China Renaissance appoints senior executives in SE Asia expansion drive

China Renaissance Holdings

31/10/2022 03:03

SINGAPORE, Oct 31 (Reuters) - China Renaissance Holdings
Ltd has appointed two senior executives in Singapore, the lender
said in a statement on Monday, as the investment bank looks to
expand its operations in Southeast Asia. 
    The move comes at a time where tough measures to combat the
spread of COVID-19 in China and Hong Kong have led to some
entrepreneurs and investors to set up shop or expand their
investment in Singapore.
    China Renaissance named Wee Leong Gan as its head of ASEAN
and Chuan Qin as the chief of its ASEAN financial advisory
division. 
    The Chinese investment bank said its Singapore unit has
obtained the capital markets services licence from the Monetary
Authority of Singapore. 
    "Our intention is to fully replicate China Renaissance's
China businesses to ASEAN, using Singapore as a springboard to
expand our geographic presence not just in ASEAN but globally,"
Gan said in the statement. 
    There has been a big influx of family offices and funds to
Singapore, especially from China, and funds and tycoons have
been snapping up premium properties and backing start-ups based
in the city and the region. 
 (Reporting by Yantoultra Ngui; Editing by Sherry
Jacob-Phillips)
 ((Yantoultra.Ngui@thomsonreuters.com;))