CIMB Group Holdings Bhd., Malaysia’s second-biggest bank, hired analysts and traders to expand in Australia after acquiring most of Royal Bank of Scotland Group Plc’s Asia-Pacific operations.
CIMB, which is completing the purchase after signing an agreement in April, named Paul Horneman, previously head of sales trading at Morgan Stanley, as senior sales trader for its equities business, the Kuala Lumpur-based company said today in a staff announcement provided to Bloomberg News. It hired six analysts, including Shane Lee, from Australia & New Zealand Banking Group Ltd., as a senior economist and Michael Evans, previously a resources analyst with CLSA Ltd.
CIMB’s purchase of RBS’s cash equities and investment banking assets in Asia Pacific will help boost the bank’s market capitalization to more than 100 billion ringgit ($31.6 billion) by 2015, Chief Executive Officer Nazir Razak said last month.
CIMB has completed the acquisition of RBS units in Indonesia, Malaysia, Singapore, Thailand, China and Hong Kong while the transfer of those in Australia and Taiwan is on schedule for the fourth quarter, the company said on July 12. RBS’s Indian operations were excluded from the deal because of an unexpected legal issue, CIMB said.
The other new analysts were James Stewart, a resources analyst from CLSA, Liam Cummins, who worked for Lodestar Capital, Daniel Morgan, a former analyst at UBS AG, who will cover the resources industry, and Tim Plumbe from Deutsche Bank AG, who will cover small and medium-sized companies, CIMB said.
It appointed Lauren Power, from Bank of America Merrill Lynch, as account relationship manager, Chris Chia, who worked with Malaysian banks including RHB Securities Sdn., to handle Asian sales, Gary Armor, who was a senior portfolio manager at AMP Ltd., as corporate broker, Phil Hopper from Bank of America Merrill Lynch as head of technology and Daniel Spokes, also from Bank of America Merrill Lynch, as head of operations.