UBS merges equity, debt capital markets businesses in Asia -memo

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HONG KONG (Reuters) – UBS Group (UBSG.S) is merging its equity and debt capital market businesses in Asia Pacific with immediate effect, according to an internal memo seen by Reuters on Thursday.

FILE PHOTO: A UBS advertisement is displayed on top of a commercial building in Hong Kong, China May 2, 2017. REUTERS/Bobby Yip/File Photo

The Swiss bank named ‎Gaetano Bassolino, currently head of the debt capital market business in the region, as head of Asia Pacific capital markets, the memo, sent to the bank staff, showed.

“It is clear there are synergies that exist across ECM and DCM, such as overlapping investors and product cross over,” David Chin, UBS head of Asia Pacific corporate client solutions business, which covers investment banking, wrote in the memo.

A UBS spokesman confirmed the contents of the memo.

Reporting by Julie Zhu; Editing by Muralikumar Anantharaman

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