Bayerische Landesbank is looking to boost its derivative capabilities in the Asia-Pacific region next year with plans to launch an equity derivatives book and locally-generated structured products. Market officials said the push is part of an effort to expand revenues outside of its German base.
"We plan to roll out structured products on our own balance sheet," said Philip Chu, executive v.p. and head of financial markets for Asia-Pacific in Hong Kong. Rather than import products in from the firm's other centers, the Hong Kong arm will set up its own structuring unit across asset classes. Chu came aboard earlier this year from Standard Bank in Hong Kong to spearhead the push in the region.
Bayerische currently trades interest rate, fx and credit derivatives in Asia but will also add equity next year, following a build-up on the back-office side. "We're in the middle of a sizeable systems implementation," Chu said. He noted that a handful of staff will be recruited next year for the initiative.
