Nomura has appointed Kit Weng Yip as its head of investment banking for Malaysia, according to an internal memo seen by FinanceAsia.
Yip takes over from Kelvin Ho, who was responsible for the country on top of his role as head of investment banking, Southeast Asia. Ho continues in his broader position.
“I am excited to join … Nomura. I look forward to working very closely with the team to offer Nomura’s extensive product and industry capability to my clients,” Yip told FinanceAsia in an email.
Yip, who will be based in Kuala Lumpur, will report to Ho and his move is effective immediately.
He has 20 years of experience in the Malaysian financial services industry, mostly in investment banking, including corporate finance and equity capital markets. He has experience in both execution and origination.
His most recent position was at RHB Investment Bank in Malaysia as a director in corporate and investment banking services, a Nomura spokesperson told FinanceAsia. He also worked previously at CIMB Investment Bank.
Nomura describes Malaysia as one of its key markets in Southeast Asia, something that is partially supported by industry data.
According to Dealogic, total industry investment banking revenue in Malaysia rose to US$598 million in 2012 from US$309 million in 2009 but fell to US$292 million in 2013 and is at US$141 million so far this year. That placed Malaysia at number two within Southeast Asia in 2009 and 2010, rising to top spot in 2011 and 2012 but falling back to second place again in 2013 and 2014 year-to-date.
IPO activity in the country has been subdued this year, although 7-Eleven Malaysia listed in May after raising US$227 million in its offering.
Nomura’s deals in the country include acting as joint bookrunner on Mexim’s $500 million senior bond and also on Maybank’s $800 million LT2 bond in 2012. It also advised Maybank on its US$1.5 billion acquisition of Kim Eng in 2011 and OSK on the sale in 2012 of the investment bank to RHB Capital.
“Malaysia is an important market for Nomura. We believe Kit is the right person to lead our team there,” Ho told FinanceAsia.
The World Bank last month said the country's economic outlook remained strong, underpinned by external demand. The Malaysian stock exchange has risen about 1.6% this year and about 5.5% in the past five months.