Patrick Kwan, Barclays’ former co-head of investment banking in Asia-Pacific, has joined the Hong Kong subsidiary of high-flying Chinese tourism-to-property conglomerate HNA Group, according to a company statement.
HNA Group (International), the conglomerate’s Hong Kong-headquartered investment holding subsidiary, has appointed the veteran investment banker as chief investment officer effective April 10, according to the statement. His main responsibility will be managing the company’s investment projects and the related financing activities.
He becomes the latest well-known name to leave the banking industry in Asia-Pacific. He left Barclays last year, at a time of change as the bank closed its Asia cash equities business and placed its focus back on its core European and US businesses.
Kwan has over 15 years of experience in the investment banking industry, having last worked at Barclays between 2001 and 2016. Besides co-head of APAC IB, a post he took up in 2014, he was also Hong Kong country manager at the British bank.
He has also had stints at Goldman Sachs, Deutsche Bank and TD Securities during his banking career.
HNA said Kwan’s insights will be invaluable to the internationalisation of HNA’s business at the group level, as the conglomerate looks beyond China for business opportunities under China's 'Belt and Road' initiative.
The conglomerate, which is best-known for its flagship Hainan Airlines, has been one of the most active Chinese buyers of overseas assets over the past two years.
Some of HNA’s most high-profile acquisitions include a $6 billion bid for US electronics distributor Ingram Micro, a $2.5 billion offer for Irish aircraft lessor Avolon and a $660 million purchase of New Zealand’s UDC Finance.
Earlier this week the group has made an open offer for Singaporean logistics firm CWT for $981 million.
