David Chin has stepped down from his position as co-head of Asia investment banking and is leaving UBS after 21 years with the Swiss bank, according to a memo seen by FinanceAsia.
The memo said Chin had told UBS he wished to retire later this year. Going forward, Matt Hanning, head of investment banking across Asia Pacific, will take over key responsibilities such as chairing UBS's China management committee with governance over both UBS’s domestic and international China business.
Chin joined the firm as an associate with SG Warburg in London in 1994, and moved to the Hong Kong office in 1996. During his career he was part of the teams that worked on such landmark transactions as Bank of China's IPO and China Merchants Bank's listing both in 2006.
He has held a number of senior management roles in the region over the ensuing years, including head of mergers & acquisitions, head of corporate finance and head of UBS's financial institutions group known in the industry as FIG.
Chin was named co-head of Asia investment banking, alongside Hanning, and joined the Asia Pacific executive committee in 2009, becoming sole head of UBS's Asia corporate client solutions division in 2014.
Hanning and Chin were promoted when Rob Rankin surprised the market by tendering his resignation.
“During David's tenure, UBS has firmly established itself as an outstanding client and investment banking franchise in Asia despite the global challenges faced by the group,” said Hanning in the note.
Chin will continue in his position until the summer to allow for an orderly transition of his client, institutional and team responsibilities within the corporate client solutions division in Asia and across Hong Kong. UBS is unlikely to find a replacement for his role in the immediate future.