ABN AMROÆs debt syndicate manager for Asia resigns

After four years at the Dutch bank, Herman Van Den Wall Bake is now expected to join Deutsche Bank's syndicate team in Singapore.
Herman Van Den Wall Bake has resigned from his position as debt syndicate manager for Asia at ABN AMRO, according to sources, and is currently on gardening leave. The banker is allegedly due to begin employment as syndicate manager at Deutsche Bank in Singapore later this summer.

Van Den Wall Bake will reportedly work under Mark Leahy, head of syndicate Asia within global markets, and alongside Saab Dash, vice president Asian fixed-income syndicate. Sources say he leaves the Dutch bank after four years, having worked in a dual role towards the end of his tenure, responsible for both the syndicate desk and the structuring of private placements. He evolved in this position under the leadership of Uma Shankarbhut, head of credit trading.

According to sources, the decision to expand DeutscheÆs syndicate team was taken earlier this year, based on the visibility in DeutscheÆs pipeline and the growth in the business. Van Den Wall Bake declined to comment as to the reasons behind his departure.

Van Den Wall Bake will be the second head of syndicate to join Deutsche in a more junior position. Saab Dash did so when he left Morgan Stanley in 2004 to join Deutsche's syndicate team. One market observer stated the opportunity to work for a bank strongly focused on Asia, as opposed to one with a more euro-centric position such as that held by ABN AMRO, was a compelling reason for change.

The German institution has so far handled $4.69 billion worth of bond issuance between January 1 and June 1 this year versus $4.73 billion in the whole of 2006, which would account for its need for additional staff. Citi follows close behind with $4.18 billion versus $4.69 billion. This may also indicate future hires. ABN AMRO, meanwhile, has so far executed $641 million worth of investment-grade bonds.

Press officers at both ABN AMRO and Deutsche Bank declined to comment on this appointment.
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