As the US investment bankÆs first vice chairman based in Asia, Cho is expected to lead the search for suitable partners for the bank and engage in strategic acquisitions in the region.
ôAs one of the most respected investment bankers in Asia, KunhoÆs appointment as the firmÆs first vice chairman in Asia is a proud reflection of his many achievements. We will also continue to benefit from his vast expertise as he delivers the firm to some of our most important clients in the region,ö says Jasjit Bhattal, the bankÆs chief executive officer in Asia.
In the past, Lehman BrothersÆ business focus has been largely in north Asia, but in recent years it has committed more and more resources to building teams and strengths in emerging markets such as India and China. According to a Lehman spokesperson, the bank will explore all possible business opportunities to expand in the region.
In his previous position, Cho oversaw Lehman BrothersÆ investment banking business in Asia, including Japan, Korea, Taiwan, China, Hong Kong, India, Southeast Asia and Australia. He is also a member of the bankÆs global investment banking divisionÆs executive committee and the Asia executive committee.
Under his leadership the bank has been involved in several important financing and advisory transactions and Cho has helped to significantly leverage the bankÆs business in the region. As country manager in South Korea, he was instrumental in establishing a presence for the bank in that country. He also played a vital role in arranging AsiaÆs largest non-performing loan purchase of more than $8 billion, which was done on an exclusive and negotiated basis out of Korea through a partnership with Woori Financial Group.
Among his other achievements are advisory roles for Industrial and Commercial Bank of ChinaÆs initial public offering, which at $21.9 billion was the worldÆs largest ever, and the $7 billion merger of Fujisawa and Yamanouchi Pharmaceutical in Japan.
Before joining Lehman Brothers in 1989, Cho spent 10 years with Citigroup in New York and in Hong Kong, where he was a managing director of the investment banking arm in north Asia.
Lehman Brothers has also named Glenn H. Schiffman as head of investment banking for Asia ex-Japan, while Akio Katsuragi will remain head of investment banking for Japan.
Schiffman, who was most recently global co-head of media investment banking based in New York, will move to Hong Kong for his new position and will report directly to Bhattal and Hugh (Skip) McGee III, the bankÆs global head of investment banking.
Equipped with extensive experience in high-profile advisory and financing work, Schiffman joined Lehman Brothers in 1991 as an analyst. His most recent position in the bank was global co-head of media investment banking.
Both Cho and Schiffman took up their new positions on April 16.