(4 March 2016 – Asia) UBS Group has announced the creation of an Asian debt-financing group, by merging leveraged-finance operations, and debt-capital market units.
In an internal memo seen by Bloomberg, the bank plans to boost revenue from ‘structured lending and high-yield bonds’. Deepak Dangayach and Patrick Liu will co-head the group, according to the same memo.
UBS released the details of the new business unit according to Bloomberg. The Asian debt-financing division includes the bank's capital market business related to Asia, and the ‘leveraged-finance originations’ of the firm.
Deepak Dangayach, the co-head of the Asian debt-financing group, will join the bank in April. Both Dangayach and Liu will report to Saurabh Beniwal and Joseph Chee, co-heads of corporate-client solutions for Asia, and Gaetano Bassolino, the head of the Asia-Pacific debt-capital markets.
Beniwal said: “It’s not about efficiency or headcount; it’s more about getting more done and creating growth in the business: more cross-selling and broader client reach.”
He added: “the real businesses that I want to grow are on the structured credit solutions side.”
Speaking to Reuters, Beniwal recently said: “there is a growing interest for bespoke financing solutions and an increasing crossover between traditional debt capital markets and loan-market-only clients.”