Singapore

Standard Chartered has promoted Aaron Gwak to head Asean capital markets.

Manulife US Real Estate Investment Trust started taking orders for its $470m Singapore IPO on Tuesday and is hoping to woo investors following a failed attempt at a listing last year.

Industrial and Commercial Bank of China’s Singapore branch has ventured out to the dollar bond market straight after the end of Labour Day holidays, launching a three year offering on Tuesday.

Citi has named Amol Gupte as its country officer for Singapore and head of Asean, succeeding Michael Zink who will be retiring.

In this round-up, London overtakes Singapore as an RMB hub, foreign ownership of onshore RMB assets picks up, QDII products see further growth, and the US and China plan June economic meeting. Plus, a recap of our top stories this week.

Indonesian power producer Cikarang Listrindo started pre-deal investor education for its $300m-$400m IPO on Thursday and is expected to open books by mid-May.

The number of offshore RMB hubs has risen rapidly in the last few years to hit 20 last year. But having more offshore hubs does not necessarily equates to more global usage of the currency, say market observers who are hoping China will adopt a new strategy.

StanChart veteran Lim retires — Lam given top China job at Citi — Citi India banker heads to HDFC Bank — BNP Paribas hires Ratliff for senior role

Commodities trader Vitol Asia has hit the market for a one year extension to a $1.48bn borrowing sealed in June 2015.

Law firm Clifford Chance has made several senior appointments in Asia Pacific in a bid to strengthen its businesses in the region.

China Construction Bank plans to begin trading derivatives and bonds in Singapore, having teamed up with Singapore Exchange to promote the island state’s capital markets to Chinese companies.

Natixis has named Alain Gallois as CEO of corporate and investment banking for Asia Pacific, a position he will take up in July.