Vincent Wong, a managing director in RBS’ debt capital markets (DCM) team, left the bank last week to join a rival institution, sources confirm to Asiamoney PLUS, marking the latest senior move from RBS’ debt team.
Wong resigned the bank on Tuesday (July 9), which was also his last day in the office. Sources close to Wong say that he will join a rival bank following his gardening leave, though they could not disclose his destination.
Hong Kong-based Wong was responsible for origination and execution for the bank’s cross-border DCM transactions across corporates and financial institutions in Asia. His coverage included investment grade, high yield and hybrid capital security transactions in G3 and regional currencies.
He joined RBS in 2007 as an executive director after spending 10 years at Deutsche Bank in New York, Hong Kong and Singapore. He most recently focused on acquisition and capital markets financing for investment grade corporates in the consumer, industrial and healthcare sectors from 2003-2006 in Deutsche Bank’s New York office.
Sources with knowledge of RBS’ DCM desk say that Wong’s duties expanded to include many of the responsibilities formerly held by Augusto King, RBS’ head of DCM who left the bank in March to join Jefferies in a senior DCM role.
King joined RBS in 2007 after the UK bank led a consortium for the £49 billion (US$74.05 billion) takeover of Dutch investment bank ABN Amro, where King was the regional head of DCM.
King’s own departure came less than two months after Guy Wylie rejoined RBS in the newly created role of head of primary markets in January 2013. Wylie was previously at UBS for five years and most recently headed up Asian DCM until his departure in June 2012. He joined from RBS in London, where began workingin the loan market team in 2005.
Wylie’s role includes shared oversight of financial institutions origination, the debt capital markets and syndicate teams. He also chairs the internal Asia Pacific committee that coordinates RBS’ DCM, loan and bond syndicate and credit trading, sales, research and mortgage businesses.
In March 2012, RBS also shifted Roland Hinterkoerner, who was co-head of DCM with King, to head of corporate advisory for Asia Pacific. His reporting line shifted from John Wade, head of DCM and syndicate in Asia Pacific, to Sanjeev Kumar, the head of corporate advisory.
An RBS spokesperson declined to comment on Wong’s move, and could not confirm a replacement for him.
The high-level changes on RBS’s DCM desk followed large-scale movements in other areas of the bank. Most notably, RBS sold its Asia equities and mergers and acquisition business to Malaysian Bank CIMB for £173.9 million on April 2, 2012. That decision came as the bank looked to save costs following its multibillion-pound bailout by the British government in 2008 which saw left the bank 81%-owned by UK taxpayers.
In May, the bank also announced that executive chairman of RBS for Asia Pacific John McCormack would leave the bank after 17 years. Donald Workman, head of the asset protection scheme unit at the bank, assumed McCormack’s role.