Trade finance professionals in Asia already enjoy one of the most buoyant job markets in the region. As we reported in September, Mizuho is staffing up in the function as it launches a new transaction-banking unit in Singapore. DBS and UOB are also among the most aggressive recruiters in trade finance in the city state, while Australian and Middle Eastern banks were expanding in Singapore earlier this year.
Now BMO Capital Markets, the investment and corporate banking arm of Bank of Montreal Financial Group, is adding trade finance booking capabilities in Hong Kong, reports Reuters. BMO wants to serve North American clients with offshore renminbi accounts and the move follows currency agreements between China and Canada.
Wholesale transaction-banking revenues in Asia Pacific are expected increase to $139 billion by 2022, from $46 billion in 2012, according to a September report by the Boston Consulting Group. Banks in Asia, predicable enough, are finding it tough to source the talent they need. “With high demand…but a limited supply of good candidates, hiring managers are open to considering candidates from other functions of banking,” a Singapore recruiter told us previously. “Corporate-banking, credit, risk or even client-services professionals can be a good fit. For cash side of the business, the logical flow would be from IT, projects liquidity or risk.”
Reasons not to work for a mid-tier Chinese bank. (Business Times)
Stock Connect failing to meet trading expectations. (WSJ)
World Bank says Hong Kong protests haven’t impacted city’s business climate. (South China Morning Post)
ANZ suspends seven traders in Australian rate-rigging case. (Financial Times)
Singapore leads APAC in corporate governance requirements. (Straits Times)
China’s internet censors turn attention to HSBC websites. (The Guardian)
Lloyd’s of London plans India branch. (Economic Times)
Why bankers still love to box. (Straits Times)