ANZ has promoted Jimmy Choi and Paul White to co-heads of capital markets, according to a memo seen by FinanceAsia, underscoring the bank’s ambition to capture more investment flows between Australia and Asia.
Their promotions come after ANZ announced in early November that it was selling its retail and wealth management businesses in Singapore, Hong Kong, China, Taiwan and Indonesia to Singapore's DBS for S$110 million ($79 million), as the Aussie lender moved to consolidate its focus on institutional banking in Asia.
"We want to leverage our existing US dollar franchise across the region, strengthening the linkage between Australia and Asia," Choi said in an interview, adding that the bank in particular wants to help its blue-chip Australian clients tap institutional investors in Asia.
ANZ brought 14 Australian companies to meet investors in Singapore and Hong Kong last week, attempting to catch the eye of cash-rich Asian investors by showing them credits in a wide range of sectors from property and utilities to metals and mining. These issuers could tap either the public market or sell private placements, Choi said.
"There is a big chunk of liquidity in Asia," said Choi. "The feedback from investors was positive as they see Australia companies as being highly-rated [and have] strong demand for companies with regulated assets and strong cashflows."
Choi and White will report to Anshul Sidher, ANZ's Singapore-based head of markets trading, and Dominique Blanchard, the Hong Kong-based head of markets sales.
Choi joined ANZ in June 2012 as the head of debt capital markets for Asia. Prior to that, he was a director with Bank of America Merrill Lynch between 2010 and 2012. White was previously ANZ's global head of debt syndicate, based in Sydney.
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