ING Financial Markets is getting ready to move its Hong Kong-based fixed income trading, structuring and research operation to Singapore early next year. "We're centralizing all financial markets businesses in one hub," said Sheel Kohli, spokesman in Hong Kong, adding, "This makes sense from a business efficiency point of view."
ING is relocating a team of 25 over the coming months, including its credit derivatives team. At the onset of the year ING moved its Hong Kong-based fx and interest rate trading desks to Singapore to cut costs (DW, 12/15). Marketers covering the Greater China region will remain in Hong Kong.
Additionally, ING has hired Jeson Liu, head of the treasury department at TAIPEIBANK, in a new role as Taiwan head of financial markets in Taipei, which includes fixed income derivatives. Kohli added that additional hires are planned as part of the firm's expansion in Taiwan.
