Multinational investment bank UBS Group has promoted Ben Sung to lead its corporate book in Southeast Asia in a move aimed at bolstering its private credit business in the region, according to a report by Bloomberg.
The report cites people familiar with the matter as conforming that in this new role, Sung, who was previously its Co-Head of Debt Capital Markets, will manage the bank’s private credit and structured lending for the region.
Last October, several Singapore-based bankers left Credit Suisse’s APAC Financing Group (AFG) following its takeover by UBS, purportedly due to their belief that UBS had a lower risk appetite and would therefore not lend any weight to private credit, according to another report by Bloomberg.
One of these bankers, Boomish Gopalakrishnan, was subsequently hired by HSBC as Director of the bank’s private credit business in the ASEAN region and India. More recently, BNP Paribas hired Amit Khandelwal from SC Lowy as Director of Private Credit, for which he is based in Singapore, according to the report.
