, Reuters reported that it had teamed

up with Japan’s JFE Holdings to bid for the

assets of insolvent steelmaker Bhushan Steel.

„ Ananth Narayan is leaving STANDARD

CHARTERED as head of financial markets for

ASEAN and South Asia.

Kevin Burke, global head of financial markets

sales, has taken on the additional role of head of

financial markets for the region.

MS Gopikrishnan, head of foreign exchange,

rates and credit trading and financial markets

sales for South Asia, has taken on additional

responsibilities as head of financial markets for

India.

Narayan has been with StanChart for eight years

and was based in Mumbai. He was previously

with Deutsche Bank and Citigroup.

He is currently on gardening leave and his last

day with the bank is at the end of December.

„ DEUTSCHE BANK’s Asia Pacific head of global

transaction banking is leaving after a six-year

stint with the lender, according to two persons

with knowledge of the matter and an internal

memo Reuter has seen.

Lisa Robins joined Deutsche Bank in 2011 from

JP Morgan, where she was the vice chairman

for treasury and security services for JP Morgan

China. Her international career spans over 30

years across Europe, the US and Asia.

Deutsche had named interim co-heads for the

regional global transaction banking business as

it worked to find a replacement for Robins, said

the memo to internal staff.

Deutsche confirmed the content of the memo,

adding that the bank was committed to

boosting growth in Asia. Reuters could not

reach Robins immediately for comment.

In Asia, foreign banks, including Deutsche and

HSBC, have been sharpening their focus on

transaction banking, the workaday business of

financing trade, managing cash and facilitating

payments, at a time of growing intra-regional

trade.

Deutsche has combined its divisions for markets,

corporate finance and global transaction

banking into a single corporate and investment

bank, as part of a broader restructuring of

Germany’s biggest lender.

„ Aashish Kamat has resigned as chief executive

for India at UBS.

Kamat, who joined the Swiss investment bank in

June 2011 and was promoted to chief executive

shortly afterwards, will remain on board until

January to help with the transition.

He joined UBS initially as chairman of financial

institutions coverage in Asia Pacific. He was

previously with JP Morgan.

Harald Egger, who was most recently the

bank’s Zurich-based head of group corporate

services and sourcing, has been tapped to

replace him.

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