Standard Chartered Plc (STAN), which earns most of its profit in Asia, hired Allan Wong from Bank of America Corp. (BAC) as head of oil and gas investment banking for north Asia, two people familiar with the matter said.
Wong, who joined Bank of America’s Merrill Lynch unit in 2007 and most recently held the title of director, left this week, the people said, asking not to be identified because the hiring hasn’t been announced. Wong has been covering oil and gas, energy and power companies for the past 12 years, and worked at Credit Suisse Group AG before joining Merrill.
HSBC Holdings Plc, Credit Suisse and Nomura Holdings Inc. are among companies that have bolstered teams of natural resources bankers in the past two years as surging demand for raw materials in China and India spurred takeovers and initial public offerings.
Joyce Li, a Hong Kong-based spokeswoman at Standard Chartered, declined to comment, as did Bank of America spokesman Rob Stewart.
Mergers and acquisitions involving oil and gas companies in the Asia-Pacific region reached $58 billion this year, compared with $50 billion in the same period of 2010, according to data compiled by Bloomberg.
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