UBS Group AG said it is merging its Asia-Pacific equity and debt capital markets businesses as part of efforts to streamline its business in the region and resolve overlaps between the teams.

The Zurich-based bank appointed Gaetano Bassolino, who was head of debt capital markets in the region, as head of Asia Pacific capital markets, it said in an internal memo that was obtained by Bloomberg. Hannah Malter, the chief of staff for APAC, will rejoin the equity capital markets team to support the firm’s Asia-into-U.S. initial public offerings, which are a growth area for 2018, according to the memo.

“It is clear there are synergies that exist across ECM and DCM, such as overlapping investors and product cross-over,” David Chin, the region’s head of investment banking, said in the memo. “These changes are aimed at optimizing our business in the region, serving clients more cohesively.”

Bassolino will work closely with Peihao Huang, head of cash equity capital markets, as well as Andrea Casati, head of syndicate on cash ECM, according to the memo. Bloomberg News and other media reported that Huang had resigned from her role as Asia head of equity capital markets. It wasn’t immediately clear what had prompted the reversal.

Malter joined UBS in 2006 and was previously a member of equity capital markets in Sydney, Hong Kong and New York. Bassolino has been with UBS since 2000.

A representative for UBS confirmed the contents of the memo.

Source: Bloomberg

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