Russia’s VTB Capital has made two senior hires in its Hong Kong office to support expansion plans in the Asia-Pacific region. Xin Lin is the new head of multi-product sales for China, and joins from Nomura in Hong Kong where she had been Head of Global Finance, COO of China, since 2008. Wei Chen joined VTB Capital’s Corporate and Investment Coverage team, covering Chinese corporate and financial institutional clients. She previously worked at Deutsche Bank in Hong Kong. Chen is also a member of the Jiangxi Provincial Committee of the Chinese People’s Political Consultative Conference.
IPOs in Asia Pacific had their busiest week in two years after Chinese refiner Sinopec Group’s engineering unit and a Macquarie Group Ltd-linked trust raised a combined US$2.9 billion on Thursday.
Vietnam will force commercial banks to sell bad debt to soon-to-be-formed government-backed asset management company.
Standard & Poor estimates Asia-Pacific will outstrip the combined US, eurozone, Canada and UK corporate debt by 2017.
KKR, the Blackstone Group and Macquarie Group are looking at buying into completed projects, attractive for valuations that have fallen roughly 25-30% over the past two years.