UBS taps debt capital market Asia co-head to lead private credit

UBS Group has appointed Ben Sung as head of Corporate Book for South-east Asia, main its cost to spice up personal credit score enterprise within the area

In his new position, Sung will handle the financial institution’s personal credit score and structured lending for the area, folks accustomed to the matter stated. He was previously UBS’ co-head of Debt Capital Markets in Asia.

A UBS spokesperson confirmed the appointment.

Sung’s intra-company transfer comes after a number of Singapore-based bankers left Credit Suisse’s APAC Financing Group, following UBS’ takeover.

The departures on the financing unit – which targets ultra-high internet price people, entrepreneurs, and institutional purchasers – had been largely as a result of bankers’ view that UBS wouldn’t focus as a lot on personal credit score given its decrease danger urge for food, Bloomberg News reported.

Banks in Asia have ramped up staffing to spice up their share of the US$1.7 trillion asset market. BNP Paribas not too long ago recruited Amit Khandelwal from SC Lowy as director for personal credit score primarily based in Singapore.

Late final yr, HSBC employed former Credit Suisse banker Boomish Gopalakrishnan as director to guide the financial institution’s personal credit score enterprise in Asean and India. BLOOMBERG