--CIMB Group Makes RBS Managing Director Oscar Ludwigson to head
up its investment bank.
--Plans to focus on existing banking relationships.
(Adds detail from second paragraph.)
By Gillian Tan
SYDNEY--CIMB Group Holdings Bhd. (1023.KU), seeking to complete
the acquisition of Royal Bank of Scotland Group PLC's (RBS.LN)
Australian unit by Nov. 5, said Thursday it has promoted RBS
Managing Director Oscar Ludwigson to head up its investment banking
division.
Mr. Ludwigson - based in Sydney and currently covers
telecommunications, media, technology, or TMT, and entertainment -
has been with RBS Australia since December 2007. The U.S.-born
banker has worked for ABN Amro in London and Sydney, Credit Suisse
in Melbourne and Citigroup in New York and Houston.
"Whilst we're rebranding, this really sets the final piece of
the puzzle in terms of the leadership team which has had good
consistency, having been together for more than a decade," said Mr.
Ludwigson in an interview. "We're not going to try to be all things
to all people, we'll be fairly targeted with regards to our
offering," added Mr. Ludwigson.
His plan is to focus on existing relationships while also
leveraging on those the CIMB Group will bring from Southeast Asia,
as well as from North Asia as part of its acquisition of RBS's
Asian arm.
Mr. Ludwigson said CIMB Australia's strengths will be across
resources, TMT, financial institutions, infrastructure and
property, which will cater to Southeast Asia's focus on the latter
two sectors.
"As Australian companies think about entering the growth markets
of Asia or seeking Asian capital, we'll be uniquely positioned to
help them with those conversations. It's a great opportunity for us
to offer a differentiated proposition in a fairly over banked
market," said Mr. Ludwigson.
Though CIMB - which has a current market value of 57.5 billion
Malaysian ringgit ( US$18.7 billion) - will have a balance sheet to
offer, Mr. Ludwigson said it won't be a main focus.
"I'm not going to fall into a trap where I'm a 'cheque book and
rugby tickets' kind of banker," he said.
This year, Mr. Ludwigson advised APN News & Media on its 272
million Australian dollar (US$279 million) outdoor advertising
joint venture with Quadrant Private Equity and Hastings Funds
Management on the sale of its management rights in Australian
Infrastructure Fund.
His former clients include San Miguel Corp., Southern Cross
Media, Australian Securities Exchange, Royal & Sun Alliance,
Fairfax Media and Bank of Queensland.
Write to Gillian Tan at gillian.tan@wsj.com
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