ABN To Double Asia Credit Desk
ABN AMRO is looking to double its credit derivatives desk in Singapore to six to meet growing client interest in Asia for credit products. Aashish Ponda, head of credit derivatives for Asia-excluding Japan, in Singapore, said he plans to hire an additional trader and at least two structurers in the coming months. Ponda continued that it is seeing growing interest in clients considering structured credit products and needs to make the hires to take advantage.
"We're looking to become a major end-user," said Ponda. The bank will be able to take advantage of its large balance sheet to offer structured products. But Ponda added, it will use the credit products for its own needs and will not compete head-to-head on bid/offer spreads with the prominent players in the market.