HSBC is busy recruiting credit specialists in Hong Kong
HSBC is stepping up structured credit activity within its private bank as part of its stated ambition to become the leading wealth manager in Asia over the next four years.
The bank has appointed Mathieu Rabiller to the newly appointed position of Origination Manager, North Asia for HSBC Private Banking in Hong Kong.
Rabiller seems to have won a big promotion. He joined HSBC as Managing Director of former employer Citi, where he was a director in a team responsible for private equity financing and client solutions.
At HSBC, Rabiller will be responsible for the team of credit specialists, as well as private equity and real estate asset classes across Asia Pacific. He reports to Jyrki Rauhio, Head of Credit Counseling Asia Pacific at HSBC Private Banking. Rauhio also worked for Citi, where he was responsible for private banking for Southeast Asia until he joined HSBC last November.
Rabiller is the fourth credit specialist to join HSBC last month and there are more to come as part of the bank’s plan to build a leading position in Lombard credit – a form of back-to-back lending. assets popular among private banking clients. The bank is also looking to hire an origination and credit counseling manager for Southeast Asia.
The hires are part of HSBC’s “backbone to Asia”, which is to grow revenues in banking and global markets and in international wealth management. In particular, the bank plans to add 5,000 asset managers over the next five years on a $ 6 billion investment in wealth management in Asia. Rabiller wrote on his LinkedIn page that “the goal is simple: to become leader in wealth management in Asia by 2025. ”
HSBC hopes its existing strength in Asia will enable it to compete with other international banks looking to tap a growing affluence in China, and they are increasingly recruiting investment bankers with specialized skills to work within of their private banking teams.
On May 25, Goldman Sachs announced plans to form a wealth management joint venture with Industrial and Commercial Bank of China, as reforms would allow foreign banks to expand into mainland China. Goldman is expected to hire 400 bankers across all of its divisions.
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