UBS names Credit Suisse Korea head as vice chair for Asia

UBS Group AG, a global investment bank, appointed Kyungin David Lee, chief of Credit Suisse Group AG’s Seoul branch, as vice chair for Asia and head of global banking for South Korea, after completing the acquisition of its troubled rival, sources said on Tuesday.

Lee is expected to handle UBS’ businesses not only in South Korea but in all of Asia, according to the sources. The appointment spurred hopes that the Switzerland-based investment bank is likely to actively support operations in South Korea.

Financial market investors have been keeping an eye on the future of Lee and veterans of Credit Suisse in the country since UBS agreed to buy the investment bank in a 3 billion franc ($3.5 billion) deal in March. The deal was finalized on June 12.

UBS became the largest global investment bank in South Korea with 31 investment banking staff after the takeover.

UBS, CREDIT SUISSE STRONG IN DIFFERENT SECTORS IN S.KOREA

Credit Suisse has been regarded as a powerhouse in the country’s mergers and acquisitions market, fiercely competing for the throne in the domestic M&A advisor league table.

The investment bank headquartered in Zürich worked on the fundraising of KT Cloud Corp., a subsidiary of a South Korean telecom giant KT Corp., the sale of an industrial gas maker AirFirst Co., the sale of a low-cost cosmetics manufacturer Able C&C and the listing of Doosan Robotics Inc., of the country’s plant and machinery behemoth Doosan Group.

UBS has been strong in the local debt capital market and M&A advisory. It handled Hanwha Solutions Corp.'s sale of a 49% stake in its unit in Ningbo, China, and Amorepacific Corp.'s acquisition of Tata’s Natural Alchemy LLC. in the US last year.

“UBS’ acquisition is expected to create synergy as UBS and Credit Suisse are strong in different sectors in South Korea,” said an investment banking industry source in Seoul.

Write to Ji-Eun Ha at hazzys@hankyung.com
 

Jongwoo Cheon edited this article.