RBS poaches Water Cheung from DBS

The Royal Bank of Scotland has appointed Water Cheung as managing director and head of treasury and emerging markets for Asia-Pacific, global banking and markets (GBM). He joins from DBS, where he was most recently managing director, head of global financial markets in Greater China, and global head of debt capital markets.

Cheung replaces Lawrence Lam, who became the bankÆs head of GBM in Greater China late last year. In his new role, Cheung will cover foreign exchange, currency options, equities derivatives and money market operations across the region, with a focus on emerging markets.

He will also work with Lee Knight, RBSÆ regional head of fixed income, to enhance GBMÆs product offering in the region. Based in Hong Kong, he will report to John McCormick, chief executive of GBM Asia-Pacific, and to Peter Nielsen, global head of treasury and investor products.

ôWe have exciting growth plans for the Asia-Pacific region. WaterÆs significant Asian experience further demonstrates our goal of hiring senior and experienced local executives which allows us to greatly accelerate our business growth in the region,ö says McCormick.

ôThe treasury and investor products business is a key component of the Asia-Pacific growth strategy for RBS. Water's previous experience will be invaluable as we strengthen our risk management, investor solutions, debt capital markets and Asian local markets capabilities for corporate and institutional clients,ö adds Nielsen

At DBS, Cheung played a key role in building up the Singapore-based bankÆs derivatives business and Greater China presence after the acquisition of the Hong Kong-based Dao Heng Bank in 2001. Before that, he was the head of trading for CIBC Financial Products in Singapore.

Starting his banking career in Canada, Cheung has also worked for Bank of Montreal and BMO Nesbitt Burns. He returned to Asia in 1993 to run local market trading for Chase Manhattan Bank in the region.