ANZ has hired one of HSBC’s leading Hong Kong-based corporate bankers, in a sign that Asian recruitment at the firm is starting to recover. Patrick Chen joined ANZ last month as head of its China desk in Hong Kong, according to his online profile.
After several years of general expansion in Asia under former CEO Mike Smith, ANZ last year sold its Asian retail and wealth operations to DBS, closed its ‘emerging corporate’ business in the region, and cut jobs in Singapore and Hong Kong.
The Australian bank is now focusing on its more profitable Asian institutional unit, which generates business from larger companies trading within Asia Pacific, ANZ head of institutional Mark Whelan said earlier this year.
Hiring Chen, who has vast experience with major Chinese corporate clients and has worked for three of the biggest corporate banks in Kong Hong, chimes with these plans.
Prior to his recent three-year stint at HSBC, Chen spent a year at Standard Chartered as head of China corporates, global corporates. He worked at Citi between 2004 and 2013, latterly as a director and head of the China corporate division in Hong Kong, according to his profile.
Educated in mainland China, Chen started his career in 1998 in the Shanghai office of Hang Seng Bank and eventually became head of credit and marketing.
Chen is not the only senior hire ANZ has made in Hong Kong recently. As we reported last month, Felix Nie has joined its debt capital markets team at director level. He was previously at Standard Chartered in Hong Kong, where he spent two years as a director in China corporate sales.
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