Piero Overmars, head of global financial markets, will head a new department dubbed integrated debt. The department is being created by combining the global financial markets group and the loan products group. Eltjo Kok, head of the loan market group, will run the group finance division, according to a spokesman. Overmars will continue to report to Wilco Jiskoot, chairman of the wholesales business unit.
Interest-rate and credit derivatives come under the new group's remit, but the spokesman said the reorganization will not impact the day-to-day workings of the departments. One firm official said the move is designed to manage the balance sheet more effectively. Traditionally the loan products have sat in the commercial side of the bank and the capital markets products have sat in the investment bank. By bringing them together they can manage the risk and offer clients hybrid products more effectively, the official said.
