Ben Sung Joins UBS To Expand Private Credit In Southeast Asia

(CTN News) – Ben Sung has been appointed the head of Corporate Book for Southeast Asia by UBS Group AG as part of a strategic move illustrating the region’s ever-evolving finance sector.

Taking on this pivotal role places Sung in charge of a significant expansion of the bank’s private credit and structured lending operations.

Sung’s background includes serving as UBS’ co-head of Debt Capital Markets in Asia, so his expertise should help the bank grow in an extremely competitive market. Credit Suisse’s APAC Financing Group has lost several key personnel to UBS, amid speculation about the bank’s commitment to private credit.

Southeast Asia’s Strategic Pivot

As a result of broader changes in the Southeast Asian financial services industry, UBS is elevating Sung to this crucial position. Private credit solutions are in high demand in the region, where the asset market has grown to $1.7 trillion. UBS is leading the charge through strategic staffing and leadership adjustments to capture a slice of this lucrative market. With Sung’s appointment, UBS demonstrates its commitment to not only compete, but lead in this space, leveraging his extensive experience and strategic insight gained at UBS and Standard Chartered.

Opportunities and Challenges

In Southeast Asia, private credit presents both challenges and opportunities. The departure of seasoned bankers from Credit Suisse’s APAC Financing Group has raised concerns about UBS’s focus on private credit.

Moreover, Sung’s leadership signals commitment to expanding its footprint in the region, signaling a new era of strategic focus on this sector. Asset managers, including giants like BNP Paribas and HSBC, are beefing up their presence in Asian private credit markets as part of a broader industry trend.

UBS’s Southeast Asian strategy will be guided by Sung’s experience and his bank’s strategic vision, which will allow him to carve out a dominant position for the bank.

UBS’s Strategic Realignment in the Broader Picture

Ben Sung’s appointment is part of ongoing strategy for streamlining operations and optimizing staffing across the region. Earlier this month, UBS announced it would be cutting 90 jobs, affecting both private bankers and investment solutions staff in Greater China and Singapore.

The recalibration reflects the company’s strategic pivot to leverage high-growth areas, like private credit, while aligning resources to serve the market’s evolving needs.

With Sung’s leadership, the bank will not only navigate the challenges ahead but will also seize the opportunities presented by Southeast Asia’s booming private credit market.

The appointment of Ben Sung as head of Corporate Book for Southeast Asia marks an important milestone in Group AG’s quest to expand and strengthen its presence in private credit.

In Southeast Asia, Sung is poised to lead charge with a keen eye on the dynamic financial landscape and a strategic approach to leadership and growth.

It is expected that his extensive experience and strategic acumen will propel the bank to new heights, despite the challenges and opportunities ahead. With the financial sector continuing to evolve, UBS’s move signals a commitment to innovation and leadership.

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