(Recasts, adds details of banks' hiring in Asia and deal
By Lawrence White
HONG KONG, July 9 Natixis has joined a
growing list of investment banks in hiring experts to advise
their clients on capital raising and merger and acquisitions in
the Asia-Pacific, particularly for the banking and insurance
sector where deals have surged.
The French lender named Eddie Leung as its regional head of
insurance coverage for the Asia-Pacific on Wednesday. Leung was
previously at HSBC, where he worked in the global banking and
Such financial institutions group (FIG) bankers are in high
demand for their advice on capital raising and merger deals by
banks and insurers. The financials sector was Asia's busiest in
both equity raising and mergers activity in the first half of
the year, according to Thomson Reuters data.
On Tuesday, Credit Suisse Group said it had
appointed Sharhan Muhseen as head of financial institutions
group for Southeast Asia.
In May, Goldman Sachs relocated John Mahoney to Hong
Kong to become head of its financial institutions unit in the
Asia-Pacific excluding Japan, while Bank of America Merrill
Lynch hired former UBS banker Patrick Porritt for the
In the first half, the financials sector captured 17 percent
of equity issued with $14.9 billion raised, ahead of
industrials, while in M&A financials accounted for 21 percent of
announced deals, Thomson Reuters data shows.
Those figures include the massive $36 billion purchase of
assets by China's CITIC Pacific Ltd (0267.HK) from its
Beyond such mega-deals, however, investment banks have been
bolstering their coverage of financial firms in Asia in
anticipation of more deals to come this year.
A planned law allowing foreign firms to take full control of
Philippine lenders is attracting suitors from Malaysia and
Japan, with more deals expected in the second half of the year.
Meanwhile, Chinese banks are poised to raise a record $120
billion in the next two years to shore up their balance sheets.
Bankers also say Hong Kong's bank sector could also see more
deals, following Singapore's Oversea-Chinese Banking Corp Ltd's
$5 billion acquisition of Wing Hang Bank Ltd,
announced in April.
(Reporting by Lawrence White; Editing by Ryan Woo)