IFR Asia – June 30, 2018

Please send job moves to

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Modi urges AIIB to lend more

4HEû#HINA
BACKEDû ASIAN INFRASTRUCTURE
INVESTMENT BANK should increase lending
tenfold within two years to help the region
MEETûITSûINVESTMENTûNEEDSûFASTER û)NDIANû
0RIMEû-INISTERû.ARENDRAû-ODIûSAIDûATûTHEû
third annual meeting of the multilateral
LENDERûINû-UMBAI
4OûDATEûTHEû!))"SûLOANûPORTFOLIOûTOTALSû
53BN ûBUTûBYûûTHEûlGUREûSHOULDûRISEû
TOû53BN ûANDûBYûûITûSHOULDûGOûUPûTOû
53BN û-ODIûSAID
4HEû!))"ûBEGANûOPERATIONSûINû*ANUARYû
 ûHAVINGûBEENûCASTûASûANûALTERNATIVEûTOû
OTHERûMULTILATERALûLENDERSûLIKEûTHEû7ORLDû
"ANKûANDûTHEû!SIANû$EVELOPMENTû"ANKû
)TûHASûAûCAPITALûBASEûOFû53BNûANDûHASû
APPROVEDûûPROJECTSûINûAûDOZENûCOUNTRIESû
so far.
$ESPITEûTHEûRIVALRYûBETWEENû#HINAûANDû

)NDIAû.EWû$ELHIûHASûRECEIVEDûTHEûLARGESTû

SHAREûOFû!))"ûFUNDINGûSOûFARûnûABOUTû

53BNû"UTû-ODISûCALLûFORûMOREûLENDINGû

DURINGûTHEûMEETINGSûINû-UMBAIûWILLûPUTû

more pressure on the new multilateral to

STEPûUPûITSûACTIVITIESûINû)NDIAûRATHERûTHANû

#HINA

!SûWELLûASûBORDERûDISPUTESûTHEûTWOû

!SIANûGIANTSûHAVEûSQUABBLEDûOVERû#HINASû

SIGNATUREû"ELTûANDû2OADûINFRASTRUCTUREû

INITIATIVE

)NDIAûHASûSIGNALEDûUNEASEûOVERû#HINASû

grand trade and transport plan as one

strand runs through Pakistan-administered

+ASHMIRûWHICHû)NDIAûCLAIMSû-ANYû"ELTû

ANDû2OADûPROJECTSûAREûSUPPORTEDûBYû

#HINASûSTATE

OWNEDûBANKSûANDûTHEû!))"

!))"ûPRESIDENTû*INû,IQUNûSTRESSEDûDURINGû

THEû-UMBAIûMEETINGSûTHATûTHEûBANKû

was willing to work with all regional

INITIATIVESûNOTûJUSTûTHEû#HINA

LEDû"ELTûANDû

2OADûPLAN

h7EûSUPPORTûALLûOFûTHEûINITIATIVESûWHICHû

WOULDûBEûWORKINGûINûTHEûINTERESTSûOFûTHEû

people,” said Jin.

4HEû!))"ûLASTûWEEKûALSOûANNOUNCEDûAû

53MûINVESTMENTûINûAûFUNDûOFûFUNDSû

UNDERû)NDIASû.ATIONALû)NFRASTRUCTUREû

)NVESTMENTû&UNDûWITHûANOTHERû53Mû

under consideration in the second phase.

4HEûINVESTMENTûAIMSûTOûACTûASûSEEDû

capital for a fund of funds that will then

BEûABLEûTOûATTRACTûMOREûMONEYûFROMûTHEû

PRIVATEûSECTORû*INûDESCRIBEDûITûASûAûhlRSTûOFû

ITSûKINDûFORûTHISûBANKv

h7EûWOULDûLIKEûTOûEXPLOREûTHEû

POSSIBILITYûANDûLEARNûFROMûTHISûPROCESSû

xû!ûFUNDûOFûFUNDSûISûQUITEûNORMALûINûTHEû

PRIVATEûSECTORûBUTûFORûANû-$"ûTHISûISûQUITEû

INNOVATIVEv

THOMAS BLOTT, STEVE GARTON

Stevenson takes HSBC finance reins

&ORMERûINVESTMENTûBANKERû Ewen Stevenson
WILLûBEû HSBC SûNEXTûCHIEFûlNANCIALûOFlCER û
AFTERûFOURûYEARSûASû#&/ûOFûRIVALû2OYALû"ANKû
of Scotland.
(3"#ûSAIDûLASTûWEEKû)AINû-ACKAYûWASû
RETIRINGûAFTERûEIGHTûYEARSûASûlNANCEû
CHIEFû4HEûDATEûOFûTHEûHANDOVERûWILLûBEû
ANNOUNCEDûLATER ûTHEûBANKûSAID
3TATE
BACKEDû2"3ûSAIDûONû-AYûûTHATû
3TEVENSONûWASûLEAVINGûTHEûBANK ûEVENû
THOUGHûHEûHADûBEENûTIPPEDûTOûBEûITSûNEXTû
CHIEFûEXECUTIVEû3TEVENSONûREFUSEDûTOûSAYû
ATûTHATûTIMEûWHEREûHEûWASûGOING ûBUTûTHEREû
WASûSPECULATIONûHEûWASûHEADINGûFORû(3"#
.EWû:EALANDERû3TEVENSONûSPENTûûYEARSû
ATû#REDITû3UISSE ûMOSTLYûINûITSûlNANCIALû
institutions group in London. His last role
ATû#3ûWASûASûCO
HEADûOFûTHEû%UROPE û-IDDLEû
%ASTûANDû!FRICAûINVESTMENTûBANKINGûDIVISIONû
ANDûCO
HEADûOFûTHEûGLOBALû&)'ûGROUP
!SûWELLûASûHELPINGûBANKSûWITHûREGARDû
TOû-!ûDEALS ûCAPITAL ûSTRATEGYûANDûOTHERû
ISSUES ûHEûALSOûADVISEDûTHEû5+û4REASURYû
ONûITSûRESCUESûOFû2"3ûANDû,LOYDSûANDûTHEû
BROADERûPACKAGEûOFûMEASURESûTOûSAVEûTHEû
BANKINGûSYSTEMûDURINGûTHEûnû
lNANCIALûCRISIS
4HEûPATHûFROMûINVESTMENTûBANKERûTOû
EXECUTIVEûSUITEûISûWELLûTRODDEN ûINCLUDINGû
BYûMANYû#REDITû3UISSEûTRADERSûANDûBANKERSû
"RADYû$OUGAN ûTHEû!MERICANûWHOûWASû
#REDITû3UISSEû#%/ûFORûMUCHûOFû3TEVENSONSû
TIMEûTHERE ûSTARTEDûASûAûDERIVATIVESûBANKERû

ANDûMOVEDûUPû#3SûINVESTMENTûBANKû

LADDERû$AVIDû-ATHERSûWHOûHASûBEENû#REDITû

3UISSESû#&/ûFORûEIGHTûYEARSûMADEûHISû

NAMEûWITHûSENIORûROLESûINû#3SûEQUITIESûANDû

RESEARCHûDIVISION

"EFOREûTHEMû!MERICANûBANKERû0HILIPû

2YANûSETûTHEûTEMPLATEûFORû3TEVENSONûANDû

PUTûTHEûIDEAûINûHISûHEADûTHATû&)'ûBANKERSû

had the skills and experience to succeed as

#&/S

2YANûMADEûHISûNAMEûATû#3ûASûAû

MANAGINGûDIRECTORûINûITSû,ONDONûANDû.EWû

9ORKû&)'ûTEAMSûANDûTHENûHEADEDûTHEû&)'û

GROUPûBEFOREûMOVINGûFURTHERûUPûTHEû3WISSû

BANKûTOûBECOMEûlNANCEûDIRECTORûFROMû

ûTOû

3TEVENSONûûJOINEDû#3SûINVESTMENTû

BANKûINû7ELLINGTONûINûûAFTERû

GRADUATINGûFROMûTHEûCITYSû6ICTORIAû

5NIVERSITYûWITHûDEGREESûINûCOMMERCEû

ANDûADMINISTRATIONûANDûLAWû(EûMOVEDûTOû

,ONDONûWITHûTHEûBANKûINûûANDûSTAYEDû

WITHûTHEû&)'ûTEAMûTHEREûFORûMOREûTHANûTWOû

decades.

(EûWASûLUREDûTOûBECOMEû2"3û#&/ûINû-AYû

ûSHORTLYûAFTERûFELLOWû.EWû:EALANDERû

2OSSû-C%WANûWASûAPPOINTEDû2"3ûCHIEFû

EXECUTIVEû4HEûPAIRûKNEWûEACHûOTHERû

FROMûûWHENû3TEVENSONûADVISEDû("/3û

ONûTHEûSALEûOFûITSû!USTRALIANûBUSINESSûTOû

#OMMONWEALTHû"ANKûOFû!USTRALIAûWHEREû

-C%WANûWORKEDûATûTHEûTIME

!Tû2"3ûTHEûPAIRûSLASHEDûTHEûBALANCEûSHEETû

CUTûCOSTSûANDûDEALTûWITHûAûNUMBERûOFûLEGACYû

CONDUCTûISSUESûnûHELPINGûCLEARûTHEûWAYûFORû

"RITAINSûGOVERNMENTûTOûTHISûMONTHûCUTûITSû

STAKEûTOûûFROMû

3TEVENSONûHADûBEENûSEENûASûAûLEADINGû

CANDIDATEûTOûTAKEûOVERûASû2"3û#%/ûFROMû

-C%WANûWHOûANALYSTSûANDûINDUSTRYûSOURCESû

reckon could step down in the next year

or two.

(3"#ûSAIDûITûWILLûGRANTû3TEVENSONûSHAREû

AWARDSûTOûREPLACEûUNVESTEDû2"3ûAWARDSûHEû

ISûFORFEITINGû4HEYûAREûWORTHûABOUTûaMû

53M  ûATûCURRENTûPRICESû(EûWILLûALSOû

RECEIVEûANûAWARDûINûLIEUûOFûANYûBONUSûHEû

COULDûHAVEûRECEIVEDûFROMû2"3ûFORûû

WHICHûCOULDûBEûWORTHûUPûTOûaM

3TEVENSONSûARRIVALûATû(3"#ûMEANSû

%UROPESûBIGGESTûBANKûWILLûHAVEûCHANGEDû

its top three people in the last nine

MONTHSû/UTSIDERû-ARKû4UCKERûTOOKûOVERû

ASûCHAIRMANûINû/CTOBERûANDû(3"#ûVETERANû

*OHNû&LINTûBECAMEû#%/ûATûTHEûENDûOFû

&EBRUARYû3OURCESûHAVEûPREVIOUSLYûSAIDû

-ACKAYûWANTEDûTOûBEû#%/ûBUTûMISSEDûOUTû

TOû&LINT

&LINTûISûATTEMPTINGûTOûSHIFTû(3"#Sû

FOCUSûTOûREVENUEûGROWTHûAFTERûYEARSûOFû

restructuring and selling assets, which

SIMPLIlEDûTHEûBANKûBUTûALSOûERODEDû

REVENUESûANDûHASûKEPTûRETURNSûDEPRESSED

-ACKAYûûHASûBEENûATû(3"#ûFORûû

YEARSûINCLUDINGûTHEûLASTûEIGHTûASû#&/û(Eû

ISûWELLûRESPECTEDûBYûANALYSTSûANDûJOINEDû

THEûBANKûINû!SIAûAFTERûAûDECADEûATû'ENERALû

%LECTRIC

STEVE SLATER