Banking and Finance News & Trends Recap: July Week 2
Banking and Finance News & Trends Recap: July Week 2
Table of contents
Finance Sector News
1. Trend: Bankers Pursue Growing M&A Opportunities in Malaysia
Despite a challenging year for dealmaking in Asia Pacific (APAC), Malaysia emerged as a bright spot, with mergers and acquisitions (M&A) volume surging 87% to US$8.3 billion. This comes even as the overall region saw a 15% decline. This growth is highlighted by significant deals such as the RM12 billion buyout of Malaysia Airports Holdings. The country’s recent political stability and strong macro environment are drawing interest from both local and international investors. This is particularly true in the advanced manufacturing, renewable energy, and digital infrastructure sectors.
Read the full article about Malaysia’s booming M&A market.
2. Business Moves
i. Allianze to Buy at Least 51% of Income Insurance’s Shares
Allianz proposed a $2.2 billion cash deal to acquire at least a 51% stake in Singapore’s Income Insurance at $40.58 per share, a 37.3% premium over its net asset value. This acquisition would elevate Allianz from the ninth to the fourth-largest composite insurer in Asia. NTUC Enterprise, holding a 72.8% stake in Income, has agreed to the offer, ensuring Allianz will secure the necessary shares. Minority shareholders, holding 27.2%, can also cash out. Allianz plans to have a strategic review of Income’s operations and expects double-digit returns and enhanced offerings for Income’s 1.7 million customers. The deal is set to close between late 2024 and early 2025.
Read the full article about Allianz’s interest in Income Insurance.
ii. State-Owned CGS to Expand its SEA Investment Banking Business
China Galaxy Securities (CGS) announced plans to expand its investment banking team in Southeast Asia (SEA) from 30 to 50 people by next year. The move is targeted at the increased dealmaking in the region. CGS International Securities, a unit of the state-owned brokerage, is also securing a license to manage IPOs in Malaysia. Over the past 1.5 years, CGS International has obtained investment banking licenses in Indonesia, Malaysia, Singapore, and Thailand. The expansion aims to strengthen ASEAN-China relations, cater to Chinese enterprises moving into SEA, and target mid-market deals valued between US$149 million and US$744 million.
Read the full article about CGS’s plans for investment banking.
iii. Deutsche Bank to Grow APAC Revenue Contribution to Over 15%
Deutsche Bank is focusing on its APAC wealth management business to drive significant growth, aiming for APAC to contribute at least 15% of its global revenue in the coming years. The region accounts for 11% of the bank’s total net revenue and is seen as a key growth area. Deutsche Bank is expanding its origination, advisory, and private banking teams in APAC, with a 16.6% increase in headcount. The bank is investing heavily in the region, contrary to trends set by peers like Goldman Sachs and Morgan Stanley. Key hires include:
- Senior investment bankers Deepak Dangayach and Victor Jiang.
- Chester Liu for private wealth management.
Deutsche Bank aims to position itself as a European alternative to local and US banks, especially in promising markets like China and Hong Kong.
Read the full paid article about Deutsche Bank’s plans for Asia.
3. People Moves
i. Global: HSBC and Goldman Sachs
HSBC: HSBC appointed its CFO, Georges Elhedery, as the next CEO, effective September 2. Elhedery will succeed Noel Quinn, who unexpectedly announced his retirement in April. Elhedery will be HSBC’s third CEO in less than eight years. He previously co-headed HSBC’s Global Banking and Markets division and was CEO for the Middle East, North Africa, and Turkiye region. HSBC will announce Elhedery’s successor as CFO later.
Goldman Sachs: Goldman Sachs made senior appointments in India and Hong Kong.
- Sudarshan Ramakrishnan was named the co-head of investment banking in India. His expertise includes managing conglomerates and clients from the technology, media and telecom, consumer and retail, and metals and mining sectors.
- Devarajan Nambakam, who worked in London for four years before joining the Mumbai investment banking team in 2010, was named the co-head of investment banking in India. His expertise includes financial sponsors, natural resources, healthcare, industrials and infrastructure sectors.
Both Ramakrishnan and Nambakam will manage Goldman’s investment banking strategy, drive growth across industries and expand client relationships.
- Sunil Khaitan, who joins from Bank of America, was named head of financing in India.
- Kamna Sahni will join as an executive director in Mumbai at the end of July.
- Jacky Leung was named head of Hong Kong coverage. Leung succeeds veteran Stephen Wong, who is moving to Valley Capital Partners.
- Jie Wei will lead real estate investment banking in Asia ex-Japan.
Leung and Wei will join the bank’s Asia ex-Japan investment banking operating committee.
Read the full article about the promotion of HSBC’s CFO to CEO.
Read the full article about Goldman Sachs’s senior hires in India and Hong Kong.
ii. Singapore: Lombard Odier, Deustche Bank and Maribank
Lombard Odier: Richard Wee, the Singapore vice chair of Lombard Odier, retired after 17 years with the Swiss private bank. Wee, who joined Lombard Odier in 2007 and became CEO in Singapore in 2008, was appointed vice chairman in 2012. He has 43 years of industry experience, and has previously worked at Citibank, Deutsche Bank, Bankers Trust, and Chase Manhattan Bank.
Deutsche Bank: Deutsche Bank Private Bank made a few senior-level hires in Singapore.
- Paul Handley joins as managing director and market head for Southeast Asia (SEA). Handley will drive growth and expand the bank’s regional presence, and focus on targeting ultra-high-net-worth (UHNW) clients. Handley has over 25 years of industry experience. He previously managed the Thailand desks at HSBC and spent nearly five years at JP Morgan Private Bank.
- Hugo van Kattendijke joins as the head of external asset managers (EAM) for emerging markets, effective August 19. Van Kattendijke has over 20 years of financial services experience. He previously worked at UBS and Credit Suisse, holding senior positions in EAM and asset servicing for the APAC region.
Maribank: SEA Ltd added Natalia Goh, the operating chief at rival Trust Bank, as the new CEO of its Singapore digital bank, MariBank. Goh replaces Zheng Yudong, who will now serve as an adviser. The change comes amid increasing competition in Southeast Asia’s digital banking market, where MariBank competes with Standard Chartered’s Trust Bank and GXS Bank, owned by Grab and Singtel. This sector is a key growth area for SEA Ltd as its gaming revenue slows, with its e-commerce platform Shopee being its primary revenue source. Goh’s background includes roles at Standard Chartered and Trust Bank.
Read the full paid article about Richard Wee’s retirement.
Read the full article about Maribank’s CEO from Trust Bank.
iii. China: UBS and MUFG
UBS: Swiss bank UBS Group added China chief of Credit Suisse, Janice Hu, as vice-chair of its mainland Chinese securities venture, UBS Securities. This is a newly created position at the Beijing-based unit, which is mainly owned by UBS. Hu spent over 20 years at Credit Suisse, where she led the bank’s growth strategy and played a significant role in major transactions and integrating Credit Suisse’s Chinese business into UBS over the past year. Hu’s family background includes being the granddaughter of former Chinese Communist Party Secretary General Hu Yaobang. Her new role at UBS had been in discussion since UBS’s takeover of Credit Suisse.
MUFG: MUFG Bank appointed Benjamin Lam as the new deputy president of MUFG Bank China. Lam has over 30 years of experience in retail, corporate, and transaction banking. He will lead the bank’s global corporate and investment banking (GCIB) and the global corporate banking division for China. Lam joined MUFG Bank China in September 2023 and has been instrumental in expanding the bank’s non-Japanese corporate and investment banking business. Lam will be based in Shanghai. He previously held senior roles at JPMorgan Chase Bank China.
Read the full article about UBS’s Vice Chair from Credit Suisse.
Read the full article about MUFG’s deputy president of China.
iv. Other Markets: Nomura and BOS
Nomura: As part of its plan to cut cost amidst a deal decline, Nomura Holdings is restructuring its Asia investment banking team and reducing its workforce by about 10 bankers, including at least three managing directors.
- Jwalant Nanavati will succeed Patrick Kwan as the head of investment banking for Asia ex- Japan while continuing to head the SEA business.
- Andrew Macgonigal will co-head the region’s investment banking with Akihiro Koseki while continuing his roles in Australia.
BOS: Bank of Singapore (BOS), the private banking division of OCBC, recruited six new relationship managers for its Dubai office. The new hires include:
- James Bowen from London-based Coutts.
- Bianca Yau from London-based Barclays Private Bank.
- John Gilmour
- Sanjeev Singh from Dubai’s ICICI Bank.
- Chirag Sheth from Dubai’s ICICI Bank.
- Rachna Oswal from Dubai’s Credit Suisse.
They will focus on serving clients in the Gulf Cooperation Council (GCC) and non-resident Indian (NRI) segments, with Yau specifically handling Greater China wealth in the UAE.
Read the full article about the reshuffling of Nomura’s investment banking team.
Investment, PE & VC News
1. Trend: Mizuho Fund to Invest in Japan’s Anime Industry
Japan’s low-budget animation films are gaining global popularity, prompting Mizuho Securities to launch an investment fund for the sector. The fund, set to be established by the end of the year, will initially have 1.5 to 2.5 billion yen and will invest about 800 million yen per film. This move offers investors a chance to capitalise on the success of the movie sector and shifts funding from primarily production-involved individuals to broader financial backers. The fund aims to attract investments from financial institutions and companies, with a minimum investment of 50 million yen per unit and may seek overseas investors. This move reflects global investors’ growing interest in Japanese pop culture. The influx of investment is expected to boost production, improve worker compensation, and provide returns to reinvest in the industry.
Read the full article about Mizuho’s investment in anime.
2. Business Moves
i. Temasek to Raise Stakes in India Up to US$10b
Singapore state investor Temasek announced plans to invest up to US$10 billion in India over the next three years, focusing on sectors like financial services and healthcare. India’s deal-making boom, growing economy and stock markets make it an attractive investment destination, and the country currently accounts for 7% of Temasek’s global exposure, which they aim to increase. Last fiscal year, Temasek invested US$3 billion in India, its largest annual investment. Temasek’s investments in India include HDFC Bank, Ola Electric, and Manipal Hospitals, where it recently increased its stake significantly. The healthcare sector, in particular, is seen as a long-term growth opportunity due to rising demand in smaller cities. Temasek also plans to hire more investment professionals in India as its portfolio expands.
Read the full article about Temasek’s investment in India.
ii. Chow Tai Fook Heir’s Investment Firm to List in Switzerland
Hong Kong property tycoon Adrian Cheng is merging his venture fund, C Capital, with the Swiss-listed investment firm Youngtimers, resulting in a listing on the Swiss Stock Exchange. The merged entity will be renamed C Capital and headquartered in Switzerland. It will include full ownership of JAKOTA Index Portfolios, a firm specialising in stock index licensing and research in Japan, Korea, and Taiwan. Founded in 2017 by Cheng, C Capital has invested in over 60 companies, including Shein, NIO, XPeng, and SenseTime, and will manage over $700 million in assets after the merger. Further details will be disclosed by July 31. Adrian Cheng is also a key figure in the Cheng family, which owns New World Development and Chow Tai Fook Jewellery Group and is worth over $23 billion.
Read the full article about C Capital’s listing in Switzerland.
iii. Hong Kong Family Office Operators Launch US$100m Fund
Family office operators in Hong Kong, led by Wings Capital, are establishing a US$100 million fund. The fund will manage investments for applicants of the Capital Investment Entrant Scheme (CIES), which offers residency in exchange for significant financial investments. The fund will invest in private credit with high returns, and family offices will provide additional services such as property and investment advice, school tips, and succession planning. The initiative aligns with Hong Kong’s strategy to attract wealthy individuals and family offices, supported by tax incentives and its strategic position within the Greater Bay Area.
Read the full article about the family office fund for CIES.
iv. China’s Influencer Tutor Zhang Xuefeng Enters the VC Circle
Influencer tutor Zhang Xuefeng’s company recently invested in Yongxin Rongyao Fund (永鑫融耀基金), acquiring a 2.66667% stake with a capital commitment of 16 million RMB. This move marks Zhang’s entry into the venture capital (VC) world as a limited partner (LP). Known for his somewhat controversial online presence, Zhang’s involvement in the VC circle is unexpected. The fund focuses on high-growth potential projects in new energy vehicles, photovoltaic energy storage, integrated circuits, and intelligent manufacturing. It is managed by Yongxin Capital (永鑫方舟资本), which has issued 14 private equity funds, managed a total of 2.5 billion RMB and invested in over 70 technology companies since its inception. Amidst the challenging fundraising market, Zhang Xuefeng is considered a market-oriented LP, which is a rare type of investor.
Read the full article about Zhang Xuefeng’s entry into the VC world.
2. People Moves: Alpha Quest, Raintree, Jardine C&C
Alpha Quest: Singapore-based wealth management firm Alpha Quest added Shankar Jha, a former managing director and group head at Deutsche Bank, as its new MD and group head. Jha has 25 years of experience working in top financial institutions, including DBS Private Bank, UBS, and Citi Private Bank. He will oversee investments for wealthy families and help expand Alpha Quest’s franchise.
Raintree: Faye Lee, a former managing director at Deutsche Bank, joined Singapore-based Raintree Asset Management. Lee has over 20 years of wealth management experience, and led a team of relationship managers for Southeast Asia and Greater China during her tenure at Deutsche Bank. She has also worked at Bank of Singapore, HSBC and Citibank.
Jardine C&C: John Witt was appointed the new chairman of Jardine Cycle & Carriage (Jardine C&C), effective August 2. He succeeds Benjamin Keswick, who is retiring after over 12 years in the role. Witt, currently the group managing director of Jardine Matheson Holdings, will also serve as a non-executive director on the board. Witt has been with Jardine Matheson since 1993, holding senior positions, including group finance director and chief financial officer of Hongkong Land and Mandarin Oriental. Keswick will remain executive chairman of Jardine Matheson Holdings.
Read the full article about John Witt’s promotion to chairman.
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