IFR Asia - October 27, 2018

Please contact us if you have information about job moves: [email protected]

„ Kelvin Lim, a

former loan banker

with Citigroup, has

rejoined DBS BANK as

executive director in

Singapore.

He will be responsible

for origination of

loans from South

and South-East

Asia and report to

Mildred Chua, head

of syndicated finance

at DBS.

Lim started in his

new job last Tuesday,

returning to the

Singaporean lender

after an 11-year stint

with Citigroup.

Before Citigroup, Lim

worked for DBS as

an associate in the

syndicated finance

team for three years

from 2004.

„ Dai Kitamura has

returned to HSBC

after a sabbatical as

head of corporate,

financials and

multinationals

banking for Asia

Pacific.

Based in Hong Kong,

he reports to Philippe

Henry, global head of

corporate, financials

and multinationals

banking as well as

APAC global banking

co-heads Che Ning

Liu and Martin

Haythorne.

Kitamura has been

with HSBC since

1994 and was most

recently head of

global banking for

Hong Kong, where he

led the coverage of a

number of the bank’s

key relationships.

Sebi urges

monitoring of

end use of funds

India’s market regulator has urged corporates
to properly monitor the end use of funds
after a series of defaults by INFRASTRUCTURE
LEASING & FINANCIAL SERVICES sent ripples across
lNANCIALûMARKETS
“Proper monitoring of the end use of
funds, even at the last level of the corporate
STRUCTURE ûISûIMPORTANT vûSAIDû!JAYû4YAGI û
chairman of the Securities and Exchange
Board of India, in remarks prepared for
delivery at an October 24 event in Mumbai.
4HEûREGULATORûHASûMANDATEDûTHATûTHEû
statutory auditor of listed and unlisted

holding companies should review the audits

of all companies whose accounts are to be

consolidated with listed entities.

4HEûMOVEûCOMESûAFTERûTHEû),&3ûGROUPû

defaulted on a series of instruments and

prompted the government to take control of

THEûCOMPANYûANDûAPPOINTûAûNEWûBOARDû4HEû

group has a complex business structure, with

a holding company at the top controlling

stakes in multiple subsidiaries spanning the

lNANCIALûSERVICESûANDûINFRASTRUCTUREûSECTORS

4HEû),&3ûISSUEûHASûHIGHLIGHTEDûhTHEû

interconnectedness arising as a result of

complex corporate subsidiary structures

and how the maze of subsidiaries facilitates

MASKINGûTHEûENDûUSEûOFûFUNDSvû4YAGIûSAIDû

h)NVESTORSûCONlDENCEûHASûBEENûSEVERELYû

impacted by developments in recent months,

particularly as a result of a default by a large

entity.”

4HEûDEFAULTûBYûTHEûNON

BANKINGûlNANCIALû

company has affected companies’ plans

to raise funds through the bond market.

However, given the crisis of non-performing

assets in India, corporates will have to shift

INûTHEûMEDIUMûTOûLONG

TERMûTOûlNANCINGû

projects via bonds rather than bank loans,

4YAGIûSAID

4HEûREGULATORûEMPHASISEDûTHATûCREDITû

rating agencies have an important role as

gatekeepers in maintaining the trust of

investors in the bond market.

While Sebi has taken a number of steps

to rationalise the governing structure of

rating agencies and encouraged the close

monitoring of ratings, “more needs to be

done and we would consider bringing in

required changes in consultation with

STAKEHOLDERSvû4YAGIûSAID

KRISHNA MERCHANT

Goldman Sachs

changing Asia IB

leadership

GOLDMAN SACHS veteran banker Todd Leland
will become Asia investment banking head,
a person with knowledge of the matter
said, adding to leadership changes at the
bank since CEO David Solomon took over
this month.
)NûTHEûNEWûROLE û,ELAND ûANû!MERICANû
WHOûJOINEDû'OLDMANûINû ûWILLûREPLACEû
Andrea Vella and Kate Richdale as head of
the Asia investment banking unit excluding
Japan. Vella and Richdale were appointed
CO
HEADSûOFûTHEûUNITûINû
Vella and Richdale will remain in Asia to
become the co-chairs of the unit, said the
person, who declined to be named as the

move has not been made public yet.

!ûSPOKESWOMANûFORû'OLDMANûDECLINEDûTOû

comment when contacted by Reuters.

,ELANDûWASûNAMEDûAûCO

PRESIDENTûOFûTHEû

BANKûFORû!SIAû0ACIlCûEXCLUDINGû*APANûINû

September last year, after having previously

WORKEDûINû,ONDONûFORûûYEARS

He takes over at a time when China's

aggressive outbound push for mergers and

acquisitions has slowed this year amid an

escalating trade war with the United States,

and weaker markets are expected to weigh

on the appetite for new equity offerings.

)NûTHEûlRSTûNINEûMONTHSûOFûû

'OLDMANgSûREVENUEûINû!SIAûWHICHûISûTHEû

smallest of its three regions, rose 9% to

US$3.9bn. Asia's share of group sales fell by

one percentage point to 14% in that period,

ITSûlLINGSûSHOWED

2ICHDALEûAûmUENTû-ANDARINûSPEAKERûWITHû

experience in South-East Asian dealmaking,

JOINEDû'OLDMANûFROMû-ORGANû3TANLEYûINû

March 2013.

Before taking over the Asia leadership

role, Vella had been co-head of the

lNANCINGûGROUPûINûTHEûREGIONûSINCEû*ANUARYû

2014. Prior to that he was head of credit
      capital markets in Asia excluding Japan.
      Among other executive changes since
      Solomon was named the group chief
      EXECUTIVE û'OLDMANûLASTûMONTHûNAMEDû$ANû
      Dees, who heads the technology, media
      and telecom investment banking group
      globally, as investment banking co-chief.
      $EESûWILLûSHAREûHISûNEWûTITLEûWITHû'REGGû
      ,EMKAUûANDû-ARCû.ACHMANN
      Dees's promotion came about a week
      AFTERû'OLDMANûELEVATEDûFORMERûINVESTMENTû
      banking co-head John Waldron to president
      ANDûCHIEFûOPERATINGûOFlCERûANDûNAMEDû
      3TEPHENû3CHERRûASûITSûNEWûlNANCEûCHIEF
      4HEû7ALLû3TREETû*OURNALûlRSTûREPORTEDûTHEû
      !SIAûLEADERSHIPûCHANGESûATû'OLDMAN
      SUMEET CHATTERJEE

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