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.

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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