Mitsubishi UFJ Financial Group (MUFG) announced on Thursday (September 01) two senior strategic appointments within its regional Asia Pacific franchise, effective immediately.
Both based in Singapore, Randy Loo (left) joins the bank as head of Global Corporate Banking, Singapore, while Frik Dreyer (right) joins as head of Leveraged & Acquisition Finance, Asia Pacific. They report to Richard Yorke, head of Global Corporate & Investment Banking, Asia Pacific and Tatsuya Konishi, head of Investment Banking for Asia Pacific, respectively.
In his new post, Loo will lead the bank’s coverage and development of its Singapore-based corporate client portfolio which comprises local corporates, as well as subsidiaries of global multinational financial institutions. He joins the bank following a nearly thirty-year tenure at Bank of America (BofA), where he held a number of senior positions, most recently serving as leader of its corporate banking business across Southeast Asia.
Loo offered FinanceAsia some colour on the current corporate banking environment in Singapore.
“The global economic conditions have deteriorated further since May, due to inflationary pressures which resulted in the aggressive tightening of monetary policy in the US and Europe. This has negatively impacted the external demand outlook for the Singapore economy,” he said.
However, following Singapore’s recent removal of border restrictions coupled with a shift to living with Covid-19, he explained that locally, there is a sense of optimism. He highlighted an improved outlook for real estate and tourism-related sectors in particular, including aviation, arts and entertainment and food and beverage services.
“On the business front, we are cautiously optimistic about the business prospects given our healthy and well diversified client base. We have been disciplined in our client selection with a strong focus on responsible growth,” he said, stressing the bank’s commitment to support its clients during challenging times.
Dreyer joins the MUFG team from ANZ, where he spent over 16 years leading its Asia-based leveraged finance effort. Having worked in Singapore and Sydney with ANZ, and with other firms in New York and Johannesburg, the release pointed to Dreyer’s experience across front line syndication, project, export, asset and leveraged finance.
“[Loo and Dreyer’s] appointments reaffirm MUFG’s ongoing commitment towards deepening its management bench with the right talent, and I am confident that Randy and Frik will enhance our strategic focus, accelerate growth momentum and further establish the bank as a trusted partner for corporates and a gateway to APAC’s exciting opportunities,” Yorke commented in the release.
In the Asia Pacific region, MUFG has a direct presence across 20 markets, as well as strategic partnerships with other prominent businesses in Southeast Asia, including VietinBank in Vietnam, Krungsri in Thailand, Security Bank in the Philippines and Bank Danamon in Indonesia.