HSBC names Asia veteran Christopher Chua global M&A head
HONG KONG: Europe's biggest bank HSBC appointed Christopher Chua head of mergers and acquisitions on Wednesday, after its former global head left for JPMorgan last month.
Chua, who was most recently the bank's Asia head of M&A, will take up the new role immediately and continue to be based in Hong Kong, according to a memo seen by Reuters and confirmed by a company spokesperson.
He will lead the M&A business in "Asia and the Middle East, an area of competitive strength where we provide significant value to our clients", Adam Bagshaw, the bank's global head of capital markets and advisory said in the memo.
Chua is the latest top banker to be promoted to oversee reconfigured dealmaking business at the Asia-focused bank, which started a global overhaul last year that left the operation more focused on M&A and equity capital market capabilities in Asia and the Middle East.
The bank wound down its M&A and some equities businesses in Europe and the Americas earlier this year and its former global M&A head Kamal Jabre's left for US rival JPMorgan.
Chua, who joined HSBC in 2022 from Credit Suisse to lead its M&A business in Asia, has more than 20 years' experience advising international blue-chip companies on complex cross-border M&A transactions.
Meanwhile, Vikas Seth will chair the M&A business at HSBC, in addition to his role as vice chair for corporate and institutional banking that focuses on strategic client engagement.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Free Malaysia Today
an hour ago
- Free Malaysia Today
Bursa opens flat, tracking Wall Street's performance
KUALA LUMPUR : Bursa Malaysia was almost unchanged at the opening today, due to a lack of fresh catalysts after the flat Wall Street performance overnight, analysts said. At 9.05am, the FTSE Bursa Malaysia KLCI (FBM KLCI) edged up 0.02 points to 1,511.97 from yesterday's close of 1,511.95. The benchmark index opened 0.99 of-a-point higher at 1,512.94. The broader market was marginally negative, with 98 decliners outnumbering 82 gainers. Another 227 counters were unchanged, while 2,016 were untraded and 11 suspended. Turnover stood at 52.84 million shares worth RM25.57 million. Rakuten Trade's equity research vice-president Thong Pak Leng said that the flat Wall Street performance came after the US Federal Reserve (Fed) maintained its interest rate stance, while geopolitical tensions in the Middle East continued to draw worries. The Dow Jones Industrial Average lost 44 points, or 0.1%, the S&P 500 slipped 0.03%, while the Nasdaq Composite gained 0.13%. Equities in Asia ended broadly lower yesterday as the geopolitical tensions in the Middle East remained unresolved. As a result, Hong Kong's Hang Seng Index dipped 1.12%. On the local front, the FBM KLCI finished a tad higher yesterday after a roller coaster session. The low trading volume reflected investor caution, with many avoiding long positions due to persistent global risks and volatile market conditions. 'We foresee trading will remain muted following the lack of catalysts and heightened market risks. Hence, we anticipate the benchmark index to trend within the range of 1,500-1,520 points today,' Thong told Bernama. Among heavyweights, Maybank gained 2.0 sen to RM9.64, while Tenaga and CelcomDigi remained flat at RM14.22 and RM3.81, respectively. Public Bank fell 3.0 sen to RM4.21 and CIMB added 3.0 sen to RM6.68. Among the most active stocks, HLT Global eased half-a-sen to 5.0 sen, SNS Network Technology ticked up 2.0 sen to 55.5 sen, and Dagang Nexchange added 1.0 sen to 30 sen. Elridge Energy Holdings and Dataprep Holdings were unchanged at 59.5 sen and 11.5 sen, respectively. On the index board, the FBM Emas Index grew 2.37 points to 11,304.18, the FBMT 100 Index perked up 2.36 points to 11,082.46, and the FBM Emas Shariah Index improved 0.04 of-a-point to 11,310.38. The FBM 70 Index climbed 12.45 points to 16,213.24, but the FBM ACE Index dropped 7.04 points to 4,434.30. By sector, the Plantation Index strengthened 12.10 points to 7,250.14, while the Energy Index declined by 2.06 points to 738.55. The Financial Services Index bagged 12.98 points to 17,434.41, but the Industrial Products and Services Index slid 0.26 of-a-point to 149.80.
Free Malaysia Today
an hour ago
- Free Malaysia Today
Ringgit firmer against US dollar at opening
KUALA LUMPUR : The ringgit inched higher at the opening today amid ongoing geopolitical worries and despite a firmer greenback after the US Federal Reserve (Fed) decided to keep interest rates unchanged, an analyst said. At 8am, the local note climbed to 4.2435/4.2650 against the greenback from yesterday's close of 4.2500/4.2550. Bank Muamalat Malaysia chief economist Afzanizam Rashid said the US dollar was mostly higher overnight after the US Federal Open Market Committee (FOMC) unanimously decided to keep the Fed funds rate unchanged at 4.25% to 4.50%. 'The Fed is concerned over the risk of higher inflation and they need to stay vigilant while the Middle East conflict remains unsettled as the possibility of the US participating in the Israel-Iran military conflict remains high,' he told Bernama. He said the ringgit had depreciated against the US dollar today by 0.22% following a greenback rally, and that investors were also wary of the next hurdle, which would be the end of the 90-day tariff pause period in early July. 'On that note, we shall expect the ringgit to stay soft in the near term as sentiments in the market remain guarded,' he added. At the opening, the ringgit traded higher against a basket of major currencies. It rose against the Japanese yen to 2.9276/2.9426 from 2.9322/2.9359 at yesterday's close, strengthened versus the British pound to 5.6922/5.7211 from 5.7218/5.7285, and advanced against the euro to 4.8698/4.8945 from 4.8888/4.8945 previously. The local note was also better against its Asean counterparts. It appreciated against the Singapore dollar to 3.3018/3.3188 from 3.3074/3.3115 at yesterday's close, and climbed to 12.9794/13.0536 from 13.0240/13.0449 versus the Thai baht. The ringgit was slightly better against the Indonesian rupiah at 260.1/261.5 from yesterday's 260.5/260.9 and stood higher at 7.45/7.49 against the Philippine peso from 7.46/7.48 previously.
Free Malaysia Today
an hour ago
- Free Malaysia Today
Asian stocks drop after Fed warning, oil dips with Mideast in focus
Federal Reserve chair Jerome Powell said the bank was 'well-positioned to wait to learn more' before considering changes to rates. (AP pic) HONG KONG : Asian stocks fell today after the Federal Reserve (Fed) warned Donald Trump's trade war would likely reignite US inflation and dampen economic growth, while oil prices edged down as investors awaited developments in the Israel-Iran conflict. While geopolitical tensions are the key focus for markets, traders were also watching the US central bank's latest meeting, held yesterday, as officials gathered to discuss monetary policy in light of the president's tariff blitz. The Fed kept borrowing rates on hold for a fourth consecutive meeting, as expected, and said in a statement that 'uncertainty about the economic outlook has diminished but remains elevated'. It later cut its economic growth forecast for this year and raised inflation and unemployment expectations, in its first updated projections since Trump unveiled his levies on most trading partners at the start of April. Boss Jerome Powell called the economy 'still solid' but added that 'increases in tariffs this year are likely to push up prices and weigh on economic activity'. He said the bank was 'well-positioned to wait to learn more' before considering changes to rates. Still, the Fed's so-called dot-plot chart predicted two cuts this year. 'Ultimately, the cost of the tariff has to be paid and some of it will fall on the end consumer,' he added. 'We know that's coming and we just want to see a little bit of that before we make judgements prematurely,' he added. With Trump increasingly calling for the bank to slash rates, Powell said: 'We'll make smarter and better decisions if we just wait a couple of months'. Hours before the decision, the president said: 'We have a stupid person, frankly, at the Fed'. Speaking at the White House, he added: 'We have no inflation, we have only success, and I'd like to see interest rates get down. Maybe I should go to the Fed. Am I allowed to appoint myself?' 'The Fed's assessment indicates that the economy is in good shape, aligning with current economic data,' said Tai Hui at JP Morgan Asset Management. 'However, trade policy, fiscal policy, and unintended consequences of policies from the Trump administration are contributing to market volatility in the second half of this year,' Hui said. After a tepid day on Wall Street, Asian markets turned lower. Hong Kong led losses, falling more than one percent, while Tokyo, Shanghai, Sydney, Singapore, Seoul, Wellington, Taipei, Manila and Jakarta were also in the red. The Fed comments compounded the already weak sentiment on trading floors as Trump considers whether to join Israeli strikes against Iran. He indicated he was still looking into such a move and that Iran had reached out seeking negotiations, saying: 'I may do it, I may not do it. I mean, nobody knows what I'm going to do'. Without providing more details, he added: 'The next week is going to be very big'. Iran's supreme leader Ayatollah Ali Khamenei earlier sounded a defiant note, rejecting Trump's call for 'unconditional surrender'. Still, with no concrete signs of escalation, oil prices edged down after another volatile day yesterday. Analysts said the main worry for traders was the possibility Tehran will shut a key shipping lane through which an estimated fifth of global oil supply flows. 'We don't see it as a likely scenario at this time, but given the precarious state that the Iran regime is in right now, I think everybody should be watching' the Strait of Hormuz,' Mike Sommers, president of the American Petroleum Institute, told Bloomberg television in an interview.
