UBS Creates Asia Debt Financing Group After Combining Unitsby
Deutsche Bank's Deepak Dangayach will start at UBS in April
Dangayach, Patrick Liu will co-head new financing group
UBS Group AG has created an Asian debt-financing group by combining its debt-capital market and leveraged-finance operations in the region, as the Swiss bank seeks to bolster revenue from structured lending and high-yield bonds.
The Zurich-based firm has hired Deepak Dangayach from Deutsche Bank AG to co-head the new division with Patrick Liu, according to an internal UBS memo, the contents of which were confirmed by spokesman Rob Stewart. Dangayach, most recently the German bank’s head of high yield and leverage debt-capital markets for Asia, will join UBS in April, the memo showed.
The new unit will integrate all of UBS’s Asian debt-capital markets businesses, including its cash and derivatives operations, special solutions group and structured-financing business, with the firm’s leveraged-finance origination team, the memo showed.
“It’s not about efficiency or headcount; it’s more about getting more done and creating growth in the business: more cross-selling and broader client reach,” Saurabh Beniwal, one of UBS’s two investment-banking heads in Asia, said in a phone interview. “In the high-yield business, we already have a leading franchise. The real businesses that I want to grow are on the structured credit solutions side.”
Liu and Dangayach will report to Beniwal, his fellow Asia co-head of corporate client solutions Joseph Chee, and Gaetano Bassolino, who relocated to Hong Kong in November to run the firm’s Asia-Pacific debt-capital markets operations, according to the memo.
Credit Suisse Group AG last month also created a financing team for the Asia-Pacific region, combining its emerging-markets financing, equity share backed lending, corporate banking and private banking structured lending businesses under one umbrella.