UBS to merge Apac ECM, DCM divisions

The Swiss bank creates a single Asia-Pacific capital markets unit in effort to boost deals business. DCM chief Gaetano Bassolino will lead the merged unit.

UBS is to merge teams responsible for running equity and bond deals in Asia Pacific into a single newly-created unit, as the Swiss bank makes a fresh attempt to streamline operations and improve returns, according to an internal memo seen by FinanceAsia on Thursday.

The decision to combine its regional equity capital markets and debt capital markets franchises is designed to clear overlaps among investors and products, the bank said. By combing the two units, UBS said it should better serve its clients and enable more flexible allocation of resources.

A UBS spokesman confirmed the accuracy of the memo but declined to provide further comment, including...

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