COVER STORY

20 FINANCEASIA JULY / AUGUST 2015 FINANCEASIA.COM COVER STORY

By FinanceAsia reporters

inanceAsia’s 2015 honour roll of the most influential women across the Asia FPacific region spans investment bank- ing and commercial bankers. We also bring you leading women in new ar- eas of finance such as Fintech where Asian companies are among the fastest-growing in the world. FinanceAsia also canvased corporate fin- anciers for exceptional women working in deal advisory including lawyers and accountants. We wanted to include women from across the region and admit we found this easier in and Australia than say Korea and Japan. There is also a positive skew in the re- sults towards FinanceAsia’s own area of ex- pertise, corporate finance. FA

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KELLY BAYER Delivering products that year. The division also achieved established software help companies to achieve a 9% increase in average companies. She is a Master of ROSMARIN their targets and increase lending balances and a 9% Science graduate from profits is the driving aspiration boost in average deposit . COMMONWEALTH behind Kelly Bayer Rosmarin in balances, clocking up 41 new “I inherited a healthy BANK OF AUSTRALIA her role as head of institutional transaction banking mandates business with a strong track GROUP EXECUTIVE banking and markets at the in 2014. record in customer satisfaction FOR INSTITUTIONAL Commonwealth Bank of Big clients include Telstra, but since then we have focused BANKING AND MARKETS Australia. Woolworths, Origin Energy, heavily on using technology to Bayer Rosmarin’s team of Transurban, Queensland give clients more granular and about 1,500 staff across nine Motorways, and the Scentre insightful information about countries generates nearly 15% Group. “I like to see people in how their businesses operate,” of CBA’s group profits. They business fulfil their potential Bayer Rosmarin said. provide services to large and use our products and Her team’s achievements in corporate, government, and services to make their the past 12 months include institutional clients covering businesses more successful,” being selected by the debt capital markets, loan said the veteran banker. Queensland state government syndication, project and Bayer Rosmarin took on her to provide whole of structured finance, foreign current role in January 2014 government banking services exchange, commodity and after heading corporate for the next five years; being interest rate products, and banking solutions at CBA. She mandated lead arranger and transactional banking. joined the bank in 2004. Prior swap bank on Newcastle Port’s Last financial year the to that she was a management A$875 million syndicated division reported revenues of consultant with the Boston facilities; and being the only A$2.7 billion and an after-tax Consulting Group and also domestic lead arranger for the profit of A$1.3billion, which was spent time in Silicon Valley financing of the A$2.1 billion a 5% increase on the previous working for start-ups and Sydney Light Rail Project.

CATHRYN CARVER ANZ SENIOR MANAGING DIRECTOR, INTERNATIONAL AND INSTITUTIONAL BANKING

ANZ is the only Australian Resources, Fosun’s A$474 high-level agreements will Council of Australia, Jennifer bank with a stated aim of million purchase of Roc Oil, begin to bear fruit for ANZ’s Westacott. making meaningful profits in and New Hope’s acquisitions international and institutional “These high-level Asia, placing Cathryn Carver in the agricultural sector. In banking division. In November agreements put ANZ in the at the pointy end of the bank’s each case ANZ acted for the last year she was part of a path of future deals,” Carver strategic vision. Carver is foreign buyer as an adviser small group that spearheaded said. “To be successful in responsible for key and/or provider of acquisition two memorandums of banking you have to find a international and institutional finance. understanding between ANZ, balance between making banking client relationships “We bridge the cultural China Development Bank, money today and laying within Australia and Asia and divide, bringing a sound Baosteel, and Aurizon. the groundwork for is determined to add new, knowledge of Australian She is a board member making money large Asian clients to the practices to foreign clients,” of China’s Bank of tomorrow.” bank’s roster. Carver said. Tianjin (an ANZ As a woman she brings In the six months to end Carver spent the majority of partner) and deputy an added element of March ANZ generated 21% of her career at Macquarie Bank chair of the newly collaboration to her its profits from Asia-Pacific, before moving to Westpac formed Australian role. “Control and Europe, and America, up from where she was general Sino Association command aren’t 16% three years ago, and manager of corporate finance 100 — an effective on their bringing the bank closer to its and head of capital markets. agricultural own. You have to be 2017 target of deriving 25% to She joined ANZ in 2005, alliance between attuned to people 30% of its group profits from running corporate finance, Australia and and be able to offshore. then global capital markets, China, chaired motivate them to Several landmark deals which included a two-year by Fortescue deliver for helped along the way such as stint in the office. founder Andrew themselves and the Baosteel’s A$1.4 billion ($1.07 Carver is hopeful that a Forrest and head bank,” she told billion) acquisition of Aquila number of recently signed of the Business FinanceAsia.

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REIKO HAYASHI BANK OF AMERICA MERRILL LYNCH HEAD OF JAPAN GLOBAL CAPITAL MARKETS

Reiko Hayashi is in our list for her work on market-defining transactions in Japan’s debt markets. Hayashi was heavily involved in bringing to market debt financing for the $16 billion Suntory acquisition of US distiller Beam. The acquisition was the third-largest cross-border purchase by a Japanese company and symbolic of Japan Inc. expanding overseas in search of growth. Hayashi also worked on Development Bank of Japan’s landmark €250 million green bond, the first by a Japanese firm, and is promoting this socially responsible asset class to other Japanese corporates. Her deal-making skills has led to promotion through the ranks at Bank of America Merrill Lynch. In 2014 she was named Japan head of global capital markets. Before that Hayashi was made head of Japan debt capital markets in 2011 and head of Japan Public Sector Origination in 2006, having previously overseen corporate and public finance WEI SUN CHRISTIANSON within debt capital markets and risen from the trading floor over MORGAN STANLEY the course of a 25-year career in banking. CO-CEO OF ASIA-PACIFIC EX-JAPAN AND CHINA CEO; Hayashi is a member of Bank of America Merrill Lynch’s MEMBER OF THE GLOBAL MANAGEMENT COMMITTEE diversity and inclusion council aimed at encouraging talented women to go for promotion. Christianson as co-chief listing. Morgan Stanley She is an advocate of flexible working hours for women in executive officer of Asia ranked fourth in Dealogic’s banking. That is reflected in her team, which includes several Pacific ex-Japan helped to China M&A advisory ranking mothers who enjoy flexible work hours. drive Morgan Stanley’s strong as of mid-June. revenue growth across the The mother of three is region in 2014 and so far this passionate about diversity reported year. and childcare. Christianson Christianson is also CEO of spoke at the Summer Davos in China, which has enjoyed the 2013 to discuss female region’s highest revenue leadership and gender parity. growth over the past year. She joined Facebook’s chief Since becoming the firm’s operating officer Sheryl China head in 2006, Sandberg in last Christianson has coordinated September to discuss equality with multiple domestic in the workplace. She also regulators to successfully delivered the keynote speech build out Morgan Stanley’s at the Hong Kong Stock China onshore businesses Exchange on increasing Under Christianson’s women’s roles in decision- leadership, Morgan Stanley making. Since 2008, has broadened its onshore Christianson has been an footprint in China to include active participant in the domestic securities and bond various annual volunteering underwriting, commercial programs at Beijing Children’s banking, asset management, Hospital. trust services, and renminbi- She serves on the board of denominated private equity Estee Lauder and is a member investing. of the advisory committee of Morgan Stanley also the Securities and Futures advised WH Group on its $7 Commission of Hong Kong, as billion acquisition of well as a member of the Smithfield Foods and ’s Alibaba’s $25 billion New York strategic planning committee.

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GOLDMAN SACHS HEAD OF MER- CHANT BANKING, ASIA PACIFIC EX JAPAN

When Stephanie Hui first joined in 1995 she only planned to stay one year. Having just graduated from Harvard with a biology degree, Hui took a job at the US bank to help pay for medical

STEPHANIE HUI school. But she quickly took to Wall Street and enjoyed meeting young business people to hear their pitches. “Every week I would see 10 to 15 entrepreneurs, all with their exciting ideas and passionate attitudes about whatever they were doing. They were so eager to share with us how brilliant their company would become,” Hui told FinanceAsia. “Some of them were living pay-check to pay-check and are now [millionaires] or even billionaires. It’s been amazing to watch their journeys.” Fast-forward 20 years and Hui is head of merchant banking for Asia Pacific ex VIVIEN HSU WOAN-MEEI Japan for Goldman Sachs, overseeing approximately $3 billion-worth of FUBON FINANCIAL HOLDINGS investments in small- to large-size PRESIDENT companies. Having been brought up through When Vivien Hsu became to secure regulatory approval Goldman Sachs’s farm system — she left president of Fubon Financial to buy a Chinese futures firm. It briefly in 1998 to get an MBA from Holdings in October 2013 she is targeting Huishang Futures, Harvard Business School before rejoining set about restructuring the FinanceAsia recently reported. again in 2000 as an associate — Hui was bank and reshuffling Fubon Financial Holdings appointed an executive director in 2003, a management to improve under Hsu’s leadership has managing director in 2006, and a partner operational efficiencies and lift nevertheless gone on to deliver in 2010. She became head of merchant profitability. robust results since then, banking in Asia ex Japan in 2012. It was during her tenure that holding the title as the most Goldman Sachs’s merchant banking Fubon became the first profitable financial holding unit — which acts as the group’s private Taiwanese financial holdings company in Taiwan for the past equity investing arm — invests in a variety company to take ownership of five years. a mainland Chinese bank Hsu became a director of following its acquisition of First Fubon in 2014, a banner year Sino Bank, now called Fubon for the company in which it Bank (China). The transaction recorded year-on-year growth TERESA KO YUK-YIN was completed in 2014 and Hsu of 78%, according to data participated in the settlement provider SNL. The bank’s share FRESHFIELDS process to successfully close price and market capitalisation BRUCKHAUS DERINGER the transaction — no small feat reached historical highs in PARTNER IN THE HONG considering the potential 2015, a reflection of the KONG OFFICE; CHINA sticking points a deal between market’s faith in how the bank CHAIRMAN a Taiwanese financial institution is being managed. and mainland Chinese bank Hsu is also playing a critical Ko is a founding partner of law firm Freshfield’s could encounter given the role in planning Fubon’s equity capital markets practice and provided legal problematic history of regional expansion. The bank’s advice on some of Greater China’s landmark cross-straits relations. goal, under her presidency, is transactions in the last year. Fubon is also keen to to become a leading financial During her 25-year career, she has helped become the first Taiwan entity institution in Asia. state-owned

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of sectors, including financial institutions, Dalian Wanda Commercial Properties’ initial public offering, Hong healthcare, consumer products, Kong’s largest listing in 2014. industrials, and technology companies. Ko has been active in promoting Hong Kong listings to Notable deals under Hui’s stewardship international companies. She advised on the flotation of include Woowa Brothers Corp, a Korean L’Occitane International — the first French company to list in Hong start-up that operates the country’s most Kong — and more recently advised sole sponsor Morgan Stanley popular food-delivery mobile smartphone on a secondary listing of Hong Kong depositary receipts by app service; Daesung Industrial Gases Co, Japanese group Fast Retailing. one of Korea’s top industrial gas Ko has an equally impressive record in public and private producers; Taikang Life Insurance, one of mergers and acquisitions, including Citic Group and Citic Ltd.’s mainland China’s largest insurance sale and subscription of shares to a consortium of investors companies; Hepalink, a leading formed by CP Group and Itochu Corp. for $10.3 billion. Freshfields pharmaceutical company in China; and also advised on the $24 billion reorganisation and spin-off of Shanghai-based eHi Car Rental, a car Hutchison Whampoa and Cheung Kong Property. services and automobile rental provider. Ko is a non-executive directors of Hong Kong’s Securities and Back in 2000 most Chinese companies Futures Commission. “Ko has provided useful advice and listed in Hong Kong were in guidance on the performance of functions by the SFC during her manufacturing. Hui was part of the team tenure,” said a spokesperson for the Department of Finance. that invested in Yue Yuen, a shoemaker She became a partner in 1993 and has a first class master’s that supplies major global brands such as degree in law from Jesus College, Cambridge and speaks Nike and Adidas. But since 2000 she has Mandarin, Cantonese and English. been seeking out companies with an end-market in China as the economy slowly shifts from being export-driven to CHRISTINE LAM consumption-focused. Healthcare is one such sector on Hui’s CITI radar. Healthcare stocks only account for HEAD OF OPERATIONS 2% of the Hong Kong stock market AND TECHNOLOGY FOR ASIA capitalisation compared with 13% in the US as of last April, but that looks set to Technology is historically a male- worldwide securities business. change as healthcare spending in China dominated sphere but Christine Lam She steadily worked her way to booms. is one of the few women to have the top, becoming chief operating Goldman Sachs, along with GIC, made it to the top in this area after officer for Asia global banking in invested $100 million in iKang Healthcare becoming Citi’s head of operations 2004 and deputy country business Group in 2013. iKang, which floated its and technology for Asia earlier this manager for Hong Kong with direct shares in Hong Kong in April 2014, has year. responsibility for the retail business jumped 32.1% since its listing. The unit has more than 20,000 in 2011. Lam has been country Hui, a mother of three, also serves on a employees and technology is a business manager for Hong Kong number of boards, including the Women’s critical unit for the US bank, given and Macau since 2013, Foundation in Hong Kong, a charity that increasingly more onerous demonstrating strong leadership focuses on improving the lives of women regulatory requirements. Lam is new skills in managing one of Citi’s and girls in Hong Kong. to the role but since she took on the largest consumer businesses in Asia. reins, she has hit the ground running, She has also done substantial travelling around the region and work internally to promote women meeting with her team to discuss within Citi in Asia. For example, Lam ways to improve Citi’s operations has played a key role in Citi enterprises in different sectors to list in Hong Kong. and technology Women, a company-wide In one recent deal Ko worked on CITIC Pacific’s $36.5 infrastructure in Asia. effort designed to attract, billion asset injection and $6.8 billion share A career banker, Lam develop and advance placement. Freshfields was the exclusive international joined Citi as a female talent. legal advisor to CITIC Pacific. management associate She has mentored “This is a critical step in the evolution of Chinese in the Financial several women who SOEs and Hong Kong’s equities market alike,” Ko said Institutions Group in have been appointed to of the deal. “Global investors will now have the 1983. She subsequently senior roles. She also opportunity to directly share in the prosperity of one worked in various played a leading role in Citi of China’s most prestigious and well-known business and operation roles Women’s leadership companies.” in Canada and Hong Kong and development She has also given legal opinion on numerous spent a significant number program in privately owned businesses seeking to list in Hong of years in trade Hong Kong. Kong. In December she advised 19 book runners on services and the

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CHRISTINA MA GOLDMAN SACHS HEAD OF CHINA EQUITIES COVERAGE

As soon as Chinese premier Li “To get something of this Stanley have traded the most having worked on a number of Keqiang announced plans in magnitude done in six months, on the two-way Stock Connect, notable IPOs, such as Ping An April 2014 for a landmark I’ve never seen anything like it,” and since the launch, Goldman Insurance’s $1.83 billion listing scheme to link the Shanghai said Ma. has the second highest gross in 2003, and Agricultural Bank and Hong Kong exchanges, Internally, this involved northbound trading volume, of China’s $22.1 billion flotation Christina Ma, head of Goldman coordinating discussions according to a market source. in August 2010. Sachs’s China equities among Goldman’s front- and There is still a lot of work to The ABC IPO stood out to coverage, got to work. “We back-end-offices, including be done. China’s government Ma in particular. Goldman was dropped everything else and technology, operations, maintains its vice-like grip over chosen as the sole stabilisation made it our number one settlement teams, legal and markets, as evidenced by the agent. Ma, who was nine priority,” Ma said. “There was compliance groups, its prime daily quotas still in place months pregnant at the time, no question of us not being brokerage unit and sales and — Rmb13 billion ($2.1 billion) for vividly remembered that day there on day one.” trading colleagues. Goldman northbound flows and Rmb10.5 on the trading floor — markets Hundreds of people worked had to enhance its existing billion ($1.7 billion) for were volatile and there was a on Stock Connect but Ma was trading, booking and clearing southbound traffic. But it’s lot of pressure to ensure the instrumental in the systems to address particular also clear that the Stock debut went smoothly. organisation, logistics, and pre- and post-trade rules of the Connect has enormous “It was one of the most discussions to turn the idea into Stock Connect channel, for potential — once it launched pressure-filled, challenging reality, a project that took an example. Externally, Ma was A-share average daily turnover things I’ve ever done,” Ma said. enormous amount of time heavily involved in for Shanghai and Shenzhen “And it turned into one of those — Ma estimates she and her conversations with the combined went from around seminal moments where team spent 30,000 man-hours exchanges and the Chinese $40 billion to $300 billion in everything came together.” on Stock Connect in the six regulators, as well as just seven months. ABC’s stock traded up 2.2% in months leading up to the Goldman’s clients. Ma made a name for herself the debut and her daughter launch, and 70,000 altogether. So far, Goldman and Morgan well before Stock Connect, was born two weeks later.

KATHY MATSUI Kathy Matsui makes the list mother of two first herself by becoming for her work helping to published research on Goldman Sachs’s first GOLDMAN SACHS boost female participation female participation in the female partner in Japan in CHIEF JAPAN EQUITY STRATEGIST; in the workforce, which is workforce in 1999. 2000 and gaining a CO-HEAD OF ASIA INVESTMENT contributing to Japan’s The proportion of fearsome reputation. She RESEARCH; MEMBER OF THE efforts to shake off Japanese working-age ditched her early copy-cat PARTNERSHIP COMMITTEE AND decades of economic women with jobs was research to investigate THE ASIA MANAGEMENT stagnation. about 56% in 1999, since areas such as underfunded COMMITTEE Prime Minister Shinzo then it has risen to close to defined benefit pension Abe name-checked Matsui 70% according to the plans in the 1990s and had when he called Statistics Bureau. the courage to publish the Womenomics a “vital “I was thrilled that this results in a society that component” of his package government was the first to avoids controversy and of economic stimulus elevate the topic of female criticism of management. policies, commonly known labor participation as part As a result foreign fund as Abenomics. With of a national growth managers grew keen on Japan’s male-dominated strategy,” she told her research, which offered shrinking, his goal is for FinanceAsia. “Frankly I’ve unique insights into the women to hold 30% of seen more progress in the workings of Japan’s leadership positions in all past 18 to 24 months than financial system. areas of society by 2020. in the rest of my 25-year Matsui has battled breast By closing the gender career covering the cancer and serves on the employment gap, Japan Japanese stock market.” advisory council for the could boost its economy Matsui has also led by Japan Society Fund by nearly 13%, according to example, having broken Against Breast Cancer. She Matsui’s research. The through the glass ceiling joined Goldman in 1994.

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MELISSA MA ASIA ALTERNATIVES CO-FOUNDER AND MANAGING PARTNER

Before China became the world’s second-largest economy and Northeast Asia was held out as home to the planet’s most dynamic markets, Melissa Ma and the co-founders of Asia Alternatives had already jumped in. It was a gamble that has since paid off in spades. Demand to participate in its most recent fund — Asia Alternative Capital Partners lV — was strong enough to induce Ma and her partners to break the hard cap limit on the fund size of $950 million. AACPIV closed at $1.8 billion in May. One of the earliest fund of funds houses in the region, Asia Alternatives now has $6.5 billion under discretionary management. They recently marked their tenth year in Asian private equity, a decade spent building close relationships with YOO MYUNGSOON managers and institutions, and establishing a track record. CITI Pan-Asian in outlook, Ma, the Asia Alternatives team, and HEAD OF CORPORATE the managers they back, have risen to the challenges posed by BANKING KOREA China and endured periods when exits seemed harder than pulling teeth and IPOs came to a complete standstill. Yoo Myungsoon is among the execution. Banking in Korea, Ma and her two co-founders, Rebecca Xu and Laure Wang, most prominent bankers in like in many developed investment bankers who did time on Wall Street, decided a corporate finance in Korea. She countries, faces headwinds risk-free life doing someone else’s bidding was not for them. heads Citi’s institutional clients around cost cuts and low They went about developing their own platform and group, including corporate interest rates, and Citi wanted investment philosophy, evaluating investments across sectors banking, client coverage and an experienced pair of hands to for relative risk-adjusted returns. product development for help it and its corporate and Although they closed AACPlV in May, they had already public institutions, financial public clients. begun an investment programme by the middle of last year. At institutions, multinationals, and Korea is notorious for its present they expect to allocate the remainder of the fund to major Korean companies. male-dominated workplaces managers outside Greater China: up to a third in Japan and She was appointed to the and Yoo credits Citi for helping Korea; 10% to 20% in India; and then the rest across Southeast position in June after an her to advance without Asia, and potentially Australasia. interlude at JP Morgan, where prejudice. The atmosphere of Ma travels between Asia Alternatives’s offices in Hong Kong, she worked for one year equal opportunity gave Yoo a Beijing, Shanghai, and San Francisco, managing a 35-member following a 23-year career at sense of confidence she far-flung team. Citi. probably wouldn’t have felt Ma is proud of the firm’s accomplishments (they were the From branch manager she had she worked at a domestic first and, as of 2011, the only LP to receive a Qualified Foreign worked her way to corporate institution. Limited Partner under a pilot programme by the Shanghai banking, with 10 years in risk Indeed, the very manner in government) and are now interested in finding ways management as well. which domestic banks to pay it forward, giving back to society through Initially she only covered forwarded candidates to participation in charity organizations like Half multinationals and the job at JP FinanceAsia for this project the Sky and Room to Read. Morgan allowed her to look was dispiriting in how they Securing commitments from limited after the entirety of the were presented — we felt a partners today, having a decade of track institutional client base. But a sense of tokenism rather than record baking them up, is far less daunting restructuring at Citi saw one of individual than when they began as private equity long-time colleague and ally accomplishment. Korea has a neophytes; roughly half of the LPs who Park Jinhae become Citi’s new lot of work to do. committed funds to AACPlV are loyal Korea CEO and he wanted to But having Park Geunhye as investors who have been with the bring Yoo back in an expanded the nation’s president has also Asia Alternatives since the early role. made for a powerful symbol, days. Her remit is to bring and Yoo is confident the next innovation and a breath of generation of women bankers fresh air, with a complete view will have access to the top of risk, product, coverage, and roles.

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LUCY PENG ANT FINANCIAL CHIEF EXECUTIVE OFFICER

Lucy Peng, arguably Alibaba’s internet finance loans in China most powerful woman, will total Rmb6.8 trillion ($1.19 deserves to be on this list for trillion) by 2024, representing a her achievements at the compound annual growth rate e-commerce giant alone. The in the next decade of 76%. former economics teacher In the mainland, third-party joined the company in its payment tools, mainly offered earliest stages just after Jack by Alibaba and , made Ma — a former English teacher up 76% of online shopping himself — founded the volume in 2013. company in 1999 with just One of the advantages $60,000. Peng met Ma internet companies have over through her husband, who traditional banks is that they worked with Ma and would process millions of transactions eventually go on to run Taobao, on a daily basis. They have data Alibaba’s version of Ebay. She and information on clients that joined as a co-founder. banks can only dream of. And When she first started at having access to such valuable Alibaba, Peng focused on client data will allow the marketing and human Fintech industry to evolve resources. She continues to quickly. serve as chief people officer at Fresh off of its own record- the company and is essentially breaking IPO last September, responsible for all of Alibaba’s Alibaba intends to take Ant NGUYEN THANH PHUONG hiring. Financial public in the next few As if this weren’t enough she years, meaning Peng could find VIET CAPITAL GROUP also serves as CEO of Ant herself at the helm of yet CHAIRPERSON Financial Services Group — the another tremendously financial services company that successful flotation. A private Nguyen Thanh Phuong is FinanceAsia investment handles all of Alibaba’s online placement this year valued Ant the co-founder of Viet bank award. The firm’s payments — where she is Financial at around $45 billion Capital Securities and Viet clients include the cream of leading the company on the according to a person familiar Capital Asset Management, Vietnam’s rising corporate next technological wave. with the matter. both established in 2007. sector, including consumer Ant Financial consists of six She was briefly chairperson group Masan and the dairy businesses — Alipay, Alipay of Viet Capital Bank. producer Vinamilk, as well Wallet, Yu’e Bao, Zhao Cai Bao, The Swiss-educated as VietJet Air — upon Ant Credit, and MYbank. It Phuong helped establish whose board she sits. focuses on small- and micro- Viet Capital in the centre of Phuong is controversial. loans — areas large banks dealmaking and Viet Capital The daughter of Nguyen Tan traditionally ignore Securities won this year’s Dung, Vietnam’s prime — and forms part of the burgeoning Fintech industry, SHIKHA SHARMA which is seen having massive AXIS BANK potential, not least CEO in China. Goldman Sachs As Axis Bank’s CEO, Shikha strengthening its retail forecasts that Sharma has overseen a presence and growing its number of impressive distribution platform, two initiatives at India’s third initiatives to help boost its largest private sector bank. long-term business growth. Sharma joined in 2009 That has allowed Axis to and, under her leadership, develop an array of products Axis Bank focused on in its payments business for

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KATE RICHDALE GOLDMAN SACHS CO-HEAD OF INVESTMENT BANKING ASIA EX-JAPAN

After a successful two years advising the relationships across the region. firm’s clients on deals and boosting That’s after 13 years at Morgan Stanley, efficiency, Goldman Sachs in May named which culminated with her as Asia-Pacific Kate Richdale co-head of its investment head of investment banking. banking division in Asia excluding Japan. Prior to that she held numerous other Born and bred in Hong Kong, Richdale leadership roles at Morgan Stanley, joined Goldman Sachs from Morgan including head of investment banking for Stanley as a partner in 2013 and obviously South East Asia from 2003 to 2006. thrived as a lateral hire, which is no easy Richdale, who is both a Mandarin and task given the close-knit culture of the firm. Cantonese Chinese speaker, has spent a lot She was helped, she said, by the right of time in mainland China since joining advice from other partners around the Goldman Sachs. world who told her to come in quietly, do That is now paying off as business her best, and slowly mix. booms. “It’s all about getting to the Whilst helping to drive Goldman Sachs’s opportunity — so we have to run really investment banking strategy — working hard,” she told out which clients to cover, improving the FinanceAsia. productivity of bankers, and raising client Goldman led the ECM efficiency — Richdale is still very involved and M&A deal rankings in advising clients on deals. for Asia ex-Japan as of In one instance showcased in the firm’s mid-June. annual report, Richdale was part of the Richdale, a mother NGUYEN THANH PHUONG minister, she is just as prominent team supporting Cinven’s sale of of three daughters, is for being a ‘princeling’ of the PizzaExpress to Beijing’s Hony Capital for passionate about Communist Party as she is for about £900 million. Goldman marketed bringing on young being a financier. Vietnam’s PizzaExpress to investors worldwide and talent, be it male or young, internet-savvy coordinated the financing that culminated female. “There is a population has begun to in the placement of £610 million in senior huge amount of question such links, prompting notes. training that goes on Phuong to relinquish her role in She and her team also worked on Fosun — all of this goes Viet Capital Bank. International’s $1.2 billion accelerated top towards nurturing Phuong is arguably the most up placement in May and KKR’s $1.4 billion younger people into influential person in Vietnamese take-private of Goodpack. achieving a balance in finance. Given Vietnam’s Richdale joined Goldman Sachs as head their lives,” she said. opaque power structure, it is of investment banking services for Asia hard to gauge what role she will ex-Japan, which was a good fit as it made play in the push toward further effective use of her long-standing liberalisation, but she is in a unique position to do so.

both retail and corporate India and China and cater to for each of the years since then clients. the growing number of Indian and so far in 2015, according to Sharma also oversaw the corporates operating in China. Dealogic data. bank’s upgrade of its In 2012, following its merger Sharma also oversees the representative office in with Enam Securities Private, Axis Bank Foundation, which Shanghai to a full branch in the bank formed Axis Capital donates 1% of the bank’s profits January 2014, making Axis to become one of India’s to help eliminate poverty and Bank the first Indian private leading investment banks for illiteracy in India. It has sector bank to set up a branch equities and debt capital undertaken over 100 projects in mainland China. The branch markets. with various non-governmental opening means Axis Bank can Axis Bank went from second organisations, which focus on take advantage of the place in the debt league tables educating the underprivileged increasing trade flow between in India in 2011 to number one and providing trauma care.

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KATHRYN SHIH UBS HEAD OF WEALTH MANAGEMENT ASIA PACIFIC

Kathryn Shih is a private banking tour de force. A private banker who has worked for UBS for over 29 years, she helms the private bank with the biggest assets under management in Asia Pacific. Since 2002, when she took on the role as head of wealth management Asia Pacific, she has grown the Swiss bank’s assets under management in Asia Pacific from Sfr50 billion ($54 billion) to over Sfr270 billion ($294 billion), which is 13.5% of UBS’s total assets under management. Based in Hong Kong, Shih provides strategic oversight of wealth management operations in Asia Pacific and spearheads development of the business across the region. Shih joined UBS in 1987 and was appointed group managing director of the firm in 2010. She is a member of the Banking Advisory Committee in Hong Kong and is also a board member of the UBS Optimus Foundation in Switzerland. Aside from growing the Swiss bank’s assets under management, she also plays a role in mentoring women and men within UBS. Within the industry, she chairs the Private Wealth Management Association in Hong Kong — an association that maintains an ongoing dialogue with governments, regulators and trade bodies. The association also promotes the growth and development of the private wealth management industry in Hong Kong. A regular golfer NOR MASLIZA markets, she oversees the over the weekend origination, execution, and with a handicap of SULAIMAN syndication of bonds and also 20, she has a son CIMB manages equity and equity- and a daughter. HEAD OF CAPITAL linked transactions plus loans. MARKETS Being one of the pioneers of the ‘Islamic Profit Swap’ — an Nor Masliza Sulaiman, agreement to exchange profit formerly the head of debt rates between a fixed and capital markets for CIMB, floating rate party or vice versa is at the helm of the bank’s under shariah law — she’s an new global capital markets expert in Islamic finance and unit. With more than 17 years of has executed landmark deals. experience in Asean debt Under her guidance, CIMB

30 FINANCEASIA JULY / AUGUST 2015 FINANCEASIA.COM COVER STORY

CLAIRE SUDDEN-SPIERS ROTHSCHILD HEAD OF ASIAN EQUITY ADVISORY AND HEAD OF SOUTHEAST ASIA

Educating potential issuers is a $25 billion IPO last September. key job in Asia and Claire The deal was not only the Sudden-Spiers, head of Asian largest flotation in history but equity advisory and head of also tremendously successful Southeast Asia at Rothschild, for all involved — it generated has made a career out it, substantial demand from advising a wide range of investors and the six-bank clients, from small, family-run syndicate worked well together businesses such as Indonesian to bring Jack Ma’s e-commerce taxi cab company BlueBird all behemoth to market. the way up to Alibaba. Singapore-based Sudden- In addition to working with Spiers also worked on the clients to get the correct $200 million IPO of BlueBird, syndicate size, Sudden-Spiers the Indonesian third- and her team advice them generation run taxicab where best to list, how best to company. Although weak TERESITA SY-COSON structure deals, and how to get market conditions contributed BDO UNIBANK the best terms from banks. to the deal getting downsized, CHAIRPERSON “We advise on paying the it was the largest IPO in appropriate fee levels. How do Indonesia in 2014 and was Teresita Sy-Coson, the and property development. you properly structure a widely seen as a success story. eldest child of the In terms of capital remuneration package to BlueBird’s shares jumped Philippines’ richest man markets, BDO has also incentivize the banks to do a 14.6% on their trading debut Henry Sy, or Tessie as she is broken ground as an issuer, good job?” she said. and finished the year up 45%. more commonly known, being the first Philippine Getting the balance right is Rothschild also advises helms Philippines’ biggest issuer to tap international crucial for repeat business and private equity clients, an area bank BDO and has been capital markets in 2006 Sudden-Spiers estimates more the company aims to develop described by one with a global depositary than half of Rothschild’s clients in coming years. Last year it dealmaker that has worked receipt offering. have worked with the company worked with private equity with her as being “tough” As an investment bank, before. firm CVC on its stake sale in and “visionary.” BDO has also arranged a An 18-year veteran at Hong Kong Broadband Sy-Coson has shaped number of landmark deals Rothschild, Sudden-Spiers has Network. The deal decreased BDO to be the biggest bank including Puregold’s IPO in lived in Asia since 2009 and CVC’s holding in Hong Kong’s in the Philippines in terms of 2014. worked on a number of second-largest broadband total assets, loans, and Finally, on the service landmark transactions. provider to 14.4% from 68.4% deposits. She was behind front, BDO has pushed the She oversaw the team that and proved a lucrative BDO’s push to acquire envelope extending advised Alibaba ahead of its investment for CVC. Equitable in 2005, then the operating hours till 6pm third-largest bank in the and also keeping some Philippines. She has also branches open over the overseen the bank’s weekend, upping the ante was one of the global increase in market on competition. coordinators of the capitalization, delivering While CEO Nestor Tan Government of Malaysia’s $2 returns for shareholders. runs BDO on a day-to-day billion dual-tranche Islamic While all of Henry Sy’s basis, Sy-Coson has been bond in 2011, the largest children are involved in the described as being dual-tranche global sovereign business, Sy-Coson plays an hands-on and having dollar sukuk. She also all-encompassing role. In mentored him. She is also spearheaded Hong Kong and addition to chairing BDO, the chairperson of BDO the UK’s inaugural sukuk Sy-Coson is the vice Foundation, the corporate issuances last year. chairperson of SM social responsibility arm of Sulaiman is the chairperson Investments Corporation, the bank that focuses on of the Asia Pacific Loan one of the Philippines’ the areas of relief, Markets Association in leading groups with operations, education, Malaysia. interests in retail, banking, shelter, and livelihood.

FINANCEASIA.COM JULY / AUGUST 2015 FINANCEASIA 31 COVER STORY

TIPSUDA THAVARAMARA

THAILAND SECURITIES AND EXCHANGE COMMISSION DEPUTY SECRETARY GENERAL

As deputy secretary-general in charge of Policy and Corporate Finance Groups at Thailand’s SEC, Thavaramara has driven policy, helping to develop Thailand’s capital markets. She joined the SEC in 1993 and has been working at the regulatory body right from its very early days. Thavaramara has extensive experience in capital market development and shaped much of the policy that is in place today. During her tenure at SEC, Thavaramara played an active role in creating the Thai Bond Market Association, which helps in bond market development in Thailand and also helps to facilitate secondary market bond trading. She also played a role in drafting the Derivatives Law and launching the Thailand Futures Exchange, which made derivative products available to public investors. In addition Thavaramara played a role in formulating the implementation plan for ASEAN capital market integration. She has impeccable academic credentials, having received her MBA from the Wharton School, University of Pennsylvania and her BA in Mathematics from Harvard University. Thavaramara also served on the Board of the Government LI TONG offshore. Pension Fund from Li has kept a low-key media 2007-2011. profile for years. In a rare INTERNATIONAL interview, she told FinanceAsia CHIEF EXECUTIVE that China’s future growth will OFFICER AND be key to BOCI’s future. “It EXECUTIVE PRESIDENT brings us a huge market. China will always be our base…even A 22-year capital market when we look abroad.” veteran, Li Tong is the first She added the direction of the female CEO of BOCI, the oldest bank’s overseas expansion will and one of the largest Chinese follow China’s “One Belt, One investment banks. Since taking Road” initiative, which the helm in 2012, Li has not only comprises the Silk Road promoted BOCI’s all-round Economic Belt and 21st development, but also helped Century Maritime Silk Road. the bank build up a more “As a Chinese investment bank, extensive network onshore and BOCI should certainly support

32 FINANCEASIA JULY / AUGUST 2015 FINANCEASIA.COM COVER STORY

HELEN WONG HSBC CHIEF EXECUTIVE, GREATER CHINA

Helen Wong became chief executive for Greater China on March, having joined HSBC in 1992 and worked her way up steadily through the ranks. Wong has 30 years’ banking experience in the Greater China and Asia-Pacific region. In 2009 Wong was appointed deputy chief executive officer of HSBC China and was appointed its president and CEO in 2010. During her posting in China she led the expansion of the British bank’s mainland Chinese business, establishing HSBC as the largest foreign bank in China and played a key role in positioning HSBC at the vanguard of foreign banks in the internationalisation of the renminbi. Wong was appointed a group general manager in January 2011 and became deputy chairman of HSBC China in January 2013. Wong is also an active advocate for the industry and has been chairman of Hong Kong Association of Banks since March. She is also a member of Currency Board Sub-Committee of the Exchange Fund Advisory Committee and Council Member of Hong Kong Trade Development Council. Wong is also well placed to be an advocate for HSBC in China given her membership of the 12th Shanghai Committee of the Chinese People’s Political Consultative Conference.

the national strategy. But from participating in multiple the business perspective, landmark transactions, such there’re also a lot of as Shuanghui International’s opportunities,” she said. $7.1 billion acquisition of “Projects need capital markets Smithfield Foods and its for more financing through Hong Kong IPO as well as bonds or syndicated loans.” China Minmetal’s $7 billion In June, BOCI led the parent acquisition of the Las Bank of China’s $3.55 billion Bambas copper mine. Silk Road bond issuance, the An amateur interior designer, world’s first multibillion Li started her career at BOC four-currency bond, in an effort Group in 1993. During her to fund the country’s belt and tenure there, Li managed road-related projects. 4,000 employees globally Under her leadership, BOCI has and has held a variety of performed strongly in debt roles both in commercial and capital markets and expanded investment banking in its footprint in IPOs and M&A, Greater China and overseas.

FINANCEASIA.COM JULY / AUGUST 2015 FINANCEASIA 33 COVER STORY

JING ULRICH and as well as a veritable Who’s Who of the JP MORGAN business world. MANAGING DIRECTOR, The success of the Global VICE CHAIRMAN OF China Summit has increased ASIA PACIFIC her influence and opened doors off limits to country If Jing Ulrich ever met a glass heads and sector bankers. ceiling it would probably She sits on the China soon regret the encounter. Business Advisory Council of While she notes there’s APEC and regularly attends something amiss in a system the G-20 group of nations that sees many women chief summit, which will be held in financial officers but her native China in 2016. precious few CEOs, her own Ulrich, a US citizen, began career has been one of her career in finance at the barrier-busting. same time China launched its The Harvard and Stanford- stock market. In the early educated Beijing native has 1990s only a few B-share in effect created her own role companies were listed. at JP Morgan, becoming one As organiser of the Global of the most recognisable China Summit and JP JEANETTE WONG financiers in Greater China, a Morgan’s CEO Dialogues, relationship banker who Ulrich sets the agenda and DBS provides top tier clients gets sparks and ideas — the HEAD OF INSTITUTIONAL BANKING GROUP — from multinationals to raw materials of deals sovereign wealth funds — flying. Jeanette Wong helms DBS’s massive Institutional Banking Group, — with impartial macro In the process she has and has led the bank’s thrust into growing its fee income and analysis across sectors and become something of a building up its advisory and deal-making capabilities. geographies. branding trust for the bank, At DBS, the Institutional Banking Group encompasses Ulrich, who recently cultivating high-level clients corporate banking, global transaction services, strategic advisory, marked her 10th year with in China and abroad while syndicated finance and project finance and the group contributed the Wall Street bank, has a engendering trust in a a whopping 62% (S$2.9 billion) of the Singaporean bank’s total singular remit that market known for its profit in 2014. encompasses all of the intrigues. Her understanding Wong was named to her present role in August 2008, when the bank’s business lines in all its of business and culture in the world’s financial markets were on the brink of the worst financial locations, albeit with an East and West gives her a crisis. She steadily steered the division towards rising profitability. emphasis on China and the unique perspective and DBS has traditionally been a lender but used to leave other Asia-Pacific region. allows her to process market businesses, such as transaction banking and advisory services on As JP Morgan’s managing intelligence and plan winning the table. director and vice chairman strategies for the bank’s Wong worked towards changing that. She has been for Asia Pacific, one of premium corporate instrumental in building DBS’s sustainable annuity business Ulrich’s most notable clients. including cash management and trade finance to supplement the achievements is the Ulrich’s career bank’s core lending business. creation of the Global trajectory has closely Today, DBS banks over 200,000 institutional clients across Asia China Summit, an tracked the and the group’s non-loan income ratio has increased to 50%, from annual gathering in economic rise of 39% in 2008. In terms of investment banking capabilities, DBS is Beijing of several China. She has way ahead of the two other local banks UOB and Oversea- thousand high- been the pointy Chinese Banking Corporation in this respect. level bankers, tip of JP Prior to taking on her current role, Wong was DBS’s chief corporate heads Morgan’s financial officer from 2003 to 2008 and also had a career at a and government mainland foreign bank having worked at JP Morgan for 16 years before leaders, past and spear as the joining DBS. present. The bank Outside of her busy work schedule, Wong has mentored two to event, now in its strengthens three young women undergraduates every year from her alumni eleventh year, has efforts to get at NUS business school and also gives career advice to MBA become an closer to students on the Asian program at University of Chicago. She also institution in itself, Chinese firms in spends family time with her two sons during weekends and is an attracting the likes order to bolster its avid reader of Christian and non-fiction books. of fee base.

34 FINANCEASIA JULY / AUGUST 2015 FINANCEASIA.COM