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UBS names new Asia Pacific investment banking head: memo

[HONG KONG] UBS Group AG on Friday announced the return of its former banker David Chin as the new head of its Asia Pacific corporate client solutions business, which covers investment banking, according to an internal memo seen by Reuters.

Mr Chin, who joined UBS in 1994 and left in 2015 to pursue academic interests, will take over from Sam Kendall who will be relocating to New York as the head of the bank's global equity capital market (ECM) business, the memo said.

A UBS spokesman confirmed the content of the memo.

Mr Kendall, who joined UBS in Australia about two decades ago, became head of Asia Pacific corporate client solutions business last year, as part of a broader restructuring of UBS' investment banking business.

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The corporate client solutions business houses the Swiss bank's merger and acquisitions advisory business and the teams helping with stock market listings, bond issues and other types of financing.

"Having Sam located in New York, a critical market for us, but one where we have been historically underweight in ECM ... will ensure that the global business benefits fully from his experience and guidance," the memo said.

Mr Chin will start in early September and focus on accelerating UBS investments to deliver profitable growth, the memo said.