It’s been a busy 12 months for CIMB, the Malaysian bank, as it ramps up its Asian recruitment in a bid to become a top-10 regional broker. This time last year it bought Royal Bank of Scotland’s Asian equities businesses and it has gone on to expand outside of its tradition bases in Indonesia, Malaysia, Singapore and Thailand.
The bank now has a more serious presence in Hong Kong and China, has opened in India and Korea, and has plans to grow in Taiwan after acquiring a licence and re-hiring old RBS staff. CIMB will make a few more hires in Asia in coming months and recruitment should be 80 to 90 percent done by late summer, according to Finance Asia.
It has recently poached from Standard Chartered, ING and Religare Capital Markets as it builds its Hong Kong research team. Equity researchers now know where to send their CVs.
Nomura hires (Finance Asia)
Nomura has hired former Bank of America Merrill Lynch banker Yasuhiro Fujiwara as head of equities for Asia ex-Japan.
Slow growth (Shanghai Daily)
Industrial and Commercial Bank of China and the Bank of Communications saw their earnings growth halve in 2012 as the Chinese economy expanded at the slowest pace in 13 years.
New wealth rules (WSJ)
China has moved to rein in wildly popular but opaque investment products that form a key plank of the nation’s shadow-banking system.
China crisis coming (Asian Banking & Finance)
Hong Kong economist says a banking crisis has already begun in China, and that it will lead to a full-blown economic crisis before too long.
Not so super (Sydney Morning Herald)
The A$1.5 trillion Australian superannuation (retirement savings) industry has questioned the Australian government’s estimates that superannuation concessions cost A$32 billion in revenue foregone a year.
BRICS bank(Channel News Asia)
The BRICS countries stumble in plan for bank to challenge West.
Pru fined (Straits Times)
Britain’s financial services regulator has fined insurer Prudential £30 million over the company’s handling of a failed bid to acquire the Asian subsidiary of American International Group.
Worst is best (WSJ)
A company’s best employees should also be its happiest and most engaged, but that’s not always the case.
Job for life (Bloomberg)
Brian Moynihan says he’d quite like to be chief executive of BofA until he dies.
Therapist banker (CNBC)
Ex-Nomura banker turned sex-therapist speaks again.