HSBC beefs up securitization team

HSBC drafts in Nikko banker to drive growth of securitization team.

HSBC has appointed Lam Wan Tsiang as a director in its securitization team and structured finance team, continuing its process of building up the group. Lam joins from Nikko Salomon Smith Barney in Tokyo, where he was a vice president.

The emergence of HSBC at the top end of Asia's securitization market has been plotted for a couple of years under Sarwar Ahmad, the team's head, but that effort has only really borne fruit in 2003, with HSBC now emerging as a frontrunner in the government's effort to develop the depth and sophistication of the Hong Kong market.

Ahmad's team beat off stiff competition from established houses to arrange the second deal from Hong Kong Mortgage Corporation's Bauhinia programme. It also launched its own deal to securitize receiveables from loans made to taxi and public light bus owners and is widely expected to take the mandate for the Hong Kong government's securitization of toll revenues from tunnels and bridges. The bank's pipeline is said to be so robust that even Christmas has been cancelled.

In light of the workload Lam's arrival is timely. Prior to joining Nikko he worked for four years at UBS and his career has so far included stints in Japan, Australia and Hong Kong. "We're delighted to have someone with Wan's background join our team," says Ahmad. "His experience with various asset classes and transaction structures, most recently in Japan, which is one of the few volume markets for securitization in Asia, will be very valuable."

Lam will report to Ahmad and Stephen Williams, HSBC's head of debt finance.