People News

Samsung ECM mandates up for grabs after HK withdrawal Samsung Securities decided this week to shut its overseas businesses to focus on its domestic market, forcing more than half of its Hong Kong staff out of their jobs. The move leaves just specialist equity sales teams in the firm’s overseas offices, and they will now focus on pitching to global investors interested in South Korea’s domestic market.

FSC approves Lone Star’s KEB sale — at last Korea’s Financial Services Commission has approved the sale of Lone Star’s holding in Korea Exchange Bank. Hana Financial Group was given the nod to buy the 51.02% stake from Lone Star last Friday, following six years of attempts by the US private equity firm to dispose of its stake.

Harvey takes over as Macquarie’s Asia CEO Macquarie Group has picked Alex Harvey, an executive director at Macquarie Capital, as its chief executive for its Asian business. This is a new position at the firm, in a move aiming to bolster its investment banking business in the region.

Mitsubishi names Hirano BTMU head Mitsubishi UFJ Financial Group has appointed Nobuyuki Hirano as president of its subsidiary Bank of Tokyo-Mitsubishi UFJ, effective on April 1.

Nomura on track for cost cutting drive Nomura Holdings has made a big step towards a planned $1.2bn reduction in costs over the past three months. Takumi Shibata, Nomura’s group chief operating officer, told investors on Wednesday that it will have completed about 80% of those savings — around $960m — by the end of this quarter.

SMFG posts flat Q3 profits Sumitomo Mitsui Financial Group (SMFG) posted a flat profit in the third quarter from a year ago — ¥97.2bn ($1.3bn), compared with ¥97.6bn — as gains from bond investments offset losses from its investments on stocks and other losses from its affiliates.

Mizuho’s profits dive on global equity slump Mizuho Financial Group’s net profit figures fell by more than a third in the first nine months of the fiscal year and by 80% compared with the same quarter last year, according to its third quarter results announced this week. But few analysts were surprised by the drop, given the amount of equity the firm owns.

EuroWeek Poll: Will renminbi deposit drop impact loans? Renminbi deposits have now dropped in two of the last three months, after an almost unbroken rise for two years. We think is bad news for the fledgling offshore renminbi loan market — but more importantly, we want to hear your opinion. Please participate in EuroWeek Asia’s online poll.

Macquarie creates Asia CEO job Macquarie Group has picked a chief executive for its Asian business, a new position at the firm, which is attempting to bolster its investment banking business in the region. Macquarie has picked Alex Harvey, an executive director at Macquarie Capital, to take over the job.

Berlian Laju suspends trading after redemption freeze Indonesian shipping company Berlian Laju Tanker suspended trading in its Singapore-listed stock on Friday, leaving investors watching and waiting while it negotiates with bankers and investors about some $418m of debt it has due before the end of the year.