UBS taps Debt Capital Market Asia co-head to lead private credit

UBS Group has appointed Ben Sung as head of Corporate Book for South-east Asia, leading its charge to boost private credit business in the region

In his new role, Sung will manage the bank’s private credit and structured lending for the region, people familiar with the matter said. He was formerly UBS’ co-head of Debt Capital Markets in Asia.

A UBS spokesperson confirmed the appointment.

Sung’s intra-company move comes after several Singapore-based bankers left Credit Suisse’s APAC Financing Group, following UBS’ takeover.

The departures at the financing unit – which targets ultra-high net worth individuals, entrepreneurs, and institutional clients – were largely due to the bankers’ view that UBS wouldn’t focus as much on private credit given its lower risk appetite, Bloomberg News reported.

Banks in Asia have ramped up staffing to boost their share of the US$1.7 trillion asset market. BNP Paribas recently recruited Amit Khandelwal from SC Lowy as director for private credit based in Singapore.

SEE ALSO

UBS US$1 billion AT1 sale rakes in nearly US$12 billion of orders

UBS offers US$1 billion AT1s in fast start to its funding plan

UBS launches biggest ad campaign in 7 years to ‘drive business’

UBS weighs cutting about 90 jobs at Asia wealth, bank teams

UBS cuts senior bankers as Credit Suisse integration continues

More

Asean Intelligence

Get insights into businesses across South-east Asia

Get the free report

Late last year, HSBC hired former Credit Suisse banker Boomish Gopalakrishnan as director to lead the bank’s private credit business in Asean and India. BLOOMBERG