Deutsche Bank Wins Back IPO Sponsor Qualification in Hong Kong
(Bloomberg) -- Deutsche Bank AG was reinstated as a sponsor for initial public offerings in Hong Kong after the German bank added three new senior hires.
The bank now has three principals, Derek Chung, Ian Long and Albert Chang, on the sponsor list, according to an update on the website of Hong Kong’s Securities & Futures Commission.
The German bank lost its sponsor qualifications after it was unable to replace the staff needed by regulators to arrange share sales. The hiccup came as the bank attempts to rebuild its equity capital markets business in Asia after it shuttered most of that businesses two years ago.
The bank plans to add a dozen bankers for the advisory businesses to tap strong demand for stock sale in the region, and recently rehired Chung and Long, and hired Chang from Orient Securities Co.
Poon Tsz Yuen and Rowena Wang, former responsible officers for Deutsche Bank, left the bank in July and June, respectively, according to SFC’s licensing records. Poon joined Bank of America Corp. last month.
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