Swiss banking giant UBS is set to combine its equity and debt capital market operations in Asia Pacific in a bid to improve operational efficiency.
The move was triggered by the synergies between the two units including overlapping investors and products, the bank in an internal memo said.
UBS head of corporate clients solution business in Asia Pacific David Chin said: “These changes are aimed at optimising our business in the region, serving clients more cohesively.”
Meanwhile, UBS appointed Gaetano Bassolino as the new head of its capital markets business in Asia Pacific. Bassolino currently serves as the head of the debt capital market arm business in the region.
The memo also revealed the re-appointment of Hannah Malter to the equity capital markets team. Malter currently is the chief of staff for Asia Pacific at the firm.
Earlier this year, the bank unveiled plans to create a unified wealth management division through the amalgamation of its American wealth management and international wealth management businesses.