Guide to the Top Banking Employers, Asia Pacific Edition

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VAULT GUIDE TO THE

TOP 25 ASIA PACIFIC BANKING EMPLOYERS2010 EDITION

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TOP 25 ASIA PACIFICVAULT GUIDE TO THE

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Table of Contents

A Guide to this Guide . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1

OVERVIEW OF THE BANKING INDUSTRY 3Investment Banking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4

Commercial Banking . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5

State of the Industry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6

THE VAULT PRESTIGE RANKINGS 9Ranking Methodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11

The Vault 25 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12

TOP 25 ASIA PACIFIC BANKING EMPLOYERS 131. The Goldman Sachs Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15

2. J.P. Morgan Investment Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21

3. Morgan Stanley . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .28

4. Deutsche Bank AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .33

5. The Blackstone Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .38

6. HSBC Holdings plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .43

7. Credit Suisse Group AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .48

8. UBS Investment Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .54

9. Citi Insitutional Clients Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .60

10. Barclays Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .69

11. Standard Chartered Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .75

12. Macquarie Group Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .80

13. Nomura Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .85

14. Bank of America Merrill Lynch . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .91

15. BNP Paribas SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .98

16. Citigroup, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .103

17. Société Générale SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .112

18. Rothschild . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .116

19. ING Groep N.V. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .120

20. DBS Bank Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .124

21. CLSA Asia-Pacific Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .129

22. The Royal Bank of Scotland plc . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .133

23. Mitsubishi UFJ Financial Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .138

24. Bank of China . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .141

25. Australia and New Zealand Banking Group Limited (ANZ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .145

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THE BEST OF THE REST 151Agricultural Bank of China Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .153

The Bank of East Asia, Limited (BEA) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .157

Bank of Thailand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .161

Bendigo and Adelaide Bank Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .164

BOC International Holdings Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .168

China Construction Bank Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .172

China Galaxy Securities Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .175

China International Capital Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .178

China Merchants Securities Co., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .182

CIBC World Markets Inc. (CIBC’s Wholesale Banking Division) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .185

CIMB Group Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .189

CITIC Securities Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .193

Commonwealth Bank Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .196

Daiwa Securities Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .201

GF Securities (Guangfa Securities) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .204

Guotai Junan Securities Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .207

Haitong Securities Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .210

Hana Financial Group Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .213

Hang Seng Bank (china) Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .218

HDFC Bank Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .221

Hyundai Securities Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .224

ICICI Bank Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .226

Industrial and Commercial Bank of China Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .229

Korea Development Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .232

Kotak Mahindra Capital Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .235

Metropolitan Bank and Trust Company (Metrobank) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .238

Mizuho Financial Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .243

National Australia Bank Limited (NAB) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .246

OCBC Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .250

Ping An Securities Company Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .253

RBC Capital Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .256

Samsung Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .259

Shanghai CFETS-ICAP International Money Broking Co., Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .262

Shinhan Financial Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .265

State Bank of India . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .268

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Sumitomo Mitsui Banking Corporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .271

Sun Hung Kai Financial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .273

Taifook Securities Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .276

United Overseas Bank Limited Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .278

The Westpac Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .281

Woori Financial Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .286

About the Editor ..................................................................................................................................289


Table of Contents

Visit Vault at www.vault.com for insider company profiles, expert advice,

career message boards, expert resume reviews, the Vault Job Board and more. ix

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A Guide to this GuideAll of our profiles follow the same basic format. Here’s a guide to each entry.

FIRM FACTSDepartments: The firm’s major divisions.

The Stats: Basic information about the firm, usually information that’s available to the general public. This includes the firm’s leadership (generally,the person responsible for day-to-day operations, though it can include the chairman and relevant department heads), employer type (e.g., public,private or subsidiary), ticker symbol and exchange (if public), 2008 or 2009 revenue and net income (usually only for public companies; we do havesome estimates from third-party sources for private companies and, in some cases, the firm has confirmed that information), number of employeesand number of offices.

Key Competitors: The firm’s main business rivals. Size, business lines, geography and reputation are taken into account when evaluating rivals.

Uppers and Downers: The best and worst things, respectively, about working at the firm. Uppers and downers are taken from the opinions of insidersbased on our surveys and interviews.

Employment Contact: The person (or people) that the firm identifies as its contact(s) for submitting resumes or employment inquiries. We’ve suppliedas much information as possible, including names, titles, mailing addresses, phone or fax numbers, email addresses and websites. As companiesprocess resumes differently, the amount of information may vary. For example, some firms ask that all employment-related inquiries be sent to a centralprocessing office, while other firms mandate that all job applications be submitted through the company website.

THE PROFILESMost profiles are divided into three sections: The Scoop, Getting Hired and Our Survey Says (some profiles have only Scoop and Getting Hired sections).

The Scoop: The company’s history, a description of the business, recent clients or deals and other significant developments.

Getting Hired: An overview of the company’s hiring process, including a description of campus recruiting procedures, the number of interviews,questions asked and other tips on getting hired.

Our Survey Says: Quotes from surveys and interviews done with employees or recent employees at the company. This includes information on culture,pay, hours, training, diversity, offices, dress code and other important company insights.


career message boards, expert resume reviews, the Vault Job Board and more. 1

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OVERVIEW OF THE BANKINGINDUSTRY


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Investment BankingInvestment banking is the business of raising money for companies. Companies need capital to grow their business; they turn to investment banks tosell securities to investors—either public or private—to raise this capital. These securities come in the form of stocks or bonds.

Generally, an investment bank comprises the following areas:

CORPORATE FINANCE The bread and butter of a traditional investment bank, corporate finance generally performs two different functions: 1) mergers and acquisitionsadvisory, and 2) underwriting. On the mergers and acquisitions (M&A) advising side of corporate finance, bankers assist in negotiating and structuringa merger between two companies. If, for example, a company wants to buy another firm, then an investment bank will help finalize the purchase price,structure the deal and generally ensure a smooth transaction. The underwriting function within corporate finance involves raising capital for a client.In the investment banking world, capital can be raised by selling either stocks or bonds to investors.

SALES Sales is another core component of an investment bank. Salespeople take the form of: 1) the classic retail broker, 2) the institutional salesperson, or3) the private client service representative. Brokers develop relationships with individual investors, and sell stocks and stock advice to the average Joe.Institutional salespeople develop business relationships with large institutional investors—those who manage large groups of assets, like pension fundsor mutual funds. Private client service (PCS) representatives, often referred to as private wealth managers, lie somewhere between retail brokers andinstitutional salespeople providing brokerage and money management services for extremely wealthy individuals. Salespeople make money throughcommissions on trades made through their firms.

TRADING Traders also provide a vital role for the investment bank. Traders facilitate the buying and selling of stock, bonds or other securities, either by carryingan inventory of securities for sale or by executing a given trade for a client. Traders deal with transactions, large and small, and provide liquidity (theability to buy and sell securities) for the market—often called making a market. Traders make money by purchasing securities and selling them at aslightly higher price. This price differential is called the “bid-ask spread.”

RESEARCH Research analysts follow stocks and bonds and make recommendations on whether to buy, sell or hold those securities. Stock analysts (known asequity analysts) typically focus on one industry and will cover up to 20 companies’ stocks at any given time. Some research analysts work on the fixed-income side and will cover a particular segment, such as high-yield bonds or U.S. Treasury bonds. Salespeople within the investment bank utilizeresearch published by analysts to convince their clients to buy or sell securities through their firm. Corporate finance bankers rely on research analyststo be experts in the industry in which they are working. Reputable research analysts can generate substantial corporate finance business andsubstantial trading activity, and thus are an integral part of any investment bank.

SYNDICATE The hub of the investment banking wheel, syndicate provides a vital link between salespeople and corporate finance. Syndicate exists to facilitate theplacing of securities in a public offering, a knock-down-drag-out affair between and among buyers of offerings and the investment banks managingthe process. In a corporate or municipal debt deal, syndicate also determines the allocation of bonds.


Overview of the Banking Industry

© 2009 Vault.com Inc.4

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Commercial BankingCommercial banks, unlike investment banks, generally act as lenders, putting forth their own money to support businesses as opposed to investmentadvisors who rely on other folks—buyers of stocks and bonds—to pony up cash. This distinction has led to noticeable cultural differences (exaggeratedby stereotype) between commercial and investment bankers. Commercial bankers (deservedly or not) have a reputation for being less aggressive,more risk-averse and simply not as “mean” as investment bankers. Commercial bankers also don’t command the eye-popping salaries and prestigethat investment bankers receive.

There is a basis for the stereotype. Commercial banks carefully screen borrowers because the banks are investing huge sums of their own money incompanies that must remain healthy enough to make regular loan payments for decades. Investment bankers, on the other hand, can make theirfortunes in one day by skimming off some of the money raised in a stock offering or invested into an acquisition. While a borrower’s subsequentbusiness decline can damage a commercial bank’s bottom line, a stock that plummets after an offering has no effect on the investment bank thatmanaged its IPO.

THE LENDING TRAIN The typical commercial banking process is fairly straightforward. The lending cycle starts with consumers depositing savings or businesses depositingsales proceeds at the bank. The bank, in turn, puts aside a relatively small portion of the money for withdrawals and to pay for possible loan defaults.The bank then loans the rest of the money to companies in need of capital to pay for, say, a new factory or an overseas venture. A commercial bank’scustomers can range from the dry cleaner on the corner to a multinational conglomerate. For very large clients, several commercial banks may bandtogether to issue “syndicated loans” of truly staggering sizes.

MAKING MONEY BY MOVING MONEY Take a moment to consider how a bank makes its money. Commercial banks earn 5 to 14 percent interest on most of their loans. As commercialbanks typically only pay depositors 1 percent—if anything—on checking accounts and 2 to 3 percent on savings accounts, they make a tremendousamount of money in the difference between the cost of their funds (1 percent for checking account deposits) and the return on the funds they loan (5to 14 percent).





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State of the Industry

THE AGE OF THE BAILOUTWhen the world of finance was rocked by billion-dollar write-downs, mass layoffs, declarations of bankruptcy, rumors of nationalization of the world’sbiggest banks and grim-faced government officials unveiling plans to bail out financial institutions, experts from New York to Tokyo turned to eachanother and asked, “What just happened?”

We’ll be parsing the events of 2007, 2008 and 2009 for decades to come; the scope of the crisis fallout—and blame—is still being assessed. For now,we know that the banking landscape has been permanently changed. In a nutshell, here’s what happened.

The United States housing market, which had risen steadily through 1990s, finally began to slow down. At the same time, mortgage lenders weremaking increasingly risky loans—approving mortgages for “subprime” customers who were at high risk of defaulting. (Later, the world heard horrorstories about unemployed people being approved for expensive home loans, despite having no real proof of income.) Meanwhile, banks had figuredout ways to securitize home loans and the risks involved with them, packaging and slicing these new securities into arcane derivatives. Thesederivatives wound their way through the world’s financial system, piling up in banks’ balance sheets. This created a ticking time bomb: as peoplebegan defaulting on their mortgage payments, these assets’ values evaporated, leading to massive write-downs and losses.

In fall 2008, the world’s investment banks were in a state of panic, fearing for their own—and others’—safety. Things that looked like assets on paperproved worthless. Because of the way credit risk was spread through the system, banks began freezing lines of credit to other banks and consumers:no one knew for sure who was liquid and who was on the verge of collapse. The credit crunch slammed the brakes on an already-slowing economy,and banks, mortgage lenders, insurers and public companies scrambled to avoid bankruptcy. Some were successful; some were not.

It’s unsurprising, then, that banking revenue has been less than stellar lately. Banks’ earnings soared through 2005, 2006 and the first half of 2007.Then came the downswing. Earnings plummeted, banks went bankrupt or were sold, and thousands of professionals were laid off. U.S. and Europeanbanks were hardest-hit by the global recession, but those in Asia, the Middle East and Africa were also severely affected.

GIANTS FALLPerhaps the most lasting legacy of the financial crisis will be its impact on banking’s biggest players. New York-based Bear Stearns was the first tocollapse, and the U.S. government helped engineer a sale of Bear to fellow American bank JPMorgan Chase in March 2008. Lehman Brothers, anotherglobal bank headquartered in New York, toppled into bankruptcy in September 2008, and was sold in pieces to Japan’s Nomura Securities, which nowowns Lehman’s European and Asia Pacific businesses, and to the U.K.’s Barclays, which took over Lehman’s North American operations. (The U.S.government’s refusal to step in for Lehman, as it had for Bear, remains a source of anger and bewilderment for its former employees.) Also duringSeptember 2008, after 94 years in business as an independent investment bank, Merrill Lynch (part of the so-called bulge bracket) admitted defeatand agreed to be sold to Bank of America.

That left Goldman Sachs and Morgan Stanley as the last independent bulge bracket banks on Wall Street. But even they succumbed. In lateSeptember 2008, both banks received permission from U.S. regulators to convert themselves into bank holding companies, a restructuring move thatallowed them to receive government assistance—but also left them bound by strict regulations and rules regarding leverage and risk-taking.

This raised an important point: in the U.S. and in the U.K., banks that took government assistance (“bailout funds”) faced the imposition of newoperating requirements. In other words, the government poured billions into its banks and thus wanted a say in how they’re run, especially in light ofthe fact that many industry observers blamed loosely regulated derivatives trading for fueling the crisis. Later, some Asian banks were forced to takegovernment bailouts as well.

Will banks—or the banks that acquired them—ever go back to their unfettered ways? Perhaps. In some cases, banks will be able to win back somefreedom if they can repay their bailout allotments (many of them have already repaid). But the bottom line is the days of high-flying, overleveragedrisk-taking are over, at least in the near term. International and local regulators, politicians and taxpayers are watching banks like hawks, keeping aneye on everything from executive compensation to the state of their balance sheets.

THE OLD-FASHIONED MERGERIn June 2009, Morgan Stanley combined its global wealth management group with three Citigroup businesses: U.K.-based Quilter, Smith BarneyAustralia and Citi Smith Barney. Operating under the name Morgan Stanley Smith Barney, the joint venture is comprised of 18,500 financial advisorsin 1,000 offices worldwide, with more than $1.3 trillion in client assets. In effect, Citi sold a 51 percent majority stake in the joint venture to Morgan




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Stanley for $2.7 billion. Upon the closing of the deal, it was reported that Morgan Stanley was expected to acquire full control in various phases overthe next five years. Currently, Morgan Stanley CEO James Gorman serves as chairman of the new company.

BREAKING GROUNDIn one of the most significant ground breakings of 2009, Robert Morse, the ex-chief executive of Citigroup’s Asia investment banking business, raised$1 billion to start to his own Hong Kong-headquartered bank called Primus Financial Holdings. Morse, who’s partnering with two other ex-Citi bankers,plans to focus on the Asia market but will also do business in Europe and the U.S., likely making acquisitions of divisions of established firms alongthe way.

In an interview with Reuters, Morse cited the trend of executives moving from big firms to smaller ones as a reason for Primus’ founding, saying that“a lot” of bankers have become “unsatisfied with where their institutions are or where their jobs are going … so the availability of talent is very high.”Morse also pointed out that the big Citi and other large banks aren’t exactly afraid of small firms like Primus making too large of a dent in its business.

BANKERS VS. TRADERSInvestment banks have long contained two cultures: traders and corporate finance advisers. It was the latter who traditionally became firms’ chiefexecutives and chairmen. The lines have blurred, however, as former traders have risen in prominence at their respective firms. (Some corporatefinanciers have responded by heading out on their own to start boutique advisory firms.) Among the traders who worked their way to the top: GoldmanSachs CEO Lloyd Blankfein, a former commodities trader; Huw Jenkins, who led UBS until stepping down in 2007 after massive losses at theinvestment bank; and Oswald Grubel, a former floor trader who served as CEO of Credit Suisse until taking over for Jenkins at UBS.

Speaking of losses, traditional trading at investment banks consisted of dealing in equities, bonds and basic financial derivatives for currency andinterest rate products. That changed when banks began inventing new kinds of derivatives, an effort to wring more return from, well, just aboutanything. New types of derivatives allow banks to trade contracts based on future energy prices, complicated bundles of currency prices, even theodds of another company defaulting on its debt.

What’s more, investment banks and brokerage firms used to act only as agents: they bought and sold securities on behalf of their clients. Now they’rejust as likely to be principals in trades, using firm assets to make their own bets. When they get it right, traders have reaped big rewards for theiremployers. When they get it wrong, as the world discovered in 2007 and 2008, the losses can be devastating.

Compounding these issues is the fact that trading activity has increased as a proportion of investment banking revenue, and brokerage services haveexpanded at many banks. The growth of hedge funds drove banks to build prime brokerage units, which offer dedicated financing, securities lending,clearing, custody and advisory services to major investors and hedge funds (though the hedge fund industry took a sever hit in 2008, it was back ontrack by mid-2009 as many of the major hedge funds showed solid earnings for the first six months of the year).

M&A BOOM AND BUSTMergers and acquisitions advisory was, for most of the late 1990s and early 2000s, a leading source of revenue for the global investment bankingindustry. In 2000, the world’s volume of M&A activity totaled almost $3.5 trillion; business dipped in 2001, and in 2002, deal volume was down to$1.2 trillion worldwide.

Things picked up in 2004 as a strong global economy, low interest rates and thriving stock prices raised confidence and spurred dealmaking. GlobalM&A activity was up to $2.7 trillion by 2005, and deals kept going through 2006, peaking in mid-2007.

A notable feature of the mid-2000s M&A boom was the major part played by financial purchasers, including some multibillion-dollar deals. Privateequity groups, which were raising ever-larger funds, were buyers on an unprecedented scale. Some of the major investment banks played a significantrole in this development. Management buyouts were also a thriving contributor.

The global recession that nearly destroyed banks in 2008 took a big toll on mergers and acquisitions. Without access to cheap, plentiful credit, potentialbuyers were less likely to buy. Embattled companies made less-attractive targets. And in a climate of no confidence, few CEOs wanted to take on anyunnecessary risk. As a result, banks’ M&A revenue dwindled. The top of the league tables, though, looked much the same as they did in years past—but there was some movement at the very top of the charts.

According to Thomson Reuters, Morgan Stanley was the top worldwide merger and acquisition advisory for 2009, working on announced deals worthUS$624.3 billion (up 11 percent versus 2008). Morgan Stanley leaped from fifth place to take the No. 1 spot away from perennial top advisor GoldmanSachs. Goldman had to settle for second place, working on US$594.2 billion in deals (down about 30 percent versus 2008). J.P. Morgan, Citi andCredit Suisse rounded out the top five, respectively. Morgan Stanley also ranked No. 1 in announced M&A deals in Asia (excluding Japan), working





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on $36.4 billion worth of deals. Credit Suisse placed No. 2, with US$22.8 billion in deal volume and UBS took the No. 3 spot, working on $22.6 billionin deals. Goldman and J.P. Morgan took the fourth and fifth spots, respectively.

The global debt, equity and equity-related tables had a different leader, as J.P. Morgan ranked No. 1 in overall underwriting volume, with BarclaysCapital and Bank of America Merrill Lynch taking the second and third places, respectively. Citi ranked No. 4 and Deutsche Bank ranked No. 5. J.P.Morgan worked on 1,702 deals during 2009 worth a total of US$614.7 billion.

In the Asian (excluding Japan) equity capital markets, UBS was the top bookrunner, working on 61 equity-underwriting deals worth US$15.4 billion.Morgan Stanley placed second and China International Capital took third place. In the Asian debt capital markets, Deutsche Bank was the big winner,ranking No. 1 in Asian G3 currency bond underwriting. Deutsche Bank underwrote 36 bond deals worth a total of US$9.5 billion, jumping from No. 2in 2008 when HSBC was the lead currency bond underwriter in Asia.




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PRESTIGERANKINGS


Ranking Metholodogy

The Vault 25

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Ranking MethodologyThe Vault Guide to the Top 25 Asia Pacific Banking Employers rates 66 firms with significant commercial banking or investment banking operations inthe Asia Pacific region. We chose these 66 firms based on previous Vault surveys that gauged opinions of industry insiders, as well as on variousfactual data, including annual revenue and number of employees.

The firms we identified were all asked to distribute Vault’s 2009 Banking Survey to their banking professionals. The online survey consisted of questionsabout life at the professionals’ firm or former firm, along with a prestige rating. Survey participants were asked to comment on qualifications the firmlooks for in new employees, specific tips on getting hired, questions asked during the interview process, firm culture, hours worked, relations withmanagers, compensation, diversity, training and more.

Participants were also asked to rate companies with which they were familiar on a scale of 1 to 10, with 10 being the most prestigious. Participantswere not allowed to rate their own employer. Vault averaged the prestige scores for each firm and ranked them in order.

Eight firms—Barclays, Citigroup, Citi Institutional Clients Group, Commonwealth Bank Group, Goldman Sachs, J.P. Morgan Investment Bank, NomuraHoldings and Standard Chartered Bank—agreed to distribute the survey. All surveys were completely anonymous. For those companies that optednot to distribute the survey, Vault sought contacts at the firm to take the survey through other proprietary sources. Those professionals took the samesurvey as the employees at firms that participated.

A total of 441 banking professionals filled out Vault's 2009 Banking Survey in the summer 2009. Vault averaged the prestige scores for each firm andranked them in order, with the highest average score belonging to our No. 1 firm, Goldman Sachs. With a score of 7.836, the New York-based firmbeat out fellow New Yorker J.P. Morgan Investment Bank, which scored 7.595. Morgan Stanley placed third (with a score of 7.401), Deutsche Bankranked fourth (7.067) and Blackstone came in fifth (6.905).



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RANK FIRM

The Goldman Sachs Group, Inc.

J.P. Morgan Investment Bank

Morgan Stanley

Deutsche Bank AG

The Blackstone Group

HSBC Holdings plc

Credit Suisse Group AG

UBS Investment Bank

Citi Insitutional Clients Group

Barclays Capital

Standard Chartered Bank

Macquarie Group Limited

Nomura Holdings, Inc.

Bank of America Merrill Lynch

BNP Paribas SA

Citigroup, Inc.

Société Générale SA

Rothschild

ING Groep N.V.

DBS Bank Ltd.

CLSA Asia-Pacific Markets

The Royal Bank of Scotland plc

Mitsubishi UFJ Financial Group, Inc.

Bank of China

ANZ*

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

[The 25 Most Prestigious Asia Pacific Banking Employers] • 2010

TOP 25 ASIA PACIFIC

BANKING EMPLOYERS

The Vault 25

© 2009 Vault.com, Inc.12

SCORE

7.836

7.595

7.401

7.069

6.905

6.788

6.748

6.712

6.650

6.580

6.449

6.245

5.978

5.887

5.850

5.782

5.524

5.478

5.352

5.323

5.025

5.022

5.000

4.980

4.865

* Australia and New Zealand Banking Group Limited (ANZ)

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TOP 25 ASIA PACIFICBANKING EMPLOYERS


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THE GOLDMAN SACHS GROUP, INC.

Regional Headquarters

Cheung Kong Center, 68th Floor

2 Queens Road Central

Central, Hong Kong

Phone: +852 2978 1000

www.gs.com

LOCATIONS IN ASIA PACIFIC (EXCLUDING JAPAN)

Bangalore • Beijing • Hong Kong • Mumbai • Seoul •

Shanghai • Singapore • Taipei

BUSINESSES

Corporate Finance • Investment Management • Investment

Research • Private Equity / Principal Investing • Securities

(Equities/Fixed Income)

THE STATS

Employer Type: Public Company

Ticker Symbol: GS (NYSE)

Chairman & CEO: Lloyd C. Blankfein

Revenue: US$45.17 billion (FYE 12/09)

Net Income: US$12.2 billion

No. of Employees: 30,067

No. of Employees in Asia (excluding

Japan): Approximately 1,800

No. of Offices: 40

No. of Offices in Asia (excluding Japan): 8

KEY COMPETITORS

J.P. Morgan

Morgan Stanley

UBS

PLUSES

• “Great responsibilities and fast growing firm”

• “Great brand name”

• “Strong and friendly corporate culture”

MINUSES

• Expectations are high

• “Very low promotion opportunity”

• “Working under extreme pressure with tight deadlines”

EMPLOYMENT CONTACT

www.gs.com/careers

15

1PRESTIGERANKING

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THE SCOOP

A force to be reckoned with

Headquartered in New York, Goldman Sachs is one of the world's preeminent investment banks, with major offices in London, Frankfurt, Tokyoand Hong Kong. Goldman Sachs in Asia (excluding Japan) has its headquarters in Hong Kong, and seven additional offices in Beijing,Mumbai, Bangalore, Singapore, Taipei, Seoul and Shanghai.

The firm's operations include approximately 1,800 employees working in the firm's key Asian businesses: corporate finance, private equity andprincipal investing, fixed income, currency and commodities, equities, investment research and investment management. Goldman Sachs isa constant presence at the top of the most important international banking league tables.

Eight offices, lots of clients

Goldman Sachs was one of the first American investment banks to establish itself in Asia. Goldman Sachs opened its Japanese office in Tokyoin 1974. Its office in Hong Kong opened in 1984 and remains the regional headquarters of Goldman Sachs in Asia excluding Japan.

Singapore was Goldman Sachs' third Asian office, opening in 1989. The office serves as a hub for Goldman's operations throughout theASEAN (Association of Southeast Asian Nations) region.

In 1992, Goldman Sachs opened a representative office in Taipei, which graduated to a branch office in 2000. Corporate finance, securitiesand global investment research are the key business areas in Taipei. In Taiwan, Goldman Sachs is a leading foreign investment bank; there,it serves a number of clients in industries such as banking, telecommunications and manufacturing.

Goldman Sachs arrived in Korea in 1993 when it opened a representative office in Seoul (this became a full-fledged branch in 1998). In June2006, Goldman Sachs was granted a Korean banking license, which allows the firm to provide foreign exchange, interest rate and relatedproducts to its Korean clients.

Beijing and Shanghai have been home to Goldman Sachs offices since 1994, and the firm quickly built an investment banking franchisethroughout China, working with both companies and the Chinese government. It was the first foreign investment bank to obtain a license totrade China B shares on the Shanghai Stock Exchange and was one of the first Qualified Foreign Institutional Investors (QFII) in China.Goldman Sachs offers investment banking services to domestic mainland China clients through Goldman Sachs Gao Hua Securities CompanyLtd., a joint venture with Beijing Gao Hua Securities, a local securities firm that Goldman helped to establish in 2004. Goldman Sachs GaoHua currently underwrites locally listed A-shares and corporate and convertible bonds; it also offers domestic financial advisory services.

Finding a foreign partner

In 2006, Goldman Sachs signed a strategic cooperation agreement with the Industrial & Commercial Bank of China (ICBC), China's largestbank, which included a US$2.6 billion investment. In April 2007, Goldman Sachs closed its GS Capital Partners VI fund with US$20 billionin committed capital, US$11 billion from qualified institutional and high-net-worth clients and US$9 billion from the firm and its employees.This was the firm's sixth global, diversified fund dedicated to making privately negotiated equity investments. The fund, which was the largestever raised for private equity by a Wall Street firm, will invest across a broad range of industries in Asia, Europe and the U.S.

End of an era

With the collapse of Lehman Brothers in September 2008 and seeing its profits in the third quarter down by 70 per cent on their 2007 figures,Goldman Sachs received Federal approval to transform from an investment bank into a bank holding company. This made it the fourth-largestbank holding company in the U.S. and took it under the supervision of the Federal Reserve for the first time. The move saw the end of thetraditional investment bank on Wall Street and paved the way for the New York firm to build on its deposit base through acquisitions, allowingit to rely more heavily on the deposits from retail customers instead of using money borrowed on the bond market. As part of the U.S. TreasuryDepartment’s $700 billion bailout package for struggling financial institutions, the bank received US$10 billion in aid in October 2008.Commenting on the move, Goldman Sachs Chairman and CEO Lloyd Blankfein said, “Goldman Sachs, under Federal Reserve supervision, willbe regarded as an even more secure institution with an exceptionally clean balance sheet and a greater diversity of funding sources.”




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IN THE NEWS

October 2009: Beating expectations

Goldman Sachs beat analysts’ predictions for its fiscal third quarter, booking US$3.19 billion in profit (US$5.25 a share), a nice rise versus theUS$845 million it booked for the same period a year earlier. Revenue, meanwhile, jumped to US$12.37 billion from US$6.04 billion in thethird quarter of 2008. Analysts had predicted US$4.24 a share on revenue of US$11 billion. The investment bank, which benefited fromtrading gains and other investments, also reserved US$5.35 billion for employee compensation and benefits. Goldman did brisk business inits fixed income, currency and commodities trading division, with revenue climbing to US$5.99 billion from US$1.6 billion in the third quarterof 2008.

July 2009: Asia rising

Proving that things were definitely back on the up, Goldman Sachs started to add staff to its equity research team in Japan. As it looked toincrease its equity and sales operations in the Asia Pacific region following a 10 percent reduction towards the end of 2008, the firm hiredTeruhiko Nishimura, a former Credit Suisse Group AG analyst to cover metals, oil and commodities in Japan. This was Goldman Sachs' firstaddition to senior research staff in more than 18 months. Stan Lee from Citigroup also joined the bank as a non-bank sector analyst in SouthKorea. Goldman claimed it was looking to add more analysts in Asia to cover the pharmaceutical industry in Japan as well as the chemicaland construction industries in South Korea.

July 2009: A golden sign?

Far surpassing analysts’ predictions, Goldman Sachs posted income of US$3.44 billion for the second quarter, up from US$2.09 billion in thesame period of the previous year. The firm’s net revenue also rose significantly, growing 46 percent to US$13.76 billion. Goldman’s fixedincome, currency and commodities trading division was largely to thank for the boost—the unit’s revenue increased more than 50 percent toUS$6.8 billion.

July 2009: Greed is good

Goldman Sachs hit headlines in July 2009 as New York’s Attorney General Andrew Cuomo reported that the bank paid out US$4.8 billion inbonuses, while receiving US$10 billion in rescue funding from the U.S. government. According to the 22-page report, bonuses at GoldmanSachs averaged US$160,420 for its 30,067 employees, including 212 receiving more than US$3 million and 391 receiving more than $2million.

By July 2009, the firm had already put aside US$11.3 billion for 2009 compensation, or 49 percent of its net revenue, meaning that the eraof big bonuses was far from over. Many industry observers saw this as a strategic offensive measure by Goldman, looking not only to keep itsown employees happy but to attract the brightest and best from elsewhere, and so heaping the pressure on its competitors.

July 2009: Freed from the chains

Goldman Sachs received permission to repurchase 10 million shares the U.S. Treasury bought from the company under its Troubled AssetRelief Program, and repaid the US$10 billion it received from the program. Along with Goldman, nine other firms were given the go aheadto return a collective US$68.3 billion to the U.S. Treasury, more than the original estimate of US$25 billion in funds expected to be returnedin 2009.

As part of the process of raising the funds to pay off the government, Goldman Sachs raised US$1.9 billion by selling shares in Industrial andCommercial Bank of China. The bank had been keen to remove itself from what it saw as meddling governmental influence over multi-milliondollar bonuses to staff.

February 2009: President steps down

Goldman Sachs announced that Jon Winkelried, the firm's co-president and co-chief operating officer, would be retiring from the firm at theend of March 2009. Winkelried, who won't accept severance after stepping down, first joined Goldman in 1982 and helped conduct much ofthe firm's recent wave of job cuts. Taking over Winkelried's duties was co-COO Gary Cohn (who will continue to assume his current duties aswell). According to a Dow Jones report citing insiders, Winkelried's retirement was tied to his understanding that he was "not in the pole





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position" to ultimately become CEO of the company. Insiders said Cohn had the inside track to become CEO, if the post were to becomeavailable.

December 2008: M&A is down, but Goldman still on top

Goldman Sachs was sitting pretty atop the worldwide announced merger and acquisition tables for 2008, coming in at No. 1 with 342 dealsworth US$831.5 billion, according to Thomson Reuters. (However, thanks to a very dry deal market, Goldman’s M&A deal volume was downnearly 30 percent versus 2007.) Goldman also snagged the No. 1 spot for U.S. announced M&A deals, advising on 198 deals worth US$572.7billion (down a whopping 38 percent versus 2007). And the firm took the No. 2 spot in European announced deals. As usual, Goldman hasworked on some big-name deals recently, advising on Genetech's US$41.3 billion bid for pharmaceutical company Roche in July 2008 as wellas Belgian beer brewer InBev's US$60 billion purchase of Anheuser-Busch, the largest M&A transaction of the year.

Goldman also worked on the largest IPO of the year, underwriting (along with J.P. Morgan) Visa's US$17.9 billion initial public offering in March2008. (Like the M&A market, the IPO market was down in 2008, as U.S. IPO issues fell 85.6 percent versus 2007, hitting a 31-year low.)The Visa deal certainly helped Goldman jump from No. 8 to No. 6 in global debt, equity and equity-related issues (Goldman worked on 584deals worth $228.1 billion). On the global equity tables, Goldman also moved up to two spots to rank No. 2 in equity and equity-related issues,underwriting US$45.1 billion in deals. The firm leaped four spots to No. 3 in EMEA equity and equity-related deals, and moved up two spotsin U.S. IPOs. However, it dropped two spots to No. 7 in global initial public offerings and six spots in EMEA IPOs.

December 2008: Battered, but still standing

Although Goldman Sachs was viewed as one of the world’s more successful firms when it came to weathering the financial storm, total revenuefor 2008 was still down by a whopping 52 per cent from a record US$45 billion in 2007 to $22.2 billion. Net earnings also fell hard by 80percent to US$2.3 billion, and it was in Asia that the firm took the biggest hit, with total revenues down from US$9 billion to a mereUS$827,000. In 2008, Asia made up only 4 percent of the firm’s overall takings.

October 2008: Slash and burn

As part of its attempts to cut costs, Goldman Sachs reported that it was to cut 10 per cent of its global workforce of 33,000. There was alsotalk in the press that not only would the unlucky 10 per cent lose their jobs, but they would also have to forfeit their bonus payouts in January2009 as total compensation, including accrued bonuses, reached US$11.4 billion in the nine months to August 2008. The cull saw 10 percent of bankers from the Tokyo office laid off, in addition to a reported 25 from Hong Kong.

GETTING HIRED

Waiting for the one

“Being smart is not enough,” say insiders when asked what the firm looks for in new recruits. “You need to be able to fit into the GoldmanSachs culture be a real team player.” If the right person is not found, then the role will remain empty. “When I first interviewed for thisposition,” explains an insider, “I heard that the firm had been looking for someone for six months because they could not find a suitablecandidate. My interview process took three months before they hired me, showing just how selective they are in their hiring process.”

Universally popular

Insiders tell of “intensive” and “numerous rounds of interviews” as part of the recruitment process at Goldman Sachs; some sources took partin a mere four interviews, while others claim to have experienced as many as 10. These may be done “via phone, video conference or faceto face, with all levels of people from various departments.” “The first round was on campus with associates, the second was at the corporateoffice with vice presidents. These [interviews] focused on overall industry knowledge and my personality, and appreciation of teamwork anddiversity,” explains a respondent. “The third and fourth rounds were specific to specialized business areas, and covered what I would beinterested in and where I would make a good fit.”

At the end of the day, the “hiring process is based on unanimity.” “You could go through 15 positive interviews,” says a source, “but all ittakes is one negative interview—and you’re done.”




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OUR SURVEY SAYS

Sipping the Kool-Aid

There is a “very strong belief that the people at Goldman Sachs are the most important resource.” “It’s almost as if the firm has a stake inyour progress and desperately wants you to succeed,” explains a contact. “Every employee is made to feel special.”

“Hierarchy at the firm is minimal,” and employees “are encouraged and expected to collaborate with fellow colleagues as much as possible.”“Junior-level analysts are able to freely express their views and opinions to senior bankers.” “The atmosphere is one of collaboration,” notesanother source. “I don’t feel competition, but I always feel the teamwork.”

The firm makes sure it recruits people who are “friendly and helpful,” and most employees “are patient and willing to share information or datawhenever needed.” Transparency is also very important to the firm, and “communication is generally very clear, honest and courteous,irrespective of where or whom it emanates from.” “Senior management ensures that employees are kept abreast of the events concerning thefirm, and employees are encouraged to ask questions.”

There is “a collegial sense of team spirit and pride,” which is “a great motivator.” And insiders readily tell us that stress in the office is notencouraged. “Many outsiders joke that Goldman Sach employees are always drinking the Kool-Aid. And there is a small truth to this,” revealsan insider.

Respect for diversity is a key part of the firm’s philosophy, and the “leadership is almost obsessed” with this, be it “diversity of race, color,nationality, gender, religious beliefs, educational background or sexual orientation.”

All doors are open

“We are not managers or subordinates but co-workers,” says an insider. At Goldman Sachs, you “are not treated with less respect just becauseyou are a subordinate.” One source says, “I’ve been very impressed by the willingness of managers to go out of their way to spend time withme. Whether it’s in a conference room going over technical issues I do not understand, or out of the office over drinks, I’ve never had a problemgrabbing my manager and asking for his or her time,” reveals a source. In fact, managers operate “an open-door policy, are very approachableand are in tune with what is going on in the trenches,” according to insiders.

“Every manager I have worked with has been extremely respectful of my work and talents, as well as my limitations,” offers one contact. “Eachof them has so far behaved as if they had a stake in my development and success. It’s been an absolutely fabulous experience.”

Relationships among managers are kept fresh with “one-on-one meetings on a bi-weekly basis,” but those lower down the chain like to lookafter each other as well. “The best thing about analysts here is that they tend to create an informal support network for each other and formvery close bonds through their three-year programs,” one of them explains.

Working New York, London time

“Hardworking and dedicated” bankers at Goldman Sachs “work very long hours,” which “means putting in between “12 to 18 hour days,” aswell as being “expected to be available at all hours when dealing with New York and London.” Insiders tell us that the “days in Asia start at6:15 a.m. and normally end at 8:30 p.m.” “They squeeze a lot out of you and your personal time,” notes one contact. “As a senior executiveonce mentioned, ‘It’s not just a job, it’s a career.’ Goldman Sachs is for career-minded people, not for job-seekers.”

A colleague adds, “Our hours are certainly not optimal, and there are times when it is difficult to keep a good work/life balance. However, thework is never mind-numbing, nor does it feel like the day goes by slowly. I typically feel like I’m engaged in my work, which makes the longhours pass quickly. At the same time, though, if someone told me I could leave by 6 p.m. every day, I would not turn that down.”

All very PC

Goldman Sachs is “extremely sensitive” when it comes to its female employees and “even has a formal women’s networking group to tackleissues that women may face in the office.” We are told the bigwigs “take exceptional care to balance the male and female populations,” withactive efforts “made in recruitment to encourage applications from women.” As a result, analysts in Hong Kong report of classes in which 40percent are female. “We also have a lot of female leaders in the firm, so there is no glass ceiling,” explains an analyst. According to another,the problem is “that the work is so demanding that a proportion of women are probably unable to continually commit due to family issues, andeventually drop out of the rat race.” But those who survive “are likely to be given the chance to rise to the top.”





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Cutting back

Newbies at the bank can expect “20 days of time off a year, 12 days of sick leave and five days of emergency leave.” Bonuses are “mostly incash with a small stock proportion,” although “2008 was well below expectations given the market.” “Everyone is watching the results thisyear with a hope of them returning to 2007 levels,” says a contact. We are also informed that “signing bonuses are usually small in comparisonto other firms,” and that the “expat housing allowance has been cancelled in 2009,” for those relocating to the Asian offices.

Perks of the job include “most business expenses being reimbursed,” and “wellness benefits like gym memberships” and “medicalinsurance.” New mothers are also covered; they receive “four months of maternity leave.” All in all, employees at Goldman Sachs seemcontent with the pay structure at their firm.

Top-tier training

Insiders report that “there is a lot of focus on training and a lot of time is allocated to it.” The firm “provides various types of continuingeducation” through the “Goldman Sachs University.” “In addition to live trainings, we also have an online platform hosting e-learning courseson hard skills like product knowledge and soft skills like communication,” explains an insider. A colleague outlines the training analystsreceivem, saying, “We had a six-week long training program when we started. Even after starting on our desks we have had weekly sessions.”While these formal sessions are viewed as “adequate,” insiders admit that the “individual support and training sessions with superiors are moreeffective.” As a result, most of the learning at the firm is done on-the-job. The company also “hosts a lot of diversity training, ensuring that ithas a fair working environment.”

Shrinking competition

Staffers at Goldman Sachs are confident (very confident) about the company’s future, revealing that the bank is on track to significantly benefitfrom the loss of competitors. “We expect even less competition after the financial crisis and more development opportunities in the future,”explains a contact. A colleague agrees, saying, “The firm is in a great position relative to competitors in this business, and thus, when thingsturn around, we will be better placed than anyone to take advantage of the opportunities as they arise. I believe the firm’s culture and itspeople will be particularly important in driving this profitability, as they are attributes that other companies will find difficult to mimic.” Insidersadd that management is “very confident about its plans, and is making efforts to secure more market share from competitors, with some verywell thought out long-term plans in place.”




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J.P. MORGAN INVESTMENT BANK

Asia Pacific Headquarters

Chater House

8 Connaught Road

Central, Hong Kong

www.jpmorgan.com

LOCATIONS (AP)

Australia • China • Hong Kong • India • Indonesia • Japan •

Korea • Malaysia • Pakistan • Philippines • Singapore • Sri

Lanka • Taiwan • Thailand • Vietnam

BUSINESSES

Advisory, Mergers & Acquisitions and Industry Sector

Coverage • Asset Management • Equity Capital Markets •

Debt Capital Markets • Cash Equities • Equity Derivatives •

Credit & Rates Markets • Foreign Exchange • Commodities •

Futures & Options • Research • Principal Investments

Private Banking • Treasury & Securities Services

THE STATS

Employer Type: Division of JPMorgan Chase & Co.

Chairman & CEO, JPMorgan Chase: Jamie Dimon

Chairman & CEO, J.P. Morgan Asia Pacific: Gaby

Abdelnour

Net Income: US$6.9 billion (FYE 12/09)

No. of Employees (Worldwide): 27,000 (approx.)

No. of Employees in Asia: 20,000+

No. of Offices: Offices in more than 60 countries globally

No. of Offices in Asia: 26 offices in 14 nations

KEY COMPETITORS

Credit Suisse

Deutsche Bank

Goldman Sachs

Morgan Stanley

UBS

PLUSES

• "Scale, scope and prestige"

• "Quality of training and development"

• Entry-level "ownership on projects"

MINUSES

• "Relatively long hours"

• "Need to improve global connectivity"

• "Cautious approach"

EMPLOYMENT CONTACT

jpmorgan.com/careers

21

2PRESTIGERANKING

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THE SCOOP

A world player

J.P. Morgan is the investment banking division of JPMorgan Chase & Co., a leading global financial services firm with nearly US$2.2 trillion inassets and approximately 224,000 employees in 60 countries around the world. J.P. Morgan Investment Bank, one of the top "bulge bracket"global I-banks, has offices throughout the Asia Pacific region. The firm consistently ranks at the top of the investment banking league tablesand regularly wins industry awards from major financial publications.

Parent JPMorgan Chase & Co. also boasts powerful asset management, commercial banking, private banking, securities and treasuryoperations. Its clients include corporations, institutional investors, hedge funds, governments and affluent individuals in more than 100countries, and it is a component of the Dow Jones Industrial Average.

In the Asia Pacific region, J.P. Morgan provides a wide range of investment banking products and services across an industry coverage teamthat focuses on sectors such as consumer, health care and retail; financial institutions; financial sponsors; natural resources; generalindustries; real estate; and technology, media and telecommunications. The firm works with a broad range of issuer clients, includingcorporations, institutions and governments, and provides comprehensive strategic advice, capital raising and risk management expertise.

Historic names

One of the legendary names of American banking, J.P. Morgan has a history that stretches back to 1799, when JPMorgan Chase’s earliestpredecessor, The Manhattan Company, was chartered to supply "pure and wholesome" water to the occupants of New York City. J.P. Morgan& Co. was itself established by J. Pierpont Morgan in 1861 as a sales and distribution office for the European securities firm, J.S. Morgan &Co., run by J. Pierpont’s father, Junius S. Morgan. Teaming up with Anthony Drexel in 1871 to form private merchant banking partnershipDrexel Morgan & Co., J. Pierpont Morgan was making considerable investments by 1882 in United States infrastructure, in particular Mexico’srailways. In 1940 the company went public, becoming J.P. Morgan & Co. incorporated.

Sixty years later, J.P. Morgan merged with Chase Manhattan in a deal valued at approximately US$38.6 billion. The deal was completed onthe first day of 2001, instantly creating the third-largest financial institution in terms of assets in the U.S., behind Citigroup and Bank ofAmerica. In July 2004, JPMorgan Chase officially merged with Bank One Corporation for a purchase price of US$58.5 billion. Upon themerger, the combined company possessed US$1.1 trillion in assets, rivaling Citigroup’s US$1.2 trillion. One of the largest financial mergersin U.S. history, the deal boosted JPMorgan Chase’s ability to compete with Citi not only in investment banking and commercial lending, butalso in consumer banking, which was Bank One’s key strength. The new company was positioned to offer services in investment banking,financial services for consumers and businesses, asset and wealth management, private equity and financial transaction processing.

In the Asia Pacific region, J.P. Morgan’s beginnings go back to 1872, when the bank’s first office opened in Australia. The firm has been inHong Kong, Japan and China since the 1920s, and has had a strong commitment to the region ever since. The firm’s regional headquartersis located in Hong Kong, where it has over 78 years of operating history and is the company’s second largest base outside of the U.S. Today,J.P. Morgan has more than 26 offices in 14 nations throughout Asia. The firm has about 20,000 employees in the region. More than 2,900employees are based at the firm’s regional headquarters in Hong Kong.

Awards and rankings

• Fortune 500—No. 16 (Fortune, 2009)

• 25 Most Desirable MBA Employers—No. 10 (Fortune, 2009)

• Best Foreign Investment Bank—China, Hong Kong, Taiwan (The Asset, 2009)

• Derivatives House of the Year—Asia (Asia Risk, 2009)

• Credit Derivatives House of the Year—Asia (Asia Risk, 2009)

• Best M&A House—Japan (FinanceAsia, 2009)

• Best Foreign Investment Bank—Japan (FinanceAsia, 2009)

• Derivatives House of the Year—Asia (Energy Risk, 2009)




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• Best M&A House in Asia (Euromoney, 2008)

• Best M&A House and Best Equity House—Japan (Euromoney, 2008)

• Best Foreign Investment Bank—Japan, Best M&A House—Japan, Best Cash Management House—Japan (FinanceAsia, 2009)

• Best M&A Advisor—Japan (Asiamoney, 2008)

• M&A Deal of the Year in Asia [for China Unicom’s merger with China Netcom] (Financial Times and Mergermarket, 2008)

• Japan IPO Deal of the Year (Nikkei Bonds & Financial Weekly, 2008)

• Best Rates Derivatives House in Asia (The Asset, 2008)

• Best FIG House and Best Equity-Linked House—Asia (The Asset, 2008)

• Derivatives House of the Year, Bank Risk Manager of the Year, Credit Derivatives House of the Year, Derivatives Research House of theYear (Risk, 2008)

• Bank of the Year, Bond House of the Year, Equity House of the Year, Derivatives House of the Year, Securitization House of the Year,Leveraged Finance House of the Year (IFR, 2008)

• All-Asia Research Team Poll—No. 1 (Institutional Investor, 2008)

• All-Japan Research Team Poll—No. 4 (Institutional Investor, 2008)

• Awards of Excellence: Jamie Dimon, Gaby Abdelnour and Asif Raza (The Asian Banker, 2008)

• Global Debt, Equity & Equity Related Underwriting—No. 1 (Thomson Reuters, 2008)

• Debt Capital Markets: Global Debt Underwriting—No. 1 (Thomson Reuters, 2008)

• Equity Capital Markets: Global Equity & Equity-Related Underwriting—No. 1 (Thomson Reuters, 2008)

• M&A Advisory: Any Asia (ex-Japan) Involvement Completed (by value)—No. 4 (Thomson Reuters, 2008)

• M&A Advisory: Any Japanese Involvement Completed (by value)—No. 5 (Thomson Reuters, 2008)

IN THE NEWS

July 2009: Heading up DCM

Long-time staffer Rohit Chatterji was named head of J.P. Morgan’s Asia Pacific debt capital markets practice. Chatterji, who has been withJ.P. Morgan for 12 years in a variety of roles, will relocate from Singapore to Hong Kong. He will report to Todd Marin, the head of Asia Pacificinvestment banking.

June 2009: New face in M&A

Merrill Lynch’s ex-chair of global mergers and acquisitions, William Rifkin, was brought on board by J.P. Morgan. Starting his new role inSeptember 2009, Rifkin, who has more than 30 years of M&A experience, will serve as J.P. Morgan’s vice chairman of mergers andacquisitions. He will report to global M&A head Jimmy Elliott.

June 2009: Refocusing on the core

According to sources cited by Bloomberg and Reuters, a major J.P. Morgan reorganization was underway as the firm looked to strengthen itstraditional investment banking business lines. The reorganization included the firm’s standalone principal investment management group inthe U.S. shuttering its hedge fund business and its private equity division (except for a team that focuses on Asia); most of the employees fromthe closed groups moved to other parts of the bank. In Asia, the bank’s private equity team will be incorporated into the global emergingmarkets and credit trading unit, according to Reuters.





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June 2009: Moving on up in Hong Kong

Big news for J.P. Morgan’s chairman for Greater China, as Charles Li was pegged as the next chief executive of the Hong Kong Exchanges andClearing (HKEx)—Hong Kong’s securities and futures exchange. (Li officially joined the HKEx in October 2009, and outgoing HKEx chiefexecutive Paul Chow retired in January 2010).

June 2009: Buyback time

The firm received permission to repay its U.S. governmental TARP loan, and the bank repaid the government’s US$25 billion preferred stockinvestment. In addition to this principal amount, the firm paid the U.S. Treasury US$795.1 million in preferred stock dividends, includingdividends that had accrued through the redemption date. J.P. Morgan also notified the U.S. Treasury of its intent to repurchase the 10-yearwarrant issued to the Treasury in connection with the preferred investment.

May 2009: Passing with flying colors

J.P. Morgan. passed the U.S. government’s stress test, meaning the bank would not need to raise supplementary capital. The firm had a strongfinancial showing in comparison with many of its competitors, some of which were told to shore up additional capital after their stress tests.The results were hardly a surprise to J.P. Morgan executives, who had already argued that the company had enough capital to deal with acrumbling economy.

May 2009: Welcome to Guangzhou

J.P. Morgan officially launched its fourth branch in Mainland China—in the southern city of Guangzhou. Joining other branches in Beijing,Shanghai and Tianjin, the Guangzhou branch is expected to be a launching point for expansion in the Pearl River Delta region, a rapidlygrowing area in southern China. In Guangzhou, J.P. Morgan will be offering investment banking services and a wide array of other productsand services to local and multinational corporations.

April 2009: Surpassing expectations

First-quarter 2009 earnings were US$2.14 billion, higher than Analysts had predicted. The bank was buoyed by record revenue of US$8.3billion in its investment banking division (largely due to its fixed income trading business), nearly tripling the US$3 billion it brought in for thefirst quarter of 2007.

March 2009: We’re No. 1!

In 2008, while revenues fell across the board for pretty much everyone in the banking world, investment banks went back to basics, collectingon advising fees, underwriting and bonds. As the calculations came in, J.P. Morgan had some extremely good news for 2008 as it grabbedtop honors across all three areas. Though fee income for investment banks fell drastically to US$53 billion in 2008 (from US$87 billion in2007), marking the first drop since 2003, J.P. Morgan pushed Citigroup out of the top slot for fee earners. J.P. Morgan also took the No. 1ranking for underwriting, elbowing Citi out of the spotlight for the first time since 2004, while in bonds, the two firms shared first place.

November 2008: Global I-banking cuts

Company insiders told Reuters in November 2008 that J.P. Morgan was in the process of cutting about 10 percent of its investment bankingstaff. In addition to the approximately 3,000 job cuts, it was reported that the firm had frozen base salaries between US$60,000 to US$70,000.

September 2008: Scooping up WaMu

In another major deal to shake up the U.S. banking landscape, parent JPMorgan Chase & Co. purchased failed bank Washington Mutual fromthe U.S. government’s Federal Deposit Insurance Corporation (FDIC) for US$1.88 billion. The federal government seized Washington Mutual’sholding company at the request of the Office of Thrift Supervision before selling it off, thereby avoiding a further government bailout. JPMorganChase became the owner of WaMu’s banking operations, including 2,300 branches, US$143 billion in deposits, and other assets and certainliabilities—not including WaMu’s unsecured debt under the holding company, which amounted to around US$20 billion at the time.




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September 2008: Investing in India

J.P. Morgan revealed in September 2008 that it would double its private equity investments in India up to US$1 billion—in addition to investingapproximately US$500 million in its corporate finance and advisory units. Private equity in India seems to be an area that’s growing globally:investments increased 3.2 percent in the first half of 2008 to about US$6.8 billion. J.P. Morgan has invested in a variety of private Indianentities, including L&T Infrastructure Development Projects, Apollo Hospitals Enterprise, and Café Coffee Day.

March 2008-July 2008: Rescuing Bear

After news surfaced in March 2008 that New York-based investment bank Bear Stearns was facing a cash shortage in the midst of the industry-wide credit crisis, the firm’s clients withdrew approximately US$17 billion in two days, sending what was already a financial institution on veryshaky ground into proverbial earthquake mode.

As a result, J.P. Morgan stepped in on March 16th, announcing that it would be purchasing Bear for US$236 million in stock—or US$2 ashare, 97 percent less than Bear’s market value just one week earlier. Backlash from Bear shareholders resulted in J.P. Morgan raising its bidto US$10 per share a week later. To help finance the deal, the U.S. Federal Reserve agreed to provide J.P. Morgan with a US$30 billion creditline, which, according to The Wall Street Journal, was "believed to be the largest Fed advance on record to a single company" at the time. Thenew deal was accepted by Bear’s directors, though Bear’s shareholders filed a US$2.5 billion consolidated class-action lawsuit which wasultimately dismissed in December 2008, with the judge ruling that J.P. Morgan acted appropriately to avoid a catastrophic bankruptcy thatwould have sent waves through markets around the world.

In April 2008, J.P. Morgan added some security to more than 100 undergraduate and grad-school students. After it was announced that abouthalf of the recent job offers made by Bear Stearns would be rescinded, J.P. Morgan assured summer interns affected by the announcementthat they "will be offered 10 weeks of pay if they work for a certain nonprofit organization and will get an early chance to apply for fall positions."Meanwhile, the firm said that "graduates denied full-time jobs will keep their signing and relocation bonuses and will have access to careerservices." The cuts came mostly in areas where there was overlap with J.P. Morgan such as M&A, equity underwriting and corporate finance.

Chairman and CEO Jamie Dimon announced in May 2008 that JPMorgan Chase had secured positions available for about 40 percent of Bear’s14,000 employees. At the end of May, the acquisition of Bear became official after Bear Stearns’ shareholders approved the deal in a briefmeeting presided over by the firm’s chairman, James Cayne. Internal restructuring was announced to be completed at the end of July 2008.

GETTING HIRED

Looking for the right fit

J.P. Morgan is becoming "increasingly selective given the market conditions," according to insiders. But sources also report that an "iron-cladresume is not a must for being hired," with the firm looking "for much more all-rounded people rather than sheer intellect." Values like “teamspirits” are highly regarded and the bosses at the firm are keen on "finding the right cultural fit along with the necessary technical expertise."

According to one insider, the hiring process "is similar to what is followed across the industry; there are multiple rounds of interviews withtraders at various levels and senior salespersons," though other sources stress that the firm generally limits itself to about two rounds. Theprocess is described by one staffer as "selective, but straightforward and efficient from both the firm’s and the candidate’s perspective."

For Asia, the typical process involves an "initial phone interview" followed by a "day of interviews with three to five business representatives."We’re told that interviews are done by "senior line managers and are mostly behavioral, with appropriate finance, accounting and markets-related questions based on the candidate’s background and knowledge." As an example, one trader remembers being asked, "What wouldbe the effect of the change in volatility/correlation of a 2y/10y IRS on a 2y/10y spread option?" The contact is quick to clarify that his interviewer"was more interested in whether I understood the concept than my answering the question correctly."

What’s your plan this summer?

The firm offers summer internship programs, which is advised as a step closer to a full-time position, one which can "get your foot in the doorand provide us the opportunity to work with you and see how you fit in the environment." Internships also let you "understand the firm, peopleand job." The work varies, according to one former intern. "Your assigned group does not dedicate what kind of work you do,” she says. “Youpretty much work for anyone who’s in need. The work complexity varies, ranging from delivering documents to one-on-one communicationwith senior management." Another former intern reports "working on live deals as well as a project to identify business opportunities."





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As a way to get in the door, sources who’ve worked as summer interns describe the program as "very useful when considering a full-timeapplication, either immediately after the internship or later on." One analyst feels "the firm hires from its interns first, then seeks out externals."Another insider agrees, saying, "It is a definite advantage. In addition to providing ‘meaning’ to the terms you’ve learned at university, theinternship provides personal contact.” This is important since “a large part of the ultimate hire decision is based on the personal fit ofemployees."

A senior source further explains, "Doing well as an intern definitely gives you an advantage in getting a full-time offer. Typically, offers are givenout to the interns we like prior to general recruiting at schools. Of course, an internship is not a prerequisite to getting a full-time offer—typicallyaround half the full-time hires are non-interns." The firm notes that getting hired depends on individual performance during the internship.

OUR SURVEY SAYS

Freethinking and fair

One thing insiders at J.P. Morgan like to point out first and foremost is that the culture of their firm "is not as cut-throat competitive as at otherbanks." "There is a clear emphasis on teamwork contributions," says one source. A colleague agrees, telling us that the employees "are aclose-knit group within Asia," adding, "People are generally very willing to support and learn from each other." The environment also lendsitself to "two-way, free and frank conversation" between juniors and their superiors. "Very little politics" come into play at this "very open firm."

Most employees are "rather easygoing and fair," and the bank continues to aim to employ people with these characteristics. Sources also stateyou are given the "opportunity to take responsibility in the early stage of your career." "Analysts and associates touch the markets, work onlive deals, and interact with clients and senior management," one insider points out. But above all else, insiders claim the "firm strives hardto live up to founder J.P. Morgan’s motto that they ‘do first-class business in a first-class way’." All this adds up to a view from respondentsthat there is "strong emphasis put on performance, results, inclusion and fairness."

Intense hours, few complaints

Hours at J.P. Morgan "can be intense," and some respondents claim to work over 100 hours a week when there is a major transaction goingon, although they’re not complaining. "At times, I have to work over 100 hours a week, but given how interesting, challenging and rewardingworking at J.P. Morgan is, I am fine with it," stresses one banker. That said, it appears the average working week comes in at around 60 to70 hours across the board, and sources say this "is in line with other investment banks."

Some also admit that given the financial crisis, the hours you have to put in have gone down a bit in some cases. "Managers here encouragework/life balance and accommodate various needs from time to time," says one banker. So much so that a contact tells us a "Work Life BalanceSteering Committee has been established at the Hong Kong office to ensure colleagues in the Asia Pacific region maintain regular workinghours." tTe source adds that the "Committee provides a forum for employees to voice any concerns." A colleague agrees that the firm is tryingto focus more on staffers’ well-being, saying, "Seniors really make an effort to do quality business but minimize working hours for juniors." Thisincludes ensuring that employees take their full four weeks of vacation a year, and allowing them to take sabbatical leave if appropriate.

Focusing on people

Bankers give good marks when it comes to the relationships between juniors and their superiors, who are described as both "good" and"healthy." There is, we’re told, "very good camaraderie, even with the most senior members often knowing and always acknowledging all staff,from interns all the way up to other managing directors." A source agrees, saying, "My managers treat me with full respect and considerationof my personal career development. My manager has regular conversations with me to make sure I am happy with what I am doing."

The "inclusive culture" sources report at J.P. Morgan means that "senior management has an open-door policy and is willing to listen and takeconcerns into account." This also stretches to giving "honest and clear performance direction and feedback." "Professionals who come to J.P.Morgan from competitor firms are often struck by the depth of our focus on people," says a contact.

Top-tier training in New York

"The firm places great emphasis on continuous training," say insiders. "The training for first-year analysts was a phenomenal experience andI am sure any of my training mates can attest to it," says a contact. Indeed they do, with a colleague claiming enthusiastically, "The analyst toassociate training program over six weeks in New York was the most intense, thorough, informative and enjoyable training I have ever




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undertaken." This entry-level training "develops a solid foundation in the technical skills, products and markets applicable to the respectivebusinesses of investment banking, sales and trading, and research." The firm also offers "boot camps to help those without a financialbackground or investment banking experience build the analytical skills necessary to get the most impact out of the training programs." Asidefrom this initial training, J.P. Morgan also offers a "unique tutor program," where it selects "top people from the line to exclusively dedicate theirtime to tutoring trainees during the training programs."

J.P. Morgan staffers tell us the company is "competitive with the market for salaries, bonuses and benefits." Perks include an "employee stockpurchase plan and a comprehensive benefits package," which includes "meal allowances, car services, ongoing training, company discountsat retailers, and discounts on memberships to local gyms and cultural organizations."

All-inclusive

Looking at diversity in the workplace, staffers report, "There are over 70 employee networking chapters globally across the firm, bringingtogether employees with shared backgrounds or interests, including working parents; gay, lesbian, bisexual and transgender people; women;and employees with disabilities." With regards to women, the Japan office also "hosts a women-only event for undergraduates of all degreedisciplines to learn about the industry, network with employees and job-shadow various lines of business."

Building on strong foundations

Given the economic crisis, as one respondent puts it, "No one can ignore where the overall market is at the moment." But at the same time,staffers say that the outlook of the firm "in general is cautiously positive," adding, "J.P. Morgan has come out on top in terms of most majorleague tables (M&A, equity and debt), so competitively we’ve built up a strong brand." Others share this positive stance in looking towards thefuture, with one contact saying, "Our market share improved in all products in 2009. In spite of a challenging environment, we are very stronglypositioned to increase our presence in all key markets and products."





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Morgan Stanley

Asia Pacific Head Office

Level 46

International Commerce Centre

1 Austin Road West

Kowloon, Hong Kong

Phone: +852-2848-5200

Fax: +852-2845-1012

www.morganstanley.com

LOCATIONS IN ASIA PACIFIC

Australia (Sydney and Melbourne) • China • Hong Kong •

India • Indonesia • Japan • Korea • Singapore • Taiwan •

Vietnam

BUSINESSES

Global Wealth Management • Institutional Securities •

Investment Management

THE STATS


Ticker Symbol: MS (NYSE)

Chairman & CEO, Morgan Stanley:

James Gorman

CEO, Morgan Stanley Asia: Owen Thomas

Chairman, Morgan Stanley Asia:

Stephen Roach

Net Revenue: US$23.36 billion (FYE 12/09)

Net Income: US$907 million

No. of Employees Worldwide: 62,000

No. of Employees in Asia: 5,122

No. of Offices Worldwide: 600+

KEY COMPETITORS

Citi Institutional Clients Group

Goldman Sachs

J.P. Morgan

Merrill Lynch

UBS Investment Bank

EMPLOYMENT CONTACT

www.morganstanley.com/careers/recruiting/asia_pacific


MORGAN STANLEY 3PRESTIGERANKING

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THE SCOOP

Global powerhouse

Morgan Stanley is one of the leading investment banking firms in the world. Its business is divided into three practice areas: investmentmanagement, wealth management and institutional securities. Morgan Stanley Investment Management (MSIM) provides global assetmanagement products and services, including equity, fixed income alternative investments and a direct investing business. It also includesthe firm's private equity businesses and its real estate funds (MSREF). Morgan Stanley's global wealth management unit caters to individualsand small- to medium-sized businesses and institutions, offering retirement plan services, brokerage and investment services, financial andwealth planning, annuity and insurance, credit, trust and banking, and cash management. In Asia, the wealth management business isentirely focused on private wealth management for ultra-high-net-worth individuals, families and trusts. The institutional securities unit coversMorgan Stanley's world-renowned investment banking, sales, trading, financing, research and risk management analytics operations.

Today, the New York-based bank has more than 600 offices in 33 countries worldwide. It has had a presence in Asia Pacific for over 30 years,and currently has more than 3,400 employees in its offices in Hong Kong, Beijing, Shanghai, Zhuhai (China), Taipei, Seoul, Singapore, Jakarta,Hanoi, Mumbai, Sydney and Melbourne.

Deep roots

In 1854, American Junius J. Morgan joined a London banking business. His son, J. Pierpont Morgan, decided to follow in his father's footstepsback home—and as one of America's most powerful financiers, Pierpont Morgan's name became synonymous with wealth and commerce inthe country's early industrial years. Pierpont Morgan was succeeded by his son J.P. Morgan, who formed J.P. Morgan & Co. In 1935, HenryMorgan and Harold Stanley left J.P. Morgan & Co. to form Morgan Stanley in New York, with offices on Wall Street. Morgan Stanley continuedto grow, managing some of the biggest IPOs and bond issues of the 1940s and 1950s.

Morgan Stanley expanded its banking business to include asset management in 1975, when it debuted asset management services forinstitutional clients. The firm opened a private wealth management department two years later, in 1977, and went public in 1986. This wasthe same year the Discover card was launched by Sears, Roebuck (the product of a merger between Sears, Roebuck and Dean WitterReynolds).

Dean Witter Discover separated from Sears, Roebuck in 1993, and Morgan Stanley purchased the venerable Van Kampen mutual fund familyin 1996. The following year Morgan Stanley and Dean Witter, Discover & Co. merged, creating a global powerhouse and a leader in worldwideasset management, securities and credit services. In 2007, the Discover unit was spun off. Under the terms of the divestiture deal,shareholders received one share of Discover stock for every two shares of Morgan Stanley.

Eyes on Asia

The firm's primary businesses in Asia Pacific include corporate finance, mergers and acquisitions advisory, direct investment, equities andfixed income research, sales and trading, foreign exchange and commodities, private wealth management and investment management.Morgan Stanley is also planning to launch retail fund management operations in South Korea, China and Taiwan over the next two years—aspart of an expansive push into Asian investment management.

The focus on investment management marks a timely change for Morgan Stanley, which has generally focused on real estate, private equityand hedge funds in the Asian market, as well as institutional fund management and alternative investments. In a recent interview with theFinancial Times, Blair Pickerell, the head of Morgan Stanley Investment Management for Asia, said, "If you are seriously interested in buildinga long-term asset management business globally, you can't afford not to be in China."

In Vietnam, Morgan Stanley received regulatory approvals for a joint venture in February 2008. The venture, in which Morgan Stanley ownsa 49 percent stake, is based in Hanoi and operates as Morgan Stanley Gateway Securities Joint Stock Company (Morgan Stanley GatewaySecurities). Following final regulatory and license approvals, the joint venture will be able to conduct a range of services, including investmentbanking advisory and underwriting, brokerage services, research and principal investing.


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Responding to tough times

The global financial crisis began to take its toll on Morgan Stanley in early 2008, as the firm struggled to recover from US$9.4 billion in write-downs. Morgan Stanley sacked about 1,500 people—primarily from mortgage divisions—and the firm’s British home lending business wasshuttered.

In September 2008, amid the crisis, Morgan Stanley requested and received permission from the United States Federal Reserve to convertitself into a bank holding company, which means it now operates under tougher leverage ratios and capital reserve rules than it did as anindependent investment bank. On top of that, it is subject to oversight from the Fed. (Its main competitor, Goldman Sachs, also became aholding company).

Shortly after the structure conversion, Morgan Stanley sold a 21 percent stake in its equity for US$9 billion to Japan’s Mitsubishi UFJ FinancialGroup. The move was intended to calm fears about Morgan Stanley’s capital reserves. At the same time, Mitsubishi and Morgan Stanleyagreed to establish a strategic partnership and look for opportunities to work together. (The first such opportunity was revealed in March 2009when the firms announced the planned combination of Mitsubishi UFJ Securities Co. Ltd. and Morgan Stanley Japan Securities Co. Ltd. Thecombined business, of which Morgan Stanley owns 40 percent, will offer a full range of institutional services as well as a Japanese retailbrokerage network.)

In October 2008, U.S. Treasury Secretary Henry Paulson announced that the Treasury would inject a total of US$250 billion into U.S. banksin order to help restore confidence to the markets. Morgan Stanley was among the first group of banks to receive U.S. Treasury money, withan investment of US$10 billion. The injection followed in the footsteps of some European countries, which announced similar moves earlierto help thaw their credit markets. In June 2009, on the heels of the U.S. government’s highly-publicized banking “stress tests,” Morgan Stanleyand several other U.S. firms were granted permission to repay the government the funds they took under TARP.

Giving back

Morgan Stanley has a number of programs in place as an equal opportunities employer in Asia and aims to help local communities. Nearly athird of all Morgan Stanley officers in the region are female, and the firm has an active women's network in Asia for its female professionals.

In nearly every location in Asia, Morgan Stanley has an employee-led charity committee that organizes volunteers for local community projectsand fundraising. Every June, the firm also organizes "Global Volunteer Month"—an annual series of employee-led community service initiativessponsored by the firm across the globe. Apart from supporting educational and health causes for underprivileged children, Morgan Stanleysponsors the arts and remains attentive to environmental matters.

IN THE NEWS

January 2010: Its first annaul loss

Morgan Stanley booked its first annual loss in its 74-year history, reporting a net loss of US$907 million for 2009 on net revenue of US$23.36billion. Despite the loss, the firm had some good things to report in its earnings release: Its institutional securities group experienced healthygrowth in revenues and earnings, underwriting revenues rose by more than 60 percent, and the firm was No. 1 in announced worldwide mergerand acqusition deal volume, beating out perennial top M&A advisor Goldman Sachs.

December 2009: Changes at the top

Less than a month away from James Gorman taking over as CEO from John Mack, Morgan Stanley announced several changes to the top ofits org chart. Morgan Stanley CFO Colm Kelleher and Paul J. Taubman, the firm’s global head of investment banking, were named co-presidents of Morgan Stanley’s institutional securities unit. Succeeding Kellher as CFO will be Ruth Porat, the head of Morgan Stanley’sfinancial institutions group who will become one of the most senior-ranking female bankers on Wall Street.

July 2009: A Mitsubishi partnership

Morgan Stanley said it would partner with Mitsubishi UFJ Financial Group in a corporate lending deal that will combine MUFJ’s US$70 billionin U.S. loans and Morgan’s US$30 billion in loans. The partnership will allow the companies to compete with the likes of other big players in


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the industry such as JPMorgan Chase and Citigroup. The union will also help increase Morgan Stanley’s odds of drumming up additionalinvestment banking business.

June 2009: China backing

China’s sovereign wealth fund, China Investment Corp put its weight behind the American bank’s long-term prospects by buying US$2.2 billionworth of common stock and raising its stake in the firm to about 9.86 percent. The move brought the fund’s share in the bank back to itsoriginal 2007 levels before they were diluted by the investment from Mitsubishi UFJ.

June 2009: Taiwanese tie-up

As part of a plan to expand in Taiwan, Morgan Stanley obtained approval from the Federal Reserve System to buy a stake of up to 9.9 percentin Taiwan’s Chinatrust Financial Holding Co. The move was expected to result in the two companies developing joint corporate financialservices, retail banking and credit card services.

June 2009-July 2009: Leaving for pastures new

Summer 2009 saw a couple of defections amongst the upper echelons of the bank’s Asian operations. In June, Matthew Ginsburg, head ofAsia Pacific investment banking, resigned amid reports that he was taking up a similar position at Barclays Asia Pacific. A month later, thehead of Hong Kong’s investment banking, Che-Ning Liu, left to take up a position as HSBC’s Greater China corporate banking head.

November 2008: Costs to be cut

As part of its efforts to slash operational costs and help see it through the economic crisis, Morgan Stanley announced that it would slash 10percent of its institutional securities staff and 9 percent of the firm’s asset management group globally. As part of the cuts, the bank’s HongKong unit saw 6 percent of its total headcount reduced, with 100 employees laid off in November.

November 2008: Continued expansion

Another move into the Chinese economy occurred in November as Morgan Stanley acquired a 19.9 percent stake in the country’s HangzhouIndustrial & Commercial Trust Co for US$29 million. As part of the deal, the American lender gained control to appoint a new chief executive,in addition to taking two of the nine board seats of the firm, which at the time had over US$878 million in assets under management.

September 2008: Last of the investment banks

Following the demise of Lehman Brothers, Morgan Stanley reported that it was also in difficulties as its share price slid an alarming 42 percentin September 2008. In response, the investment bank announced that it would become a traditional bank holding company. Theannouncement, coupled with a similar move by competitor Goldman Sachs, seemed to end an era of investment banking on Wall Street andgave the banks emergency funds, if needed, from the U.S. central bank. Three days later, Japan’s largest bank, Mitsubishi UFJ, said it waspoised to pay at least US$9 billion for a 20 percent stake in the troubled American lender. The deal would see Morgan Stanley retain itsindependent status

January 2008: Asia chief steps down

Morgan Stanley Asia saw the departure of its CEO in January 2008 when Hans Schuettler decided to retire and move back to his nativeGermany after only two years on the job. Schuettler was head of Asia at the bank during the meteoric rise of the Asian markets. (He wassucceeded in February 2009 by Owen Thomas, who previously worked in New York as president of Morgan Stanley Investment Management.Thomas is now based out of Morgan Stanley Asia's head office in Hong Kong.)

December 2007: China connection

Followed in the footsteps of banks such as UBS and Citigroup, Morgan Stanley agreed to a long-term investment from a sovereign wealth fund.The fund, the state-owned China Investment Corporation (CIC), paid US$5 billion for a 9.9 percent stake in Morgan Stanley.


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November 2007: Cutting Cruz

Morgan Stanley CEO John Mack sacked co-president Zoe Cruz, who had overseen Morgan Stanley's trading and risk operations. Cruz—the16th most powerful woman in the world, according to Forbes magazine—had been widely seen as Mack's most likely successor.

GETTING HIRED

High achievers, please

Morgan Stanley's recruiting page (found by going to the “careers” link on its Web site) has a great deal of information on the firm's culture,diversity and dedication to social responsibility, as well as upcoming recruiting events at universities worldwide.

In addition to entry-level and experienced hire positions, Morgan Stanley offers a variety of analyst-level programs in Asia Pacific for graduateswho might not necessarily have "extensive job experience or knowledge of the financial world." The firm seeks "high achievers who shareintegrity, intellectual curiosity and the desire to work in a congenial atmosphere with like-minded people."

In Asia Pacific, analyst programs include opportunities in investment banking, private equity, private wealth management, research, and salesand trading. For investment banking, there is a two- to three-year full-time analyst program and a 10- to 12-week summer analyst programavailable. More information is available on the recruitment page. For associate-level programs (open to those with several years of professionalexperience, an MBA or other advanced degree), opportunities are available in investment banking, private equity and private wealthmanagement.


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DEUTSCHE BANK AG

Asia Pacific Head Office

One Raffles Quay

South Tower Level 17

Singapore, 048583

Phone: +65-6423-8001

Fax: +65-6225-4911

www.db.com


Auckland • Aurangabad, India • Bangalore, India • Bangkok •

Beijing • Chennai (Madras), India • Colombo • Guangzhou,

China • Gurgaon, India • Hanoi • Ho Chi Minh City • Hong

Kong • Islamabad, India • Jakarta • Karachi, Pakistan •

Kolhapur, India • Kolkata • Kuala Lumpur • Lahore, Pakistan •

Manila • Melbourne • Mumbai • New Delhi • Noida, India •

Pune, India • Salem, India • Seoul • Shanghai • Singapore •

Surabaya, Indonesia • Sydney • Tianjin, China • Taipei •

Tokyo • Vellore, India

BUSINESSES

Corporate & Investment Bank

Corporate Investments

Private Clients & Asset Management

THE STATS


Ticker Symbol: DB (NYSE), DBK (DAX),

DBKG (LSE), DBKG (Euronext)

Chairman, Management Board:

Dr. Josef Ackermann

Revenue: €7.2 billion (FYE 9/09)

Net Income: €1.4 billion

No. of Employees: 70,000+


No. of Branches in Asia: 1,900+

KEY COMPETITORS

Bank of America

Citigroup

Credit Suisse

Goldman Sachs

J.P. Morgan

Morgan Stanley

UBS

EMPLOYMENT CONTACT

www.db.com/careers

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THE SCOOP

The organization of Deutsche

Deutsche Bank is organized into three divisions: the corporate and investment bank (CIB), private clients and asset management (PCAM) andCorporate Investments. The whole group is directed by a management board, which controls resource allocation, accounting and disclosure,strategy and risk management.

Deutsche Bank's CIB group oversees the firm's capital markets business, including the origination, sales and trading of capital marketsproducts, in tandem with the bank's corporate advisory, corporate lending and transaction banking businesses. It also oversees mergers andacquisitions and gives general corporate finance advice primarily for global corporations, financial institutions, and sovereign and multinationalorganizations.

Deutsche Bank's PCAM group comprises two subdivisions: asset and wealth management, and private and business client services. Its assetmanagement business includes traditional asset management and alternative investments, the latter encompassing absolute-return strategiesand specialist real estate asset management. Its client base includes retail clients and institutional investors such as pension funds.

With approximately €915 billion in assets under management globally as of September 30, 2009, the asset management group at DeutscheBank is one of the largest asset managers in the world. The bank's private wealth management division caters to high-net-worth individualsand families. It offers traditional and alternative investments, risk management strategies, lending, wealth transfer planning and philanthropicadvisory, among others services.

The smallest of the three divisions, the corporate investments group, manages Deutsche's own industrial and other holdings, real estate assets,private equity investments and venture capital holdings. This division was at the center of a comprehensive streamlining plan in 2005; non-core assets were sold off, and the division's old three-part structure was consolidated into a single operating unit.

The German giant

Germany's biggest bank first opened its doors in Berlin in 1870, operating under a very specific motto: "to transact banking business of allkinds, in particular to promote and facilitate trade relations between Germany, other European countries and overseas markets." In 1872 thebank opened its first foreign branches in Shanghai and in Yokohama, Japan. By 1880, the bank was engaging in industrial investmentactivities, making deals across borders in Asia, Turkey and the Americas, and in 1929, it merged with Disconto-Gesellschaft, the biggest mergerin German banking history. World War II nearly destroyed Germany's financial services industry; Deutsche Bank was shut down by occupyingSoviet forces in 1945. Its West Berlin operations were decentralized into 10 regional institutions, which were then combined into three joint-stock companies. In 1957, these three companies reunited, creating Deutsche Bank AG.

In the decades that followed, Deutsche grew rapidly, adding retail banking services and international offices in New York, Paris, Tokyo, Londonand Moscow. Its first U.S. purchase came in 1999, with the acquisition of Bankers Trust. Two years later, Deutsche made its public debut onthe New York Stock Exchange; in 2002, it bought U.S. asset manager Scudder Investments. In 2006, Deutsche completed the acquisition ofRussian investment bank United Financial Group.

During 2006, Deutsche added more than 5,400 people, expanding its presence in North America, Latin America, the Middle East, Central andEastern Europe, and Asia—especially in India and China. In 2007, Deutsche Bank's Asia Pacific workforce expanded from 10,800 to morethan 15,100—a 40 percent increase—as another 4,000 jobs were created in the region. Globally, almost half of the 9,400-employee increaseat Deutsche Bank in 2007 was added in the Asia Pacific region. Despite continued uncertainty in the industry globally, Deutsche Bankcontinues to expand in the region

In January 2008, the firm announced employee job cuts that would reach nearly every department—and all around the globe. The first waveof cutbacks came within the month, when the bank slashed about 300 positions within its global markets unit. Over the course of the firstquarter of 2008, those numbers inflated to 1,000 global job reductions, mostly in mortgage banking areas.

A first in 50 years

The year 2008 was definitely one to remember, or rather forget for the German banking giant as it announced its first annual loss in 50 years,highlighting the severity of the global financial crisis. Following on from a €6.5 billion profit in 2007, the bank posted a net loss of €3.9 billionin 2008, with the last quarter of 2008 seeing the biggest deficit as the bank reported a net loss of €4.8 billion. Bonuses were slashed, a trendthat continued into 2009, with the bank’s chief executive Josef Ackermann giving up his bonus and taking a yearly salary in 2008 of €1.4


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million—reportedly 10 times less than in 2007. The firm also said it planned to slash 1,200 jobs in February 2009, although at the timeAckermann claimed these would be the last. This statement was contradicted in March as the annual report said that the elimination of morejobs couldn’t be ruled out. On a positive note, Ackermann added in March 2009 that early results for the year were encouraging and the bankwas “well positioned” to deal with the financial crisis. Ackerman’s comments proved to be accurate: For the nine-month period endingSeptember 2009, Deutsche Bank booked net revenue of €22.4 billion and net income of €3.65 billion.

Awards and rankings

• Best Bank in Australia (The Asset, 2009)• Best Foreign Investment Bank in Australia (The Asset, 2009)• Best Bank in India (The Asset, 2009)• Best M&A House in China (The Asset, 2009)• Private Bank of the Year in Asia (AsiaRisk, 2009)• Interest Rate Derivatives House of the Year in Asia (AsiaRisk, 2009)• Best International Trade Bank in Korea, the Philippines and Taiwan (Trade Finance Awards, 2009)• No. 1 in Asia (Euromoney FX Poll, 2009)• No 1 in Australasia (Euromoney FX Poll, 2009)

IN THE NEWS

October 2009: Taking Sal. Oppenheim

Deutsche Bank confirmed that it had reached a deal to purchase the Luxembourg-based Sal. Oppenheim for approximately US$1.5 billion.Deutsche also confirmed that shareholders would be given the offer of taking a long-term stake in its German business, Sal. Oppenheim KGaA.Additionally, under the terms of the deal, Deutsche will acquire BHF-BANK and a private equity fund managed under Sal. Oppenheim PrivateEquity Partners, according to the Associated Press. BHF Asset Servicing will also fall under Deutsche Bank’s possession, which the bank plansto sell. The deal is expected to close in the first quarter of 2010 once it receives regulatory approvals, Deutsche said, adding that it may payfor the transaction in shares.

August 2009: Reducing responsibilities

Deutsche Asset Management reported that it will be transferring the management of its Asian and Greater China equities mutual funds toHarvest Fund Management. Deutsche Assets Management, which owns a 30 percent stake in Harvest Fund Management, said that it wouldbe moving 10 senior asset managers and a sales team to the new entity in September 2009 once regulatory approval was given. MicheleBang, who was the previous chief executive of Deutsche Asset Management in Asia, is heading up the new venture. The move to transfermanagement was seen as a sign by Deutsche Bank to concentrate on its core areas. As part of the handover, Deutsche Asset Managementwill provide operational assistance to Harvest Fund Management for a limited period in areas such as back office support, trading andcompliance.

July 2009: A cautious outlook

Thanks to strong trading output and one-time charges, Deutsche Bank’s second quarter 2009 profit jumped 68 percent versus the samequarter a year earlier. However, the bank’s loan portfolio remains troublesome. It incurred €1.4 billion in bad loan provisions, a signal theeffects of the financial crisis are not over. Deutsche Bank also announced it will extend CEO Josef Ackermann’s contract until 2013.

June 2009: Exit Grassie, enter Rankin

Robert Rankin took over as the CEO of Deutsche Bank’s Asia Pacific (excluding Japan) opreations, replacing Colin Grassie. Rankin, who willbe based in Hong Kong, will report to Juergen Fitschen, the bank’s global head of regional management. Before joining Deutsche Bank,Rankin was head of investment banking, Asia Pacific at UBS, in addition to acting as chairman of the management advisory committee of UBSSecurities, UBS’s joint venture in China.


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April 2009: Revisiting profit, keeping Ackermann

Deutsche Bank booked US$1.6 billion in net income for the first quarter of the year, compared with a US$185 million net loss for the firstquarter of 2008. The bank was buoyed by improved trading revenue, which increased 56 percent versus the same quarter a year earlier toUS$9.4 billion. The firm also reported record revenue in interest rate and foreign exchange products, in addition to a good showing in itsmoney market area. Its corporate banking and securities unit increased revenue nearly four times versus what it posted for the same periodof 2008. At the same time, the bank announced that it would be holding on to CEO Josef Ackermann for three more years after his contractruns out in 2010.

February 2009: Private banking cull

As earnings from Deutsche Bank’s private banking fell, the firm’s wealth management arm laid off a reported 70 people in Singapore and HongKong at the beginning of 2009. According to sources, those affected included team leaders and relationship managers. In 2008, the Germanbank’s net revenue from its private clients and asset management unit fell 22 per cent to €2 billion; both areas were hit by the negative marketdevelopments in the fourth quarter of 2008. This followed a report from Bloomberg that claimed the firm also made a round of job cuts inJapan in December 2008. The cuts saw at least 60 bankers from the global markets division lose their jobs, although no public announcementon the matter was made.

January 2009: Securing the Chinese market

Chinese regulators approved Deutsche Bank’s joint venture with Shanxi Securities allowing the German bank access to China’s securitiesmarket for the first time. The joint venture, known as Zhong De Securities Co will underwrite and sponsor A-shares, foreign investment shares,as well as corporate and government bonds. The approval is particularly significant for the European-based bank as it is the last licenserequired to enable the bank’s core global business to operate in China. Deutsche Bank will take a 33.3 percent stake in the business addingto an expanding presence in China, which includes a 30 percent ownership of Harvest Asset Management and a 13.7 percent interest in HuaXia Bank.

October 2008: Hedging its bets

Deutsche Bank opened two specialist hedge fund administration offices in Dublin and Singapore, adding to its existing hedge fund adminoffices in California, Massachusetts and the Cayman Islands. The expansion will allow the bank’s DB HedgeWorks unit to offer administrationservices to hedge fund managers in Europe and Asia, along with the U.S.

GETTING HIRED

Standard operating procedure

Information about jobs at Deutsche Bank is on the careers section of the company's website at www.db.com/careers. The careers sectiondiscusses opportunities for school leavers, graduates and undergraduates, MBAs and professionals. The web site also has a section withfrequently asked questions such as "What is Deutsche Bank's dress code?" (Answer: business casual.)

Training programs and internships in Asia

Deutsche also posts information about internships, including those in the Asia Pacific region, on its web site. The bank hires students fromuniversities worldwide for analyst internship and training programs (for undergraduate and graduate students) as well as for associateinternship and training programs (for MBAs). In Asia, Deutsche has analyst internship programs in Mainland China, Hong Kong, Singapore,Japan, Australia and New Zealand.

Analyst internship programs are usually eight to 10 weeks long. Requirements vary depending on the office, though the only basic requirementis that you are currently studying at a "leading academic institution." The firm notes that internships are a key source of full-time hires—alarge number of analyst and associate positions globally are filled by individuals who completed an internship at Deutsche. For the 2008 class,75 percent joined the firm upon completion.


Deutsche Bank AG


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Deutsche Bank also recruits students from overseas into Asia. For a number of years, the firm has targeted students at U.S. and U.K.universities for roles in global markets and global banking (only in corporate finance) in Hong Kong, Singapore and Japan. In 2007, this wasextended to cover Australian students.

Most analysts are hired into Singapore, Hong Kong, Mainland China, Japan, Australia and New Zealand, but from time to time, based on need,the firm also hires a smaller number of analysts into Vietnam, the Philippines, India, South Korea, Taiwan and Thailand.

For MBA students, Deutsche has associate training programs in Japan, Singapore and Hong Kong. For these training programs, Deutschelooks for individuals who have creative problem solving abilities, agile minds, leadership potential, strong quantitative and analytical skills anda knack for communication. Candidates, who need to be completing an MBA, should also have strong academic records and previousexperience in finance, as well as fluency in English. Certain offices have additional requirements. For example, in Japan, applicants needbusiness-level Japanese for some positions. In Hong Kong, Deutsche seeks people who are strong team players—fluency in at least one Asianlanguage is not a prerequisite but can be beneficial for some positions.


Deutsche Bank AG



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Suite 901, 9th Floor

Two International Finance Centre

8 Finance Street

Central, Hong Kong

Phone: +852-3656-8600

Fax: +852-3656-8601

www.blackstone.com


Beijing

Hong Kong

Mumbai Tokyo

DEPARTMENTS

Corporate Private Equity

Financial Advisory

Marketable Alternative Asset Management

Real Estate

THE STATS


Ticker Symbol: BX (NYSE)

Chairman & CEO: Stephen A. Schwarzman

Revenue: -US$349.4 million (FYE 12/08)

Net Income: -US$872.3 million


No. of Offices: 21

KEY COMPETITORS

Bain Capital

The Carlyle Group

Goldman Sachs

KKR

Lazard

Morgan Stanley

EMPLOYMENT CONTACT

www.blackstone.com/careers


THE BLACKSTONE GROUP 5PRESTIGERANKING

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THE SCOOP

King of Wall Street

In 1985, two top Lehman Brothers executives, Peter G. Peterson and Stephen A. Schwarzman, invested US$400,000 to launch a boutiqueM&A firm they called The Blackstone Group. Their first office operated with a staff of four, but Peterson and Schwarzman were convincedtheir singular approach would become a force in the business world. First of all, they decided to invest only in friendly mergers andacquisitions–a bold decision in the hostile takeover-happy environment of the 1980s. They also insisted that their own firm always invest largechunks of its own funds in the investments it made, and that their firm would strive to remain free of conflicts of interest, especially those bornof competing business divisions within larger companies.

As Blackstone grew, its founders gained reputations for holding its reins a little too closely–several partner departed under bitter clouds. Butit's clear that Peterson and Schwarzman, who earned the nickname "The King of Wall Street," have built a strong business. Today, Blackstonehas 1,340 employees in 21 offices around the world. It has also expanded its work beyond M&A advisory to include restructuring andreorganization advisory, fund placement services, private equity, real estate, corporate debt and marketable alternative investments, as well asclosed-end funds in India and Asia. In 1998, American International Group (AIG) purchased a 7 percent non-voting stake in Blackstone; itpaid US$150 million for its share, and has invested over US$1.2 billion in Blackstone-sponsored funds. In addition to AIG, Blackstone hasformed strategic alliances with several international financial institutions, including Roland Berger Strategy Consultants, Kissinger Associates,Alfaro Asesores Financieros and Scandinaviska Enskilda Banken.

In June 2007, Blackstone put forward its long awaited and much-hyped initial public offering, issuing 133.3 million units priced at US$31apiece. The US$4.13 billion IPO, one of the largest U.S.-based IPOs in recent history, gave the public a 12.3 percent stake in Blackstone.After the IPO, the firm as a whole was valued around US$33 billion.

How they’re set up

The firm’s business segments include private equity, real estate, financial advisory, and credit and marketable alternative asset management.The firm is a renowned market leader in private equity investing, and is big international player in the real estate business. Blackstone’sfinancial advisory business is structured into three divisions: corporate and M&A advisory services, restructuring and reorganization advisoryservices, and private placement advisory services. The M&A group has a focus in several industry areas such as consumer products, energy,financial services, media and entertainment, and health care, among others. It also has an expertise in several product areas, including privatecompany transactions, fairness opinions, structured products, demutualizations and conversions, and financial advisory. Blackstone has hadits hand in many big M&A deals since its inception.

Blackstone's restructuring group has been equally active on large deals, advising on more than 150 distressed deals involving more thanUS$575 billion in total liabilities since its inception. In June 2007, the group opened an office in London—it already had outposts in Europe,as well as the U.S. Clients have included Delta Air Lines, Enron and Global Crossing, among others.

Credit and marketable alternative asset management includes funds of hedge funds, closed-end mutual funds and GSO Capital (a US$20billion alternative asset fund founded by the men who built and ran the Leveraged Finance businesses at Donaldson, Lufkin & Jenrette andCredit Suisse). Blackstone’s strength as a top global alternative asset manager is evident in its US$93.5 billion in total assets undermanagement as of June 2009.

Taming the Tiger

One of Blackstone's key investments in the Asian region is its publicly traded Asia Tigers Fund, which was started in 2005 and trades underthe symbol GRR on the New York Stock Exchange. Currently, the fund has over US$64 million in assets invested in a wide range of Asiansectors and countries. Investing in Asia proved successful initially as the fund saw an 85.8 percent increase in its net asset value for the wholeof fiscal 2007. However, after the stellar results of 2007, Prakash Melwani, the director and president of the Asia Tigers Fund, wrote a letterto fund shareholders warning that volatility in the U.S. markets and an over-heated Chinese market was pointing toward a slight slowdown in2008. His outlook would prove true; the fund scraped by the global economic slowdown with a 19 percent decline in asset growth betweenJune 2008 and June 2009.

The Asia Tigers Fund's main investments are in Hong Kong, South Korea, and China with 21.2, 17.7 and 15.4 percent invested in eachcountry, respectively. The fund also has a 12 percent stake in India. Among the fund's top 10 holdings are Samsung Electronics, TaiwanSemiconductor Manufacturing, China Mobile, CNPC Hong Kong, China Life Insurance, China Construction Bank, POSCO and DBS.





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Indian Infrastructure

Blackstone has invested over US$730 million in India following the opening of its first office in Mumbai. In March 2007, Blackstone appointedAmit Dixit, a Harvard grad and Indian entrepreneur, to join its Indian private equity team. Two of its major funds, the Asia Tigers Fund and theIndia Fund, have made significant investments, totaling nearly US$2 billion, in a myriad of Indian companies. The India Fund comprises themajority of these investments, with holdings in notable Indian firms such as Tata Motors, ICICI Bank, Reliance Industries, and Infosys. Thefund is the largest U.S.-listed fund featuring India as its focal point.

Blackstone has also entered into the private equity game in India with two modest investments in large Indian firms. In August 2006, the firminvested US$366 million in the Pune-based pharmaceutical company Emcure Pharmaceuticals. Blackstone hopes to capitalize on Emcure'spotential to become a global manufacturer of generic drugs. The company also made a foray into the field of Indian media when it investedUS$465 in Ushodaya Enterprises Limited, a firm which owns the country's third-largest newspaper and its fourth-largest private televisionstation. The deal was approved by Ushodaya's board of directors in January 2007.

In November 2007, Blackstone funneled US$65 million in funds into an engineering firm based in Hyderabad called MTAR TechnologiesPrivate Limited. MTAR manufactures parts for nuclear power reactors, and structural components for aerospace and defense applications.

IN THE NEWS

November 2009: Investing in Southwest Airlines

In a routine SEC filing, Blackstone revealed its latest investments, including the purchase of a US$7.8 million stake in Southwest Airlines, aUS$16.5 million stake in the WisdomTree India Earnings fund and a $20.8 million interest in Barclays Bank (Blackstone already owned a pieceof Barclays worth US$1.7 million). In addition, Blackstone revealed that it sold its US$4.4 million interest in power generator concern Calpineand lessened its US$21.7 million stake in Eastman Kodak to US$13 million.

November 2009: Blackstone back in black

For the third quarter 2009, Blackstone booked net income of US$275 million, a leap-and-a-half from the US$503 million loss it incurred duringthe same period a year earlier. The firm’s results were largely boosted by an improving economy. Blackstone CEO Stephen Schwarzman saidin a press release that “the worst is behind us though a recovery could be gradual and uneven." The firm was also helped by the stabilizingof its real estate investments. To date in 2009, Blackstone had seen a lot of improvements versus 2008. Through October 2009, Blackstone’sshare price had risen by 112 percent during the year (though, at about US$14, it was still well below the US$31 per share price of its 2007IPO).

October 2009: Going public—eightfold

Blackstone is preparing up to eight of its portfolio companies for initial public offerings, an insider who received a letter from the firm toldReuters. According to the letter, Blackstone is first arranging to set up its hospital staffing company Team Health for an IPO, while assessingthe possibility of IPOs for seven other firms. Blackstone is also preparing to sell five of its other companies, including Kosmos Energy’s oilinterests in Ghana.

October 2009: Buying Busch Gardens

Blackstone agreed to invest up to US$1 billion of equity in a US$2.7 billion deal to purchase Anheuser-Busch InBev’s theme parks based inthe U.S. The deal will give a boost to Blackstone’s already strong portfolio of theme parks. The InBev transaction will add three SeaWorldsand two Busch Gardens, among other assets, to Blackstone’s existing amusement parks, which include Legoland and Madame Tussauds waxmuseums

August 2009: Growing by 25 percent

According to The Hedge Funds Journal, Blackstone’s fund of funds portfolio grew 25 percent to US$25 billion from the beginning of 2009through the end of June 2009. In comparison, hedge funds competitors such as Man Investments, Union Bancaire Privée and HSBC haveseen decreases across their hedge funds divisions.




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August 2009: Investing in Shanghai

In a joint venture with the Chinese government, Blackstone set up a US$732 million fund, the first of its kind involving China and a globalprivate equity firm. The Blackstone Zhonghua Development Investment Fund will focus in investments in Shanghai and nearby areas.

July 2009: Roadblocks in India

Blackstone’s investment in India experienced a recent setback as Indian regulators blocked the firm’s attempt to purchase US$150 million inshares and warrants of Nagarjuna Construction in July 2009. Blackstone was ultimately forced to drop the acquisition of 9.1 million warrants.Currently, the company owns 9.3 percent of Nagarjuna Construction.

It was not the first time Indian regulators blocked Blackstone operations within the region. In 2008, the group announced plans to investUS$275 million in Ushodaya Enterprises, an Indian firm engaged in a wide variety of businesses, but the deal was quashed by disapprovingIndian regulators.

June 2009: China chooses Blackstone

A Blackstone Group hedge fund unit is set to receive an investment of US$500 million from the Chinese sovereign wealth fund ChinaInvestment Corp., according to a June 2009 report from Reuters. This infusion of funds is part of an attempt by the Chinese government toensure that it will not miss any opportunities when the U.S. market hits bottom.

The Blackstone Group is no stranger to China. During the group’s initial public offering in 2007, China’s then newly formed State InvestmentCorporation acquired a US$3 billion share in Blackstone—roughly 10 percent of the company’s initial equity. The investment was supposedto be a strategic bid to deepen Blackstone's relationship with China in order to gain footing in the difficult to access markets there. Yet themove opened dangerously for China’s investment board, as the US$3 billion investment quickly plummeted to a value of US$1.4 billion. InNovember 2008, Blackstone’s Greater China Chairman Anthony Leung stated that despite the global financial crisis the group would not slowdown its investments in China.

May 2009: Fewer losses than last year

Blackstone booked a first quarter 2009 loss of US$231.6 million, slightly less than the US$251 million loss it suffered in the same period in2008. The firm cited higher management and advisory fees as reasons for the poor results. Revenue, meanwhile, plummeted 31 percent toUS$47.1 million. Several of the firm's business lines managed to do well, however. Blackstone's financial advisory division posted a 29 percentincrease in revenue to US$92 million, while the company's hedge fund unit brought in US$99.5 million in revenue compared with US$30million in the previous year's first quarter.

May 2009: Trimming the hedges

Blackstone announced that it was cancelling a plan to start an Asian event-driven hedge fund. The group was initially expecting to sink asmuch as $US1 billion into the fund, aimed at investing in Asian companies pursuing events such as mergers and reorganizations. Blackstonespokesman Peter Rose cited the current global economic situation as the major catalyst for cancelling the plan, according to a report byBloomberg.

December 2008: We can do IT

As 2008 came to a close, Blackstone announced that it was partnering with Indian IT management firm CMS Group to set up a new companyformed through spinning off the IT Infrastructure and Outsourced Business Service divisions from the Indian firm. CMS ranks among the topIT Infrastructure Management firms in India. Blackstone will hold a majority share in the venture and will also hold a dominant position on thenew company’s board.





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GETTING HIRED

Get with the program

Blackstone's central careers page is located at www.blackstone.com/careers. The firm offers opportunities in private equity, real estate andmarketable alternative asset management funds, including hedge funds, debt funds, proprietary hedge funds, collateralized loan obligationvehicles (CLOs) and closed-end mutual funds. Opportunities are also available in advisory, including corporate finance, mergers andacquisitions, restructuring and reorganization, and fund placement.

According to the firm’s site, candidates "should have excellent interpersonal and communication skills and should be strong group facilitatorsas well as capable leaders and successful team players." Prior financial services experience is "preferred, but not required."

An internship program is available, lasting 10 weeks and typically only available during the summer months. There are three classificationsof positions: summer analysts (for university seniors), summer associates (for second-year MBA students or those with one year remaining inan advanced degree) and summer interns. Employment for these positions generally commences in early June. First-round interviewstypically begin in late January or early February and applications are available on the site. On the online application form, candidates can marklocation preferences including Hong Kong, Mumbai and Tokyo.

Those looking to apply as a new analyst or associate can expect to undergo first round interviews in late September or October. Analysts thatreceive an offer begin their employment in June with a three-week training program focused on knowledge about the company history andprofile, skills in accountancy, corporate finance, financial modeling and the company’s IT systems. New associates are typically recruited outof MBA programs and usually start their employment in early August. Both analyst and associate candidates can apply online, and should doso by early August.




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HSBC HOLDINGS PLC

8 Canada Square

London, E14 5HQ

United Kingdom

Phone: +44-20-7991-8888

Fax: +44-20-7992-4880

www.hsbc.com


Australia • Bangladesh • Brunei • China • Hong Kong • India •

Indonesia • Japan • Kazakhstan • Korea • Macau • Malaysia •

New Zealand • Pakistan • Philippines • Singapore • Sri Lanka

• Taiwan • Thailand • Vietnam

DEPARTMENTS

Business & Commercial Banking • Corporate & Institutional

Banking • Internet Banking • Personal Banking

THE STATS


Ticker Symbol: HSBA (LSE)

Group Chairman: Stephen Green

CEO, Investment Banking: Stuart Gulliver




No. of Offices: 8,500

KEY COMPETITORS

Citigroup

Fortis

Royal Bank of Scotland


EMPLOYMENT CONTACT

See “Careers” section of www.hsbc.com

43

6PRESTIGERANKING

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THE SCOOP

Hails from the Far East

HSBC Holdings is one of the largest banking companies in Asia and one of the largest in the world, with 8,500 offices in 86 countries andterritories. It provides a full range of financial services, including consumer and business banking, asset management, investment banking,securities trading, insurance and leasing to its 125 million customers.

In 2008, the firm ranked No. 1 on the Forbes Global 2000, a list of the world's largest companies measured by sales, profits, assets and marketvalue. It was the first time that a non-U.S.-based firm topped the list. However, HSBC's reign was short-lived, as the firm dropped to No. 6on the list for 2009. Headquartered in London, HSBC today has nearly 10,000 offices in 83 countries, making its motto, "the world's localbank," pretty accurate.

Old school in the East

HSBC's roots are truly international, going back to 1865, when the Hongkong and Shanghai Banking Corporation opened dual offices inShanghai and London. The bank's initial expansion was in the East, with branches opening across China and Southeast Asia. From there, itsreach spread to India, Europe and North America. Its first Middle Eastern acquisition came in 1959, with the purchase of the British Bank ofthe Middle East. Throughout the latter half of the 20th century, HSBC grew by making deals, buying up other Asian banks and opening newoffices in Canada and Australia. Hongkong and Shanghai Banking—and its many subsidiaries—were consolidated in 1991 with the formationof HSBC Holdings plc.

The new holding company continued adding to its portfolio, buying several European banks (including Midland Bank and Credit Commercialde France). Latin America was the final frontier: HSBC bought a majority stake in Mexico's Grupo Financiero Bital in 2002. An even biggerdeal came the next year when HSBC purchased Household International, a U.S. provider of consumer finance and credit cards, for a whoppingUS$14.2 billion. In 2005, the firm bought 9.9 percent of Ping An Insurance, China's second largest life insurance company (HSBC alreadyowned 10 percent of Ping An, bringing its stake up to nearly 20 percent).

Global powerhouse

In 2006, HSBC reported nearly 50 percent of its pre-tax profits from Asia, the Middle East, Latin America and other emerging markets. In itsyear-end report, the firm said that it expected this percentage to rise even higher over the next several years, because these economies areexpected to grow faster than those in developed markets, "and therefore, we will concentrate investment primarily in these markets in the formof both organic development and acquisition."

HSBC stayed true to its word when it announced in late 2006 that it would acquire an additional 10 percent share in Techcombank, Vietnam'sthird-largest joint stock bank, bringing its ownership interest to 20 percent. Then, in March 2007, HSBC said that it was making plans todouble the size of its operations in China, opening as many as 40 new offices during the year and making 1,000 additional hires between 2007and 2008.

Restructuring I-banking

Business at HSBC is divided into four core areas: personal financial services, commercial banking, private banking, and corporate, investmentbanking and markets (CIBM). The bank's commercial banking arm provides loans, credit, insurance, investments, merchant banking,mortgages, financing, risk management and securities services to small, medium-sized and middle-market companies.

The CIBM group was restructured in February 2006 and split into four product lines: global markets, global banking, global transaction bankingand group investment businesses. Gl obal markets includes foreign exchange, fixed income, derivatives, equities and metals sales and trading.Global banking offers corporate and institutional banking, sector management, investment banking, project and export finance, and asset andstructured finance. Global transaction banking includes payments and cash management, trade services, supply chain, securities servicesand wholesale banknotes businesses. Finally, group investment businesses manages investment solutions. This reorganization was aimed atincreasing profit by reducing costs in the CIBM group.


HSBC Holdings plc


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True to its word

One month after HSBC told the world that its focus on Asian (as well as Middle Eastern and European) markets would keep it afloat in troublingeconomic times, the firm was deemed the successful bidder in a government auction to acquire The Chinese Bank in Taiwan. The bank, ofwhich the Taiwan government has had control since January 2007, had US$3.1 billion in assets as of September 2007. HSBC assumed thebank's assets and liabilities in exchange for Taiwanese government funds, which reportedly amount to US$1.5 billion. In addition, HSBC willprovide additional capital, estimated to be between US$300 million and US$400 million.

Reporting on HSBC's acquisition, The New York Times said, "HSBC, which followed global rivals Citigroup, Standard Chartered and ABN AMROto acquire a Taiwan bank, will focus on expanding two competitive but profitable businesses: wealth management and small-mediumenterprises investing in China." Under the terms of the deal, HSBC is required to establish a local subsidiary within three years of completionor one year after HSBC's total assets in Taiwan exceed US$13.9 billion, whichever is earlier. The new company will have a minimumcapitalization of approximately US$309 million.

Greenest of them all

In the midst of subprime misery, HSBC received a feel-good honor in January 2008, when it was marked as the top-ranked environmentallyconscious bank. The firm nudged out ABN Amro, Barclays, HBOS and Deutsche Bank, as well as U.S. powerhouses Citi and Bank of America.The ranking was performed by Ceres, an environmental group that urges companies to address climate change. HSBC has been carbonneutral since 2005.

Previously, in May 2007, HSBC had spearheaded a five-year, US$100 million partnership to respond to the urgent threat of climate changeworldwide. The firm was joined in the coalition by The Climate Group, Earthwatch Institute, Smithsonian Tropical Research Institute and WWF.The partnership—which involved the largest donations to each of these charities and the largest donation ever made by a British company—has significant program targets and offers transformational support for the environmental charities. The donation will help to deliver increasedcapacity, help the charities to expand across new countries and research sites, and increase their access to more people.

Profits halved

Having witnessed one of the worst downturns in the global economy since before World War II, HSBC was lucky to come out with what on thesurface appeared to be pretty healthy profits of $9.3 billion before tax for 2008. Put into context, however, these profits were 62 percent lowerthan 2007 figures. But the bank can hold its head high that it did not have to rely on government handouts to stay afloat. And while pretaxprofit was down in North America by a whopping 169 per cent, in Asia and in Hong Kong, profits were up. By the end of fiscal 2008, operationsin Hong Kong reported profits that were 58 percent higher versus 2007 figures to US$5.5 billion, while the rest of Asia posted profits of US$6.5billion, 69.5 percent higher than the previous year.

IN THE NEWS

August 2009: Chinese footsteps

The media was awash with news that HSBC was in advanced talks with China’s Industrial Securities Co to form an investment banking venture.(HSBC is the biggest foreign lender in China, operates a fund venture in China and obtained approval in June 2009 to launch an insuranceventure in the country.) Earlier in August, HSBC Asia Pacific chairman Vincent Cheng revealed that the British lender was indeed in talks withpotential partners in China to set up a securities venture, but had declined to provide details. Such a venture would give HSBC access to stockand bond underwriting businesses.

August 2009: Entering Indonesia

Looking to bulk up its presence in the world’s fourth most populous country, HSBC increased its share of Bank Ekonomi Raharja Tbk by 10.08percent, taking its stake in the Indonesian bank to 98.96 percent. The extra shares cost US$72 million and were on top of the 89 percentstake the bank purchased for US$607.5 million back in May 2009. That initial acquisition almost doubled HSBC’s presence to 208 outlets in26 cities across Indonesia.


HSBC Holdings plc



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August 2009: Cut in half

HSBC Holdings announced that its pretax profit in the first half of the year dropped to US$5.02 billion, down from US$10.2 billion in the sameperiod a year before. But the company, which was affected by climbing bad debts, still managed to surpass analysts’ US$4.9 billion forecast.Total operating income also took a tumble for the half-year period, dropping 6 percent to US$40.2 billion from US$42.9 billion.

June 2009: Insuring the Chinese market

The Chinese market was once again in HSBC’s sights, this time as the firm announced it had gained regulatory approval to create a jointventure insurance company. Named HSBC Life Insurance Co, the new JV was set up with Beijing-based National Trust and is based inShanghai. The bank also claimed that it was also looking to develop its insurance business further afield in other mainland areas such asGuangdong Province and Beijing.

May 2009: Making the list

HSBC revealed that it was looking to be one of the first batch of foreign firms to be listed on the Shanghai Stock Exchange. According toinsiders at the bank, the move is being planned to not only consolidate the bank’s brand influence in the region but also to raise funds for itsplans to expand into mainland China. (By July 2009, the British bank had invited mainland and Chinese-foreign joint venture investmentbanks in the country to submit proposals for its A-share listing; $3 billion is expected to be raised from the share offering, with media reportsclaiming the bank would most likely list, at the earliest, in the first half of 2010).

March 2009: Cutting back in America

HSBC went ahead with a drastic worldwide cut of 6,100 positions, which included the closing down of most of its U.S. consumer lendingbusiness.

November 2008: Debit development

HSBC Bank China finally launched its debit cards across 17 cities in mainland China. Cardholders are able to use their cards at ChinaUnionPay Co’s domestic and overseas networks in about 50 countries, as well as at HSBC’s ATMs in over 40 countries. The alliance betweenUnionPay and HSBC resulted in the London-based bank receiving the most extensive ATM access of any foreign bank in mainland China.

November 2008: Focus Asia

After previously announcing that it would cut 1,100 jobs worldwide, HSBC finally announced that it had laid off some 450 employees in HongKong in anticipation of a worsening global economic situation in 2009. The cull involved all customer groups as well as some bank officefunctions. On a positive note, the firm did mention that while it was withdrawing part of its business from the U.S., it was also eyeing uppossible acquisitions across Asia.

September 2008: Building branches

In September 2008, the bank outlined its desire to increase its stake in the Chinese market by revealing plans to add three to four new citiesto its Chinese network each year in addition to adding an extra 80 branches to it by the end of 2008. As of September, the bank already had74 outlets in 17 cities, up from 62 at the start of the year. It became the first international bank to enter the rural market in western Chinawhen it opened a rural bank in Chongquing.


HSBC Holdings plc


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GETTING HIRED

All around the world

At www.hsbc.com, you can check out current job openings based on region. From there, the firm also offers sections for MBA opportunitiesand for more experienced hires. The "student careers" section offers specific positions for those candidates in undergraduate and post-graduate programs. All positions can be applied for online, where the system will save your information for future applications.

Interns, too, get their own area on the site. For that program, HSBC accepts applications "from candidates from any degree subjectbackground." But try to give the bank "as much detail as you can" regarding your qualifications, "including all subjects studied and resultsachieved," especially if you're outside the U.S.—the bank notes that it will need to convert your grade point average to make sure it meets itsminimum qualifications.


HSBC Holdings plc



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Global Headquarters

Paradeplatz 8

8070 Zürich

Switzerland

Phone +41-44-212-1616

Fax +41-44-333-2587

www.credit-suisse.com


Main hubs:

Hong Kong • Singapore • Sydney • Tokyo

Additional locations:

Bangkok • Beijing • Jakarta • Karachi • Kuala Lumpur •

Labuan (Malaysia) • Manila • Melbourne • Mumbai • New

Delhi • Seoul • Shanghai • Sydney • Taipei

DIVISIONS

Asset Management

Investment Banking

Private Banking

THE STATS

Employer Type: Division of Credit Suisse

Group AG

CEO, Credit Suisse: Brady Dougan

CEO, Credit Suisse Asia Pacific:

Kai Nargolwala

CEO, Credit Suisse Investment Bank:

Paul Calello*

Net Revenue (Investment Bank):

CHF -1.97 billion (FYE 12/08)

Income Before Tax (Investment Bank):

CHF -13.79 billion

No. of Employees (Investment Bank):

19,300 (worldwide)

No. of Offices (Investment Bank):

57 (worldwide)

*In September 2009, Eric Varvel became acting CEO, temporarily

replacing Calello when Calello developed a “sudden and unexpected

illness”

KEY COMPETITORS


Deutsche Bank

Goldman Sachs

J.P. Morgan

Morgan Stanley

UBS

EMPLOYMENT CONTACT

www.credit-suisse.com/careers


CREDIT SUISSE GROUP AG7PRESTIGERANKING

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THE SCOOP

Swiss bankers, global reach

As an integrated bank, Credit Suisse offers clients its combined expertise in the areas of private banking, investment banking and assetmanagement. Credit Suisse provides advisory services, solutions and products to companies, institutional clients and high-net-worth privateclients globally, as well as to retail clients in Switzerland. Credit Suisse employs more than 47,400 (as of September 2009) people around theworld. In its investment banking business, Credit Suisse is active across the full spectrum of financial services products, including debt andequity underwriting, sales and trading, mergers and acquisitions, investment research, and correspondent and prime brokerage services.

Regionally, the group is divided into Switzerland, EMEA (Europe, the Middle East and Africa), the Americas and Asia Pacific. In the Asia Pacificregion, the firm has 15 offices in 12 markets, with major hubs located in Singapore, Hong Kong, Sydney and Tokyo.

Sweet Schweizerische

Credit Suisse’s history dates back to 1856 when Alfred Escher founded Schweizerische Kreditanstalt (that’s Swiss-German for Swiss CreditInstitution). Credit Suisse opened its first international branch outside its home country in New York City in 1940. For the next three decades,the bank grew within Switzerland, across Europe and internationally. In 1978, Credit Suisse began its cooperation with The First BostonCorporation in the U.S., acquiring a controlling stake in the firm 10 years later (after which the bank was renamed Credit Suisse First Boston).A year after that, Credit Suisse Holding was established as the parent company of the group. Various mergers, acquisitions and alliancescontinued through the 1990s, and merged banks ultimately became assimilated into the Credit Suisse identity with the launch of the integratedbank in 2006.

New leaders

Credit Suisse announced a new generation of leaders at the executive board level in 2008, ushering a new era of leadership that faced themost challenging period for financial institutions in recent history. In May 2008, after heading up the investment bank for three years, BradyDougan was named the overall CEO of the Credit Suisse Group. Paul Calello, who was previously the CEO for Asia Pacific, took over as CEOof the investment banking division globally. In Asia Pacific, Kai Nargolwala was appointed as the regional CEO in January 2008.

A friend in Founder

Credit Suisse has enjoyed a solid history working in China. It has served as a financial advisor on the IPOs of some of the country's largestcorporate and state-owned institutions, including China Construction Bank (CCB) and the Industrial and Commercial Bank of China (ICBC).In addition, in 2006, the Chinese government launched the Qualified Domestic Institutional Investor (QDII) program, and Credit Suisse receivedapproval to participate in the program, which meant the firm was allowed to provide tailored solutions for Chinese investors who want to investinternationally. The bank is also a Qualified Foreign Institutional Investor with an investment quota of US$500 million.

In early 2008, Credit Suisse laid the groundwork for a joint venture with Founder Securities, the securities arm of Chinese conglomerateFounder Group, to run investment banking activities in China. The venture finally received a business permit from China's securities regulatorin December 2008, and is initially focus on the sponsoring and underwriting of RMB-denominated A-shares on the Chinese exchanges andthe underwriting of debt issuance. Credit Suisse Founder Securities made a strong start, executing debt and equity capital marketstransactions worth the equivalent of US$7.05 billionin 2009.

Awards and rankings

• Best Foreign Investment Bank in Philippines, Best Foreign Investment Bank in Indonesia, Best Foreign Investment Bank in Vietnam(FinanceAsia, 2009)

• Best Electronic Broker, Japan (FinanceAsia, 2009)

• Best Investment Bank for 2009, Best Emerging Markets M&A House, Best Foreign Investment Bank in Indonesia, Best M&A House inSingapore (Euromoney, 2009)

• Deals of the Year [Republic of Indonesia sovereign bonds, Philippines debt exchange warrants] (Euromoney, 2009)





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• Deals of the Year [Philippines debt exchange warrants] (The Banker, 2009)

• Best Bond Deal, Best M&A Deal, Most Innovative Deal (The Asset Triple A Awards Australia, 2009)

• Best M&A Deal, Best Syndicated Loan (Asiamoney Deals of the Year Australia, 2009)

• Best Arranger of Indonesian Loans, Most Innovative Structurer of LBOs, Asia Pacific Loan of the Year (EuroWeek Asia, 2009)

• Best Crossing Network: Broker (The Asset Triple A Transactional Banking Awards, 2009)

• Best Sovereign or Quasi-Sovereign Bond (EuroWeek Asia, 2009)

• Best Electronic Trading Platform (Asia Asset Management, 2009)

• Most Innovative Product/Service of the Year in Japan [Credit Suisse AES Pathfinder] (TradeTech Japan, 2009)

• Best Algorithms, Best Smart Order Routing (Asian Investor, 2009)

• Best Emerging Markets Bond House, Best Liability Management, Best Leveraged Buyout Deal (The Asset, 2009)

IN THE NEWS

October 2009: Barreling towards the fourth quarter

Third-quarter results were strong again, particularly for the investment banking unit as it booked pre-tax income of CHF 1.75 billion on netrevenue of CHF 5.05 billion. Overall, Credit Suisse booked net income of CHF 2.35 billion on core net revenue of CHF 8.92 billion. Strongresults were largely attributed to the firm's differentiated investment banking strategy and a realigned platform. Continuing to shore up its riskpositions, Credit Suisse also dropped its risk-weighted assets to US$137 billion.

September 2009: Indian opportunities

Reuters repoorted that Credit Suisse was pursuing a banking license in India. If granted approval from India's central bank, the license wouldfurther extend Credit Suisse's offerings in India into areas such as derivatives and foreign exchange.

Credit Suisse already views India as one of its most important markets in Asia Pacific, given the country’s significant opportunities in privatebanking and investment banking. Previously, in July 2007, Credit Suisse was granted its merchant banking license, allowing it to provide awide range of onshore underwriting and corporate finance services in India. Credit Suisse has set up offices in Mumbai's Worli neighborhoodwhere the bank has been steadily growing its headcount, even through the financial crisis. And in 2008, the bank acquired a non-bankfinancial company (NBFC) in India, into which it has since injected US$203 million of capital. The NBFC enables Credit Suisse to provide itsclients with funding support.

September 2009: Get well soon

The firm announced sad news in September 2009 as the CEO of investment banking, Paul Calello, was unexpectedly diagnosed with an illness,and began an intensive treatment program. In the interim, Eric Varvel, CEO for the EMEA region assumed the role of acting CEO, thoughCalello "will remain as involved in the business as his course of treatment process will allow," according to a Credit Suisse press release. Andaccording to Credit Suisse CEO Brady Dougan, "Paul and Eric will consult closely, working together and with me to set the strategic directionof the investment bank."

July 2009: Another solid quarter

Credit Suisse reported overall net income of CHF 1.57 billion for the second quarter 2009. The investment banking unit saw pre-tax incomeof CHF 1.66 billion on net revenues of CHF 6.01 billion. On top of this, largely due to collaboration between private banking and investmentbanking on delivery of services to ultra-high-net-worth clients, collaboration revenues from the integrated bank were CHF 1.5 billion.




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July 2009: Coming up big at the Euromoney Awards

Credit Suisse won a number of top accolades at the 17th annual Euromoney Awards. Credit Suisse won the coveted Best Investment Bankfor 2009 award and was named Best M&A House in Singapore and Best Foreign Investment Bank in Indonesia. According to Euromoney,“What is now becoming clear is that Credit Suisse took the pain in 2008 and is reaping the rewards in 2009. Its first-quarter 2009 earningsshowed impressive momentum. The platform Credit Suisse now has stands it in very good stead for the years to come.”

June 2009-July 2009: Expanding trading options in Australia and India

Credit Suisse announced that its Advanced Execution Services (AES) unit had reached two milestones in expanding its services for clients.The first, in June 2009, was the launch of a wide range of algorithmic trading strategies for Indian equities. This was followed by the July 2009announcement that AES had launched a block crossing service for Australian equity trading, enabling clients to place anonymous orders forlarge blocks of Australian stocks.

June 2009: New co-heads in APAC and Greater China

Two ex-UBS insiders, Ken Pang and Min Park, were appointed co-heads ofcCrediut Suisse’s equity derivatives and convertibles business forthe Asia Pacific region. Pang will oversee trading, risk management and infrastructure development, while Park will oversee sales, distributionand structuring functions. Pang and Park will be based in Hong Kong and will report to Osama Abbasi, the head of equities for Asia Pacific.

Credit Suisse also named Simon Yuan, formerly head of Merrill Lynch's China financial institutions group, as a managing director and as theco-head of its financial institutions Greater China team. Liping Zhang, the firm's China CEO, remarked, "Simon brings a wealth of experienceand ideas to Credit Suisse, having been heavily involved with many high profile restructurings, capital raisings and cross-border M&As in theChinese financial sector."

May 2009: Prime Services gets a new APAC head

In the Asia Pacific region, Credit Suisse's Prime Services business got a new head in Matt Pecot, who joined from UBS. Pecot has extensiveexperience in the prime services business, as well as 13 years' experience in Asia Pacific. Based in Hong Kong, Pecot will report to OsamaAbbasi, the head of equities for Asia Pacific, and Philip Vasan, the global head of prime services and capital services.

April 2009: A return to profitability

Credit Suisse booked overall net income of CHF 2 billion for the first quarter 2009. The firm’s investment banking unit marked a return tosignificant profitability, raking in CHF 2.4 billion in pre-tax income. On top of that, market shares increased in key business areas, includingglobal rates and foreign exchange, cash equities, prime services, and flow and corporate derivatives.

April 2009: Position filled

April 2009 saw the appointment of a new Credit Suisse Group chairman after Walter Kielholz stepped down in March 2009 and Hans-UlrichDoerig was elected to the vacant position. Doerig has over 35 years of experience at Credit Suisse; in 2003, he was named vice chairman andhead of the firm's risk committee.

Doerig described his appointment as coming during "the midst of the biggest crisis since 1929," but in an interview, he quickly laid fears torest about a sell-off of the investment banking division. "That would be totally the wrong thing to do, and would ultimately prove harmful forSwitzerland. Banks wishing to differentiate themselves from the global competition in the future need an intact investment banking division.It was clear that the division needed partial restructuring. Together with old strengths such as reliability, prudence, predictability andperformance, our three pillars mean we have a huge opportunity, which we must make the most of."

February 2009: Tough year

Credit Suisse Group wasn't immune from the turmoil that hit so many other financial institutions hard. It posted an annual net loss for 2008of CHF 8.2 billion, with CHF 6.02 billion of that coming in the fourth quarter. The investment banking unit contributed a pretax loss of CHF7.78 billion for the fourth quarter, including CHF 3.19 billion in write-downs on leveraged loans and structured products. For the year, theinvestment banking unit reported a net loss before taxes of CHF 13.85 billion.





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In total, Credit Suisse Group’s revenue for the year stood at some CHF 9.3 billion, down a whopping 76 percent versus its 2007 results. Thegroup’s investment banking and asset management businesses saw big losses.

December 2008: Not immune to the cuts

As almost every big investment bank was forced to do in late 2007 and early 2008, Credit Suisse began handing out some pink slips in January2008 due to the subprime mortgage meltdown. The firm cut about 500 investment banking positions, and a spokesman for Credit Suissecited "market conditions and projected staffing levels required to meet client needs" as causes for the cuts. In October 2008, Credit Suisseconfirmed it would purge another 500 jobs from its securities group and support roles.

However, as it was clear that the economic crisis wasn't going anywhere soon, Credit Suisse announced in December 2008 that it would cutanother 5,300 positions—or about 11 percent of its employees globally—with most cuts coming from its investment banking unit. Due largelyto "adverse market conditions and risk reduction," Credit Suisse said it intended to reduce investment banking staff to 17,500 by the end of2009, down from the 21,300 it employed in September 2008. The cost to Credit Suisse was booked as a restructuring charge of CHF 900million, primarily on its fourth-quarter books.

December 2008: Bonuses take a new shape

Credit Suisse hit upon a novel idea to lessen its loss risk: using US$5 billion from illiquid securities such as leveraged loans and mortgage-backed debt (the type largely blamed for serving as the catalyst of the financial crisis) to pay its managing directors' and directors' annualbonuses in investment banking. The securities will be put into a vehicle called the “partner asset facility,” and senior investment bankers willbe given shares in it. If the securities weaken in value, however, bonuses will be affected first.

GETTING HIRED

Hiring students and professionals

Undergraduate students, university graduates and experienced professionals can learn more about employment opportunities through CreditSuisse's careers web site for the Asia Pacific region at www.credit-suisse.com/careers. The firm recruits at a number of universities in Australia,China, Hong Kong, India, Japan, Korea, and Singapore; it also recruits overseas in the U.S. and the U.K. On the careers web site, Credit Suissehosts campus recruiting pages for analysts and associates in Asia Pacific, as well as separate campus recruiting pages for Australia and Japan(the latter in Japanese).

Experienced professionals looking to make a lateral move in Asia Pacific can search postings (organized by location or job function) at thefirm's career web site. Job functions include administration, asset management, audit and taxation, complex products support, corporateservices and facilities management, equities, financial accounting and financial control, fixed income, human resources, informationtechnology, investment banking, legal and compliance, marketing and communications, operations, private banking, product control and riskmanagement.

Develop and grow

Credit Suisse recruits graduates across Asia Pacific, including in Hong Kong, Singapore, Tokyo, Seoul, Mumbai, Melbourne and Sydney. Atboth the analyst and associate levels, full-timers are hired across the bank in a number of different departments, including private banking,investment banking, alternative investments, shared services, operations and information technology.

Credit Suisse’s full-time programs combine formal learning, on-the-job practice and personal coaching. The program includes technical andfinancial training, presentations from senior management, internal cross-divisional events, philanthropic and team-building events, andnetworking events with peers and Credit Suisse professionals. Throughout the training, graduates are exposed to senior managers, colleaguesand peers across the bank. Graduates are also given early responsibility and face challenges from day one.

Some business areas also host global training programs, which take place in New York, London or Zurich. Candidates should be in their finalyear of a bachelor's or master's degree for analyst positions, and an MBA or PhD degree for associate positions.

Recruitment for full-time hires generally occurs from August to November across Asia Pacific, though it's usually from January to July inAustralia. For more information, check out the Credit Suisse careers web site.




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I know what you did last summer

The Asia Pacific internship program, which generally lasts 10 weeks, gives participants an experience similar to that of the bank's first-yearanalysts or associates. Candidates should be in their penultimate/junior year of a bachelor's or master's degree for analyst positions, and inthe first year of an MBA or PhD degree for associate positions.

The first week of the internship focuses on induction and bespoke training in preparation for nine weeks of on-the-desk experience.Candidates should be in their penultimate or junior year and have an interest in building a career in the Asia Pacific region. Some qualitiesthe firm looks for in internship candidates include strong motivation, creativity, solid communication skills (both verbal and written), computerliteracy, intelligence and leadership.

Once you have applied to Credit Suisse, your application will be reviewed by both campus recruiting and the business area you have chosen.If you are selected for an interview, it may take place face-to-face, by telephone or by video conference, but will always be conducted by amanager in the business. Most initial interviews are competency-based which focus on your experiences so far in skills such as teamwork,leadership, problem solving, communication and more.

Some business areas only conduct interviews; these will be a combination of competency-based and technical. Some areas conductassessment centers which may include exercises such as case studies, presentations and technical exams. In some locations/business areas,candidates will also be expected to complete online numerical and verbal reasoning tests as part of the application process.

For Asia Pacific (excluding Australia) summer programs, recruitment generally runs from October to February. Meanwhile, recruitment for theAustralian summer internships generally runs from March to July. For those with an MBA or advanced degree, a summer associate programis available as well. A winter analyst program is also open in Hong Kong and Singapore in the areas of investment banking, equities and fixedincome. For consideration, candidates should complete an application on the Credit Suisse careers web site.





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52nd Floor

8 Finance Street

Central, Hong Kong

Phone: +852-2971-8888

Fax: +852-2971-8333

www.ibb.ubs.com

PRIMARY LOCATIONS IN ASIA PACIFIC

Australia • China • Hong Kong • Japan • Singapore

BUSINESSES

Equities

Fixed Income, Currencies & Commodities

Investment Banking

THE STATS

Employer Type: Business unit of UBS AG

Chairman, UBS AG: Kaspar Villiger

CEO, UBS AG: Oswald Grübel

Co-CEOs, UBS Investment Bank:

Alex Wilmot-Sitwell & Carsten Kengeter

Chairman & CEO, UBS AG Asia Pacific:

Chi-Won Yoon

No. of Employees: 17,000 worldwide

No. of Offices: Operations in 50 countries

KEY COMPETITORS


Credit Suisse

Deutsche Bank

Goldman Sachs

Morgan Stanley

EMPLOYMENT CONTACT

www.ubs.com/graduates


UBS INVESTMENT BANK 8PRESTIGERANKING

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THE SCOOP

The big Swiss

UBS Investment Bank is one of the primary units of Swiss-based banking giant UBS AG, one of the world’s largest financial firms. Headquartered inZurich and Basel, UBS AG underwent a major restructuring in August 2008; the Swiss giant is now comprised of a corporate center and four businessdivisions: Wealth Management & Swiss Bank, Wealth Management Americas, Global Asset Management and UBS Investment Bank. Worldwide, asof mid-2009, UBS AG employed more than 70,000 people; however, according to a March 2009 statement by the firm, "UBS expects to reduce thenumber of its employees to about 67,500 by 2010 in order to realize substantial cost savings in all areas."

UBS employs around 9,000 in the Asia Pacific region, equivalent to about 13 percent of its total workforce. While staff numbers have fallen in otherregions, those in Asia Pacific have been steadily rising (the region represented just 10 percent of the workforce in 2006). UBS operations in AsiaPacific are now headed up by Chi-Won Yoon, who took over as chairman and CEO for UBS AG in Asia Pacific in June 2009.

UBS Investment Bank employs more than 15,000 people worldwide. (At its peak, in the third quarter of 2007, the investment bank employed23,000.) Providing securities products and research in equities, fixed income, rates and foreign exchange, UBS Investment Bank also providesadvisory services and access to the world's capital markets for corporate, institutional, intermediary and alternative asset management clients.Its current plans include sharpening its focus on client-driven growth, and further reducing its balance sheet and risk positions.

Way back

The current incarnation of UBS was formed in 1998 with the merger between the Union Bank of Switzerland and the Swiss Bank Corporation(SBC). These entities merged in 1998 to form UBS AG. SBC's history dates back to the 1870s; during the course of its international growthover more than a century, it had acquired a large number of foreign firms. One of these, the London-based S.G. Warburg Group, becameSBC's investment banking division, SBC Warburg. (In 1997, SBC Warburg increased its presence in the U.S. through the acquisition of Dillon,Read & Co.)

In 2000, UBS launched its initial public offering on the New York Stock Exchange, and bought New York-based PaineWebber for US$11.8billion, further solidifying its presence in the U.S. A rebranding in 2003 brought all UBS business groups under one name and one umbrella.

Tough times during financial crisis

To say the least, UBS AG has had a rough ride during the financial crisis. As a result of serious losses stemming from subprime mortgages,it reorganized and shrank considerably throughout 2008 and the early part of 2009—by exiting businesses, divesting assets, internallyrestructuring and significantly cutting jobs. According to Bloomberg data, as of September 2009, UBS had eliminated more than 18,700 jobsin the two years since the financial crisis began.

The draconian measures have been responses to staggering losses: For the fiscal year 2008, UBS AG's net operating loss was CHF 21.2 billion,following on the 2007 loss of CHF 5.2 billion. In 2008, UBS received CHF 6 billion in aid from the Swiss government; in 2009, the government soldthe entire stake to institutional investors. UBS also transferred US$39.7 billion in illiquid securities and other positions to a fund owned and controlledby the Swiss National Bank.

Shuffling the top of the deck in 2009

UBS has undergone a number of major changes at the top in 2009, taking on a new chairman, a new CEO and two new heads of theinvestment bank. In February, UBS announced that CEO Marcel Rohner had resigned from his post and that Oswald Grübel, an ex-CreditSuisse executive, would be taking over for him. Then, in March, less than a year after succeeding Marcel Ospel, UBS Chairman Peter Kurerwas replaced by Kaspar Villiger, Switzerland’s former finance minister. And in April, UBS Investment Bank CEO Jerker Johansson resigned,just over a year after taking the position. The role was filled by co-CEOs Alex Wilmot-Sitwell and Carsten Kengeter.

Awards and rankings

• Best Equity House in China (Euromoney, 2009)• Best Equity House in Australia (Euromoney, 2009)• Best Ideas and Innovative Equity Products (Asiamoney, 2009)• Best Equity Derivatives House in Asia Pacific (Structured Products Magazine, 2009)


UBS Investment Bank



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• Best M&A House in Australia (Euromoney, 2009)• Best FIG House in Asia (FinanceAsia, 2008)• Best Asia-Pacific Equity House (IFR Awards, 2003, 2005-2008)• Best Investment Bank in Asia (Euromoney, 2008)• Best Foreign Investment Bank in China (FinanceAsia, 2008)• Best Foreign Investment Bank in Philippines (FinanceAsia, 2008)• Best Equity House in Philippines (Euromoney, 2008)• Best Joint Venture Investment Bank (China Securities Times, 2008)• Most Influential IPO (China Securities Times, 2008)

IN THE NEWS

November 2009: "Wobbly" road to recovery

UBS AG reported a third quarter 2009 loss of 564 million Swiss francs ($552.9 million), a far cry from the 283 million francs in net profit thefirm booked in the same period a year earlier. The results were especially troubling because there were still significant investment outflows inthe firm's private banking operations. However, according to UBS AG's CFO John Cryan, the firm is "definitely on the road to recovery, but itwill be a wobbly road." Following the earnings release, UBS shares fell in value by more than 4 percent.

August 2009: Swiss government ditches UBS stake, makes a bundle

The government of Switzerland sold off its investment in UBS AG in August 2009, making a cool profit of CHF 1.2 billion (US$1.13 billion) on thetransaction. The deal made the Swiss government the first in Europe to state that a recession-hit bank was healthy enough to have its state ownershipsold. Less than a year earlier, Switzerland had given the firm CHF 6 billion (US$5.6 billion) as part of a rescue package that also involved the transferof illiquid securities and positions to the Swiss National Bank.

August 2009: Naming names

An agreement was reached between the U.S. and Switzerland regarding a lawsuit that sought the names of U.S.-based UBS clients believedto have dodged taxes by storing money in Swiss bank accounts. Each government has initialed agreements and will be signing a final accordat a later time, according to a judge. Specific details of the agreement weren’t released, but tax lawyers said that they anticipate that UBS willultimately reveal the information attached to about 4,500 accounts. The amount is only a fraction of the 52,000 clients that U.S. authoritiesoriginally sought.

July 2009: Magnus to lead in Singapore and Malaysia

UBS snagged Bank of America Merrill Lynch’s Keith Magnus to head its investment banking unit in Singapore and Malaysia. Magnus steppedinto a newly-created position at UBS, which is trying to increase its investment banking coverage in the Asia Pacific region. Magbnus previouslyoversaw BofA Merrill Lynch’s investment banking operations in Singapore and Malaysia. Recently, Magnus’ experience in the region includedadvising on a US$1.28 billion rights issues for Singaporean real estate developer CapitaLand.

June 2009: New Asia Pacific head

Chi-Won Yoon took over as UBS' chairman and CEO for the Asia Pacific region, succeeding Rory Tapner, who left UBS after 25 years at thefirm (he had held the top Asia Pacific post for five years). Yoon, who has been with UBS since 1997,


UBS Investment Bank


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was named the head of equities and head of fixed income, currencies and commodities for Asia Pacific earlier in 2009.

May 2009: Wage increases intact

UBS AG CEO Oswald Grübel confirmed that the firm would stick to its practice of paying market wages to its employees. This means that,following salary raises after taking government aid, UBS will be increasing top senior bankers’ salaries by up to 50 percent to avoid defections.The bank will pay out the bonuses over the course of three years. UBS—along with rivals Credit Suisse and Morgan Stanley—has also inserted“clawback provisions” into certain bankers’ compensation packages, which lets the bank retract payments from workers who do not meetspecific goals. According to the firm, "Total compensation is linked to UBS's business objectives, and pay and incentive programs are designedto pay for performance."

May 2009-July 2009: Retooling investments in China

As summer 2009 kicked off, the Swiss bank was seen buying and selling a number of shares as it tried to increase both profits and assetsacross China. In July, it cut its shareholding in China Mengniu Dairy from 7.37 percent to 6.99 percent for US$14 million. The previous monthhad seen even more activity, with the sale of US$16.5 million worth of shares in Guangzhou R&F Property, taking the bank’s share down from7.54 percent to 6.82 percent. UBS also cut its shareholdings in Maanshan Iron & Steel Company and Aluminum Corporation of China(Chinalco) in June. However, in May, it saw the merit of raising its stake in China Merchants Bank (CMB) from 6.97 percent to 7.12 percentat the cost of US$55.73 million. CMB is China’s sixth-largest commercial bank by assets and has over 500 branches in mainland China.

April 2009: Goodbye, Jerker

UBS AG announced that Jerker Johansson, the CEO of UBS Investment Bank, would be leaving the firm, just over a year after taking theposition. UBS replaced Johansson with co-CEOs: Alex Wilmot-Sitwell, who was previously co-head of UBS’ global investment banking divisionand the chairman and CEO of UBS Europe; and Carsten Kengeter, who for seven months had served as joint global head of fixed income,currencies and commodities.

April 2009: Big cuts, including more in Asia Pacific

UBS AG stated at its annual general meeting that it would be reducing its workforce from 76,200 at the end of March 2009 to around 67,500in 2010. Swiss publication Sonntag reported that marketing and support staff in Switzerland would bear the brunt of the cuts. According toUBS, the cuts “reflect the changed market conditions and reduced levels of business.”

Following on the November 2008 cuts, as part of the restructuring moves, 3 percent of its Asia Pacific staff were being let go, according to aCNBC report. In Hong Kong, a UBS spokesman confirmed to CNBC that 240 wealth management jobs were being cut, including 100 inSingapore. During the financial crisis, Asia Pacific has been hit hard by a drop in the portfolios of high net-worth individuals (HNWIs).According to Merrill Lynch and Capgemini's "Asia Pacific Wealth Report 2009," HNWIs dropped by 14 percent in 2008, and lost over 20percent of their overall wealth. Despite all this, UBS considers Asia a "strategic priority" and plans to continue to invest in the region—at theend of 2008, the firm managed about CHF 130 billion (US$115 billion) in assets in Asia.

March 2009: Former Swiss finance minister becomes chairman

Just days after the appointment of Oswald Grübel, UBS named a new chairman as well. Less than a year after succeeding Marcel Ospel inthe position, it was announced that UBS Chairman Peter Kurer would be replaced, effective April 2009. The 68-year-old Kaspar Villiger,Switzerland’s former finance minister, succeeded him.

February 2009: New CEO Grübel takes over

UBS AG announced that its CEO Marcel Rohner had resigned from his post and Oswald Grübel, an ex-Credit Suisse executive, would be takingover for him. Grübel, who was co-CEO at Credit Suisse from 2003 to 2007, was largely responsible for turning that firm's fortunes around, andinvestors seemed to agree that Grübel would be able to do the same for UBS—on the news, the bank’s shares increased 9.7 percent in Zürichtrading.


UBS Investment Bank



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February 2009: Still struggling to shore up

For the fiscal year 2008, UBS AG's net operating loss was CHF 21.2 billion, following on the 2007 loss of CHF 5.2 billion. In response to thelosses, UBS announced plans to divide its wealth management business into two units: Wealth Management and Swiss Bank, and WealthManagement Americas. Additionally, UBS laid plans to cut 2,000 jobs in its investment banking unit by the end of 2009, leaving its employeecount for that business at 15,000. (UBS said that it remained committed to the investment bank, but plans to refocus on Swiss banking andinternational management.) The new wave of reductions brings the firm’s total job cuts since October 2007 to 11,000.

January 2009-February 2009: No more secrecy

As the result of an inquiry brought by the U.S. Internal Revenue Service and the U.S. Justice Department, UBS AG agreed to pay a US$780million fine and to name U.S. clients whom it had helped evade U.S. taxes by setting up and managing offshore accounts. In a statement,UBS AG Chairman Peter Kurer said, “We accept full responsibility for these improper activities.” The firm closed those accounts and agreedto release some 250 names (of the 19,000 clients who had been under investigation).

However, following that, the U.S. government decided to file a suit against UBS (to be exact, the Internal Revenue Service issued a “John Doe”summons) in an attempt to secure the identities of 52,000 American customers who it believed were evading tax payments through offshore accountswith UBS (the payments evaded equaled an estimated US$100 billion annually in lost revenue for the U.S.). Under Swiss financial privacy laws, thisinformation is protected from disclosure, and UBS filed its opposition to the enforcement in April 2009. By August 2009, the firm and the U.S.government came to a deal to stop the litigation going any further; UBS agreed to hand over the names of some of the wealthy Americans holdingaccounts with the Swiss bank. Although only 4,450 of the 52,000 American investors with UBS accounts were revealed to the U.S. government, itmarked an unprecedented blow to Switzerland’s traditional bank secrecy rules.

November 2008: The first to fall

Asian casualties of the financial crisis came in November 2008 when media reports emerged that UBS was making 200 employees redundantfrom its Hong Kong office by February 2009. The bank also reported that it was looking to cut about 400 staff from the Asia Pacific regionover the same period of time.

GETTING HIRED

Do your research

As career sites go, the UBS site is straightforward and thorough, with all the necessary hints and tips to prepare a top-quality job application.Start by simply clicking onto the career link and follow the relevant path: Graduates and Interns, MBAs and Advanced Studies, or Professionals.Once in, select the Asia Pacific location and up pops a selection of current positions. Those interested in working within Asia Pacific shouldbear in mind that they are only allowed to apply for one position at a time.

Above all else, UBS believes that doing the right research is key for those wanting to build strong foundations for the application process.Beyond doing your research, UBS recommends attending its university campus events in addition to non-university events, a list of which isgiven on its web site.

Are you competent?

So you’ve done the research, found a job that suits you—now what ? Well, the next thing to do is to create an account, select the relevantposition, and fill out the application form. If you impress at this initial stage, you’ll be invited to take online tests that will assess your numericalability and logical reasoning.

Following this, candidates can expect a round of interviews conducted by business line managers. According to UBS, the purpose of this stageis to “evaluate your competencies against those required for the position you applied for.” The firm does this by competency-based questioningand further assessment tests to check out what it calls your “seven core competencies.” These include the ability to solve problems, makedecisions with good judgment, communicate, plan and organize, generate new ideas, and work in a team, as well as demonstrating drive andcommitment to the position.


UBS Investment Bank


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If your competencies are in order, you can expect one last stage at the company’s assessment center, which usually lasts half a day andincludes exercises such as presentations and group discussions. UBS says this enables it “to appreciate further how your individual skills andcompetencies fit with our requirements.”

Try before you buy

For UBS Investment Bank, the firm hosts its UBS GTP-EXPLORE Graduate Program for aspiring young hires. Lasting 18 to 24 months, theprogram is designed to help grads transition from "early" to "mid-career" professionals. More information is available on the UBS careers site.

Eight-week summer internship programs are also available in Asia Pacific; they run in Australia, China, Hong Kong, Japan and Singapore.Interns can expect to “be at the heart of everything that takes place on a day-to-day basis.” Look online in the careers section for any availablepositions. A few tips: If you fancy applying for internships in Australia, permanent residency status in the country is required, whereas in Asianlocations, relevant language skills are "highly preferred."


UBS Investment Bank



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50/F Citibank Tower

Citibank Plaza, 3 Garden Road

Central, Hong Kong

www.icg.citi.com


Australia • Bangladesh • Brunei • China • Guam • Hong Kong

• India • Indonesia • Japan • Korea • Macau • Malaysia • New

Zealand • Philippines • Singapore • Sri Lanka • Taiwan •

Thailand • Vietnam

BUSINESSES

Citi Capital Advisors

Citi Investment Research & Analysis

Global Banking

Global Markets

Global Transaction Services

THE STATS

Employer Type: Subsidiary of Citigroup Inc.

CEO, Citi: Vikram S. Pandit

CEO, Institutional Clients Group: John Havens

Revenue: US$91.81 billion (FYE 12/09)*

Net Income: US-$1.6 billion*

No. of Employees: 265,000 (worldwide)*

No. of Offices: 7,500 (worldwide)*

*Citigroup Inc.

KEY COMPETITORS

Deutsche Bank

Goldman Sachs

J.P. Morgan

Morgan Stanley

UBS

PLUSES

• “Global firm with endless opportunities”

• “Scope of work on the international markets”

MINUSES

• “Very difficult to get promoted”

• “No junior support”

EMPLOYMENT CONTACT

Graduate Recruitment: oncampus.citi.com

Lateral Hiring: careers.citigroup.com


CITI INSTITUTIONAL CLIENTS GROUP 9PRESTIGERANKING

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THE SCOOP

A changing Citi

Parent Citigroup Inc. was rebranded as simply "Citi" back in 2007. For many years, the bank operated its businesses through four key areas:markets and banking, global consumer banking and global cards, global wealth management and alternative investments. In October 2007,Citi merged its markets and banking group (which housed its investment banking operations) with its alternative investments unit, creating aninstitutional clients group (ICG). Today, Citi’s ICG offers a full range of corporate and investment banking services, including treasury and tradesolutions, securities and fund services, debt and equity capital markets, underwriting and advisory, corporate lending, private banking andinstitutional asset management.

Globally, Citi serves over 200 million customer accounts in more than 100 countries and has over 265,000 employees worldwide. In January2009, Citi restructured its businesses into two primary segments—Citicorp and Citi Holdings. consumer banking operations, both of whichthe group considers its "core Citi properties."

Citi had traditionally been revered as the world’s largest financial services group, but the financial crisis has not been kind to this global giant.During the crisis, Citi has seen billions of dollars wiped off its market value, laid off nearly 100,000 employees worldwide since the start of2008, received US$45 billion in assistance from the U.S. government and sold off some non-core assets in 2009—including its U.S. andJapanese brokerage arms.

Still going strong in Asia

Over the past several years, the Asia Pacific region has been one of the fastest-growing regions for Citi. In 2008, Citi’s ICG was hit hard as itsNorth American unit lost over US$20 billion in net income. However, in Asia, ICG remained profitable, recording US$164 million in net income(though this figure was down 94 percent from 2007's figures of US$2.85 billion). Net revenue for Citi’s ICG in Asia remained strong at US$5.26billion in 2008, but marked a 37 percent drop from 2007.

Citi’s ICG, which operates in 18 markets in Asia Pacific, helped reopen Asia Pacific’s capital markets in 2009, underwriting the first IPO of theyear (Hong Kong’s Real Gold), the first convertible bond (Korea’s SK Telecom), the first corporate bond (Korea’s Posco), the first rights issue(Singapore’s DBS), the first covered bond (Korea’s Kookmin Bank) and the first high-yield bond (Indonesia’s Matahari).

Citi, the first U.S. bank to establish operations in Asia, has done business in the region for more than 100 years. It opened its first branch inShanghai in 1902 through its predecessor company, the International Banking Corporation (IBC), and expanded to Hong Kong, India, Japan,the Philippines and Singapore in the same year. (In Japan, Citi has been involved in a joint venture with the Nikko Cordial Corporation since1999; in October 2009, Nikko Citigroup Limited was renamed Citigroup Global Markets Japan.)

Citi expanding further into Asia Pacific in the 1950s, 1960s and 1970s, launching operations in Australia, Brunei, Guam, Indonesia, Korea,Malaysia, New Zealand, Sri Lanka, Taiwan and Thailand. Today, in Asia, Citi’s ICG serves multinational organizations, local corporations andfinancial institutions, offering a range of products and services, including securities sales and trading, foreign exchange, investment banking,project finance, cash management, custody and syndicated loans. In July 2009, Euromoney named Citi the Best Bank in Asia for the 10thconsecutive year; the publication also named Citi the Best Bank in Singapore, Best Cash Management in Asia Pacific and Best Hong KongEquity House.

Raising capital

Citi found itself in the center of the subprime storm in 2007 and early 2008 with heavy losses related to subprime mortgages. In the fourthquarter of 2007, the firm announced its exposure to the mortgage market and write-downs of US$18.1 billion, which led to a net loss of US$9.8billion for the quarter, the biggest quarterly loss in Citi's history.

As a result, the firm joined other American companies to tap investments from sovereign wealth funds and foreign investors in order to bolsterliquidity. Citi's cash came from a variety of different sources. In November 2007, the firm announced it would receive a cash infusion ofUS$7.5 billion from an Abu Dhabi sovereign wealth fund. In January 2008, the Government of Singapore Investment Corporation (GIC)pumped US$6.88 billion into the firm in exchange for a 4 percent stake. Capital Research Global Investors, Capital World Investors, the KuwaitInvestment Authority, Saudi Arabia's Prince Alwaleed bin Talal, and Sanford Weill also contributed capital.

Beyond that, Citi continued to raise liquidity as it received US$45 billion in October and November 2008 from the U.S. Treasury's TroubledAsset Relief Program (TARP) in an effort to restabilize the markets. The U.S. government is now Citi's largest shareholder, with a 34 percent





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stake in the bank. At the end of the third quarter of 2009, Citi’s Tier-1 capital ratio, a key measure of financial strength, was 12.7 percent,among the highest in the industry.

Big layoffs

Citi laid off about 17,000 people in April 2007 in anticipation of subprime-related losses in the second half of the year. In January 2008, Citiannounced it was cutting 4,200 jobs from its investment banking division in order to reduce costs. At the time, Citi said that its ultimate totalnumber of layoffs could be close to 20,000 to 24,000, which, due to the firm's massive size, still only accounted for less than 10 percent ofCiti's workforce.

After four consecutive quarters of losses, Citi announced in November 2008 that it would be cutting an additional 52,000 jobs globally.According to The Wall Street Journal, at least 10,000 of the job cuts were expected to come from investment banking.

Further reductions have left Citi with a workforce of around 265,000 employees globally as of December 2009.

Pandit's keys to the Citi

Vikram Pandit became the CEO of Citi in December 2007, replacing interim CEO Sir Winfried Bischoff. Pandit succeeded Chuck Prince(Charles O. Prince III), who had taken his post in 2003. To say the least, Pandit's job has not been easy, taking the helm of the world’s largestbanking and financial services group during the worst financial crisis in modern times.

Pandit joined Citi just after the global banking group purchased Old Lane Partners, the hedge fund that Pandit set up after leaving MorganStanley. (Unfortunately for Old Lane, after two years of “flat” returns that caused US$200 million of write-downs in the first quarter of 2008,Citi decided to close down the hedge fund.) At the time of Pandit’s appointment, industry commentators noted that in the wake of the lossesthe group was hit with under Prince, Pandit would have to address the firm’s risk management practices to win back the confidence of staffand investors.

Although Pandit lowered the bank’s costs and allowed reinvestments in growth in 2007, the following years were not so peachy. In 2008, thefirm received a U.S. Federal Reserve bailout of US$45 billion, and in 2009, the bank reported a loss of US$1.6 billion. However, the completionof an exchange offer in the third quarter 2009 resulted in an additional US$64 billion of tier-1 common equity and US$60 billion of tangiblecommon equity. Citi’s Tier-1 Common and TCE ratios improved to 10.3 percent and 9.1 percent, respectively, at the end of the third quarter,placing it among the strongest in the industry.

Awards and rankings

Asiamoney 2009 FX Client Poll

• Best for Overall FX Services—China, Hong Kong, Indonesia, Korea, Malaysia, Philippines, Singapore and Thailand• Best for Innovative FX Products and Structured Ideas—Australia, China, Hong Kong, Indonesia, Korea, Malaysia, Philippines,

Singapore and Thailand• Best FX Prime Brokerage Services—China, India, Indonesia, Korea, Malaysia, Philippines, Singapore and Thailand• Best Single-Bank Electronic Trading Platform—Australia, China, Hong Kong, Indonesia, Korea, Malaysia, Philippines, Singapore,

Thailand and Vietnam

Asiamoney 2009 FX Poll

• Best for Overall FX Services (as voted by corporates)

Asiamoney 2009 Poll of the Polls

• Overall Best FX Banks in Asia: 1991-2008 • Best Overall Cash Management Banks in Asia (as voted by corporates): 1999-2008

Asiamoney 2009 Structured Products Poll

• Best Overall Provider for Structured Commodity Products• Structured Currency Products: Best Overall Provider for G3 Denominated Products• Structured Currency Products: Best Overall Provider for Local Currency Products




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Asia Risk Corporate Survey 2009

• Currency Derivatives: Vanilla Hedging—No. 1 in Indian Rupee, Philippine Peso, Thai Baht• Currency Derivatives: Structured Hedging—No. 1 in Indian Rupee• Currency Derivatives: Yield Enhancement—No. 1 in G7 ex-Yen• Interest Rate Derivatives—No. 1 in Thai Baht• Structured Hedging—No. 1 in G7 ex-Yen and No. 1 in Indian Rupee• Yield Enhancement—No. 1 in Asia ex-Japan

The Asset Triple A Investment Awards 2009

• Best Commodities Derivatives House—Corporate• Best Local Currency Structured Product, India• Best Private Bank, Malaysia

Euromoney 2009 Awards for Excellence

• Best Bank in Asia (10 years in a row)• Best Cash Management Bank in Asia• Best Equity House in Hong Kong• Best Bank in Singapore

FinanceAsia 2009 Country Awards for Achievement

• Best Foreign Investment Bank in India (three consecutive years)

Institutional Investor Asia Best Sales Team 2009

• Best in Hong Kong• Best in Singapore

IN THE NEWS

October 2009: Jewel in the crown

Citi’s Asia Pacific business has been described as the "jewel in the crown," and its results fpr the third quarter 2009 proved why. Net incomefor the banking giant in the region stood at US$845 million for the quarter, the largest net profit result for the period for any region in whichCiti operates. "Asia Pacific is a credit-tested durable business," said Asia Pacific co-CEO Stephen Bird in a statement. "China lies at the veryheart of Citi's Asia Pacific priorities." Citi's business on the Chinese mainland, Taiwan and Hong Kong contributed to about one-third of Citi'soverall business in the region.

July 2009-October 2009: Sayonara, Nikko

In early 2007, Citi announced its intentions to acquire 100 percent of Nikko Cordial's brokerage business, Nikko Cordial Securities, as part ofthe plan for Citi's expansion in Japan. By the end of the year, the deal was completed, with Citi paying US$13.4 billion. However, the tie-upwith Nikko Cordial Securities was extremely short-lived, as Citi did a complete reversal on its expansion plans in Japan. In January 2009, Citiannounced plans to focus on core assets in retail banking, taking a step back from asset management and brokerage services. CEO VikramPandit said that the firm is “moving extremely fast” on asset sales. The latest sale came after U.S. regulators performed a "stress test" andadvised Citi to improve its capital base by US$5.5 billion.

First, Citi sold its Japanese asset management arm, Nikko Asset Management, to Sumitomo Trust for US$795 million in July 2009. The dealcreated one of the largest asset management groups in Japan. Then, in October 2009, a subsidiary of Japan-based Nomura Holdings, NomuraTrust & Banking, successfully purchased NikkoCiti Trust and Banking Corporation for US$212 million, with Citi’s ICG advising on the deal.

Following that, Citi inked a deal with Japanese banking giant Sumitomo Mitsui Financial Group (SMFG) to sell Nikko Cordial Securities forUS$8.7 billion—selling it at a loss of US$4.7 billion, less than a year and a half after buying out the securities firm. The sale was completedin October 2009, the same month that Citi's joint venture with Nikko Cordial, Nikko Citigroup Limited, was renamed Citigroup Global MarketsJapan.





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September 2009: Gupta hits the road, takes over DBS

Piyush Gupta, Citi's CEO for Southeast Asia and the Pacific region, left after 27 years at Citi to take the CEO spot at Singapore-based DBSGroup. Gupta took over at DBS for Richard Stanley (formerly Citi's CEO for China), who died of complications from leukemia in April 2009.

August 2009: Head of FIG leaves for Nomura

Following on the heels of former Asia Pacific CEO Ajay Banga's exit, one of his top appointments also left Citi. Dan McNamara, one of Citi'smost senior investment bankers in the region, tendered his resignation in August 2009. McNamara had been serving as Citi's head of itsfinancial institutions group (FIG) in Asia Pacific and was formerly the co-head of Asia Pacific investment banking. McNamara moved over toNomura Holdings, where he became the head of financial institutions group investment banking for Asia Pacific (excluding Japan) and co-head of corporate finance for Asia, according to FinanceAsia.

July 2009: Euromoney names Citi the best in Asia

Financial publication Euromoney named Citi the Best Bank in Asia in July 2009 for the 10th consecutive year. Citi also nabbed Best Bank inSingapore, Best Cash Management in Asia Pacific and Best Hong Kong Equity House. Commenting on the field day for Citi, Euromoneyexplained, "Citi is still the region's largest, most complete international bank. During the Euromoney awards period, no other institution offeredclients the same breadth of products across such a wide swath of Asia. The firm's cash management service is unsurpassed, and in Singaporeit competes with, and even surpasses, the best local institutions to become the country's top bank."

July 2009: Continuing to look up

For the second quarter 2009, Citigroup posted a US$4.28 billion profit compared with a loss of US$2.5 billion for the second quarter 2008.Revenue, meanwhile, experienced a 71 percent boost to US$29.97 billion. However, the news wasn’t all positive. Citi’s securities andinvestment banking units posted a 7 percent decrease, and Citi cut 30,000 jobs during the quarter.

June 2009-July 2009: Banga goes to Mastercard, powers divided in three

In perhaps the most significant move affecting the Asia Pacific region in recent years, Citi Asia Pacific CEO Ajay Banga left in June 2009 tobecome second-in-command at credit card giant Mastercard (as its president and chief operating officer). Banga, who had been with Citisince 1996, had served in the Asia Pacific CEO position for just over a year, having taken the newly created post in April 2008. Powers for theAsia Pacific CEO position were divided in three in July 2009. Shengman Zhang was named the chairman for Asia Pacific, while Shirish Apteand Stephen Bird were named co-CEOs for the region. Zhang will be primarily responsible for Citi's relationships with clients, regulators,government officials and employees across the region. Meanwhile, Apte will oversee South Asia, while Bird will continue to oversee North Asia,and the two will collaborate on overall performance, strategy and execution in the Asia Pacific region.

April 2009: Good news on the earnings front

Citigroup booked US$1.6 billion in net income for the first quarter of 2009, concluding five consecutive quarters of losses (including a US$5.11billion loss in the first quarter of 2008). Revenue, meanwhile, skyrocketed to US$24.8 billion, a 99 percent increase versus the first quarterof 2008. The positive numbers were propelled by increased fixed income trading revenue, a new accounting rule letting Citi take a one-timegain of US$2.5 billion on its derivative positions and lower costs—Citi had cut operating expenses by 23 percent in the previous 12 monthsand its headcount by 13,000 since the beginning of 2009.

February 2009: Dollar days

Citigroup CEO Vikram Pandit said that he had offered to take a US$1 salary and no bonus until the bank gets back on solid financial ground,noting that he understands “the new reality” and “will make sure Citi gets it as well.” The announcement came as U.S. President BarackObama and other lawmakers slammed Citi and other banks for giving exorbitant year-end bonus payments to top executives after acceptingfederal bailout funding.




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February 2009: TARP spending breakdown

Citi posted its initial progress report regarding its use of the funds from the U.S. government’s Troubled Asset Relief Program (TARP). Duringthe fourth quarter of 2008, of the US$45 billion it received, Citi said it had lent US$36.5 billion, including US$1 billion in student loans andUS$2.5 billion in business and personal loans. Citi also increased credit lines, opened new credit card accounts and spent US$27.5 billionto buy mortgages in the secondary market during the last three months of 2008.

Also in February, the U.S. Treasury boosted its stake in Citi from 8 percent to 36 percent, converting US$25 billion of its preferred stock intocommon equity. The move freed up some much needed capital for Citi—the bank doesn’t have to pay dividends on the common stock unlikeit did on the preferred. It also significantly diluted existing shareholders’ stake in Citi by nearly 75 percent. According to Citi CEO Vikram Panditin a statement, the swap “has one goal: to increase our tangible common equity.” Pandit added, “While we believe Tier 1 capital remains themost important measure of the financial strength of banks, we recognize that the markets also view tangible common equity as an importantmeasure.” Coinciding with the announcement, Citi agreed to make several changes, including changing the makeup of its board to includea majority of independent directors.

January 2009: Divesting U.S. brokerage business over time

Citi agreed to combine its Smith Barney brokerage unit with U.S.-based Morgan Stanley’s brokerage division, in effect selling a 51 percentmajority stake in the joint venture for US$2.7 billion. Morgan Stanley is expected to acquire full control of the venture, named Morgan StanleySmith Barney, in phases over the next five years.

January 2009: Divide and conquer?

Upon the announcement of its financial results for the year, Citi revealed that it was splitting into two operating units, Citicorp and Citi HoldingsInc. The former would continue to provide traditional retail and investment banking services, while the latter would oversee what remained ofthe group’s high-risk investments (many had already been sold off). Citi itself remained as the parent company, but potential spin offs andmergers from either of the units were not ruled out as possibilities. In fact, the two operating units were divided so that Citicorp remained thecore bank, while Citi Holdings encompassed the saleable assets. Along with the restructuring, Citi announced its fifth consecutive quarterlyloss, as it booked a loss of US$8.29 billion for the fourth quarter of 2008.

December 2008: Top of the tables

Citi is one of the leading investment banks in the world, and each year, it ranks in the top 10 of several important investment banking leaguetables. For 2008, according to Thomson Reuters, Citi ranked No. 3 in worldwide announced M&A deal volume, working on 343 deals wortha total of US$705 billion.

Equally as impressive were Citi’s standings on the debt and equity charts. In 2008, the bank ranked No. 3 in worldwide debt and equity issues,raising US$309 billion worth of securities. It was also the No. 3 issuer of worldwide equity and equity-related securities, the No. 3 issuer ofglobal IPOs and the No. 4 issuer of global common stock. Citi scored numerous top 10 rankings on Thomson Reuters’ fixed income tables:global debt (No. 4), global mortgage-backed securities (No. 7), global asset-backed securities (No.2), international bonds (No. 4) andinternational emerging market bonds (No. 2), among others.

November 2008: Deeper cuts

After four consecutive quarters of losses, Citigroup announced it would be cutting an additional 52,000 jobs (in addition to the 23,000 it hadalready sacked before the announcement). The planned cuts were blamed on the ongoing financial crisis and global credit conditions. Cutsare expected to come from attrition, the sale of various units and assets, and outright layoffs. According to The Wall Street Journal, at least10,000 of the job cuts are expected to come from investment banking.

In a good sign for Asia compared to other regions for Citi, cuts were expected to be significantly lower. Reuters reported that, in Singapore,cuts would be less than 300, with a small number of positions cut in Australia as well. An estimated 150 job cuts in Asia (excluding Japan)were reported to come in wealth management, with about 90 of those coming from Singapore and Hong Kong. The Associated Press reportedthat 1,000 jobs would be cut from Citi's brokerage unit in Japan. On a more positive note, the AP also reported that Citi would be expandingits workforce and hiring more workers in the Philippines, with the intent of setting up a regional call center hub.





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November 2008: Nayar heads to KKR, Robinson takes over South Asia

Sanjay Nayar, Citi's head of the South Asia cluster, left his post to join the Indian unit of private equity firm Kohlberg Kravis Roberts & Co.(KKR). Nayar had been at Citi in various roles for 23 years, and called the decision a personal one. Citi Asia Pacific CEO Ajay Banga remarked,"Sanjay has had a distinguished career at Citi as an international manager, having held senior positions in New York and London. He hasmade an immense contribution to establishing Citi as the leading financial services franchise in India and throughout Southeast Asia." In theinterim, Nayar was replaced by Mark Robinson, who had been serving as Citi's head of Russian operations. Robinson has been with Citi for24 years, primarily in emerging markets.

October 2008-November 2008: Bailout from TARP

Citi received US$25 billion in October 2008 from the U.S. Treasury's Troubled Asset Relief Program (TARP) in an effort to recapitalize themarkets. The following month, in November 2008, Citi received a further US$20 billion, bringing the grand total of bailout money to US$45billion and effectively making the U.S. government its largest shareholder (now with a 36 percent stake in the firm). With the injection, theU.S. followed in the footsteps of some European countries, which announced similar moves designed to help thaw their credit markets.

October 2008: Denying Goldman

Citigroup CEO Vikram Pandit was approached by Goldman Sachs CEO Lloyd Blankfein regarding the possibility of a merger, soon after Goldmanreceived approval to become a bank holding company in September 2008. According to the Financial Times, Citi roundly rejected theproposal, which would have been structured as a Citi takeover and would have likely led to thousands of job cuts in both companies' investmentbanking units. Citi may also have decided that it didn't need another securities group, the FT speculated.

September 2008: Krawcheck walks

Sallie Krawcheck, who headed up Citi's wealth management arm since 2004, was reported to be leaving the firm, according to The Wall StreetJournal. Krawcheck's exit follows the departure of other high-level Citi employees (such as investment banking co-CEO Michael Klein) whohave left in the summer of 2008. Meanwhile, the company's wealth management group is also facing reorganization, moving to be part ofCiti's ICG unit. Michael Corbat, who currently heads up the corporate and commercial bank within the firm's investment banking unit, will betaking over Krawcheck's position.

August 2008: Four Asia Pacific clusters

Citi's Asia Pacific businesses were restructured into four geographic clusters—Japan, North Asia (China, Hong Kong, Korea and Taiwan), SouthAsia (Bangladesh, India and Sri Lanka), and South East Asia Pacific (Australia, New Zealand, Guam and the ASEAN countries of Indonesia,Malaysia, the Philippines, Singapore, Brunei, Thailand and Vietnam). Upon the announcement, CEOs were appointed for each cluster. TwoCEOs continued in their roles (Doug Peterson for Japan and Sanjay Nayar for South Asia), and two new CEOs were appointed (Stephen Birdfor North Asia, and Piyush Gupta for South East Asia Pacific). For the first time, the regional heads will be responsible for all Citigroup'sbusiness within their geographic areas. Previously, Citi's businesses in Asia were led by heads of its ICG, global wealth management andconsumer banking units.

GETTING HIRED

Trying to find a fit

Because "cultural fit is important," Citi is "highly selective." As one experienced analyst puts it, "Less than 1 percent of applicants will get formalinterviews with MDs, and a fraction will get an offer." Respondents report anywhere from three to seven rounds during the interview process.A source in Mumbai reflects, "There were multiple rounds of interviews held, and I was really grilled on the technical knowledge." Yet anothersource remembers being asked "about the level of commitment and also in terms of general knowledge, such as past experiences of failuresand successes, investment history, knowledge of the markets, background and decision methodology."

Recruiters are looking for "people with the right skill set" as well as personality; recruiting volume "varies depending on market conditions." Asource in Mumbai says the office often turns to "the top b-schools in India," and a Singapore insider confirms that Citi looks to "top schools inevery country we are in," though "candidates from Ivy League colleges and top schools from Europe and Australia may be referred as well."




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For graduates, Citi’s ICG careers web site at oncampus.citi.com includes an up-to-date recruiting calendar. Candidates from around the worldcan log on and submit their resumes through the online application process, which opens each autumn. Experienced hires looking forpositions should check out careers.citigroup.com.

Internships a great way in

Citi’s ICG “offers summer internships,” and these are “a very good way of getting a foot in the door if you are seeking employment.” This ismainly due to the fact that “most full-time hires go through this process” before being offered a job—some staffers even claim that, thanks tothe economic crisis, the firm now primarily looks to employ graduate hires who go through this system. Those who have gone through theprocess say it's a great way to find out if Citi is a good match for you. "I find it very useful for both the company to get to know you as a person,and for you to find out whether there's a cultural fit between you and the company. An internship is like a 10-week interview, and it's veryimportant to perform well in those ten weeks to secure a return offer," one source offers.

To land the internship, candidates generally undergo “four rounds of interviews” during what insiders call a “Super Day.” “I was interviewedby a person from HR, two associates and a vice president. Questions varied between technical and behavioral, depending on the interviewer,”a source tells us. Going into more depth on the process, a colleague says, “Questions were asked about my level of commitment and also interms of general knowledge. Examples included past experiences of failures and successes, investment history, knowledge of markets,background and decision methodology.”

Those lucky enough to secure themselves a place on the program can expect to be helping “VPs and MDs with all kinds of work.” “I washelping the sales people with their day-to-day presentations and pricings,” explains one contact. Another who “interned with the equityderivatives desk and mainly worked with traders” says, “I learned about the various trading strategies the desk was involved with, and wasasked to make a few pricing sheets for options trading.” Yet another says, "During my internship, I didn't have much opportunity to work onquantitative work; most of the time I worked on PowerPoint and Word documents. But the experience was great. I gained a lot of exposureand picked up a lot of skills—not only hard skills but also soft ones, such as how to handle pressure, how to multi-task and how to pay attentionto detail." According to survey respondents, internships are “not that much different from full-time jobs” and are therefore a great way toprepare for a long-term position at Citi ICG.

OUR SURVEY SAYS

Friendly and goal-oriented

When it comes to the pros at Citi ICG, insiders say that it is “culturally diverse, meritocratic, based on mutual respect and competitive, withvery high standards,” though some also feel that it is a bit “politicized and bureaucratic.” The firm has, according to one contact, a “typicalAmerican company culture,” meaning that people there are “very friendly” but also very “goal-oriented.” Another insider says the ICG is “verysupportive of personal lifestyles outside of the work environment.”

Of course, the culture also “depends on which team you are in and what kind of colleagues you are working with.” But, on the whole, insidersgive the thumbs-up when asked about their work environment. “Peers are very helpful, and internal communications are open, prompt andcandid. We have a very strong teamwork environment, and have a strong sense of information sharing,” explains a source.

"Respect is fundamental"

We are told that “respect is fundamental,” and this extend to relations between bankers and their managers. “The managers I work with arevery nice, helpful and reasonable,” says one insider, while a colleague says that relationships consist of “openness” and allow an “easy flowof information.” Relationships are always dependent on “the team and their culture.” And as one contact explains, “Some teams are veryopen, without much hierarchy, while some teams are just the opposite.” On the whole, Citi’s ICG insiders give high marks to teamwork.

This teamwork is said to extend to the upper echelons of the company. “At Citi, seniors are very approachable, and VPs sit down and gothrough models with me step-by-step. I don’t think you would find this kind of help in other banks,” says a respondent. “People are fun tohang out with outside of work, too. You have to like the people that you’re working with; otherwise everyday would be tough, especially if youneed to spend over 12 hours in the office.” However, at the end of the day, Citi’s ICG is still an investment bank, and insiders admit that, likemost firms in the industry, the work is still “tough, ruthless and demanding of a lot of personal time.”





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Standard salaries

Insiders say their hours at Citi ICG average between 70 to 80 a week, with “about 15 hours on weekdays and five hours on a Saturday.” Thatsaid, some say they work substantially longer, clocking in over “100 hours a week.” However, one source explains, “Hours-wise, it’s muchbetter than when I was with the firm over the summer of 2007.”

Moneywise, bankers receive salaries that are described as the “market average.” One staffer tells us that, “given this year’s businessperformance, I expect the base salary and expected bonus to perhaps be below the market average.” In addition to base salaries and bonuses,the firm also provides staff with “housing allowances” and “rotation schemes to other geographies.”

New York, New York

Training can involve a bit of travel, made up of “five weeks of training in New York before joining the company as a full-time employee.” Saysone source, “I had two weeks of accounting training, two weeks of modeling training by an outside company, and then one week of company-specific modeling and rules and regulations training. The training was very useful and prepared me well for the job ahead.” Unfortunately,according to a Hong Kong source, sales and trading trainees generally don’t get the same overseas training opportunities in New York orLondon, sticking with “training in Asia,” which is, though, described as "quality."




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BARCLAYS CAPITAL

Hong Kong Regional Headquarters

42/F Citibank Tower

3 Garden Road

Central, Hong Kong

Phone: +852-2903-2000

Fax: +852-2903-2999

www.barcap.com

LOCATIONS (AP)


Korea • Malaysia • Philippines (representative office) •

Singapore • Taiwan • Thailand

CLIENT OFFERINGS

Barclays Capital Live • BARX • BNRI • Distribution • Global

Markets • Investment Banking • Private Equity • Research

THE STATS

Employer Type: Division of Barclays PLC

Ticker Symbol: BARC (LSE), BCS (NYSE), 8642 (TYO)

Barclays PLC Chief Executive: John Varley

Barclays PLC Chairman: Marcus Agius

Barclays PLC President: Robert Diamond Jr.

Barclays Capital President: Jerry del Missier

Barclays Asia Chairman & CEO: Robert Morrice

Barclays Capital Net Income: £2.8 billion (FYE 12/08)


No. of Offices: Offices in 33 countries

KEY COMPETITORS

Deutsche Bank

Goldman Sachs

J.P. Morgan

UBS

PLUSES

• “Meritocracy”

• “Good training program”

• “Internal mobility encouraged”

MINUSES

• “The stress to perform well”

• Graduates limited to specific desks initially

• “Restrictions on stock trading”

EMPLOYMENT CONTACT

www.barcap.com/campusrecruitment

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10PRESTIGERANKING

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THE SCOOP

Global reach

Barclays Capital is the investment banking arm of Barclays PLC, a global bank with more than £1.5 trillion of assets on its balance sheet and49 million customers worldwide. Barclays has two business clusters: global retail banking, and corporate and investment banking and wealthmanagement. The latter comprises Barclays Commercial Bank, Barclays Wealth and Barclays Capital.

Globally, Barclays Capital has offices in 33 countries and over 20,000 employees—a number which has increased since the acquisition ofLehman Brothers' North American investment banking and capital markets divisions, just one day after the U.S. firm filed for bankruptcy. InAsia Pacific, Barclays Capital employs more than 4,000, and that's also been increasing—the headcount has grown over 50 percent in thelast several years. With regional hubs located in Hong Kong, Singapore and Tokyo, Barclays Capital provides large corporations, governmentand institutional clients with a full spectrum of solutions to their strategic advisory, financing and risk management needs. The firm offersservices to both issuer and investor clients, and its product suite includes commodities, emerging markets, equities, fixed income, foreignexchange, prime services, strategic portfolio and liquidity management and treasury.

Though its investment banking roots began in the 1980s, Barclays Capital was officially created in 1997 to provide financing and riskmanagement solutions to corporate, government and institutional clients around the world. Although it's younger than many of its peers,Barclays Capital, thanks to its relationship with its parent firm, has grown at an astonishing rate and today is one of the world’s leadinginvestment banks.

Growth spurt

While Barclays PLC traces its roots to late 17th-century London, Barclays Capital grew out of its parent company's continuing global expansionin the 1980s and the founding of an investment management division in 1986 that was initially named BZW Investment Management. Witheyes on the global market, investment banking services were extended to Asia Pacific. And in 1995, Barclays Bank PLC purchased U.S.-Japanese joint venture fund manager Wells Fargo Nikko Investment Advisers and merged it with BZW, creating Barclays Global Investors.

However, in 1997, parts of BZW were sold off—Credit Suisse First Boston purchased the European and Asian equities and M&A advisorybusinesses, and ABN AMRO bought the Australian and New Zealand operations. The remaining pieces of BZW were rebranded as BarclaysCapital in 1997.

Barclays Capital underwent another global push in the late 1990s and early 2000s. And in recent years, the firm has increased the range ofits investment banking activities to include mortgage-backed securities, equity products, commodities and derivative products, across all assetclasses.

Over the last few years, Barclays PLC has also increased its position in Asia, thanks in part to investments from two major state-runshareholders in the region. In 2007, Singapore's state-run investment firm Temasek Holdings and China Development Bank (CDB) becamemajor shareholders of Barclays Plc with a 3.6 billion investment. (Temasek divested its holding in early 2009.) CDB and Barclays have sinceformed a commodities strategic alliance.

Big write-downs, but still on top

In a very challenging 2008, Barclays Capital saw its profits before tax drop by 44 percent to £1.3 billion. (The annual results included a gainon the acquisition of Lehman Brothers businesses of £2.3 billion.) Overall, total income was down 27 percent to £5.2 billion, while net tradingincome decreased 60 percent to £1.5 billion, mirroring write-downs in the credit market and weaker performance in credit products andequities.

However, bucking the trend of falling headcounts, Barclays Capital actually increased its headcount, although the bulk of additions were thedirect result of absorbing Lehman's staff in North America. The acquisition initially added about 10,000 staff before reductions were made inthe fourth quarter when integration of the U.S. businesses was completed.

Awards and rankings

• Wealth Management House of the Year (AsiaRisk Annual Awards, 2009)

• Currency Derivatives House of the Year (AsiaRisk Annual Awards, 2008)


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• Best FX House, Best Commodities Structured Product: CORALS (FinanceAsia Structured Products Awards, 2009)

• Best FX and Commodities House (FinanceAsia Structured Products Awards, 2008)

• Best Commodities Derivatives House, Best Local Currency Structured Product: CORALS (The Asset Triple A Investment Awards, 2009)

• Best Structured Products House: Retail, Best Commodities Structured Product: Global Commodities Delta Fund (The Asset Derivatives& Structured Products Awards, 2008)

• Fixed Income Research Poll—No. 1 overall (FinanceAsia,2009)

• FX Poll—No. 1 Single-bank Electronic Trading (BARX), as voted by financial institutions; Best Single-bank Electronic Trading Platformin India; Best Single-bank Electronic Trading Platform in Taiwan (Asiamoney, 2009)

• Institutional Derivative User Survey—No. 2 overall, No. 1 in Credit and No. 2 in Equity, FX and Interest Rates (AsiaRisk, 2009)

• Commodity Derivatives Survey—No. 3 overall, No. 1 in Precious Metals, No. 2 in Base Metals, No. 3 in Structured Products, No. 3 inEmissions, No. 4 in Agriculture, No. 4 in Crude Oil & Refined Products, No. 5 in Natural Gas (AsiaRisk, 2009)

• FX Poll—No. 3 in Asia Pacific by volume (Euromoney, 2007-2009)

• Japan FX Poll—E-trading Single-bank Platform (BARX) (Euromoney, 2006-2008)

IN THE NEWS

September 2009: New APAC heads for I-banking and prime services

Barclays Capital announced that it had named a new head of investment banking for the Asia Pacific region. Matthew Ginsburg took over therole after previously serving in the same position at Morgan Stanley; he will be based in Hong Kong. Ginsburg joined Morgan Stanley in Asiain 1996, serving in a variety of roles, and was previously at First Boston in New York, Tokyo and Hong Kong.

Barclays Capital also named a new Asia Pacific head for its prime services division. Ryan Bacher was hired from Deutsche Bank, where hespent 11 years in senior roles in prime finance and prime brokerage. Bacher will be based in Hong Kong, and will oversee prime servicesofferings such as equities financing, fixed income financing, futures and Barclays Capital's multi-asset class prime brokerage platform.

August 2009: Get live

Barclays Capital introduced its newest web-based client portal, Barclays Capital Live, in August 2009. Providing a platform with access toresearch, indices, analytics, reporting tools and electronic trading, the global launch of Barclays Capital Live aims to give clients access to thefirm's breadth of knowledge, as well as building on the products available from the Lehman Brothers acquisition in North America.

July 2009: Greater China head is here

One of the most significant senior appointments in recent years, former ABN AMRO chairman for China, Zhi Zhong Qiu, was named to dualroles at Barclays Capital: vice chairman for Asia Pacific and Greater China chairman—a newly-created role. Based in Hong Kong, Qiu willoversee the development and management of senior client relationships, and provide coverage for financial institutions, government agenciesand corporates looking for advisory, capital raising and risk management, particularly regarding cross-border transactions.

June 2009-July 2009: Bulking up in power, forex and Japan

Profits for the first half of 2009 doubled compared to the same period in 2008, increasing to £1.05 billion from £524 million. The strongfinancial results meant that Barclays Capital was one of only a few investment banks in the region going on a hiring spree at a time when manywere struggling to retain top talent.

In June, Barclays Capital hired Jim Chapman and a five-member team away from Bank of America Merrill Lynch to head up a newly-createdpower and utilities investment banking team for Asia excluding Japan. Chapman formerly headed up power banking for the region at Bankof America Merrill Lynch; prior to that, he and his team worked for Lehman Brothers. The team will oversee all power and utility-relatedinvestment banking operations for the region, including mergers and acquisitions, debt and equity financing, and risk-solution transactions.


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In July 2009, in moves to bulk up its foreign exchange businesses in Asia, Barclays Capital named a number of senior hires, including IvanFerraroni, formerly Royal Bank of Scotland’s head of FX sales and trading in Tokyo, as head of Asia FX bank sales. Ferraroni will be based inSingapore and joins other new appointments on the Asia Pacific forex team, including Eric Schatz, who was named head of foreign exchangefor Japan. In addition, Toshimasa Fujii was hired from the Japanese operations of U.S.-based forex firm Currenex to become a director offoreign exchange sales in Tokyo. And Gaurav Tholia joined Barclays Capital's Singapore office from J.P. Morgan, taking on the role of vicepresident in charge of foreign exchange derivatives sales to banks and private banks in Asia excluding Japan.

Barclays Capital also announced in July 2009 that it had increased its overall headcount in Japan by about 200, bringing the total to about750, as part of an overall strategy to derive 50 percent of its revenue from outside the U.K. President Bob Diamond revealed that the bankplanned to hire up to as many as 1,000 people by the end of 2009, with most of the new hires coming Asia.

December 2008-January 2009: Temasek unloads stake in Barclays

Singapore's state-run investment firm Temasek Holdings paid about £2.4 billion in 2007 for a 2 percent stake in parent Barclays PLC.However, a June 2009 report in the AFP revealed that the secretive Temasek had offloaded its entire stake between December 2008 andJanuary 2009, booking a loss somewhere between £500 million to £600 million. Temasek sold its stake at a time when there were fears of aBritish government takeover of Barclays; had the Singaporean investment firm held out a bit longer, they would have watched the bank getback on its feet.

September 2008: Once-in-a-lifetime bankruptcy

Just a day after the dramatic bankruptcy filing of U.S. investment banking giant Lehman Brothers, Barclays PLC swooped in and bought thefirm's North American investment banking and capital markets divisions for US$1.75 billion; Barclays also took the building housing Lehman'sNew York headquarters in the deal. Five days post-collapse, a judge approved the purchase. Though the move didn't affect Asia as much asNorth America and Europe, it did add about 100 people to Barclays Capital opreations in Japan, mainly from Lehman Brothers Holdings Inc.,as part of a plan to launch an equity business there.

(By August 2009, Barclays PLC President Bob Diamond was hailing the purchase, as profits at Barclays Capital doubled from £524 million inthe first half of 2008 to £1.05 billion in the first half of 2009. The “once-in-a-lifetime opportunity” to buy the Lehman Brothers assets, asDiamond put it at the time, saved the company “four to five years of organic growth,” according to Barclays PLC's chief executive, John Varley).

October 2007: ABN AMRO a no-go, CDB and Temasek a go-go!

One of the biggest stories of 2007 in the financial world was the bidding war that ensued between Barclays PLC and a consortium of banksled by the Royal Bank of Scotland to acquire the Dutch banking giant ABN AMRO—ultimately, Barclays PLC didn't win the battle.

However, the bidding war led to two long-term benefits for Barclays Capital: a strategic partnership with China Development Bank (CDB), anda consolidation of its relationship with Temasek Holdings, the investment vehicle of the Singaporean government, as a major shareholder. BothCDB and Temasek committed significant investments into Barclays PLC, helping to fund Barclays' largely share-based bid for ABN AMRO.CDB and Temasek had additional Barclays investments conditional on the success of its bid for ABN AMRO. After the bid fell through,however, CDB and Barclays launched a commodities strategic alliance initially focused on developing business in energy, metals and emissionstrading. The two banks have committed to a five-year period of collaboration, with the option to extend for a further period agreed by bothparties.

GETTING HIRED

Study what you like

Barclays Capital is said to be “not too particular about your educational background with regards to the subject of graduation.” But sourcessay the firm is still “very selective” and the interview process is “very structured,” with the candidate’s personality proving to be “an importantaspect.” Every applicant is expected to do “two analytical online tests” consisting of “verbal and mathematical” questions. This is followedby “a phone interview to assess interest” and a “full day at the assessment center.” The day includes “group exercises to assess teamwork”and “two sessions of face-to-face interviews.”


Barclays Capital


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Of vital importance for grads

For information about graduate recruitment and internship opportunities at Barclays Capital, check out the campus recruitment section of thefirm's web site at www.barcap.com/campusrecruitment. Internships last 10 weeks, and run from May to August each year. Within Asia Pacific,the main internship locations are in Singapore, Hong Kong and Tokyo, with a smaller number of internships offered in Mumbai, Seoul andShanghai. For the 2010 intake, online applications close on December 31, 2009 for the Asia Pacific region.

Getting into one of Barclays’ internship programs is said to be “very important,” since “most new graduate hires are former interns.” “Barclayshires interns with the foresight of them being the next batch of graduates, so getting onto the intern program plays a very important role,”explains a source. The program “gives you a snapshot of what the organization and its culture are like, and if you will be suitable in such anenvironment.” One former intern says of the internship program, “I was exposed to different areas of work the desk deals in. This helped meunderstand the mechanism and gave me an opportunity to make an informed choice about the area I wanted to work in after joining full time.”

Three levels

Along with internship programs, Barclays Capital offers three entry levels for graduates: analyst, associate and quantitative associate. Analystpositions require at least an undergraduate degree and "possibly" a Master's degree. The firm's web site lists intelligence, numeracy andcommunication skills among its sought after qualities for this role, and notes fluency in more than one language as a definite asset. BarclaysCapital lists a number of specific functions available in the analyst role such as compliance, corporate communications, finance, globalfinancial risk management, global marketing, human resources, investment banking, legal, operations, prime services quantitative analytics,research, sales, strategic planning, structuring, technology and trading. Barclays Wealth also recruits at the analyst level in the Asia Pacificregion.

The associate role is a bit more specialized, calling for applicants either to be graduated or working towards a Master's degree in Finance oran MBA, along with prior professional work experience. Positions at this level are available in the areas of investment banking, sales, strategicplanning, structuring and trading.

If you're more interested in a cutting-edge technical role developing mathematical models for trading and risk management activities, then youmight want to take a look at the quantitative associate position. Candidates for these positions should have gained or be studying towards aPhD (or equivalent) in a highly technical discipline. If you're not at the doctorate level, you still have a shot if you're studying at a post-graduatelevel and can demonstrate a good understanding of at least two of the following: probability and stochastic calculus, analysis, numericalmethods and coding. Positions encompass the areas of global financial risk management, investment banking, quantitative analytics,research, structuring and trading.

OUR SURVEY SAYS

"One of the best"

Barclays Capital has “one of the best investment bank cultures around,” says one insider at the firm, claiming to have “verified this with friendswho have worked at both Barclays and other investment banks.” Others say that the “fast-paced and meritocratic” environment proves to bea strong place to “start a career, with good exposure to business and different divisions,” along with “good learning opportunities,” and withjuniors “able to address all kinds of problems.”

Two words that sources use again and again when describing Barclays Capital are “diversified and open.” To promote this, the firm features“open-concept offices without partitions to encourage conversation and sharing,” resulting in a firm that is “cohesive and people-focused,”“without much office politics.”

Looking to the future, most insiders at the firm think Barclays Capital will do well when the economic crisis simmers down, with one claimingthat “the firm is better positioned than a lot of its peers.” That said, some sources say 2008 saw “meager year-end bonuses due to therecession,” with other banks “performing worse than Barclays, but still paying out more.”

Relaxing on the weekends

Most insiders at Barclays Capital in Asia say they put in between 50 to 60 hours a week, starting work at 9 a.m. and finishing at 6:30 p.m.But others admit they “sometimes” work until 8 p.m. As far as your Saturdays and Sundays are concerned, a source says, “Weekend support


Barclays Capital



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work is on a rotational basis.” Another insider in Asia explains, “As long as you finish your tasks, there is no need to stay until your bossleaves.”

Leave it at the door

Management is “very approachable,” and there's a “well established feedback system.” But above all else, people at Barclays Capital are saidto be nice to work with. “I was nervous to start but was pleasantly surprised on my first day to find very friendly people. I found them veryapproachable, and they helped me in my learning process,” reports a contact.

Reportedly, there is a clear “leave-rank-at-the-door policy” at Barclays Capital. One source says, “Many managers are very open andapproachable people” who not only “look out for their team” but also are “looking for ways to better the experience, opportunities andproductivity of the individual.” They're also said to “act as mentors for newcomers, providing assistance and advice when needed.” As onerespondent puts it, “The hierarchy of the firm is quite flat, and superiors are generally very open to opinions put forth by subordinates.”

Graduate learning

Barclays Capital “encourages employees to constantly engage in training to upgrade themselves.” This is, of course, after the “initial four- toeight-week graduate training program in London,” focusing on “financial concepts and soft skills.” Following this, newbies can expect to takepart in a “one-year long continuous professional education program for graduates.” Once completed, bankers can participate in “various kindsof online or classroom training,” with Barclays constantly “striving to provide new and relevant courses for the employees.”

Women on top

Employees at Barclays Capital rate the firm highly when it comes to the position of women in the firm, mentioning that it has its own “internalnetwork that constantly organizes seminars and workshops to provide work tips for women.” Barclays Capital is “strong in its stand for genderdiversity,” raves one source. While we're told the “number of women in IT is less” than in other areas, we're also informed that this is madeup for the “significant number of senior managers who are women.”


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STANDARD CHARTERED BANK

Head Office:

1 Basinghall Avenue

London, EC2V 5DD

United Kingdom www.standardchartered.com


Afghanistan • Australia • Bangladesh • Brunei • Cambodia •

China • Hong Kong • India • Indonesia • Japan • Korea • Laos

• Macau • Malaysia • Mauritius • Nepal • Pakistan •

Philippines • Singapore • Sri Lanka • Taiwan • Thailand •

Vietnam

BUSINESSES

Consumer Banking

Wholesale Banking

THE STATS


Ticker Symbol: STAN (LSE), 2888 (HKSE)

Group CEO: Peter A. Sands

CEO, Asia: Jaspal Bindra

Operating Income: US$14 billion (FYE 12/08)




KEY COMPETITORS

Citigroup

HSBC

PLUSES

• “Cosmopolitan workplace with staff from all over the world”

• “Great relations between superiors and peers”

MINUSES

• “Infrastructure such as speed of bandwidth”

• “Work pressure”

EMPLOYMENT CONTACT

www.standardchartered.com/careers

www.standardchartered.com/graduates

www.standardchartered.com/interns

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11PRESTIGERANKING

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THE SCOOP

Royal banking

In 1969, the Chartered Bank of India, Australia and China merged with the Standard Bank of British South Africa, forming today's StandardChartered Bank.

The Chartered Bank was founded by an emissary of Queen Victoria in 1853. The first branches opened in Mumbai, Calcutta and Shanghaiin 1858, followed by branches in Hong Kong and Singapore. Meanwhile, Standard Bank was founded in South Africa in 1863 by JohnPaterson. It grew throughout the continent of Africa over the next 100 years, becoming prosperous as the result of financing diamond andgold mining in the region.

After the merger, Standard Chartered entered a period of change. Since the early 1990s, the bank has focused on developing its franchisesin Asia, the Middle East and Africa, using its operations in the U.K. and North America to provide customers a bridge between these markets.Today, the company focuses on consumer, corporate and institutional banking, as well as on providing treasury services.

Historic ties

Standard Chartered PLC, listed on both the London Stock Exchange and the Hong Kong Stock Exchange, ranks among the top 25 companiesin the FTSE-100 by market capitalization. In Asia Pacific, Standard Chartered has the unique advantage of longevity. The bank has maintaineda major presence in India, Hong Kong and Singapore for almost 150 years. It has played a historic role in linking the financial and culturalcenters of Europe and the Americas to Asia and the East. The London-headquartered group has been a major player in Asia Pacific, and abanking powerhouse in Africa and the Middle East. It derives more than 90 percent of its operating income and profits from Asia, Africa andthe Middle East.

Standard Chartered employs 73,000 people, representing 115 nationalities. It has more than 1,700 branches and outlets located in over 70countries. The bank's income and the number of employees have more than doubled over the last five years; operations are fairly balancedbetween its two primary business units: wholesale banking and consumer banking.

The firm's consumer banking business serves over 14 million customers across Asia, Africa and the Middle East, with major operations in HongKong, South Korea, Taiwan, Singapore, Malaysia, Thailand, India, U.A.E., Pakistan, Botswana, Kenya and Zimbabwe. The bank provides awide range of products and services—such as credit cards, personal loans, mortgages, deposit taking and wealth management—to individualsand small- and medium-sized businesses through a network of more than 1,700 branches.

The wholesale banking business serves corporate and institutional clients in more than 70 countries, providing trade finance, cashmanagement, securities services, foreign exchange, risk management, capital raising and corporate finance solutions.

Taking the (American) Express train

Standard Chartered helped grow a key aspect of its business when it acquired American Express' international banking operations inSeptember 2007 for US$860 million. Standard Chartered has also been offered the opportunity to buy American Express' international depositdivision in 2009 for US$212 million, bringing the total expected cost of the deal to US$1.1 billion. The move was a strategic attempt to increasethe bank's private banking division, which it launched in June 2007.

At the time of the acquisition, the bank had private banking operations in Hong Kong, Shanghai, Beijing, Singapore, Seoul, Mumbai, NewDelhi, Dubai, London and Jersey. The purchase of American Express' wealth management and international dollar clearing operations will addapproximately 10,000 new customers with US$22.5 billion in assets to Standard Chartered's portfolio. The private banking arm targets high-net-worth customers with between US$1 million and US$50 million in assets.

Up, up, and away

Standard Chartered's success in China has attracted the attention of domestic banks on the mainland that reportedly are interested inacquiring a minority stake in the bank. Three of China's "Big Four" state-owned banks—Industrial and Commercial Bank of China, Bank ofChina, and China Construction Bank—have been cited as possible buyers of a 17 percent stake currently owned by Temasek, a Singaporeangovernment-run investment agency.




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In the last half of 2007, the firm started an aggressive expansion program that included five major acquisitions, incuding the American Expressinternational banking purchase, Indian brokerage UTI Securities and South Korean fund administration company A Brain. In early 2008, thebank bought another South Korean company, Yeahreum Mutual Savings Bank.

And while other financial institutions were reporting huge losses in their annual reports for 2008, Standard Chartered announced that itsoperating income actually rose 26 percent to $14 billion and its operating profit jumped 13 percent to $4.5 billion in 2008. The positive resultswere due to the bank’s strong focus in Asia. In Hong Kong, the firm booked operating profit of $445 million; in Singapore, it brought in $309million worth of profits.

The bank acknowledged that although its target markets in the East were suffering, the downturn would be shorter there than in the U.S. andEurope. It also revealed that it had reduced the bonuses of its directors by between 10 and 25 percent, and imposed salary freezes on seniormanagers across all regions.

IN THE NEWS

August 2009: New opportunities

In order to take advantage of new business opportunities, the bank outlined its plans to raise £1 billion by issuing new shares to investors. Thedeal consisted of 75 million shares priced at £13.60 each and followed reports that the Asian-based bank was closing in on a deal to buy RBSAsia units in India, China and Malaysia. According to the Indian Economic Times, the bank was poised at the beginning of August to pay $250million for RBS’ retail and small business lending operations in these countries.

July 2009: A role for Peace

Standard Chartered got a new boss in the form of John Peace in July. The acting chairman officially took over the role vacated by MervynDavies, who left the position in January to take a job with the U.K. government. Before joining the bank’s board in 2007, Peace served aschief executive at retail conglomerate GUS PLC, which during his tenure spun off its Experian and Burberry units through initial publicofferings. His new role will include identifying acquisitions and stemming losses in those countries feeling the strongest effects of the globaldownturn. At the time, chief executive Peter Sands reported that the bank was looking into further acquisitions in the Middle East, Asia andAfrica, with negotiations continuing on the possibility of buying up some of RBS’ assets in Asia.

July 2009: Priority on relationships

As one of only a few banks in a position to make new hires throughout 2009, Standard Chartered revealed that it was expanding its prioritybanking business with plans to recruit an additional 300 relationship managers in Singapore over the next three years. This came on top ofthe 80 RMs it had already hired in 2009. Catering for individuals with a net worth of more than $200,000, priority banking grew throughoutAsia by 16 percent between 2003 and 2008, and is growing three times faster than it is in North America and Europe.

June 2009: Korea calling

As part of its aggressive expansion policy in Asia, the London-based bank became the first foreign lender in South Korea to set up a financialholding firm. The new company, called Standard Chartered Korea Ltd, will make it easier for the bank to seek further takeovers, and developand sell a wide range of financial products. At the time, there were also rumors that Standard Chartered was looking to open up an insuranceunit and mulling over the prospect of taking over local insurer Kumho Life Insurance. This all followed the bank’s acquisition of Korea FirstBank for $2.7 billion back in 2005.

October 2008-November 2008: Snapping up the weak

Standard Chartered capitalized on the economic situation by picking up a few cheap acquisitions. The first came in October in the form ofthe debt-ridden Asia Trust and Investment Corp. The Taiwan government paid the Standard Chartered $104 million to take over the poorperforming bank, giving the firm an extra 8 branches in the country, taking its total to 96.

A month later, the firm snapped up Cazenove Asia and its $159 million in assets for an undisclosed sum from JPMorgan Cazenove. The dealboosted Standard Chartered’s equity markets business in Hong Kong and across Asia. The move meant that the British bank took on 142





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additional employees, most based on the Chinese island. It also meant the bank would have a stronger equity markets platform to offer clientsfinancing, distribution, equity research and advisory capabilities.

GETTING HIRED

The global Standard

Standard Chartered offers careers that are truly global in scope, providing employees with opportunities to travel, interact and learn from othercultures. Each year as many as 20 percent of its employees get "expanded role opportunities." Over 2,000 of its employees are on cross-border assignments at any given time. Nearly half of its employees are women, and almost 80 nationalities are represented among its top 500managers.

Standard Chartered maintains an extensive careers section of its web site at www.standardchartered.com/careers. There, the firm organizesinformation about career opportunities into four main divisions: consumer banking, wholesale banking, group technology and operations, andsupport functions (including corporate affairs, human resources, finance, compliance and assurance, and more).

The bank provides information on internships and programs for new graduates. For new graduates, the firm runs a two-year rotational"International Graduate Programme" (IGP). The career section of the firm’s web site also includes a space specifically for MBAs interested inworking at Standard Chartered.

The site allows jobseekers to search for opportunities in Asia by division and country. In consumer banking, job opportunities can be foundin China, Hong Kong, Singapore, Thailand, Indonesia and India. In the wholesale banking division, jobseekers can search for positions inChina, Hong Kong, Japan, Singapore, Thailand, Indonesia and India.

Nothing out of the ordinary

When it comes to hiring at Standard Chartered, sources say that “selection is based on the level of competence, capabilities and the suitabilityof the individual for the position.” Candidates who put themselves forward for a position should expect around three rounds of interviews,although some claim to have just experienced two. The structure of the interviews vary according to the office but typically include one roundwith the HR manager, followed by a round with the HR manager and a reporting manager, and a “final round with a reporting manager and adepartmental head.”

With respect to internships, “it is not necessary to have participated in one to seek full-time employment at the bank.” However, insiders admitthat participating in such programs is a good way of “evaluating whether you want to work for the organization or not.”

OUR SURVEY SAYS

Fast-paced and diverse

The environment at Standard Chartered is “fast-paced,” according to insiders, and the firm has a “driven corporate culture” with “highlymotivated people.” Still, teamwork is valued, with everyone “working toward a common goal.” Teams are “multinational,” and the people whowork for the bank are said to be “creative and very responsive.” Insiders also point out that the firm is a little on the “conservative” side,resulting in it being more “cautious” than other banks.

Putting in the hours

“As with most professional positions,” says one source, “during certain days it is necessary to work late and complete projects.” StandardChartered is no exception. Most respondents claim to work on average around “50 to 60 hours” a week, although a manager from theSingapore office claims to work over 100 hours per week. Contacts in China claim the hours there are more than the Asian average. “Bankinghours in China are higher than in other countries,” explains an insider there, “and it is expected that people put in the time needed to becompetitive.”




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Not politics

On the whole, there are “good relations between superiors and colleagues” at the bank. Support is always there when you need it from“motivated management,” and there is very “little politics.” However, insiders highlight some issues in China where the speed of developmenthas left some managers without time to learn the appropriate skills. “Young talent is abundant,” explains a contact in the Shanghai office. “Itis the management talent that is sometimes lacking. This is a result of the extreme speed in development of financial services in China. Therehasn’t been the time for many financial service employees to develop into good managers.”

Women taking charge?

Staff at Standard Chartered are a multinational lot. The bank is made up of “over 65 percent women, with many taking up senior posts”—atleast in the Shanghai office. One insider there says, when asked about diversity with respect to women, “I think this question would be moreinteresting if you asked about diversity with respect to men.”

Opportunities in the crisis

The economic outlook isn’t as bleak for the bank as it is for some of its competitors. “Our company can even make a profit even in badeconomies, so the outlook is good,” explains a Singapore-based insider. A colleague agrees saying, “I view downturns as opportunities. Weare lucky to be in markets that are less affected by the downturn.”





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No. 1 Martin Place

Sydney, NSW 2000

Australia

Phone: +61-2-8232-3333

Fax: +61-2-8232-7780 www.macquarie.com.au



Korea • Malaysia • New Zealand • Philippines • Singapore •

Taiwan • Thailand

OPERATING GROUPS & DIVISIONS

Banking & Financial Services Group

Corporate & Asset Finance Division

Macquarie Capital

Macquarie Funds Group

Macquarie Securities Group

Real Estate Banking Division

Treasury & Commodities Group

THE STATS


Ticker Symbol: MQG (ASX)

Chairman: David Clarke

Managing Director & CEO: Nicholas Moore

Consolidated After-Tax Profit:

AU$871 million (FYE 3/09)

Total Operating Income:

AU$5.53 billion


No. of Offices: More than 70 office

locations in 26 countries

KEY COMPETITORS

Deutsche Bank

Goldman Sachs

UBS Investment Bank

EMPLOYMENT CONTACT

www.macquarie.com.au/careers


MACQUARIE GROUP LIMITED12PRESTIGERANKING

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THE SCOOP

Expanding from down under

Best known in its home country of Australia, Macquarie is a global provider of banking, financial, advisory, investment and funds managementservices. Headquartered in Sydney since its inception, the bank evolved from Hill Samuel Australia Limited, which was established in 1969as a subsidiary of the U.K. merchant bank Hill Samuel & Co. In 1985, a banking license was acquired and Macquarie Bank opened its doorsfor business with a retail branch in Sydney. It adopting its name from Governor Lachlan Macquarie, the man largely responsible fortransforming the early settlement in Australia from a penal colony into a dynamic economy. Macquarie Bank went public on the Australianexchange in 1996.

In Australia and New Zealand, as well as around the world, Macquarie acts for a wide range of institutional, corporate, government and retailclients. In the Asia Pacific region, Macquarie offers a full range of investment, financial market and advisory products and services. Asianoffices are located in China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan and Thailand.

Macquarie employs approximately 12,700 people in more than 70 offices in 26 countries. This includes more than 5,400 employees in officesoutside Australia, representing 43 percent of total staff. For the fiscal year ending March 2009, Macquarie posted total operating income ofAU$5.5 billion and net profit of AU$871 million—remaining highly profitable but ending 16 years of profit growth.

Five (plus two) at the core

In November 2007, Macquarie Bank underwent some restructuring following shareholder approval, and Macquarie Group Limited wasestablished as a non-operating holding company and the listed parent of the Macquarie Group. Today, Macquarie Group Limited comprisesbusinesses across a range of investment, commercial and selected retail financial services.

Macquarie organizes its activities into five operating groups (Macquarie Capital, Macquarie Securities Group, Treasury and Commodities Group,Macquarie Funds Group, Banking and Financial Services Group) and two divisions (Real Estate Banking, and Corporate and Asset Finance).Each group or division specializes in defined product or market sectors and works in close co-operation. In addition to the operating groupsand divisions, service groups (such as include risk management, corporate affairs and information technology) provide the framework,infrastructure and support for the operational groups to function.

Macquarie Capital includes Macquarie’s corporate advisory, equity underwriting and specialized funds management businesses. MacquarieCapital Advisers provides advisory and capital raising services to corporate and government clients involved in public mergers and acquisitions,private treaty acquisitions and divestments, debt and equity fund raising, and corporate restructuring. Macquarie Capital Advisors alsoencompasses Macquarie Capital Funds, which manages a range of specialist funds, including infrastructure and real estate funds.

In January 2009, most of the firm’s former real estate platform merged with Macquarie Capital. This created an integrated real estate businessfor domestic and international real estate services (including funds management, advisory and principal activities) able to leverage expertisefrom all Macquarie Capital industry and product teams.

The banking and financial services group is the primary relationship manager for Macquarie Group's retail client base with operations inAustralia, New Zealand, Asia, North America and Europe. The group was formed in February 2008 through the merger of the firm’s bankingand securitisation group and the financial services group. Banking and financial services provides a diverse range of wealth managementproducts and services to financial advisors, stockbrokers, mortgage brokers, professional service industries and consumers.

Treasury and commodities oversees commodity, energy and environmental financial products; physical and derivatives structuring and trading;commodity (metals, bullion and agricultural) and energy finance; Macquarie's treasury operations; futures (listed derivatives) execution andclearing; debt arrangement, structuring and placement activities; interest rate and credit derivatives structuring and trading; and foreignexchange trading and structuring.

Newest groups in town

In June 2008, Macquarie announced the establishment of two new groups, Macquarie Securities and Macquarie Funds. Macquarie SecuritiesGroup was officially formed in April 2008 by merging the operating activities of the bank’s equity markets group (excluding its fund productsdivision) and the capital securities division of Macquarie Capital. Macquarie Securities is a full service securities business in Australia andAsia, specializing in institutional and corporate stockbroking; equities research; equity-linked investment, trading and risk managementproducts; services for hedge funds, including market access, leverage, stock borrowing and execution; stock borrowing and lending; and





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structured equity finance. The securities arm is subdivided into three divisions: cash, Delta1 and derivatives. Macquarie Securities alsoprovides a select range of products and services in Europe, Africa and the Americas.

Meanwhile, Macquarie Funds was formed in August 2008 from the merger of the funds and funds-based structured product businesses withinthe funds management group, the funds products division from the equity markets group and Macquarie Capital’s products division.Macquarie Funds offers a range of investments for both retail and institutional investors across a variety of asset classes, including equities,listed infrastructure, private equity and hedge fund of funds, listed real estate, currencies, fixed income and cash. Macquarie Funds overseescombined funds under management of AU$70 billion and AU$7 billion in funds-based structured products; it does not include Macquarie'sspecialist infrastructure and real estate funds operations.

Awards and rankings

• Best Domestic Investment Bank in Australia, Best Equity House in Australia, Rising Star Equity House in Asia (The Asset, 2008)

• Best Infrastructure House (Asian Investor, 2008)

• Best Domestic Equity House in Australia (Asiamoney, 2008)

• Most Innovative Investment Bank, Best Securitisation House, Best Securitisation Deal, Most Innovative Deal (Finance Asia AchievementAwards Australia, 2008)

• Financial Advisor of the Year in Australia (Financial Times and Mergermarket, 2008)

• Best IPO in Asia, Equity Deal of the Year in Asia (China Railway Construction Corporation) (The Asset, 2008)

• Best IPO of the Year in China, Deal of the Year in China (China Railway Construction Corporation) (Asiamoney, 2008)

• Best Equity Deal, Best IPO (China Railway Construction Corporation) (Finance Asia, 2008)

IN THE NEWS

August 2009: Sino-Australian trust approved

Macquarie received regulatory approval in August 2009 from the Chinese government to launch a trust joint venture. Known as Sino-AustralianInternational Trust, the Shanghai-based entity will offer corporate banking and asset management services in China. Macquarie will hold themaximum stake allowed by regulation at 19.99 percent, while the rest will be held by state-backed firms, including Beijing Sanjili Energy andBeijing Rongda Investment.

August 2009: Chairman returns from leave of absence

Just nine months after taking a temporary leave of absence to undergo treatment for cancer, long-serving Macquarie chairman David Clarkeresumed his duties in full following significant improvements in his health. (In November 2008, Kevin McCann, the lead independent directorfor Macquarie Group, was appointed the group's acting chairman, temporarily taking Clarke’s place). Clarke returned healthy, and with apocketful of cash, having sold a large amount of his Macquarie shares—both directly and through Karii Pty Limited, a firm in which Clarkeowns a significant stake—for AU$12.5 million just one week prior to his return. Macquarie's stock had tripled since falling to a 10-year low inMarch 2009.

August 2009: Two more infrastructure funds, this time in China

Macquarie announced that it was teaming up with Chinese financial services giant China Everbright Ltd. to raise up to US$1.5 billion in capitalfor two funds. Similar to the SBI link-up fund launched in April 2009, the two Chinese funds are aimed at investing in infrastructure projectsin mainland China, Hong Kong and Taiwan—including the construction of toll roads, airports, ports, railways, water treatment facilities andrenewable energy sources. One fund will be targeted at raising funds from international institutional investors, while the second fund (awaitingChinese government regulatory approval) will be aimed at bringing domestic Chinese investors on board through RMB capital investments.




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May 2009: Combining forces for AIG assets

According to The Times of India, India-based financial services group Religare Enterprises partnered with Macquarie in May 2009 to jointlybid for AIG Investments, the asset management arm of troubled U.S.-based insurer American International Group (AIG). Prior to teaming up,Religare and Macquarie had made separate bids for the AIG department. Then, realizing they might have a better chance together, the firmsteamed up and submitted a joint proposal to AIG Investments executives. Ultimately, the winning bid went to Hong Kong-based Pacific CenturyGroup (which runs a host of businesses including Hong Kong telecom giant PCCW) for about US$500 million in September 2009. Religareand Macquarie have been teamed up for quite some time, as they operate a wealth management joint venture in India.

April 2009: State-of-the-art infrastructure in India

Keeping in line with Macquarie’s aggressive expansion in the Asia Pacific region, Macquarie linked up with the State Bank of India to form ajoint venture—Macquarie-SBI Infrastructure Fund (MSIF)—in April 2009. MSIF raised initial capital of US$1.04 billion to invest ininfrastructure projects such as roads, ports and power plants in India. R. Sridharan, the managing director of SBI, remarked on India'sinfrastructure needs, "As per the Planning Commission of India estimates, the country will need close to US$500 billion in infrastructureinvestments in the next five years. Funding of this magnitude cannot be supported domestically alone and must be supplemented by othersources of capital." The fund has a strong supporter in the private-sector investment arm of the World Bank, the International FinanceCorporation (IFC), which serves as a keystone investor and a minority shareholder in the venture. Macquarie and SBI each own 45 percentin the venture, while IFC owns the remaining 10 percent.

February 2009: Three from Lehman

Macquarie Group hired three ex-Lehman Brothers bankers to head up significant units in the U.S. David Baron, who formerly served as amanaging director in Lehman's principal origination and financial sponsors businesses, will head up Macquarie's U.S. financial sponsors unit.Michael Meyers and Sean Fitzgerald, who worked in Lehman's equity syndicate private placements and private equity units, respectively, willco-lead Macquarie's private capital finance operations in North America.

October 2008: In bonds we trust

Macquarie announced that it had applied to enter the U.S. bond insurance market. This announcement came despite the fact that severalprominent insurers, such as New York-based MBIA and Ambac Financial Group, had recently lost their AAA ratings as a result of being tiedto hard-hit subprime housing loans. In October 2008, Macquarie officially received a license to insure municipal and infrastructure debt in ajoint venture with Chicago-based investment capital house Citadel Investment Group. The partnership developed insulation against woestroubling the insurance industry by avoiding guarantees from securities connected to subprime loans and other such risky forms of debt.

September 2008: Macquarie to sell its investment lending business

Following Macquarie’s decision in May 2008 that it would wind back its Australian residential mortgage business, Macquarie announced thatits investment lending arm would be sold. The sale was not expected to have a material impact on the group’s earnings, but a companystatement declared that unloading the division would allow the firm to focus on its most profitable businesses.

May 2008: Macquarie Capital chief takes over

Nicholas Moore, head of Macquarie Capital, was appointed to replace Allan Moss as managing director and CEO of Macquarie Group Limitedas soon as Moss retired. Moss had held the post for almost 15 years.





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GETTING HIRED

A different kind of vacation

Job seekers can find out more about opportunities at Macquarie by visiting www.macquarie.com/careers and choosing the relevant location inwhich they wish to work. Applicants are able to research and apply for Macquarie's available full-time positions, as well as its graduate andinternship programs. There's also information about Macquarie's work environment and testimonials from current employees, including videopresentations. Opportunities exist across the Asia Pacific region in Australia, China, Hong Kong, India, Japan, Korea, Malaysia, New Zealand,the Philippines and Singapore.

Macquarie's internship program grants university undergraduates the opportunity to join various teams within the company where they canbenefit from hands-on experience, exposure to the financial services sector and insight into the career opportunities offered at Macquarie. Thegraduate program allows students the opportunity to secure a position upon commencement of their studies. Visit the careers web site to findout more about application dates and the application process.




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NOMURA HOLDINGS, INC.

Japan Headquarters:

1-9-1, Nihonbashi, Chuo-ku

Tokyo 103-8645

Japan

Phone: +81-3-5255-1000

Fax: +81-3-3278-0420

Asia Regional Headquarters:

30/F, Two International Finance Centre

8 Finance Street

Central, Hong Kong

Phone: +852-2536-1111

Phone: +852-2536-1888

www.nomura.com



Korea • Malaysia • Philippines • Singapore • Taiwan •

Thailand (affiliate) • Vietnam

KEY BUSINESSES

Asset Management

Domestic Retail

Global Investment Banking

Global Markets

Global Merchant Banking

THE STATS


Ticker Symbol: 8604 (TYO), NMR (NYSE)

President & CEO: Kenichi Watanabe

Total Revenue: ¥664.51 billion (FYE 3/09)

Net Income: ¥-708.19 billion


No. of Offices: 190 offices in 30 countries

worldwide

KEY COMPETITORS

Credit Suisse

Goldman Sachs

J.P. Morgan

Mitsubishi Financial Group

Mizuho Financial

Morgan Stanley

UBS

EMPLOYMENT CONTACT

www.nomura.com/careers

85

13PRESTIGERANKING

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THE SCOOP

From Tokyo to the world

Japanese-based Nomura Holdings is one of the world's largest securities and investment banking firms. As of September 2009, Nomuraboasted ¥27.7 trillion in total assets. The company was founded in 1925 and ever since has been a force of dominance domestically andabroad. Nomura has offices all over the world, including four main hubs in Tokyo, Hong Kong, New York and London. While Tokyo serves asthe firm's overarching headquarters, the Asia (excluding Japan) headquarters are located in Hong Kong.

Nomura operates through five main areas of business: domestic retail, global markets, global investment banking, global merchant bankingand asset management. The domestic retail banking section operates branches through Nomura's home country of Japan, and also offersconsulting services and financial products. The global markets division provides global fixed income, global equity and asset finance services.The global investment banking division provides a wide variety of investment banking services including underwriting debt, equity and othersecurities, as well as providing financial advisory for a diverse range of business transactions. Nomura's global merchant banking arm conductsprivate equity deals in Japan, Europe and the United States. Finally, the firm's asset management business develops and manages investmenttrusts and investment advisory services through its subsidiary, Nomura Asset Management Company.

Traditionally known in Japan as a domestic retail bank, times may be changing for the firm, as Nomura has shown increasing interest inexpanding its global operations—particularly with the September 2008 acquisition of Lehman Brothers' assets across Asia, the Middle Eastand Europe. Worldwide, Nomura offers a full range of securities and investment banking services, including asset management, merchantbanking, corporate advisory, derivatives, foreign exchange, sales and trading, research and capital raising.

Roots in Osaka

The son of an Osaka moneychanger, Tokushichi Nomura II was born in 1878, the year the Osaka and Tokyo stock exchanges were founded.At that time, Osaka was Japan's business and finance center. After a three-year transcription in the Japanese army, young Nomura joined hisfather at the family business (called Nomura Shoten, or Nomura Shop). By 1904, the younger Nomura was running the shop, and he decidedto add stock sales, trades and spot transactions to his father's currency exchange business. In 1906, Nomura created an in-house researchdepartment, and, to this day, research is a central aspect of his firm's operations. He began publishing a daily newsletter called the OsakaNomura Business News, which contained stock analysis, economic research and trading reports. Nomura became well known throughoutJapan; no other broker at the time was putting out such reports.

Thanks to his solid reputation, Nomura and his company survived the Japanese market crash of 1907. A year later, he took a life-changingtrip to New York. Nomura returned to Japan with the intention of creating a global finance firm that could compete with the best; his first stepwas to expand his research department and create a translation department so he could become involved in foreign currency-denominatedbonds. Underwriting and international trading were ramped up, and by 1917, Nomura Shoten became Nomura Shoten Incorporated. In1922, Nomura formed a holding company to contain his empire, and three years later, his securities division was incorporated separately asNomura Securities. In 1927, Nomura's dream of opening an office in New York came true. By then, Nomura's enterprises included the stand-alone securities division, bond sales, underwriting and commercial banking under the Osaka Nomura Bank name.

In 1946, the firm’s headquarters shifted to Tokyo; five years later, it launched an investment management business. Nomura is credited withpioneering the use of investment trusts in Japan; it was also one of the first foreign-owned companies to gain membership on the London StockExchange. Under leadership in the late 1990s and early 2000s, Nomura went through a series of restructuring moves that were finalized ina transition to a holding company in October 2001.

Landing Lehman

In September 2008, Nomura made the purchase of a lifetime—at the epicenter of the global financial crisis. After the spectacular collapse ofU.S. investment bank Lehman Brothers, Nomura swooped in to buy Lehman’s equities and investment banking operations in Europe, Asiaand the Middle East. The Asian businesses sold for US$225 million, while the European and Middle East arms went for nominal sums reportedto be two U.S. dollars each. Analysts noted that Nomura put forth an impressively low figure for all that, considering that Europe and Asiapreviously represented half of Lehman’s annual revenue, and CEO Kenichi Watanabe agreed, calling it a "once-in-a-lifetime opportunity."

The Lehman acquisition clearly marked Nomura’s leap to the global investment banking major leagues. As well, the move preserved thousandsof Lehman bankers’ jobs outside the U.S. and boosted Nomura’s headcount by over 8,000—including nearly 3,000 Lehman employees inAsia.




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When the deal marked its first anniversary in September 2009, it still remained to be seen how legacy Lehman employees would ultimatelymerge into Nomura’s culture and system over the three-year integration plan set forth by Watanabe. Some initial attrition occurred early in theacquisition, as some high flyers departed for Merrill Lynch, Blackstone and UBS within the first few weeks. At the end of Nomura’s fiscal yearin March 2009, as the bonus season approached, Reuters reported that veteran Nomura bankers were also concerned about disparitiesbetween their pay and the incentives offered to Lehman employees who remained with the firm. Meanwhile, some former Lehman bankershave publicly expressed frustration at Nomura’s conservative, risk-averse way of doing business. Compounding matters, Nomura took a hefty¥67.8 billion loss for its fiscal year ending in March 2009. However, things quickly shifted—July 2009 marked a solid return to profitability forNomura, less than a year after the acquisition and, at least temporarily, silenced many critics.

Awards and rankings

• Best Investment Bank from Asia (The Banker, 2009)

• Best M&A House in Japan (Euromoney, 2009)

• Best China M&A House (Euromoney 2008 and 2009)

• Best Samurai Bond (FinanceAsia, 2009)

• No. 1 G3 Bond Underwriter in Asia (Dealogic, 2009)

• No. 3 Convertible Bond Issue, Asia ex-Japan (Dealogic, 2009)

• No. 3 US$ Bond Underwriter in Asia ex-Japan (Dealogic, 2009)

• Best Equity House, Japan (Asiamoney, 2008)

• Best M&A House in China / Best Deal in Indonesia (The Asset, 2008)

• House of the Year, Straight Bond House of the Year, Straight Bond of the Year, Straight Bond Debut Deal of the Year, Local GovernmentBond of the Year, Samurai Bond of the Year, Equity House of the Year, Equity Issuer of the Year, Equity Deal of the Year, IPO of the Year,J-REIT of the Year (Thomson Deal Watch, 2008)

• Best Equity House, Best Brokerage House, Best IPO, Best Secondary Equity Offering, Best Samurai Bond, Best Equity-linked Deal,Best China Deal, Best Singapore Deal, Best Cross-Border M&A Deal, Best Sovereign Bond (FinanceAsia, 2008)

• Best Equity Deal (The Banker, 2008)

• Asia-Pacific Emerging Market Bonds—No. 1, All Bonds in Yen, Japan Debt—No. 3 (Thomson Reuters Debt Capital Markets LeagueTables, 2008)

• Equity & Equity-related Fees, Japan—No. 1, Japan Equity & Equity-related—No. 1, Japan IPOs—No. 1, Japan Common Stock—No.1, Japan Convertibles—No. 2 (Thomson Reuters Equity Capital Markets League Tables, 2008)

• Worldwide Involvement Completed M&A by deal value—No. 12, Asia (ex-Japan) Involvement Completed M&A by deal value—No. 1,Chinese Involvement Completed M&A by deal value—No. 2, Japanese Involvement Completed M&A by deal value—No. 1 (ThomsonReuters Global M&A League Tables, 2008)

IN THE NEWS

September 2009: More shares up for grabs

Following its February 2009 share offering, Nomura announced a second offering in September 2009, this time aiming to raise up to ¥433billion. Through the capital raise, the group plans to strengthen its foundation by investing (and extending loans) to its subsidiaries in Asia,Europe and the U.S. The offer was heavily oversubscribed; the domestic tranche was about three times oversubscribed and the overseasoffering was close to 10 times oversubscribed.





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July 2009: Nomura acquires NikkoCiti

Nomura Holdings confirmed in July 2009 that subsidiary Nomura Trust and Banking Co. plans to purchase NikkoCiti Trust and Banking Corp.for ¥19 billion from Citigroup, as part of Citi's moves to raise capital to repay U.S. government bailout money. As of the fiscal year endingMarch 2009, NikkoCiti Trust and Banking had ¥4.5 trillion in trust assets and more than 100 employees, while Nomura’s trust divisionpossessed ¥19.5 trillion in assets and over 250 employees.

July 2009: Quick return to profitability

Marking the first time in six quarters, the firm returned to profitability as it announced its first-quarter results for its fiscal 2010 year. Profitsbefore tax weighed in at ¥31.4 billion for the quarter, while net income came in at ¥11.4 billion. Most striking, however, was the firm's netrevenue, which jumped 120 percent overall compared to the previous year, hitting ¥298.4 billion. CEO Kenichi Watanabe remarked on thestrong start, "Our retail and asset management business continued to generate stable revenues, and global markets made a significantcontribution to earnings." (Net revenue for the firm's global markets division skyrocketed to ¥187.1 billion for the quarter, or 17 times higherthan the first quarter of fiscal 2009.) Watanabe continued, "Our newly expanded client business platform is now fully operational, and we sawconsiderable momentum in global wholesale client flow businesses during the quarter. While market conditions remain uncertain, we aremaking steady progress towards our objective of achieving a full-year profit."

May 2009: Seizing opportunities in the U.S.

At a time when other banks are retrenching, Nomura has been expanding its U.S. operations and expecting to double its U.S. headcount byearly 2010. For Nomura to be truly global, the U.S. franchise is seen as a key component of that global strategy. In establishing a significantpresence, Nomura has been hiring former Lehman Brothers colleagues as well as hiring recognized market-leading teams to charge the U.S.markets as it looks to join the top five global investment banks.

With its key hires in place, Nomura announced in July 2009 that it has been designated to join the ranks as a "primary dealer" of U.S. Treasurysecurities by the Federal Reserve Bank of New York.

April 2009: Some cutbacks in Asia

According to The Wall Street Journal, Nomura cut 50 investment banking positions in Asia (excluding Japan) in April 2009, representing onlyabout 2 percent of the company's total 2,500-strong workforce in the region. However, like many financial giants, there have been a good dealof cuts and restructuring during the economic crisis—at Nomura, this has included about 2,100 job cuts from October 2008 to April 2009,with about 1,000 of those taking place in London, according to the AFP (the Association for Finance Professionals).

April 2009: Taking its biggest hit ever

Releasing its results for the fiscal year ending March 2009, Nomura Holdings posted its largest annual loss ever, booking ¥708.19 billion inlosses, a more-than-tenfold increase compared with losses of ¥68.7 billion in the previous year. The second half of the fiscal year wasespecially tough, as the firm posted net losses of about ¥560 billion from October 2008 to March 2009. As major reasons for the slide, Nomuracited trading losses, significant exposure to crisis-hit Iceland, convicted Ponzi scheme operator Bernard Madoff, write-downs on merchantbanking and real-estate related assets, and acquisition costs related to its purchase of the Asian, European and Middle Eastern divisions ofLehman Brothers.

April 2009: London calling

The financial world took notice when Nomura’s global head of investment banking, Hiromi Yamaji, packed his bags for London. In a shift thatsignaled Nomura’s heightened focus on Europe, Yamaji announced that the investment banking division would be run from the U.K. insteadof Nomura's global headquarters in Tokyo. "The importance of Japan as our most important market won't change," Yamaji told the FinancialTimes. Even though Japanese retail banking remains Nomura’s biggest money-maker, Yamaji promised that his move "is a message that weplace priority on London."




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February 2009: Gathering capital

Nomura announced a new share offering, its first since 1989, in an effort to raise ¥300 billion. The news sent Nomura’s shares to a 26-yearlow as investors worried that the Japanese bank was losing too much capital on bad investments and the costs of merging Lehman'soperations. However, the share issue wasn't solely intended to recoup losses. Nomura indicated it also needed the capital to fund expansionplans—particularly efforts to make further inroads in the U.S.

October 2008: One more piece in India

Though not included in the initial deal, Nomura scooped up one more piece of Lehman as it purchased the collapsed investment bank's ITsupport businesses in India, adding a further 3,000 employees to the fold. Based in Mumbai, the three Indian subsidiaries include back-officeoperations and an IT support hub key to running Lehman's stock trading platform. Terms of the deal were not disclosed, but according toJapanese daily The Nikkei, Nomura paid "several billion yen" for the Indian businesses.

GETTING HIRED

Grads unite

Nomura's main careers page provides links to sites for four regions: Japan, Asia Pacific, Europe and the Americas. Japan's careers site ispredominantly in Japanese, though the firm has plans to include more English information in the near future.

Within the Asia Pacific region, graduate roles are divided into two areas at Nomura: global markets (including sales, trading, research andstructuring) and investment banking (including deal execution, client relationship management and strategic analysis). In 2010, the firm willalso be looking to add graduates to its corporate infrastructure divisions. The application deadline for full-time grads and summer interns areposted on the Nomura web site.

Once you've put in your application, Nomura has a first-round interview stage (phone or face-to-face); if you pass the first round, final roundinterviews are conducted by phone, videoconference or face-to-face depending on your location. One insider describes personal experiencewith the process as "three rounds of phone interviews, plus two face-to-face interviews." Another source agrees that it's "usually four to fiveinterviews."

Interns eternal

Aside from full-time graduate positions, a 10-week summer internship program is available at both the analyst and associate levels. Spanningthe global markets and investment banking divisions (as well as occasional placements into corporate infrastructure), the internship includesa buddy/mentor system as well as formal and informal training sessions. For specific deadlines, check Nomura's Asia careers site for moredetails.

Past interns rave about their experiences, describing it as "very important." Although the Nomura internship program is not as well establishedas it was at Lehman Brothers, there has been strong momentum after a successful first summer class. One Tokyo source also offers a tip forthose interested in landing a Japan placement: "The best way to get hired for a job in Japan is to attend the Boston Career Forum [the world'slargest Japanese-English bilingual job fair] in November—that's how I got hired."

OUR SURVEY SAYS

Getting acquainted

In the post-Lehman era, Nomura has done its best to bring everyone under one roof that's described as "respectful," "friendly" and "open." Aninsider says, "People here actually get along and are friends outside of work. There are few cut-throat bankers, and it's a non-toxicenvironment."

With any merger, there are a few initial worries about culture clash, but most Nomura and Lehman employees are looking ahead to a brightfuture together. A former Lehman staffer says, "I'm still assessing Nomura's culture as I'm getting to know the post-merger firm." However,





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another source assures, "Once the two cultures are meshed, it will be fine; in the meantime, we are trying to integrate." In Tokyo, an insidertells us that "the culture has become much more international here since all the Lehman people have joined."

Beating the street

Most respondents say they're putting in fairly standard investment banking hours, ranging from 60 to 90 hours a week on average. Staffersalso describe a formal dress code in place, although some offices reportedly have casual Fridays. Training is said to be "good" and hasincluded something fairly unique among global investment banks: "an info session on Japanese business etiquette."

On the perennial issue of pay, insiders tell us that "at least for 2008, Nomura paid much more than the street average—especially for legacyLehman employees." Other sources report perks such as signing bonuses, a housing allowance for expatriates and nice offices.

Eyes on diversity

For women, the Nomura environment is "surprisingly good," despite some negative reports in the media and revealing data on Nomura's website (with one page showing less than 4 percent of females in management at Nomura Securities as of July 2009). Another insider gives thelowdown: "I was involved in Lehman's internal women's network, and everyone was welcome to join. They have diversity officers who runprograms like that, and these people continue at Nomura to help employees appreciate diversity."




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BANK OF AMERICA MERRILL LYNCH

Regional Headquarters:

42nd Floor, Two International Finance Centre

8 Finance Street

Central Hong Kong

Phone: +852 2847.5222

Fax: +852.2847.5232

www.bankofamerica.com



South Korea • Malaysia • Philippines • Singapore • Taiwan •

Thailand

BUSINESS LINES/SUPPORT UNITS

Finance

Global Banking & Markets

Global Commercial Banking

Global Technology & Operations

Global Wealth & Investment Management

Human Resources

THE STATS


Ticker Symbol: BAC (NYSE)

Chief Executive: Brian Moynihan



No. of Employees Worldwide: 283,717

No. of Employees in Asia: 5,000+

KEY COMPETITORS

Citi

Goldman Sachs

J.P. Morgan

Morgan Stanley

UBS

EMPLOYMENT CONTACT

bankofamerica.com/careers

bankofamerica.com/campusrecruiting

91

14PRESTIGERANKING

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THE SCOOP

Beyond America

Bank of America is one of the world’s largest financial institutions, serving clients in more than 150 countries. The company has businessrelationships with more than 80 percent of the Global Fortune 500.

In September 2008, Bank of America made just about every headline in the world, announcing that it would buy New York-based investmentbank Merrill Lynch. On January 1, 2009, the bank officially acquired Merrill Lynch in exchange for common and preferred stock with a valueof US$29.1 billion. BofA, which called the purchase "a great opportunity for our shareholders," expects to achieve US$7 billion in pre-taxexpense savings by 2012. When the deal closed in early 2009, it made BofA the biggest U.S. bank in terms of assets, with more than US$2trillion. It also made the combined firm the largest brokerage firm in the world, with about 16,000 financial advisors; one of the leadinginvestment banking advisory firms, with significant operations in M&A advisory as well as debt and equity underwriting; and one of the world’stop wealth management firms, with Merrill Lynch’s nearly 50 percent stake in U.S.-based investment management company BlackRock.

Also in January 2009, not long after the Merrill Lynch deal closed, BofA accepted its second round of TARP (Troubled Asset Relief Program)funds from the U.S. government, taking US$20 billion in exchange for preferred stock in the firm. That brought BofA’s total TARP funds toUS$45 billion (in October 2008, the U.S. government gave US$15 billion to BofA and US$10 billion to Merrill Lynch under TARP in exchangefor preferred shares). But in December 2009, Bank of America repaid the entire US$45 billion.

Bank of America is headquartered in Charlotte, N.C. Many of Bank of America’s services to corporate and institutional clients are providedthrough its U.S. and U.K. subsidiaries such as Banc of America Securities LLC and Banc of America Securities Limited.

Banc of America Securities LLC (BAS), based in New York City, is the investment banking subsidiary of Bank of America. BAS’s businessspans both domestic U.S. and international investment banking markets. The use of the word Banc tends to confuse some people, but itsuse bears great significance in that it is indicative of the fact BAS is not a bank, and its deposits and holdings are not insured by the FederalDeposit Insurance Corporation. Based in New York City, Merrill Lynch had two main business segments when it came into the BofA fold: globalmarkets and investment banking (with sub units of sales and trading; fixed income, currencies and commodities; equities; and investmentbanking), and global wealth management (which included global investment management and global private clients).

Bank of America’s global banking unit focuses on companies with annual revenue of more than $2.5 million. This includes middle-marketand large corporations, institutional investors, financial institutions and government entities. The unit’s services include M&A, raising equityand debt capital, lending, trading, risk management, treasury management and research.

Bank of America has operated in Asia for more than 60 years, providing clients in the region with corporate investment banking, global markets,investment management, treasury management and leasing services. Today, BofA has more than 5,000 employees in Asia working out of 12countries across five time zones.

Lewis’s reign

Kenneth D. Lewis, who stepped down as CEO at the end of 2009, had been the bank’s chief executive officer since 2001. Although he receiveda lot of heat in 2008 and 2009 (while many big banks, including BofA, were hurting), Lewis was credited with many achievements during histenure as CEO. Under Lewis’s watch, before the worldwide economic slide, BofA doubled annual revenue, doubled annual profit, increasedassets to US$1.7 trillion from US$642 billion, and grew its market capitalization to US$183 billion from US$74 billion. Since the slide, thingsweren’t as smooth for Lewis, who endured much criticism for acquiring Merrill Lynch just prior to Merrill announcing billions of dollars in losses.

Lewis’ path to company leadership started in 1969 when he joined North Carolina National Bank (NCNB, predecessor to NationsBank andBank of America) as a credit analyst in Charlotte, North Carolina. After various U.S. roles, he took over as manager of the bank’s internationalbanking business in1977. Lewis’ executive progression continued and when he was appointed as chairman, chief executive officer andpresident of Bank of America in April of 2001, he was already serving the company as president of consumer and commercial banking andchief operating officer. In 2007, Time magazine included Lewis on its “The Time 100 List” identifying him as one of the 100 most influentialpeople in the world. And in 2008, Lewis was named Banker of the Year by American Banker magazine.




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Time after time

Bank of America can trace its roots back to the late 18th century when Massachusetts Bank was chartered in 1784 and the Providence Bankwas created in Rhode Island in 1791. These banks were among the first in the U.S. As decades past and the population expanded, thesebanks would grow with the country, expanding and merging with smaller firms and businesses.

Two centuries later, in the swinging 1960s, a southern bank known as North Carolina National Bank (NCNB) had began an aggressive plan ofexpansion based on the model of a “hometown bank” where a branch would individually cater to the needs of the community it served.NCNB’s model proved popular, and the bank expanded rapidly through the 1970s and 1980s.

In 1991, NCNB merged with Citizens & Southern National Bank (C&S)/Sovran Corporation to form NationsBank, which acquired BankAmericain 1998 to become Bank of America. The new entity was mighty in that its business reached across the country. But that wasn’t all for growthand consolidation. In 2004, Bank of America acquired FleetBoston Financial for US$47 billion dollars, and in 2006, the bank paid US$35billion for the MBNA credit card business, which, in addition to its U.S. offices, had operations in Great Britain and Canada. The bank acquiredU.S. Trust in 2007.

Bank of America made another big purchase in 2007, acquiring the ABN Amro North American Holding Company (the American business ofDutch bank ABN Amro Holding NV and parent of U.S.-based LaSalle Bank Corporation) in October. In 2008, Bank of America purchased theU.S. diversified financial services holding group Countrywide Corporation in an all-stock transaction worth about US$4 billion, before acquiringMerrill in September.

Merrill’s history

The ’Merrill’ in Merrill Lynch was Charles E. Merrill, who founded the firm in New York City in 1914. He met his partner, Edmund Lynch, whileliving in a rented room at the YMCA. From these meager beginnings grew a firm with about 900 offices in 40 countries and total client assetsof approximately US$1.6 trillion. Before being acquired by BofA, Merrill Lynch had established itself as one of the world's leading wealthmanagement, capital markets and advisory companies, serving private clients, institutions and corporations, and small businesses. As of mid-2008, the firm employed nearly 63,100 people worldwide.

Awards and rankings

• No. 1 Converts U.S. Market/Global Issuers (Bloomberg, 2008)• No. 1 Algorithmic Trading (Alpha, 2008)• No. 2 Best Broker for Difficult Trades (Bloomberg, 2008)• No. 2 Best at Recommending Risk Management Solutions (Treasury & Risk Magazine, 2008)• No. 3 Overall Best Provider of Derivatives (Treasury & Risk Magazine, 2008)• No. 5 World’s Best Brokers (Bloomberg, 2008)

IN THE NEWS

January 2010: New CEO announces management team

Brian Moynihan, the new chief executive officer and president of Bank of America, announced the company's most senior management team:Steele Alphin, chief administrative officer; Cathy Bessant, global technology and operations executive; David Darnell, president of globalcommercial banking; Barbara Desoer, president of home loans and insurance; Anne Finucane, global strategy and marketing officer; SallieKrawcheck, president of global wealth and investment management; Tom Montag, president of global banking and markets; Ed O'Keefe,general counsel; Bruce Thompson, chief risk officer; and Joe Price, who will become president of consumer, small business and card banking(Price will continue to serve as chief financial officer until February 1st while the bank searches for a new CFO).

December 2009: BofA’s new chief

Ending a highly publicized search for a new CEO, Bank of America named Brian Moynihan as its new chief executive officer. Moynihan mostrecently headed BofA’s consumer and small business banking. (He officially replaced outgoing CEO Ken Lewis on January 1, 2010.)





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December 2009: The big payback

Bank of America repaid the entire US$45 billion it borrowed under the U.S. government’s Troubled Asset Relief Program. Repayment followedthe successful completion of a securities offering.

October 2009: Big loss

Bank of America posted a 2009 third-quarter loss of US$1 billion (26 cents a share) compared with US$1.18 billion in profit (15 cents a share)in the same period in 2008. However, due mostly to its acquisition of Merrill Lynch, BofA’s revenue increased 33 percent to US$26.04 billion.Analysts had predicted a 6-cent per-share loss on revenue of $27.7 billion. Additionally, the bank had US$2.6 billion in write-downs. Thereport was the last to fall under the watch of CEO Kenneth Lewis (who officially retired from his post on December 31, 2009). A day beforethe release of the third-quarter numbers, Lewis agreed to surrender his salary and bonus for 2009.

August 2009: Sontag takes his leave

Bank of America Merrill Lynch’s brokerage head, Daniel Sontag, said he will retire—an announcement that came shortly after Bank of Americahired Sallie Krawcheck as head of its global wealth and investment management unit. In a conference call, Sontag indicated that he wasleaving voluntarily, insiders told The Wall Street Journal. Sontag, who had been with Merrill since 1978, had held his brokerage head role sinceJanuary 2009. Industry watchers indicated that Sontag’s departure may point to an overall wearing down of the Merrill culture, which has seena number of exits as of late.

August 2009: Hiring Krawcheck

Bank of America confirmed several management changes. The bank hired Sallie Krawcheck, former head of global wealth management atCitigroup, as head of its global wealth and investment management business. Additionally, BofA said that Brian Moynihan, then the head ofits global corporate and investment banking and global wealth management units, would be taking over the reins as the bank’s head ofconsumer banking. Meanwhile, BofA confirmed that Liam McGee, head of its consumer and small-business banking arm, was resigning. TomMontag, the head of BofA’s global markets division, would also head up BofA’s global corporate and investment banking unit. The moves“position a number of senior executives to compete to succeed me at the appropriate time,” CEO Kenneth Lewis said in a statement.

June 2009: Bull by the horns

Bank of America confirmed that it decided to resurrect Merrill Lynch’s iconic bull symbol in a new promotional campaign. The print andInternet campaign will publicize BofA’s Merrill Lynch unit via the “thundering herd” tagline. BofA Chief Marketing Officer Anne Finucane toldthe Financial Times that after interviewing clients, the firm realized that “combined, the brands are stronger than either on their own.”

May 2009: Raising billions

Revealing the results of its stress tests, the U.S. government told Bank of America it needed to increase Tier 1 common capital by $33.9 billionto endure the possibility of an intense and prolonged downturn (beyond what economists had forecasted).

As of the end of June 2009, Bank of America had raised the $33.9 billion, mainly by selling common stock worth $13 billion, selling $7.3billion worth of its shares in China Construction Bank and converting nongovernment-owned preferred stock into common stock.

April 2009: Lewis voted out as chairman

During Bank of America's annual shareholders’ meeting, Ken Lewis was removed from his post as BofA chairman when shareholders narrowlypassed a proposition (50.34 percent in favor) preventing one person from holding the firm's CEO and chairman position at the same time.(Lewis retained his chief executive title). The board elected Dr. Walter E. Massey, a Bank of America board member since 1998 and presidentemeritus of Morehouse College, to serve as chairman of the board.

Lewis, once celebrated as a top banker, has become a highly controversial figure in the industry. After paying what some industry watchersdeemed as too much for Merrill Lynch, BofA endured two governmental rescue packages. New York Attorney General Andrew Cuomo is alsocurrently investigating whether Lewis informed shareholders of the risks of such a transaction.

During the shareholder meeting, Lewis defended controversial transactions such as Merrill and Countrywide, saying, "These acquisitions arenot mistakes to be regretted. Both are looking more like successes to be celebrated. We are building this company for the long run.”




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April 2009: BofA turning around

Bank of America posted first quarter 2009 net income of US$4.25 billion, up from US$1.21 billion in the first quarter of 2008. The bank wasbolstered by its Merrill Lynch and Countrywide units, profiting from trading at Merrill and mortgage refinancing at Countrywide. Merrill broughtUS$3.7 billion to the net income total, due largely to strong capital markets revenue. (Overall, BofA’s corporate and investment bank delivered$2.4 billion in net income, compared with a US$991 million loss in the same period in 2008). Meanwhile, mortgage banking and insurancelosses decreased to US$498 million from US$732 million in 2008. BofA’s credit card division didn’t fare as well, losing $1.77 billion comparedwith an US$867 million in profit in the first quarter 2008. Overall, net revenue for the company jumped about 50 percent to US$35.76 billion.

April 2009: Head of technology, media and telecommunications resigns

George H. Young III announced his departure from Bank of America. Young, a respected banker within the industry—who headed up MerrillLynch’s global technology, media and telecommunications division—is one of a number of bankers and executives from the firm who havechosen to leave BofA after it acquired Merrill. Insiders have indicated that some of the departures have been motivated by a difference inphilosophy between the two firms. According to The Wall Street Journal, Bank of America has been accused by some of having a corporatebusiness method as opposed to one that emphasizes person-to-person relationships.

March 2009: No bonus for Lewis

Bank of America said it did not give a bonus to CEO Ken Lewis or any other of its high-ranking executives in 2008. Although many of itscompetitors opted to pay out bonuses, the bank said its most recent financial statement didn’t measure up to its hopes. Though Lewis receiveda salary of $1.5 million, his total compensation (including stock-based rewards) dropped 56 percent from the previous year; according to APcalculations, it fell from US$20.4 million in 2007 to US$9 million in 2008.

March 2009: Commence the probe

Bank of America launched an investigation into how Merrill Lynch accounted for some suspicious trades made by traders in 2008. Amongthe former Merrill employees involved in the probe is London-based currency trader Alexis Stenfors, who incurred a loss of more than $120million. Stenfors' trades set off a warning bell to the bank, which then began to look closely at the activities of other traders, some of whomhad lost millions of dollars in other areas such as credit derivatives.

February 2009: Who wants to be a millionaire?

New York State Attorney General Andrew Cuomo revealed that 700 of the 39,000 Merrill Lynch employees were paid a bonus of US$1 millionor higher in 2008. In a letter to the House Financial Services Committee, Cuomo said Merrill "chose to make millionaires out of a select groupof 700 employees." Cuomo also condemned Merrill for moving its bonus payments up to December 2008, prior to the firm's merger with Bankof America.

A month later, in March 2009, The Wall Street Journal reported that the annual bonuses may have been higher than Cuomo originally thought.Eleven of Merrill’s high-ranking executives accepted more than $10 million in cash and stock in 2008, insiders told the paper. Moreover, anadditional 149 employees collected at least $3 million in 2008. In total, the bonus payments for the firm’s 10 highest-paid workers came to$209 million in cash and stock, up from the $201 million the firm paid out in the previous year.

February 2009: Lewis gets subpoenaed

New York State Attorney General Andrew Cuomo subpoenaed Bank of America CEO Kenneth Lewis in a state probe regarding whether BofAheld back information from investors prior to its purchase of Merrill Lynch. According to The Wall Street Journal, in addition to looking for factsabout whether investors were deliberately deceived, Cuomo is investigating if about US$4 billion in Merrill bonuses should have been revealedto investors.

January 2009: Not meeting expectations

During the fourth quarter 2008, Merrill Lynch lost US$15.84 billion—about US$500 million more than the US$15.31 billion loss Bank ofAmerica had calculated for the firm. The little US$500 million oversight was due to not keeping “effective” internal controls, according toMerrill’s annual report. Merrill also took several charges in the fourth quarter, including a US$2.3 billion goodwill write-down due to exposure





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in its fixed income, currencies and commodities trading business. Merrill’s write-downs have stirred up several federal investigations into thefirm’s practices.

January 2009: Thain’s exit

Ex-CEO of Merrill Lynch John Thain said he would resign from Bank of America, a decision that came about one month after Merrill Lynchwas acquired by Bank of America. It also came not long after Merrill's steep fourth quarter 2008 losses led BofA to take another $20 billionin federal aid (and not long after it was revealed that Thain approved bonuses for several Merrill Lynch executives days before the deal withBofA closed). According to a spokesman for Bank of America, Thain and BofA CEO Ken Lewis "mutually agreed that his situation was notworking and [Thain] resigned."

January 2009: Done deal

Bank of America officially closed its acquisition of Merrill Lynch on January 1, 2009.

December 2008: Two at the top

According to Thomson Reuters, Merrill Lynch and BofA found themselves near the top of many investment league table rankings for 2008 (thefirms were ranked separately for the year, since the Merrill acquisition didn’t close until 2009). Among its many top rankings in 2008, Merrillplaced No. 6 in global debt, No. 7 in U.S. investment grade debt, No. 7 in international bonds, No. 3 in global equity and equity-relatedunderwriting, No. 2 in global common stock, No. 5 in global IPOs, No. 4 in U.S. equity and equity-related underwriting, No. 1 in U.S. IPOs,No. 4 in EMEA equity and equity-related deals, No. 4 in EMEA common stock, No. 6 in global announced M&A deal advisory, No. 4 inannounced U.S. M&A, No. 8 in announced European M&A, and No. 5 in global debt, equity and equity-related underwriting.

Banc of America Securities, meanwhile, ranked No. 10 in global debt underwriting, No. 3 in global mortgage-backed securities, No. 4 in globaldebt, No. 3 in global asset-backed securities, No. 3 in U.S. investment grade debt, No. 2 in global high-yield debt, No. 7 in global equity andequity-related deals, No. 10 in global common stock, No. 5 in U.S. equity and equity-related underwriting, No. 5 in U.S. IPOs, No. 14 in globalannounced M&A deals and No. 8 in U.S. announced M&A.

December 2008: Cutting back

Bank of America announced plans to cut 30,000 to 35,000 positions over the next three years. “The layoffs will come from both BofA andMerrill Lynch, and will affect all business lines and divisions”, BofA said in a statement. BofA added that the cutbacks, which will "eliminateredundancies," are due to the Merrill acquisition and the anemic U.S. economy. BofA CEO Kenneth Lewis is hoping to save around $7 billionfrom the merger, necessitating the abolishment of many jobs along with the possible sale of some of its business units. At the time, BofA andMerrill combined had 260,000 employees, including 50,000 working in investment banking.

September 2008: Buying Merrill Lynch

Bank of America agreed to acquire legendary investment bank and brokerage Merrill Lynch. The deal followed on the heels of Merrillcompetitor Lehman Brothers filing Chapter 11, the largest bankruptcy in history at the time.

GETTING HIRED

Casting a wide net

At Bank of America’s careers website (www.bankofamerica.com/careers), you can search for job openings by country, city, “job family” andkeyword, and you can complete an online application by clicking the link at the end of your chosen position. Vacancies arise across the bankin a number of departments and divisions, including global banking, global markets, wealth and investment management, consumer banking,card services, risk management, technology, finance and human resources.

BofA recruits at more than 200 schools globally; its careers web site maintains an up-to-date calendar of events. In addition to traditional jobdescriptions and information about available benefits, visitors can view associates’ video testimonials, find answers to common questions, anduse a “Career Fit Tool” to see which job or line of business might suit their skills, experience, education and interests.




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An internship is a huge advantage for those seeking employment at Bank of America; interns are more likely to move to the head of the hiringline. The firm offers summer internships for analysts (undergrads) and associates (grad students).

Good mix

DiversityInc magazine consistently names Bank of America as one of the Top 50 Companies for Diversity. Black Enterprise consistently ranksBofA one of the 40 Best Companies for Diversity. And Hispanic Business continues to rank the bank as one of the Top 60 companies forHispanics. In addition, Working Mother magazine has recognized Bank of America as one of the 100 Best Companies for working mothersfor more than 20 consecutive years.





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Hong Kong Branch:

59-63/F


8 Finance Street

Central, Hong Kong

Phone: +852-2909-8888

Fax: +852-2865-2523

www.bnpparibas.com


Australia • Brunei • China • Hong Kong • India • Indonesia •

Japan • Korea • Macau • Malaysia • New Zealand • Pacific

Islands • Philippines • Singapore • Taiwan • Thailand •

Vietnam

DEPARTMENTS

Asset Management & Services

Corporate & Investment Banking

International Retail Services

THE STATS


Ticker Symbol: BNP (Euronext)

President, CEO & Director: Baudouin Prot


Net Income: €3.02 billion


No. of offices: 2,200

KEY COMPETITORS

Crédit Agricole

HSBC Holdings

Société Générale

EMPLOYMENT CONTACT

careers.bnpparibas.com

graduates.bnpparibas.com


BNP PARIBAS SA15PRESTIGERANKING

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THE SCOOP

BNP meets Paribas

BNP Paribas was born in 2000 when two French banks, Banque Nationale de Paris (BNP) and Paribas, merged to form the most profitablebank in the Eurozone, as well as one of the largest banks in the world. Today, the company has more than 169,800 employees operating in85 countries around the world. The bank's presence in Asia is substantial, with operations in numerous countries, including China, Japan,South Korea, Taiwan, Hong Kong, the Philippines, Vietnam, Thailand, Malaysia, Singapore, Indonesia and India.

Worldwide, BNP Paribas has five major areas of business: French retail banking, international retail services, asset management and services,operations of BNL (Italy's Banco Nazionale del Lavoro, which BNP Paribas took over in 2006), and corporate and investment banking.

In Asia, BNP Paribas' business is divided into two core areas: corporate and investment banking (CIB), and asset management and services.The CIB activities are balanced between advisory and capital markets and specialized financing. Within CIB, the client coverage organizationmanages the bank's client portfolio along with financial institutions and large corporations. Asset Management handles the asset-gatheringarm of the group, including Private Banking and BNP Paribas Investment Partners.

In July 2008, BNP Parias’ CIB unit established a centralized worldwide entity. Two new business lines were created: global structured finance(which now includes the structured finance activities of origination, structuring, execution and syndication for all business sectors) and thecorporate and transaction group.

A foothold in the mainland

Like many of the largest international banks, BNP Paribas has partnered with a Chinese bank to give it a foothold in the country. In October2005, the firm joined forces with Bank of Nanjing, the eighth-largest commercial city bank in China with 60 branches and 1,500 employees.Bank of Nanjing was previously named Nanjing City Commercial Bank, but was renamed in 2007. Unlike many other Sino-foreign bankrelationships, Bank of Nanjing is not one of the one major state-owned banks but a relatively small regional retail bank in the province ofJiangsu in eastern China. At the time of its deal with BNP Paribas, Bank of Nanjing had an impressive US$5.3 billion of total assets.

Under the terms of the agreement, BNP Paribas originally purchased a 19.2 percent stake in the Chinese bank, close to the regulatory cap of19.9 percent. However, this stake was diluted to 12.6 percent following Bank of Nanjing's IPO in July 2007. The two banks are collaboratingin the retail banking area while also offering services such as credit cards, wealth management and corporate banking.

On the Orient express

BNP Paribas teamed up with another bank in Asia in 2007 when it purchased a share of Orient Commercial Joint-Stock Bank (OCB), aVietnam-based financial services company. The move gave the company key representation in a market that is still largely untapped. Thebank announced in 2006 that it would purchase an initial 10 percent stake in OCB at an undisclosed sum. The finalization of these plans wassigned in Paris in October 2007 and an inauguration ceremony was held in Ho Chi Minh City (where the bank is headquartered) in early 2008.In February 2008, things were going so well between the two banks that BNP Paribas announced that it would seek the Vietnamesegovernment's approval to double its stake in OCB to 20 percent. OCB had an impressive year in 2007, with its total assets shooting up 82percent to VND 11.8 trillion (US$737 million).

Private riches

One of BNP Paribas' main Asian businesses is its private banking division, which has operations in Singapore, Hong Kong, China, India andTaiwan. With wealth skyrocketing in these regions, the competition is high to get in on the action. In 2006, the world's percentage of high-net-worth individuals increased 8.3 percent to 9.5 million. That same year, there were 345,000 people in China with investable assets of US$1million or more. In India and Singapore, the high-net worth population grew by 21.2 and 20.5 percent, respectively, the largest increase of allthe nations in the world. The clients that use BNP Paribas' private banking services usually have about US$5 million or more in investableassets.

The CEO of BNP's Asian private banking operations, Michel Longhini, recently said that he expects total assets in the private banking sectorin Asia to grow by 20 percent each year for the next several years. Currently, the bank has six offices in India and two in Taiwan, employingabout 100 people combined. The operations in Singapore and Hong Kong are the two key regional hubs in Asia, with about 550 totalemployees. As of June 2008, BNP Paribas Private Bank had about US$32 billion in assets under management in Asia.


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Overturning the odds

Despite the bleak financial picture that many banks across the globe encountered in 2008, BNP Paribas was able to navigate its way throughthe economic wreckage with relative ease. Thanks to the resilience of retail banking and AMS, and through a mix of cost cutting measuresthat saw bonuses reduced, operating expenses were contained at 18.4 billion, while total revenue was down by 11 percent to €27.3 billion.By the end of 2008, pre-tax income was down from €7.8 billion to €3.9 billion, but this was still enough to put the bank’s profits in the world’stop 10. Going forward into 2009, the bank revealed its plan to avert financial difficulties: reduce market risk and risk-weighted assets,strengthen its capital base through earning generations and participate in the French stimulus plan, while stabilizing its cost base.

Awards and Rankings

• Forbes Global 2000, No. 13 (Forbes, 2008)• Best Overall Provider of FX Services (Asiamoney, 2008)• Derivatives House of the Year/Best Equity Derivatives House/Best Derivatives House: Japan/ Best Derivatives House: Taiwan (The Asset, 2008)• Japan House of the Year/Asia House of the Year (Structured Products, 2008)

IN THE NEWS

April 2009-August 2009: Changes high up

In April, BNP Paribas Capital (Singapore) received a new chief executive in the form of experienced banker Johnson Tan. He was also madehead of the bank’s South East Asian corporate finance unit, which provides banking clients with services for M&A as well as primary equitymarket transactions. Tan has over 20 years of experience in M&A deals for large corporations and government bodies and was working as themanaging director of corporate finance for South East Asia at the Macquarie Group before being hired by the French bank.

Another appointment included Chinese banker Margaret Ren, who was made chairwoman and chief executive of BNP Paribas’ corporatefinance division for Greater China in August. A former managing director and chairwoman of China investment banking at Merrill Lynch (AsiaPacific), Ren proved to be a star banker at her former bank and is seen as a pioneer in investment banking in China. She was one of manyMerrill Lynch employees at the time to defect to other banks across the globe.

April 2009-May 2009: Sharia compliant

BNP Paribas revealed that it was looking to boost its revenue from Islamic finance four-fold by the end of 2011, through expanding its corporatebanking products and Islamic operations in South East Asia. By May, the French bank was granted its first license in Islamic assetmanagement and launched BNP Paribas Islamic Asset Management Malaysia. The license will enable the bank to provide its clients with afull range of Sharia-compliant asset management products. Malaysia, along with Saudi Arabia comprises 48 per cent of the bank’s Islamicfunds and 61 per cent of their assets.

April 2009: Weeding out insider trading

In what was Hong Kong’s first criminal conviction for insider dealing, Ma Hon Yeung, a former vice president of BNP Paribas Capital (AsiaPacific) was handed 26 months imprisonment along with a fine of $29,680. Ma and four others were found guilty on a total of 12 insiderdealings and related offences and given fines equaling the profits made while dealing in shares of Egana Jewelry & Pearls. Ma was foundguilty of using his position at the Paris-based bank to tip off the other four defendants about the proposed privatization of the jewelry firm.

March 2009: Leaving Tokyo

Joining an exodus of foreign companies, BNP Paribas delisted its shares from the Tokyo Stock Exchange, in March. The reason behind themove was said to be due to the big drop in trading in its shares in Japan over the last few years. The bank joined the likes of BP, SociétéGénérale and Boeing in leaving the exchange, which at the time of delisting had a mere 15 foreign companies, down from a peak of 127 in1991.


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January 2009: Insurance move

In a move designed to tap into Asia’s top insurance markets, BNP Paribas announced the formation of a $60 million insurance tie-up withTaiwan Cooperative Bank. The French bank will hold a 49 percent stake in the joint venture, while its Taiwan counterpart takes the rest. Themove came at a time when ING had sold its Taiwan insurance business to Fubon Financial and AIG, the damaged US insurer was trying tosell its Taiwan business Nan Shan Life.

December 2008: Hiring and firing

Despite the very gloomy headlines towards the end of 2008 regarding impending job losses, BNP Paribas Wealth Management claimed thatit still had plans to hire 100 more people in 2009 for Asia, with 80 to be based in Singapore. Of these 80, 30 new hires would be seniorrelationship managers, while the bank was looking to add another 50 people to its international IT hub. The bank stated at the time that by2009 it expected the headcount in Singapore to reach 500, up from 350.

It wasn’t all positive for the bank at the turn of the year, however, as it also revealed that it was to lay off 50 workers from its Asian corporateand investment banking division in January in an effort to cut costs.

October 2008: A Belgian snack

France’s biggest bank also became the biggest in the Eurozone after it paid 14.5 billion in cash and shares to take control of stricken Belgianbank Fortis, just days after it was the target of a government-led rescue package. BNP Paribas gained control of Fortis’s banking businessesin Belgium and Luxembourg for 9 billion, funded through issuing 132.6 million new BNP Paribas shares. As a result of the deal, BNP Paribas’deposit based rose from 586 billion to 239 billion, including $30 billion of client assets and liabilities in Asia, where the bank was a top 10private bank with over 860 employees.

June 2008: Making moves in China

In June 2008, BNP Paribas announced the completion of its conversion project in China, a prerequisite for the bank to conduct expandedservices in China. BNP Paribas had secured approval in April 2008 by China's banking regulator, the China Banking Regulatory Commission,to convert the branches of BNP Paribas in Beijing, Tianjin and Guangzhou into branches of BNP Paribas (China) Limited, a wholly ownedsubsidiary of the bank. The Shanghai branch of BNP will be retained as a wholesale foreign currency branch under the BNP Paribas Group.


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GETTING HIRED

Get your foot in the door

Graduates interested in corporate and investment banking in Asia Pacific get their own campus recruitment page atgraduates.bnpparibas.com. (A separate Japanese-language recruitment site for Japan is operated at www.bnpp.jp/recruit/index.html.) Thesite is organized into four sections: business area, route, role and location. Locations in Asia Pacific include Ho Chi Minh City, Hong Kong,Jakarta, Mumbai, Seoul, Shanghai, Singapore and Sydney. Analyst and associate positions are offered throughout these cities—check eachcity's details on the recruitment site for further information. Summer internships are also available in Hong Kong to students from their secondyear of a bachelor's degree up to PhD or MBA level.

BNP Paribas has a number of different career paths, but recruits heavily in corporate and investment banking (corporate banking, corporatefinance and capital markets activities), retail banking, asset management and services (including private banking and securities), and supportfunctions. More details on these opportunities are available on the firm's careers page at careers.bnpparibas.com or atgraduates.bnpparibas.com.

For Asia Pacific, the firm's careers page also has links to local pages and contact information for its human resource departments at offices inHong Kong, India, Japan and Singapore. Just click "Other countries" under the country list and you'll be directed to the right place to apply.You can also apply for an internship directly by submitting an application to the location of your choice.

In Hong Kong and Singapore, BNP Paribas offers opportunities in corporate and investment banking, private banking and asset management.For Hong Kong, you can email your CV and cover letter to [email protected], and for Singapore, you can send them [email protected]. India can be reached at [email protected] for corporate and institutional banking,private banking and individual banking opportunities. Japan offers corporate and institutional banking, and can be contacted [email protected].


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CITIGROUP INC.

50/F Citibank Tower

Citibank Plaza, 3 Garden Road

Central, Hong Kong

www.citigroup.com


Australia • Bangladesh • Brunei • China • Guam • Hong Kong

• India • Indonesia • Japan • Korea • Macau • Malaysia • New

Zealand • Philippines • Singapore • Sri Lanka • Taiwan •


BUSINESSES

CiticorpInstitutional Clients Group

Citi Capital Advisors

Citi Investment Research & Analysis

Global Banking

Global Markets

Global Transaction Services

Regional Consumer Banking

Citi-branded Cards

Local Commercial Banking

Retail Banking

Citi HoldingsBrokerage and Asset Management

Consumer Finance

Special Asset Pool

THE STATS


Ticker Symbol: C (NYSE)

CEO, Citi: Vikram S. Pandit

Co-CEOs, Asia Pacific: Shirish Apte & Stephen Bird

Chairman, Asia Pacific: Shengman Zhang


Net Income: US-$1.6 billion

No. of Employees: 276,000 (worldwide)

No. of Offices: 7,500 (worldwide)

KEY COMPETITORS


Barclays

Deutsche Bank

HSBC Holdings

J.P. Morgan

PLUSES

• “Responsibility at young age”

• “Strong brand image and reputation”

• “Steep learning curve”

MINUSES

• “Cut throat"

• "Dog-eat-dog culture”

• “Lot of politics, especially at senior management positions”

EMPLOYMENT CONTACT

Graduate Recruitment: oncampus.citi.com

Lateral Hiring: careers.citigroup.com

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THE SCOOP

A changing Citi

Citigroup Inc. (now commonly referred to as simply Citi) serves over 200 million customer accounts in more than 100 countries and has over265,000 employees worldwide. Citi had traditionally been revered as the world’s largest financial services group, but the financial crisis hasnot been kind to this global giant. During the crisis, Citi has seen billions of dollars wiped off its market value, laid off nearly 100,000 employeesworldwide since the start of 2008, received US$45 billion in assistance from the U.S. government and sold off some non-core assets in 2009—including its U.S. and Japanese brokerage arms.

For many years, Citi operated its businesses through four key areas: markets and banking, global consumer banking and global cards, globalwealth management and alternative investments. In October 2007, Citi merged its markets and banking unit with its alternative investmentsgroup to create an institutional clients group, with the aim of offering the full range of corporate and investment banking services. Then inJanuary 2009, given the dramatic and profound changes in the markets, Citi restructured its businesses into two primary segments: Citicorpand Citi Holdings. Citicorp is now the core franchise of institutional and consumer businesses, aiming to be the source of Citi’s long-termprofitability and growth, while Citi Holdings' assets are planned to be managed to optimize their value over time.

Still going strong in Asia

Over the past several years, the Asia Pacific region has been one of the fastest-growing regions for Citi. In the third quarter of 2009, Citi AsiaPacific’s consumer banking business was the largest net income contributor to Citigroup’s earnings, accounting for over 65 percent. For thefirst nine months of 2009, Citi in Asia reported revenue of around US$11 billion and net income of US$3.5 billion, making it one of the mostprofitable regions for Citi globally.

Citibank is one of the leading financial services brands in the region, serving more than 35 million customer accounts in 14 markets in AsiaPacific, and is the top card issuer with 15 million card accounts in circulation. With over 600 branches across the region and more than 2,000ATMs, Citi was the first to launch mobile banking services for customers in China, India, the Philippines and Singapore in 2009. Citi alsorecently launched consumer banking and private banking services in Vietnam.

Through its institutional clients group business, which operates in 18 markets in Asia Pacific, Citi helped reopen Asia Pacific’s capital marketsin 2009, underwriting the first IPO of the year (Real Gold in Hong Kong), the first convertible bond (SK Telecom in Korea), the first corporatebond (Posco in Korea), the first rights issue (DBS in Singapore), the first covered bond (Kookmin Bank in Korea) and the first high-yield bond(Matahari in Indonesia).

Citi, the first U.S. bank to establish operations in Asia, has been in the region for more than 100 years. It opened its first branch in Shanghaiin 1902 through its predecessor company, the International Banking Corporation (IBC), and expanded to Hong Kong, India, Japan, thePhilippines and Singapore in the same year. (In Japan, Citi has been involved in a joint venture with the Nikko Cordial Corporation since 1999;in October 2009, Nikko Citigroup Limited was renamed Citigroup Global Markets Japan.)

Citi expanded further into Asia Pacific in the 1950s, 1960s and 1970s, launching operations in Australia, Brunei, Guam, Indonesia, Korea,Malaysia, New Zealand, Sri Lanka, Taiwan and Thailand. Today, in the region, Citi serves multinational organizations, local corporations andfinancial institutions, offering a range of products and services, including securities sales and trading, foreign exchange, investment banking,project finance, cash management, custody and syndicated loans. In July 2009, Euromoney named Citi the Best Bank in Asia for the 10thconsecutive year; Citi also nabbed Best Bank in Singapore, Best Cash Management in Asia Pacific, and Best Hong Kong Equity House fromEuromoney.

Raising capital

Citi found itself in the center of the subprime storm in 2007 and early 2008 with heavy losses related to subprime mortgages. In the fourthquarter of 2007, the firm announced its exposure to the mortgage market and write-downs of US$18.1 billion, which led to a net loss of US$9.8billion for the quarter, the biggest quarterly loss in Citi's history.

The firm was also one of many American companies to tap investments from sovereign wealth funds and foreign investors in order to bolsterliquidity. Citi's cash came from a variety of different sources. In November 2007, the firm announced it would receive a cash infusion ofUS$7.5 billion from an Abu Dhabi sovereign wealth fund. In January 2008, the Government of Singapore Investment Corporation (GIC)pumped US$6.88 billion into Citi in exchange for a 4 percent stake. Capital Research Global Investors, Capital World Investors, the KuwaitInvestment Authority, Saudi Arabia's Prince Alwaleed bin Talal, and Sanford Weill also contributed capital.


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Beyond that, Citi continued to raise liquidity as it received US$45 billion in October and November 2008 from the U.S. Treasury's TroubledAsset Relief Program (TARP). The U.S. government became Citi's largest shareholder, taking a 34 percent stake in the bank. At the end ofthe third quarter of 2009, Citi’s Tier-1 capital ratio, a key measure of financial strength, was 12.7 percent, among the highest in the industry.

Big layoffs

Citi laid off about 17,000 people in April 2007 in anticipation of subprime-related losses in the second half of the year. In January 2008, Citiannounced it was cutting 4,200 jobs from its investment banking division in order to reduce costs. At the time, Citi said that its ultimate totalnumber of layoffs could be close to 20,000 to 24,000, which—due to the firm's massive size—still only accounted for less than 10 percent ofCiti's workforce. But after four consecutive quarters of losses, Citi announced in November 2008 that it would be cutting an additional 52,000jobs globally. Further reductions have left Citi with a workforce of around 265,000 employees globally as of December 2009.

Pandit's keys to the Citi

Vikram Pandit became the CEO of Citi in December 2007, replacing interim CEO Sir Winfried Bischoff. Pandit succeeded Chuck Prince(Charles O. Prince III), who had taken his post in 2003. To say the least, Pandit's job has not been easy, taking the helm of the world’s largestbanking and financial services group during the worst financial crisis in modern times.

Pandit joined Citi just after the global banking group purchased Old Lane Partners, the hedge fund that Pandit set up after leaving MorganStanley. (Unfortunately for Old Lane, after two years of “flat” returns that caused US$200 million of write-downs in the first quarter of 2008,Citi decided to close down the hedge fund.) At the time of his appointment, industry commentators noted that in the wake of the losses thegroup was hit with under Prince, Pandit would have to address the firm’s risk management practices to win back the confidence of staff andinvestors.

Although Pandit lowered the bank’s costs and allowed reinvestments in growth in 2007, the following year was not so peachy. However, in2009, the bank reported three consecutive quarters of global profitability. The completion of an exchange offer in the third quarter this yearalso resulted in an additional US$64 billion of Tier-1 Common and US$60 billion of Tangible Common Equity. Citi’s TCE and Tier-1 Commonratios improved to 10.3 percent and 9.1 percent respectively at the end of the third quarter, placing it among the strongest in the industry.Even so, when the firm reported its year-end earnings at the beginning of 2010, the three quarters of profits were erased, as Citi booked aUS$7.6 billion loss in the fourth quarter. That resulted in an overall 2009 loss for Citi of US$1.6 billion.

Awards and rankings

• Best Foreign Bank in Philippines, Best Foreign Bank in Singapore, Best Foreign Bank in Thailand (Alpha Southeast Asia, 2009

• Islamic Product House of the Year (Asia Risk, 2009)

• Best Global Cash Management Banks (as voted by Asian corporates in small, medium and large categories), Best Global CashManagement Bank (as voted by financial institutions in small and medium categories), Best U.S. Dollar Cash Management Services,Best at Understanding of Business Strategies and Objectives, Best at Implementing of Cash Management Solutions, Best After-SalesCustomer Service, Best Electronic Banking Platform, Best Local Currency Cash Management Services (Asiamoney, 2009)

• Best Agency and Trust Bank, Best e-Commerce Bank, Best in Corporate Trust, Best Cash Management Bank—North Asia, Best CashManagement Bank—Indonesia, Best Cash Management Deal—Samsung Electronics, global liquidity solution, Best Transaction Bank—Indonesia, Best Transaction Bank—Philippines, Best Trade Finance Bank—Philippines (The Asset, 2009)

• Best Bank in Asia (10 years in a row), Best Cash Management Bank in Asia, Best Equity House in Hong Kong, Best Bank in Singapore(Euromoney Awards for Excellence, 2009)

• Best Foreign Investment Bank in India, Best Foreign Commercial Bank in Indonesia, Best Foreign Commercial Bank in Hong Kong (12consecutive years), Best Foreign Commercial Bank in Korea, Best Foreign Commercial Bank in the Philippines (11 consecutive years),Best Foreign Commercial Bank in Sri Lanka Best Foreign Commercial Bank in Singapore (13 consecutive years), Best ForeignCommercial Bank in Taiwan (12 consecutive years), Best Foreign Commercial Bank in Thailand (seven consecutive years)(FinanceAsia, 2009)

• Best Corporate/Institutional Internet Bank: Australia, Bangladesh, India, Japan, Kazakhstan, Korea, New Zealand, Pakistan, thePhilippines, Thailand and Vietnam (Global Finance, 2009)


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• Best Global Cash Management Bank, Best Bank for Liquidity Management in Asia (seven consecutive years), Best Foreign Treasuryand Cash Management Bank in China (Global Finance, 2009)

• Best Overall Trade Bank in Asia (five consecutive years), Best International Trade Bank in Hong Kong, India, Malaysia, Thailand andVietnam (Trade Finance, 2009)

IN THE NEWS

October 2009: Jewel in the crown

The Asia Pacific business has been described as the "jewel in the crown" for Citi, and its third quarter 2009 results showed why. Net incomefor the banking giant in the region stood at US$845 million for the quarter, the largest net profit result for any region in which it operates. "AsiaPacific is a credit-tested durable business," said Asia Pacific co-CEO Stephen Bird. "China lies at the very heart of Citi's Asia Pacific priorities."Citi's business on the Chinese mainland, Taiwan and Hong Kong contributed to about one-third of Citi's overall business in the region.

October 2009: Keen to expand in India

Citibank said it is keen to expand its branch network in India to enhance operations and serve existing customers better. "Citi would love toopen more branches in India," Citi South Asia CEO Mark Robinson remarked in a statement. At the time, Citibank had 41 branches with 4,795employees in India. Credit growth of Citibank, Robinson said, would be faster in commercial banking and small and medium enterprisesportfolios, and relatively slower in consumer banking in the current fiscal climate. Expressing optimism over the country's growth prospects,Robinson said, "On the (Indian) economy, the outlook is very positive; we feel very good about the next 12 months."

October 2009: New APAC head for consumer and cards

Jonathan Larsen was appointed the head for Citi Asia Pacific's consumer banking and global cards businesses. Most recently serving as Citi'scountry head for Singapore, Larsen got his start at Citi in 1998 and has handled a variety of senior management roles across the Asia Pacificregion, including serving as the head of Southeast Asia and head of retail banking for Citibank in Asia Pacific. In his new role, he'll be basedin Hong Kong and reporting to Asia Pacific co-CEOs Stephen Bird and Shirish Apte. Larsen's successor in Singapore was not immediatelyannounced.

October 2009: Foraging deeper into China

Expanding further into rural China, Citi China opened its third lending company ias Dalian Wafangdian Citi Lending Co. was established nearthe northeastern port city of Dalian. (The other two lending businesses are located in the Gong'an and Chibi areas in Hubei province.) Withregistered capital of RMB 17 million and 10 employees to start, Dalian Wafangdian Citi Lending offers both secured and unsecured loans toindividuals, self-employed and micro-businesses. In China, Citi now operates eight corporate bank branches and 26 consumer bank outletsin Beijing, Shanghai, Guangzhou, Shenzhen, Tianjin, Hangzhou, Dalian and Chengdu. In March 2007, the China Banking RegulatoryCommission granted Citi China approval to begin operations as a locally incorporated bank.

October 2009: First retail branch in Vietnam

Citi opened its first Vietnam retail banking branch. Located in Ho Chi Minh City's central business district, the branch provides deposit andremittance services. Citi has been in Vietnam since 1993, with commercial banking outlets in both Hanoi and Ho Chi Minh City. Citi is thefirst U.S.-based bank to open for retail banking in Vietnam; HSBC, Standard Chartered and ANZ already operate retail banking services in therapidly developing country. Shirish Apte, Citi Asia Pacific's co-CEO, remarked, "We believe in Vietnam's future, and are committed tocontinuing to invest here and actively participate in Vietnam's economic growth."

October 2009: Water under the bridge?

Businessman Oei Hong Leong, one of Singapore's 40 richest people in 2009 according to Forbes, filed a lawsuit against Citi's private bankingarm in May 2009. Oei claimed he had lost about SG$1 billion in 2008 due to conflicting reports from Citi on his margin surplus in October


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2008. In a June court filing, Citi denied that it had provided misleading or inaccurate information, and stated that Oei was aware of the"considerable risks" of his investments.

Oei and Citi eventually settled out of court in October 2009; terms of the settlement were kept confidential. In a Bloomberg interview, Oeiremarked, “I am quite happy with the outcome and I’ve put this 100 percent behind me. How do you say it in English? Water under thebridge. It’s all been quite amicable and I have no hard feelings.”

July 2009-October 2009: Sayonara, Nikko

In early 2007, Citi announced its intentions to acquire 100 percent of Nikko Cordial's brokerage business, Nikko Cordial Securities, as part ofthe plan for Citi's expansion in Japan. By the end of the year, the deal was completed, with Citi paying US$13.4 billion. However, the tie-upwith Nikko Cordial Securities was extremely short-lived, as Citi did a complete reversal on its expansion plans in Japan. In January 2009, Citiannounced plans to focus on core assets in retail banking, taking a step back from asset management and brokerage services. CEO VikramPandit said that the firm is “moving extremely fast” on asset sales. The latest sale came after U.S. regulators performed a "stress test" andadvised Citi to improve its capital base by US$5.5 billion.

First, Citi sold its Japanese asset management arm, Nikko Asset Management, to Sumitomo Trust for US$795 million in July 2009. The dealcreated one of the largest asset management groups in Japan. Then, in October 2009, a subsidiary of Japan-based Nomura Holdings, NomuraTrust & Banking, successfully purchased NikkoCiti Trust and Banking Corporation for US$212 million, with Citi ICG advising on the deal.

Following that, Citi inked a deal with Japanese banking giant Sumitomo Mitsui Financial Group (SMFG) to sell Nikko Cordial Securities forUS$8.7 billion—selling it at a loss of US$4.7 billion, less than a year and a half after buying out the securities firm. The sale was completedin October 2009. Also in October 2009, Citi's joint venture with Nikko Cordial, Nikko Citigroup Limited, was renamed Citigroup Global MarketsJapan.

September 2009: Gupta hits the road, takes over DBS

Piyush Gupta, Citi's CEO for Southeast Asia and the Pacific region, left after 27 years at Citi to take the top CEO spot at Singapore-based DBSGroup. Gupta took over at DBS for Richard Stanley (formerly Citi's CEO for China), who died of complications from leukemia in April 2009.

September 2009: GIC sells at a profit

After investing a further US$6.88 billion into Citi in January 2008, the Government of Singapore Investment Corporation (GIC) sold about halfof its stake, according to a news release. The sale of the stake left GIC holding less than 5 percent in Citi, and the government investmentvehicle netted a profit of US$1.6 billion. According to the release, "This was the level GIC had intended when it invested in Citigroup throughthe convertible security. A stake below 5 percent reflects GIC's goals and desire to be a portfolio investor." GIC also added that it planned tocontinue its Citi investment based on confidence in its long-term prospects.

July 2009: Continuing to look up

For the second quarter 2009, Citigroup posted a US$4.28 billion profit compared with a loss of US$2.5 billion in the previous year’s samequarter. Revenue saw a 71 percent boost to US$29.97 billion. However, the news wasn’t all positive—Citi also posted a 7 percent decreasein revenue within its securities and investment banking units. The group also executed 30,000 job cuts within the quarter.

June 2009-July 2009: Banga goes to Mastercard, powers divided in three

In perhaps the most significant move affecting the Asia Pacific region in recent years, Citi Asia Pacific CEO Ajay Banga left in June 2009 tobecome second-in-command at credit card giant Mastercard (as its president and chief operating officer). Banga, who had been with Citisince 1996, had served in the Asia Pacific CEO position for just over a year, having taken the newly created post in April 2008. Powers for theAsia Pacific CEO position were divided in three in July 2009. Shengman Zhang was named the chairman for Asia Pacific, while Shirish Apteand Stephen Bird were named co-CEOs for the region. Zhang will be primarily responsible for Citi's relationships with clients, regulators,government officials and employees across the region. Meanwhile, Apte will oversee South Asia, while Bird will continue to oversee North Asia,and the two will collaborate on overall performance, strategy and execution in the Asia Pacific region.


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June 2009: Citi removed from Dow Jones blue chip index

Citi and General Motors (GM) were both removed from the blue-chip Dow Jones Industrial Average. Dow Jones editor-in-chief Robert Thomsonexplained: "We were reluctant to remove Citigroup at the height of the financial frenzy, but it is clear that the bank is in the midst of a substantialrestructuring which will see the government with a large and ongoing stake. We genuinely hope that once the bank has refashioned itself thatwe will again be able to consider it for inclusion—Citigroup is a renowned institution, not only in this country, but around the world." GM andCiti were replaced by Cisco Systems and former Citi insurance arm Travelers.

April 2009: Good news on the earnings front

Citigroup booked US$1.6 billion in net income for the first quarter of 2009, concluding five consecutive quarters of losses (including a US$5.11billion loss in the first quarter of 2008). Revenue, meanwhile, skyrocketed to US$24.8 billion, a 99 percent increase versus the first quarterof 2008. The positive numbers were propelled by increased fixed income trading revenue, a new accounting rule letting Citi take a one-timegain of US$2.5 billion on its derivative positions and lower costs—Citi had cut operating expenses by 23 percent in the previous 12 monthsand its headcount by 13,000 since the beginning of 2009.

February 2009: Dollar days

Citigroup CEO Vikram Pandit said that he had offered to take a US$1 salary and no bonus until the bank gets back on solid financial ground,noting that he understands “the new reality” and “will make sure Citi gets it as well.” The announcement came as U.S. President BarackObama and other lawmakers slammed Citi and other banks for giving exorbitant year-end bonus payments to top executives after acceptingfederal bailout funding.

February 2009: India car-loan operations shuttered

According to India's Financial Express, Indian unit CitiFinancial India halted the finance of automobile purchases, shutting down 280 branchesand cutting 1,000 jobs.

February 2009: TARP spending breakdown

Citi posted its initial progress report regarding its use of the funds from the U.S. government’s Troubled Asset Relief Program (TARP). Duringthe fourth quarter of 2008, of the US$45 billion it received, Citi said it had lent US$36.5 billion, including US$1 billion in student loans andUS$2.5 billion in business and personal loans. Citi also increased credit lines, opened new credit card accounts and spent US$27.5 billionto buy mortgages in the secondary market during the last three months of 2008.

Also in February, the U.S. Treasury boosted its stake in Citi from 8 percent to 36 percent, converting US$25 billion of its preferred stock intocommon equity. The move freed up some much needed capital for Citi—the bank doesn’t have to pay dividends on the common stock unlikeit did on the preferred. It also significantly diluted existing shareholders’ stake in Citi by nearly 75 percent. According to Citi CEO Vikram Panditin a statement, the swap “has one goal: to increase our tangible common equity.” Pandit added, “While we believe Tier 1 capital remains themost important measure of the financial strength of banks, we recognize that the markets also view tangible common equity as an importantmeasure.” Coinciding with the announcement, Citi agreed to make several changes, including changing the makeup of its board to includea majority of independent directors.

January 2009: Divide and conquer?

Upon the announcement of its financial results for the year, Citi revealed that it was splitting into two operating units: Citicorp and Citi HoldingsInc. The former would continue to provide traditional retail and investment banking services, while the latter would oversee what remained ofthe group’s high-risk investments (many had already been sold off). Citi itself remained as the parent company, but potential spin offs andmergers from either of the units were not ruled out as possibilities. In fact, the two operating units were divided so that Citicorp remained thecore bank, while Citi Holdings encompassed the saleable assets. Along with the restructuring, Citi announced its fifth consecutive quarterlyloss, as it booked a loss of US$8.29 billion for the fourth quarter of 2008.


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January 2009: Divesting U.S. brokerage business over time

Citi agreed to combine its Smith Barney brokerage unit with U.S.-based Morgan Stanley’s brokerage division, in effect selling a 51 percentmajority stake in the joint venture for US$2.7 billion. Morgan Stanley is expected to acquire full control of the venture, named Morgan StanleySmith Barney, in phases over the next five years.

December 2008-January 2009: Sale of assets in India

As part of its restructuring, Citi sold off two major businesses in India. First, in December 2008, Citi announced that it had completed the saleof its India-based business process outsourcing (BPO) unit, Citigroup Global Services Limited (CGSL). CGSL was sold to Indian giant TataConsultancy Services (TCS) for US$512 million, with part of the agreement being that TCS will provide outsourcing services through CGSL toCiti and its affiliates over the next nine and a half years. The CGSL sale resulted in Citi reducing its overall headcount by more than 12,000employees.

Then, in January 2009, Citi announced that it had completed the sale of technology infrastructure support and application development unitCiti Technology Services Ltd. (India). Citi Technology Services was sold to another Indian giant, Wipro Technologies, for US$127 million. Likethe CGSL deal, Citi inked an agreement with Wipro to deliver technology infrastructure services and application development and maintenanceservices over the next six years.

December 2008: Injecting cash into Korea

Giving a boost to its Korean banking arm, as well as support to the idea that Asia would continue to be a key region for Citi going forward, thegroup injected US$800 million of new capital into Citibank Korea. According to Reuters, 60 percent of the injection will be used for new shares,while the remainder will be earmarked for subordinated debt.

November 2008: Deeper cuts

After four consecutive quarters of losses, Citigroup announced it would be cutting an additional 52,000 jobs (in addition to the 23,000 it hadalready sacked before the announcement). The planned cuts are blamed on the ongoing financial crisis and global credit conditions. Cutsare expected to come from attrition, the sale of various units and assets, and outright layoffs.

In a good sign for Asia, cuts were expected to be significantly lower than in other regions. Reuters reported that, in Singapore, cuts would beless than 300, with a small number of positions cut in Australia as well. About 150 job cuts in Asia (excluding Japan) were reported to comefrom wealth management, with about 90 of those coming from Singapore and Hong Kong. The Associated Press reported that 1,000 jobswould be cut from Citi's brokerage unit in Japan. The AP also reported that Citi would be expanding its workforce and hiring more workers inthe Philippines, with the intent of setting up a regional call center hub.

November 2008: Nayar heads to KKR, Robinson takes over South Asia

Sanjay Nayar, Citi's head of the South Asia cluster, left his post to join the Indian unit of private equity firm Kohlberg Kravis Roberts & Co.(KKR). Nayar had been at Citi in various roles for 23 years, and called the decision a personal one. In the interim, Nayar was replaced byMark Robinson, who had been serving as Citi's head of Russian operations. Robinson has been with Citi for 24 years, primarily in emergingmarkets.

October 2008-November 2008: Bailout from TARP

Citi received US$25 billion in October 2008 from the U.S. Treasury's Troubled Asset Relief Program (TARP) in an effort to recapitalize themarkets. The following month, in November 2008, Citi received a further US$20 billion, bringing the grand total of bailout money to US$45billion and effectively making the U.S. government its largest shareholder. With the injection, the U.S. followed in the footsteps of someEuropean countries, which announced similar moves designed to help thaw their credit markets.

October 2008: Denying Goldman

Citigroup CEO Vikram Pandit was approached by Goldman Sachs CEO Lloyd Blankfein regarding the possibility of a merger, soon after Goldmanreceived approval to become a bank holding company in September 2008. According to the Financial Times, Citi roundly rejected the


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proposal, which would have been structured as a Citi takeover and would have likely led to thousands of job cuts in both companies' investmentbanking units. Citi may also have decided that it didn't need another securities group, the FT speculated.

August 2008: Four Asia Pacific clusters

Under Asia Pacific CEO Ajay Banga, Citi's Asia Pacific businesses were restructured into four geographic clusters: Japan, North Asia (China,Hong Kong, Korea and Taiwan), South Asia (Bangladesh, India and Sri Lanka), and South East Asia Pacific (Australia, New Zealand, Guamand the ASEAN countries of Indonesia, Malaysia, the Philippines, Singapore, Brunei, Thailand and Vietnam). Upon the announcement, CEOswere appointed for each cluster. Two CEOs continued in their roles—Doug Peterson for Japan and Sanjay Nayar for South Asia—and two newCEOs were appointed—Stephen Bird for North Asia and Piyush Gupta for South East Asia Pacific.

For the first time, the regional heads will be responsible for all Citigroup's business within their geographic areas. Previously, Citi's businessesin Asia were led by heads of the ICG, global wealth management and consumer banking units.

GETTING HIRED

The cat that gets the cream

Citi only “picks up the crème de la crème from top-tier business schools,” according to contacts at the firm, with a mere “1 percent” of MBAapplicants getting offers. We're also informed that “referral is quite important” if you want to increase your chances of getting in. “Competitionis intense,” according to one insider, yet the firm “looks for fit more than anything else.” The interview process “tends to be extremelythorough.” A source at the firm explains further, saying, “Every experience on your resume is probed in depth and interspersed with technicalquestions. They are difficult to prepare for, because the questions aren’t standard and the interviews go in the direction that the specificinterviewer you have wants to take it.”

Benefitting both parties

When it comes to Citi’s summer internships, sources say the experience “is good, but not essential,” as “only a few graduates are hired asinterns before getting full-time employment with the firm.” “It’s an important training ground in the company’s day-to-day processes andculture, which makes the transition process seamless,” reveals a respondent. A colleague agrees, stating that the internship “is an importantexperience for both the company and the candidate, to determine if they would want to continue working together—and it seems quite asuccessful way of getting the right candidates.”

OUR SURVEY SAYS

Going that bit further

“Citi is a very competitive environment and fits for people who are willing to go the extra mile,” says an insider when asked to describe thefirm. The “corporate culture is one of meritocracy, with top performers being rewarded for their hard work and excellent output.” As oneinsider puts it, the bank is best described by its own slogan: “Let’s get it done.” The environment is also “open and young,” and “significantresponsibility is given to fresh graduates,” who also benefit from “lots of avenues for training and knowledge sharing.”

Insiders don’t, however, hide the fact that “Citi is known for its aggressive culture,” and claim that it is “clearly visible on all fronts.” One sourceremarks, “Deadlines are tough, and a lot of emphasis is on meeting them. Working at Citi normally means a lot of responsibilities with hugeexpectations, although senior management is very supportive and a lot of guidance is always available.” Other sources say there is “alwaysroom for growth,” and “people are very professional and hardworking” at this “aggressive, dynamic and vociferous bank.”

Friendly perks

Employees in Citi’s Asian offices say they're given a “two-month bonus, plus a performance bonus,” in addition to “15 days of annual leave,20 days of personal leave and 30 days of sick leave.” New mothers are also given “60 days of maternity leave.” “Very good health insurancecoverage” which “now includes dental insurance” is also available in some regions, “with offers for family members.”


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Other perks offered by Citi include “late night work reimbursement for travel and meals, as well as an allowance for gas.” However, insidersfeel the salary package is a bit uneven compared to the global scale. “In countries like India, China and Indonesia, it is lower than the marketaverage,” says one source, with another stating bluntly, “Our counterparts abroad have higher salaries.” The firm notes that it offerscompetitive packages versus the local scale, particularly in China and India, and that packages are relative to the local cost of living.

Workaholics anonymous

As with most finance giants, expect a lot of hours. However, the firm is said to be flexible with regards to hours and working arrangements.An insider explains that “HR provides employees with the tools necessary to work from home where possible” and with a "corporate culturethat encourages people to leave as soon as their work is done." One source even states that the long hours boil down more to employee desirethan enforcement by the bank, saying, “Our competitiveness usually drives us to work longer hours, but this is largely voluntary.”

Here to help

Managers at Citi are described as “supportive and understanding,” and “everybody is treated equally,” insiders tell us. In fact, while “firmlycommitted to getting the job done, managers also proactively pay attention to employee development.” Reports another contact: “They alsoencourage you to make your own decisions and participate when they are required.” A colleague appreciates the support, saying, “This reallyhelps you sail up the curve and learn faster, getting better and more varied exposure,” agrees a colleague. A manager tells us, “Theorganization is essentially flat. People are generally empowered. I treat people of ranks lower than mine like I would those above myself—with respect and utter professionalism.”

Women welcomed

“Women are treated with the utmost respect throughout the organization,” reports a source, with another in Manila saying, “Women are asmuch empowered as men at work. Filipino culture generally entails being tolerant and accepting of diversity, so I don’t think there is anyproblem in this respect.” That said, insiders say women still “form under 15 percent of the workforce—mostly in junior levels” in the Indianoffices. “The company is pro-women, and has recruited a fair share of women in the past. However, there is an absence of women at topmanagement posts,” confirms a Delhi-based insider.

Regaining momentum

Despite the global crisis and the massive restructuring efforts, staffers are positive about the overall future of Citi. “The business outlookremains positive because the bank has a strong foundation and great product offerings,” maintains a respondent. A colleague agrees, beamingthat the “business outlook is really good, as the firm is one of the first in the industry to launch new products and provide value added servicesto the customer.” However, as with most banks during the economic downturn, not everything's rosy. “Employee morale may be low at themoment due to Citi suffering from the current global financial crisis,” despite the strength of the Asian business. Another source says, “We’velost momentum on being the first on foreign bank business; clients have started to move to local banks.” However, most people feel positiveabout Citi's future in Asia. One respondent sums up the feelings of many: “Overall, management is building confidence and strengtheningrelationships with clients, and I believe we will gain momentum back in a short while.”


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Level 38, Three Pacific Place

1 Queen’s Road East

Wan Chai, Hong Kong

Phone: +852-2166-5600

www.socgen.com



Korea • Malaysia • Philippines • Singapore • Taiwan •


DIVISIONS


Global Investment Management & Services

Retail Banking & Financial Services

THE STATS


Ticker Symbol: SCGLY (OTC)

Chairman: Daniel Bouton

CEO: Frédéric Oudéa


Net Profit: €2 million


No. of Offices: Locations in 82 countries

KEY COMPETITORS

BNP Paribas

Crédit Agricole

Deutsche Bank

EMPLOYMENT CONTACT

See “careers” at www.socgen.com


SOCIÉTÉ GÉNÉRALE SA17PRESTIGERANKING

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THE SCOOP

Big name in France

Société Générale is one of the largest banks in the world, with over 60 subsidiaries operating in 82 countries. The massive company isorganized into three main branches: retail banking and financial services, global investment management and services, and corporate andinvestment banking. Each of these divisions has major operations in Central and Eastern Europe, the Mediterranean Basin and Africa. Inrecent years, the company has significantly expanded its investment banking operations and asset management companies into the AsiaPacific region.

Société Générale is not just one of the biggest banks in France and Europe, it's also one of the oldest. The bank was officially created underNapoleon III back in May 1864 and has since survived through two World Wars. From 1965 to 1990, Société Générale rode the boom ofmodern banking and became a world leader in the banking arena. Today, the bank is ranked No. 49 on the Fortune Global 500.

A bank decreed

French banking giant Société Générale was formed by a decree signed by France’s then-emperor Napoleon III on 4 May 1864, founding thefirm in order to “foster the development of trade and industry in France.” During the past two centuries, that’s what Société Générale hasdone.

Société Générale fast evolved into a leading European financial services company and a major player in the global market. The firm began itsinternational expansion in 1871 with the opening of a London branch. By 1913, the booming banking powerhouse had established 1,400branches and established itself as a network bank. The company remained private until 1945, when the bank’s capital stock passed into thehands of the French government. Then in 1970, Société Générale stepped up its international development, concentrating on Asia andEastern Europe. Ten years later, in 1980, the bank had branches in 54 countries. As of March 2009, GIMS (Global Investment Management& Services) had 332 billion in assets under management.

Awards and rankings

• EMEA Structured Equity Issue of the Year (IFR, 2010)

• Global Adviser of the Yearm, Asia Pacific PPP Deal of the Year, Asia Pacific Power Deal of the Year, Asia Pacific Oil & Gas Deal of theYear, Asia Pacific Deal of the Year (Project Finance, 2009)

• No. 2 Overall, Debt Trading Poll (Euromoney, 2009)

• Best Fixed Income research House (Euromoney, 2009)

• No. 1 Global Provider in Equity Derivatives (Risk, 2009)

• Best Export Finance Arranger (Trade Finance, 2009)

• Best Commodities House, Best Fund-linked House, Best Fund-linked Structured Product House (Finance Asia, 2009)

IN THE NEWS

May 2009: Write-downs and losses

Société Générale reported a US$370.6 million loss for the first quarter 2009, a big drop from the US$1.47 billion in profit the firm pulled infor the first quarter 2008. CEO Frederic Oudea pointed out that the firm, which is still rebuilding after enduring a trading scandal in 2008,"registered an excellent commercial performance and high revenues," but added that Société Générale "fell into a loss due to losses andprovisions on risk assets."





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April 2009: Chairman steps down

Société Générale Chairman Daniel Bouton said that he would resign from his post after spending more than a decade with the firm. The bank,which had been mired by the aftermath of a $6.44 billion trading fraud in 2008, had also been handling scandal-related attacks against Boutoncalling for his resignation. Bouton, who offered his resignation shortly after the fraud was uncovered, was asked to stay in his role by theboard—even though the bank’s trading loss resulted in Société Générale being made to request a US$7.2 billion capital increase to mend itsfinances. In a statement (April 2009), Bouton said attacks against him “risk harming the bank and its 163,000 employees,” adding that “inthe present financial and economic storm, priority must go to unity."

April 2009: Asian expansion

The bank revealed its plans to expand throughout Asia with the creation of 50 new outlets in China alone. Despite the global financial crisis,it is clear the bank views China as a region with huge long-term growth potential, revealing that the first branches will be unveiled across thecountry’s affluent coastal regions with plans to expand into internal cities later on. As of April, the bank already employed 500 people in China.The news came on the back of Société Générale announcing that it was to open the third of its retail outlets in China in Shanghai. The branch,which provides finance management services and personal loan services follows the two branches the bank opened in Beijing in November2008 and in Guangzhou, which opened four months later in March.

September 2008: Better late than never

The bank strengthened its foundations in China when its China-incorporated subsidiary won an operational license from the China BankingRegulatory Commission giving it access to $2 trillion of personal savings in the country for the first time. Before the unit was opened, SociétéGénérale had been focusing on corporate and investment banking through its five branches in China. The opening of the consumer bankingservices in China proved to be the bank’s first such foray into Asia. Originally the bank had wanted to incorporate in China by March 2008,but the move was delayed following the fallout from the trading scandal in January of that year.

April 2008: Bulls by the horns

Société Générale signed the final agreement with Indiabulls for the creation of a life insurance joint venture in India. As part of the agreementthe French bank has a 26 per cent stake in the venture through its life insurance unit Sogecap, with Indiabulls taking the remaining 74 percent. The venture started off with an initial capital of 50 million.

January 2008: Rogue trader

Société Générale came face to face with the pitfalls of modern greed when it was rocked by the information that a single trader had allegedlycommitted fraud costing the company 4.9 billion. Jerome Kerviel, a 31-year-old trader who wanted to make a reputation for himself, wasarrested early in the year on charges of breach of trust, falsifying documents and breaching computer security. The loss hit the company'sintegrity and its coffers, and spurred rumors that the struggling institution would be the target of a takeover sometime during the year.

December 2007: Indian appetite

The company's investment banking division, Société Générale Corporate & Investment Banking (SG CIB), partnered with Ambit, an Indiancompany, to offer M&A advisory services for cross-border transactions. The exclusive agreement is a win-win scenario for both companies:SG CIB will get the opportunity to handle Ambit's European transactions and Ambit will be offered the chance to "identify, introduce, andexecute transactions" for its European clients. SG CIB has handled cross-border mergers such as Mittal Steel's acquisition by Arcelor as wellas the acquisition Bristol Water by Agbar.




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GETTING HIRED

Joining Société Générale

SG CIB maintains a helpful careers web site that provides information about opportunities in different divisions and functions, including capitaland financing, fixed income, equities and equity derivatives, banking operations, and information technology. The site also allows jobseekersto search jobs by location, with the following locations in Asia Pacific available: Australia, China, Hong Kong, India, Japan, Kazakhstan,Singapore, South Korea and Taiwan.

The bank runs a rotational program called the Graduate International Programme for European graduates. The program features an initial two-week training stint in INSEAD. One item of note with respect to the program is that SG CIB notes that it has a specific interest in findinggraduates who are fluent in both Japanese and English.





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16th Floor, Alexandra House

16-20 Chater Road

Central, Hong Kong

Phone: +852-2525-5333

Fax: +852-2810-6997

www.rothschild.com



Malaysia • Philippines • Singapore • Vietnam

DEPARTMENTS

Investment Banking

Private Banking & Trust

Venture Capital

THE STATS

Employer Type: Private Company

Chairman: Baron David de Rothschild


Net Income: €407 million


No. of Offices: 51

KEY COMPETITORS

Goldman Sachs

Macquarie

UBS

EMPLOYMENT CONTACT

www.rothschild.com/careers


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THE SCOOP

The Rothschild empire

The Rothschild family's prominence and affluence are so famous in Europe that the word "Rothschild" in French is actually used as a synonymfor great wealth. During World War II, the Nazis incorporated elements from a 1934 Hollywood film about the family called “The House ofRothschild” as propaganda to show the purported egregious wealth of the Jewish people. Meanwhile, in the Hebrew language version of thesong "If I were a Rich Man" from the musical “Fiddler on the Roof,” the title of the song is literally translated as, "If I Were a Rothschild." Ifyou still aren’t impressed, then consider the fact that the Rothschild family owns a number of vineyards and makes its own wine. However,the Rothschild family is not only known for its opulence, but also for its philanthropy and community work.

So it makes perfect sense in today's global economy that N.M. Rothschild & Sons, an investment bank founded by Nathan Mayer Rothschildin 1811, is now spreading the family's renown throughout every corner of the world. The bank has offices over 50 offices worldwide, withoperations in North America, Africa, the Middle East, Europe and South America. In the Asia Pacific region, the bank has offices in Beijing,Hong Kong, Jakarta, Kuala Lumpur, Melbourne, Mumbai, New Zealand, Seoul, Shanghai, Singapore, Sydney and Tokyo.

The London office of N.M. Rothschild & Sons is situated on the same corner it was back in 1811, but the institution has also changeddrastically through the years. A French branch called de Rothschild Freres was founded by James Mayer Rothschild in the early 19th centuryand was later nationalized by a socialist French government in 1982. In that year, Baron David de Rothschild, the current chairman of N.M.Rothschild & Sons, rebuilt a new bank from scratch with only three employees. In 2003, the British arm and the French arm of the Rothschild'sbank came together under the leadership of a new holding company called Concordia B.V. Concordia owns a controlling interest in RothschildContinuation Holdings, the parent company of N.M. Rothschild.

M&A mavericks

N.M. Rothschild's is known for its global prowess in M&A deals, garnering top spots in the global rankings in terms of numbers of deals. In2009, the company ranked No. 11 for all global announced deals (by deal volume), according to Thomson Reuters. Rothschild worked on219 deals worth a total of US$200.7 billion. In U.S. announced M&A deals, the firm ranked No. 10, and in Europe announced M&Atransactions, it ranked No. 9. Rothschild didn’t crack the top 25 in Asia (excluding Japan) announced mergers and acquisitions, but it rankedNo. 12 in completed deals.

A year earlier, in 2008, Rothschild’s operations in China launched the company into the No. 12 position in both announced and completedM&A eals. For announced deals, Rothschild boasted a whopping 2,190 percent increase from 2007, with total value of the announced dealsat US$7.78 billion. Its completed deals also skyrocketed in value to US$7.92 billion, up 480 percent from the previous year.

In fact, some of the bank's biggest deals in the M&A arena in the past few years have been in China. The bank advised Spain’s Banco BilbaoVizcaya Argentaria (BBVA) on its US$1.3 billion investment in China's CITIC International Holding Company in 2008 as well as South Koreantelecommunications giant SK Telecom's US$1 billion strategic alignment with China Unicom.

Though Rothschild is primarily known for its M&A prowess, its investment banking branch also handles debt advisory and restructuring, equitycapital markets, private placements and privatization services.

In the equity capital markets category, one of the company's top recent deals was advising online business-to-business trade company Alibabain its US$1.5 billion IPO on the Hong Kong Stock Exchange in 2007. The firm has also racked up major profits in India with its debt advisorybusiness, working on deals such as the GBP 6.2 billion offer Tata Steel made for Corus Group in 2007. The company also worked out ahedging strategy with Cairn India related to its US$1.9 billion IPO in early 2007.

The Rothshilds lose a leader

In June 2007, Baron Guy de Rothschild, the father of the current chairman of N.M. Rothschild, passed away at the age of 90. Baron Guy wasinstrumental in building the organization to its current level of prestige. After the bank was nationalized in 1982, it was his fervent protestsand cries of unfairness that gave his son the impetus and inspiration to reconstruct the bank. As the great-grandson of James Rothschild,Baron Guy de Rothschild kept the family tradition alive as the fourth generation to run the French arm of the bank. Baron Guy once said ofthe Rothschild banking empire, "We are a family. Not an impersonal corporation."


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Awards and rankings

• LBO Advisory Bank of the Year (Euroweek, 2009)

• Cross Border Deal of the Year—Carlsberg A/S and Heineken’s $15.4 billion acquisition of Scottish & Newcastle plc (Acquisitions Monthly,2009)

• Best M&A Adviser in Europe (Private Equity International, 2009)

• Best LBO Advisory Bank of the Year (Euroweek, 2009)

• Domestic M&A Deal of the Year: BM&F (Latin Finance, 2009)

• Cross-border Deal of the Year: Scottish & Newcastle (Acquisitions Monthly, 2009)

• Debt Advisory House of the Year (Acquisitions Monthly, 2009)

• Restructuring Adviser of the Year (Acquisitions Monthly, 2009)

• Debt Advisory House of the Year (Acquisitions Monthly, 2008)

• UK Financial Adviser of the Year (Financial Times & Mergermarket Awards, 2008)

• Italy Financial Adviser of the Year (Financial Times & Mergermarket Awards, 2008)

• Middle Market Financial Adviser of the Year (Financial Times & Mergermarket Awards, 2008)

IN THE NEWS

July 2009: Just friends

Nomura Holdings, Japan’s largest brokerage, announced in December 2008 that it had cancelled its almost four-year-long relationship withRothschild. Nomura’s change of heart came as the company purchased a segment of Lehman Brothers’ operations. Rothschild and Nomurahad provided joint advice on numerous deals, including NTT DoCoMo Inc’s acquisition of a stake in Malaysian mobile company TMInternational’s Bangladesh unit. “We have achieved our objective through the tie-up,” explained Nomura spokesman Tohru Namikara. “Wewill maintain a friendly relationship with Rothschild”.

Rothschild left the alliance unperturbed and has since sought out further ventures within Japan. In July 2009, Keiichi Mitake, the head ofRothchild’s local advisory partner Global Advisory Japan, reported that Rothschild was reviewing around 60 possible cross-border mergers andacquisitions in Japan. The Tokyo-based Global Advisory Japan formed an alliance with Rothschild in March 2009 and aims to push thecompany’s presence in Japan further into the limelight. According to a Bloomberg report, Rothschild is currently seeking advisory mandatesin the financial, energy, technology, consumer and pharmaceutical industries between Japanese and European or Asian companies.

April 2009: Staying busy through the storm

The government of Dubai hired Rothschild to help construct a $10 billion fund aimed at softening the impact of the global recession. Officialsat the Dubai Department of Finance began disbursing the funds quickly, saying they would offer most of the support to real estate and propertycompanies. According to Standard & Poor’s, Dubai’s economy—the second-biggest in the United Arab Emirates—is on track to slumpbetween 2 percent and 4 percent by the end of 2009.

Rothschild picked up another key assignment in April when it was retained by Belgian chemical and pharmaceutical conglomerate Solvay toco-run the auction of its lucrative pharmaceutical business. The two-stage auction, which is also being run by Citigroup and Morgan Stanley,is expected to bring in 5 billion ($6.62 billion).


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January 2009: Good business from bad business

Since late 2008, Rothschild has been advising Borders Group, the struggling bookseller, on options that may include restructuring orbankruptcy. The Borders team also includes consulting boutique AlixPartners and restructuring attorneys Jones Day. A significant move camein January when Borders appointed hedge fund executive Richard “Mick” McGuire as its chairman, although the company remains silent onthe likelihood of a bankruptcy filing. Meanwhile, Rothschild and other advisors continue to work with Borders’ vendors and lenders to keepBorders afloat.

November 2008: Joining forces with the Netherlands

Rothschild announced a joint venture with the Netherlands’ Rabobank. Under the terms of the deal, both companies will combine their foodand agriculture sector operations, and Rabobank bought a 7.5 percent stake in N.M. Rothschild’s holding company, Rothschild ContinuationHoldings. While the Rothschild family remains the bank’s largest shareholder, Rabobank is now in third place, after trading group JardineMatheson (which owns 20 percent).

November 2008: Bonus bonanza

For many bankers, 2008 was the year of no—or smaller—bonuses, but not at Rothschild. The Times of London reported that Rothschild’sstaffers worldwide had received “record bonuses,” thanks to booming business in advisory and private banking. Although Rothschild had towrite-off 96 million related to bad loans, its business was relatively unscathed by turmoil in the world financial markets. That’s becauseRothschild, unlike many of its peers, has avoided prime broking, proprietary trading and other risky activities. (It’s worth noting, however, thatits fiscal year end fell in March 2008, well before the worst of the financial crisis hit.)

September 2008: Bear refuge

Wondering what became of Bear Stearns chief Alan D. Schwartz after his bank was taken over by JPMorgan Chase? The government-arrangeddeal left, well, very little left of Bear, but Schwartz made himself at home in Rothschild’s New York offices soon after his firm’s demise in thefall of 2008. Richard Metrick, a former senior managing director at Bear and Schwartz’s right-hand man, also set up camp at Rothschild whilethe two men considered their next moves.

GETTING HIRED

If you were a Rothschild

The careers area on Rothschild's web site at www.rothschild.com/careers provides a section devoted to Asian graduates under the “GraduateProgrammes” subsection. The company looks to recruit for the long term and, under its non-hierarchal business environment, expects newrecruits to face challenging demands head on from the get-go.

Rothschild provides a graduate training program that runs over the summer, and provides in depth knowledge and know-how of the company’sinternal workings as well as a taste of senior management. The training course sends graduates from all over the world to its offices in London,allowing students to develop their and their international networks.

The Asian recruitment process typically opens on September 1st and closes in early November. Divided into three parts, the process requirescandidates to first send in an online application form (found on the company careers page). Those accepted will undergo first-round panelinterviews, which will carry on into December once all the applications have been reviewed. The first-round interview includes verbal andnumerical tests. The second round of interviews further determines candidates’ competencies and asseses their fit in the firm. The secondround of interviews includes panel interviews, an accuracy test and a case study for applicants to tackle.

The hiring process for the Asiang graduate program is administered through Rothschild's regional headquarters in Hong Kong, but graduatescan be placed throughout its regional offices, including in Hong Kong, Beijing, Shanghai, Singapore, Mumbai, Jakarta and Kuala Lumpur.


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ING Wholesale Banking

9 Raffles Place #19-02

Republic Plaza

48619, Singapore

Phone: +65-6535-3688

Fax: +65-6535-8329

ING Asia Pacific Limited

39/F, One International Finance Centre

1 Harbour View Street

Central, Hong Kong

Phone: +852-3762-8200

Fax: +852-2522-4162

www.ing.asia


Australia • China • Hong Kong • India • Japan • Korea •

Malaysia • New Zealand • Philippines • Singapore • Taiwan •

Thailand

BUSINESSES IN ASIA PACIFIC

ING Direct

Investment Management

Life Insurance

Platform Services

Real Estate Investment Management

Retail & Private Banking

Retirement Services

Wholesale Banking

THE STATS


Ticker Symbol: ING (NYSE)

CEO, ING Insurance Asia Pacific: Jacques Kemp

CEO, ING Investment Management Asia

Pacific: Chris Ryan


Net Income: -€766 million



KEY COMPETITORS

Citigroup

Société Générale

UBS

EMPLOYMENT CONTACT

www.ing.jobs


ING GROEP N.V.19PRESTIGERANKING

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THE SCOOP

Six lines extend throughout the world

Amsterdam-based ING Group is one of the 20 largest financial institutions in the world, serving more than 75 million customers throughoutEurope, the U.S., Canada, Latin America, Asia and Australia. Through ING Direct, the firm offers savings accounts, mortgages, mutual fundsand payment accounts, to customers in Australia, Canada, France, Germany, Austria, Italy, Spain, the U.K. and the U.S.

In May 2007, ING Direct announced that it would launch in the Japanese market as well. The firm also provides life insurance in CentralEurope, Asia and South America.

In an attempt to simplify its many services offered throughout the world, ING reorganized its business structure in 2004 into six lines: insuranceAmericas, insurance Europe, insurance Asia Pacific, wholesale banking, retail banking and ING Direct. In 2008, the company ranked No. 9on the Forbes Global 2000 list.

For Asia Pacific, ING's insurance and asset management operations are headquartered in Hong Kong. Its investment banking operations(operating as ING Wholesale Banking) are headquartered in Singapore, where the firm has had operations since 1987 and currently maintainsabout 300 employees. Throughout the region, ING Wholesale Banking has about 800 employees, with offices in China, Hong Kong, India,Indonesia, Japan, Malaysia, the Philippines, Singapore, South Korea, Taiwan and Thailand.

In India, ING runs both its retail banking and corporate banking businesses under the ING Vysya Bank brand name. Vysya Bank was one ofthe top private sector banks in India, having been established in 1930 in Bangalore. ING made a major investment in the bank and took overmanagement of the combined entity in 2002.

Overall, about 15,000 employees work for ING in the Asia Pacific region. The company's Asia Pacific insurance group runs life insuranceoperations as well as asset and wealth management activities in Australia, New Zealand, Hong Kong, Japan, South Korea, Malaysia and Taiwan.In addition to being well established in these locations, ING is eyeing growth in India, China and Thailand. ING holds a 16 percent stake inBank of Beijing in China and a 44 percent stake in ING Vysya Bank in India.

Primary color

ING Group will have you seeing orange. The Amsterdam-based financial institution has orange splashed all over its marketing campaign,possibly in recognition of the company's Dutch roots (the Dutch royal family is called the House of Orange after the official color of King WilliamIII, who defended the Netherlands in the late 1600s). The firm traces its roots back to the founding of Dutch bank De Nederlanden van 1845.Nationale Levensverzekering-Bank was founded in 1863; those two companies came together 100 years later to form Nationale-Nederlanden,which became the largest insurer in the Netherlands. NMB Postbank Groep came about in 1986 after the merger of Rijkspostspaarbank(founded in 1881) and Postcheque en Girodienst (founded in 1918). Nationale-Nederlanden and NMB Postbank Group merged in 1991,forming Dutch mouthful Internationale Nederlanden Group; the tongue-tied began calling the new company ING Group, a name that has stuck.ING has grown into an asset management, banking and insurance giant thanks in part to a number of major acquisitions after the 1991 merger.

The future is now

ING, which sells its life insurance products in Asia through banks, securities houses and other channels, has been working on improving brandawareness in the Asia Pacific region. One of the firm's methods has been through sponsorship of events. In 2007, for example, ING was oneof the sponsors of the Asian Football Confederation's Asian Cup.

ING Asia Pacific may also attract some tech-savvy staffers with its blog, My Cup of Cha, at www.ingblogs.com/mycupofcha. The blog, to whichAsia Pacific Insurance CEO Jacques Kemp frequently contributes, talks about the company's activities in the region. Topics include branding,e-business, marketing, strategy and more. My Cup of Cha was modeled after ING's Our Virtual Holland blog, which beat out Microsoft andPricewaterhouseCoopers in 2007 to win the European Excellence Award for blogs in the Corporate Media category.

Another interesting initiative that the firm has undertaken is through the virtual world of Second Life, in which ING maintains a strong presenceon its own island. On the ING island, residents of the virtual world can visit the firm's "Cha Lounge," which is a place to "listen to our loungemusic, read, talk and learn about tea, virtually taste it or buy it for real world consumption."


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Ethical standards

ING has identified three areas to work on in order to control the environmental effects of its operations: energy consumption, business traveland paper consumption. The company is also a signatory to the Equator Principles, which apply certain policies and standards set by theWorld Bank and the International Finance Corporation to project finance transactions, thus making sure environmental and social risks areproperly assessed and managed.

In addition, ING refuses to finance controversial weapons or companies directly involved with their manufacture or trading. And in assetmanagement, the bank will not invest in companies involved in the manufacturing of such weapons.

To give a bit back in the regions where it does business, including Asia, the company entered into a partnership with UNICEF in 2005. Thepartnership, called Chances for Children, provides tens of thousands of children in countries such as Brazil, Ethiopia and India with access toprimary education.

IN THE NEWS

June 2009: Cut and run

More gloomy news was posted during the summer of 2009 as the Dutch group revealed that it was to leave 10 of the 48 countries that it wascurrently operating in. This was in addition to selling 10 to 15 businesses over the next three to five years, according to chief executive JanHommen. Speaking at the Goldman Sachs Financials Conference in Frankfurt, Hommen added that the firm was planning to raise US$8billion to US$11 billion through the sale of some of its assets. At the time, it was clear that these assets included the firm’s Asian private bankingbusiness, and that interested parties included both Australian bank ANZ and India’s Religare Enterprises.

June 2009: Japanese job cull

A quarter of ING’s employees at its Japanese life insurance unit were asked to leave the firm in another wave of job cuts. Most of the 250 cutsaffected those in the variable annuity business as the firm stopped selling variable annuities after that particular sector posted a pretax loss of191 million for the quarter ending March 31, 2009. The bank was good enough to hire a consulting firm to help employees with career

planning until they found new jobs.

June 2009: Security in property

The real estate arm of the Dutch financial group launched a second property fund in China with the aim of collecting up to $750 million worthof property. The new fund, imaginatively called China Opportunity Fund II, will focus on residential development projects in first-tier andsecond-tier Chinese cities. It will make nine to 10 investments of $50 million to $75 million each. The firm says that it will realize an internalrate of return of 20 per cent or higher on these investments.

January 2009: New Year blues

ING started the year off in the worst possible fashion: It announced that it would cut 7,000 jobs throughout the year and its chief executivewould also be stepping down. The firm revealed that it was looking to reduce operating expenses by 1 billion a year starting in 2010, and that35 percent of the reduction would come from the culling of 7,000 positions, or some 5.4 percent of the firm’s workforce (of which, 900 wereto occur in Asia). Cuts were also to be imposed for the head office, in marketing, and for its sponsorship of Formula One racing. Meanwhile,Michel Tilmant cited exhaustion for his reason for stepping down as the firm’s chief executive. He was succeeded by former chief financialofficer of Philips Electronics Jan Hommen.

October 2008: Lifesaving injection

In a move designed to bolster ING’s ability to survive the economic fallout, the Dutch government secured 10 billion for the financial servicescompany. The bank stated at the time that the structure of the transaction would avoid dilution of existing shareholders, although the Dutchgovernment would obtain the right to nominate two members to the ING supervisory board. The firm also said that it would use the new capitalto increase shareholder’s equity in its banking unit by 5 billion and to strengthen the balance sheet of ING Insurance by 2 billion. Theremaining 3 billion would be put towards paying down debts.


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October 2008: Selling off old goods

A day after receiving a lifesaving cash injection from the Dutch government, ING Group sold its Taiwanese life insurance unit to Fubon Financialfor US$600 million. The deal joined ING Taiwan’s US$18.7 billion in assets to Fubon’s own operations forming a life insurance firm with aboutUS$30 billion in assets and what was to become the second largest in Taiwan. The combined company controls a 14 percent market sharein terms of total premiums and adds 2.2 million customers to the existing 6.5 million customers of Fubon Financial. The move was seen asa first step in ING selling off some of its Asian assets as it looked to raise cash after struggling through the financial crisis.

March 2008: Asia Pacific-inspired board

ING's focus on the Asia Pacific region was apparent in March 2008 when three out of four of its newly-appointed supervisory board membershad affiliation with the region. The new appointees included Harish Manwani, Unilever's president of Asia, Africa, Central & Eastern Europe;Aman Mehta, former CEO of Hongkong & Shanghai Banking Corporation (HSBC) in Hong Kong; and Jackson Tai, the former vice chairmanand CEO of DBS Group Holdings, for which he worked for eight years in Singapore.

December 2007: Big Thai tie-up

ING finalized the acquisition of a 30 percent stake in TMB Bank PCL in Thailand for 460 million. Established in 1957, TMB is one ofThailand's largest banks, with approximately 14 billion in total assets, over 5 million customers and 472 branches across Thailand. The dealwas one of ING's largest Asia Pacific endeavors to date.

November 2007: Teaming up in Malaysia

In November 2007, ING formed a 10-year alliance with Public Bank Berhad, Malaysia's second-largest banking group. This alliance will seethe Public Bank exclusively distributing ING's insurance products via the bank's distribution channels (including nearly 300 national andregional branches) to its small- and medium-sized industry and corporate clients. The agreement enables both parties to cooperate throughoutthe entire Asia Pacific region. The alliance is intended to make ING and Public Bank one of the top three players in Malaysia's bancassurancesector over a three-year span.

GETTING HIRED

Pick a region, any region

Graduates and experienced professionals alike can get a feel for working at ING through the firm's career site at www.ing.jobs. The site hasa careers section with job listings from all around the world. Prospective applicants will be directed to the proper country site, some of whichrequire registration to get access to all opportunities.

In the Asia Pacific region, ING welcomes both starters and experienced professionals looking for career opportunities in a "dynamic,international work environment." Requirements and openings vary depending on the office and position. Most sites for the Asia Pacific regionare in English, and candidates can select from local sites for China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines,Singapore, Taiwan and Thailand.

ING offers internships and three-year traineeships in many of the company's offices. Internships are available in business areas such as assetmanagement, banking, insurance, IT, marketing, human resources and operations. The three-year ING Talent Programme is open to holdersof a Master's degree and focuses on different ING business areas, including finance, investment management, process management, risk andwholesale banking. Traineeships are based in the Netherlands and can be applied for online through the firm's career web site. Applicantsmust speak English in order to be considered.


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6 Shenton Way DBS Building Tower One

Singapore, 068809

Phone: +65-6878-8888

Fax: +65-6445-1267

www.dbs.com


China • Hong Kong • India • Indonesia • Malaysia •

Philippines • Singapore • Taiwan • Thailand

DEPARTMENTS

Asset Management

Corporate Banking

Enterprise Banking

Personal Banking

Private Banking

Securities

Treasury & Markets

THE STATS


Ticker Symbol: D05 (SES)

Chairman: Koh Boon Hwee

Net Earnings (DBS Group Holdings): SG$2.06 billion (FYE

12/08)


No. of Offices: 200+ branches

KEY COMPETITORS

Citigroup


OCBC Bank

United Overseas Bank Group

EMPLOYMENT CONTACT

www.dbs.com/careers


DBS BANK LTD20PRESTIGERANKING

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THE SCOOP

Development banking

DBS is a titan in the Asian financial world: DBS Group Holdings, Ltd. is the largest commercial banking group in Southeast Asia, with asignificant presence in a number of worldwide markets including mainland China, Hong Kong, India, Indonesia, Japan, Malaysia, Myanmar,the Philippines, South Korea, Taiwan, Thailand, Vietnam (where DBS opened a representative office in July 2008), the U.K., the U.S. and theMiddle East. As of September 2009, the firm had SG$259 billion in total assets.

DBS Bank is the main operating subsidiary of DBS Group. The bank has consumer banking operations in Singapore, Hong Kong, China, Indiaand Indonesia. In Singapore, the bank serves more than four million customers with about 80 branches, and in Hong Kong, the bank servesone million customers with about 50 branches. Mainland China is relatively new territory for the bank, as subsidiary DBS Bank China openedin May 2007 with headquarters in Shanghai and plans to expand into an integrated branch network (consumer, corporate and enterprisebanking, and investment banking services) across the vast country. In Indonesia, where DBS operates about 40 branches, the bank is one ofthe largest trade finance entities in the country and is in the top five among foreign banks in wealth management.

With the acquisition of Singapore's Post Office Savings Bank in 1998 (now known simply as POSB), DBS has a network of approximately 80braches and 930 ATMs in Singapore.

Exploring foreign shores

DBS Bank was formed in 1968 as a partner of the Singapore government and has grown into the largest bank in the country. In recent years,the bank has pursued an aggressive growth plan, including the acquisition of banks outside of Singapore. These acquisitions include PT BankDBS in Indonesia, of which DBS now owns approximately 99 percent; Bank of the Philippine Islands, in which DBS holds a 20 percent stake;and Bowa Commercial Bank in Taiwan, where DBS was the successful bidder in a government auction for Bowa's "good bank assets,"including the rights to 39 branches, three business units and over 750,000 depositors. The bank also has a partly-owned (37.5 percent) Indiansubsidiary, Cholamandalam DBS Finance.

Asset management services are handled through DBS Asset Management (DBSAM), a wholly-owned subsidiary. DBSAM was established in1990 and now manages a considerable amount of capital for both private and institutional investors. In 2007, DBSAM purchased a 33 percentstake in China's Changsheng Fund Management Company. It was the first time a non-Chinese asset management company based in Asiapurchased a Chinese fund management company. Changsheng was approved for a Qualified Domestic Institutional Investor (QDII) license inOctober 2007, giving Changsheng further leeway to help clients invest their funds in overseas markets.

Singaporean Sharia

Islamic banking is a burgeoning business in the Asia Pacific region. In May 2007, to build stronger banking ties between the Middle East andEast Asia, DBS launched a new subsidiary: The Islamic Bank of Asia (IB Asia), based in Singapore. The Sharia-compliant bank wasestablished in partnership with 34 investors from prominent families and industrial groups based in Gulf Cooperation Council (GCC) countries.Celebrating its first anniversary to the tune of SG$689 million across 20 deals, IB Asia set up its first representative office in Bahrain in May2008. IB Asia focuses on corporate finance, capital markets and private wealth management.

Who's got spirit?

DBS encourages a "can-do spirit" and strives to get employees involved in the community as well as the world around them. As the companycelebrated its 40th anniversary in 2008, employees were encouraged to come up with ideas for community initiatives to benefit the childrenof Asia. The resulting initiative, named "Project 40/40," aimed to launch 40 educational projects in 40 days. After an overwhelming responsefrom staff, the initiative had to be renamed "Project 80/40" as the number of schemes doubled. Projects included sprucing up schools inMumbai and Jakarta; helping students plant a rooftop garden at a school in Shanghai; door-to-door distribution of school supplies todisadvantaged children in Singapore; the construction of a basketball court in the remote village of Tioman, Malaysia; and an employeedonation-based "Jeans Friday" to raise money for a learning center at an orphanage in Ho Chi Minh City.

In addition to community projects, DBS has also lent a hand in response to a number of disasters that have plagued Asia in the past severalyears. When SARS spread across Asia in 2003 and the massive tsunami hit South and Southeast Asia in 2004, DBS opened its ATMs andinternet banking channels for relief donations. Self-service banking channels for donations were opened once again in 2008 when anearthquake hit China's Sichuan Province, as well as when Cyclone Nargis devastated Myanmar. In addition to DBS' own donations for both


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disasters, nearly SG$3.7 million was given through self-service banking channels in Singapore, with two-thirds of that amount coming frominternet banking donations. This donation system is slated to continue on an ongoing basis for future disasters in the region.

Awards and rankings

• Best Foreign Exchange Provider in Singapore (Global Finance, 2009)

• India 's Best Small Bank, India 's Fastest Growing Small Bank: DBS India (Business Today KPMG Best Bank Awards, 2009)

• Best International Trading Bank in Asia (21st Century Business Herald, 2009)

• Best Private Bank in Singapore (FinanceAsia Private Bank Country Awards, 2009)

• Hong Kong Best Contact Centre of the Year: DBS HK (Hong Kong Call Centre Association, 2009)

• Ranked No. 8 in Asia, Ranked No. 54 in the world (The Banker Top 1000 World Banks, 2009)

• Best local cash management bank as voted by corporates in Singapore for the medium corporate category (Asiamoney CashManagement Poll, 2009)

• Best Debt House, Singapore (Euromoney Awards for Excellence, 2009)

• Best Banking Group, Singapore (World Finance Financial Awards, 2009)

• Best Domestic Private Bank, Singapore (Asiamoney Private Banking Poll, 2009)

• Best Bank, Singapore; Best Investment Bank, Singapore; Best Equity House, Singapore; Best Cash Management Bank, Singapore;Best Trade Finance Bank, Singapore; Best Private Wealth Management House, Singapore (Alpha Southeast Asia 3rd Annual BestFinancial Institution Awards, 2009)

• Best Equity House, Singapore; Best Trade Finance Bank, Singapore; Best Foreign Exchange Bank, Singapore; Best Broker, Singapore(DBS Vickers) (FinanceAsia Country Awards for Achievement, 2009)

• Singapore In-house Team of the Year; Banking & Financial Services In-house Team of the Year; Project Finance Deal of the Year(Resorts World at Sentosa project finance); Singapore Deal of the Year (Resorts World at Sentosa project finance); Singapore M&A Dealof the Year (Lion Power Holdings—Senoko Power financing & acquisition) (Asian Legal Business (ALB) SE Asia Law Awards, 2009)

• Best Islamic Financial Institution in Singapore—The Islamic Bank of Asia (Global Finance Islamic Financial Institutions Awards, 2009)

• Most Committed to a Strong Dividend Policy, Singapore—Ranked No. 1; Best Investor Relations, Singapore—Ranked No. 4; BestCorporate Governance, Singapore—Ranked 2nd; Best Managed Company, Singapore—Ranked No. 5 (FinanceAsia Asia's BestCompanies Poll, 2009)

• Best Domestic Equity House in Singapore; Best Domestic Debt House in Singapore (Asiamoney Best Banks Awards, 2009)

• Best Sub-Custodian Bank, Singapore (Global Finance World's Best Sub-Custodian Banks, 2009)

• Best SME Partner Award: DBS Bank (Hong Kong) (The Hong Kong Chamber of Small and Medium Business, Best SME's Awards,2009)

• Best Commercial Card 2008—DBS World Business Card (MasterCard Worldwide, South East Asia Marketing Awards, 2009)

• No. 1 in Asian rankings; No. 28 in global rankings (Global Finance, World's Safest Banks, 2009)

• Best Transaction Bank in Singapore, Best Cash Management Bank in Singapore, Rising Star Cash Management Bank in India, RisingStar Cash Management Bank in Indonesia, Best Trade Finance Bank in Singapore; Best Trade Finance Bank in Indonesia, BestDomestic Custodian in Singapore, Best Domestic Investment House in Singapore, Best Domestic Bond House in Singapore (The Asset,2009)

• Best Local Bank Private Banking in SG; No. 4 in SG amongst the global banks; No. 8 in Asia amongst the global banks (EuromoneyPrivate Banking Survey, 2009)

• Sales Turnover Excellence Award (Finance); Net Profit Excellence Award (Finance) (DP Information Group, 22nd Annual Singapore1000 & SME 500 Awards, 2009)


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• Best Foreign Exchange Provider in Singapore; Best Foreign Exchange Provider in Southeast Asia (Global Finance, World's Best ForeignExchange Providers, 2009)

IN THE NEWS

November 2009: DBS Hiring 300

DBS announced plans to hire 300 relationship bankers in its priority banking unit, adding to the already 1,500 bankers in the division. Themove was the first major hiring spree since DBS instilled a hiring freeze and cut hundreds of bankers, back in 2008.

September 2009: Gupta Named New CEO

DBS named Piyush Gupta the new chief executive officer. The 47-year-old Gupta was most recently Citi’s CEO for South East Asia-Pacific,overseeing the bank’s operations in Singapore, Malaysia, Philippines, Indonesia, Thailand, Vietnam, Brunei, Australia, New Zealand and Guam.Gupta has worked in South East Asia for nearly two decades, including eight years in Singapore.

September 2009: Supporting Olympians

DBS became the official sponsor of the Singapore 2010 Youth Olympic Games. According to the terms of the sponsorship agreement, DBSwill provide the Olympic venues with banking and, with some help from Visa, ATM services. DBS and Visa will also be doling out 500,000 pre-paid cards to workers and spectators of the Games, which is expected to attract 5,000 athletes between the ages of 14 and 18 from aroundthe world, 1,200 media personnel, 20,000 volunteers and 500,000 spectators.

April 2009: CEO Richard Stanley Dies

After just nine months on the job, DBS CEO Richard Stanley died from complications related to leukemia on Saturday, April 11th. Stanleyjoined DBS in May 2008, having previously worked within Asia’s banking sector for 18 years, including a period leading Citigroup’s Chinaoperations. Stanley replaced Jackson Tai, who had served as DBS’ chief executive for five years before stepping down in September 2007 dueto personal reasons.

As CEO, Stanley helped push DBS forward during a taxing time in the company’s history. During his short time in office, Stanley led the bankthrough such events as the announcement of a SD$4 billion rights issue, and the downsizing of 900 bank employees. Upon his passing, DBSChairman Koh Boon Hwee said that Stanley had shown himself to be both a charismatic and endearing leader.

More than a month after Stanley’s death, Koh announced that DBS would be instigating a global search for a new CEO, brushing away queriesinto whether he would be taking the role himself. Koh said that the recent global economic downturn open up a wider roster of candidatesthat would be able to continue growing the bank, and that the group would not simply recruit internally.

December 2008: The right issue for increased bling

As 2008 drew to a close, DBS turned to its shareholders in a bid to raise capital by utilizing a SG$4 billion rights issue. The rights issue allowedexisting shareholders to purchase additional shares at discounted price. Then CEO Richard Stanley said that he believed that the issue wouldenable DBS to capture new opportunities in the Asian market and further strengthen the bank against an uncertain economic environment.

GETTING HIRED

Join the MAP

You can find the DBS careers page at www.dbs.com/careers, which outlines the benefits of working for the firm. A list of current job openingswith the firm can be found at www.dbs.com/careers/jobs.html. To apply for any opportunities, you will need to set up an account on the site.


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Numerous opportunities are available for undergraduates and graduates. If you're still in school, check out the DBS internship program atwww.dbs.com/careers/internships. Located in both Singapore and Hong Kong, the program lasts for eight weeks and "outstandingundergraduates studying in Year 2 or Year 3 from all disciplines" are encouraged to apply online.

DBS also operates its Management Associate Programme (MAP) for university graduates. Working with the firm to choose from a number ofcareer tracks, the MAP lasts for 18 months. The program is open to all disciplines and DBS stresses that "it is not necessary to have a businessor finance degree to join." Fresh graduates and candidates with less than two years' work experience are invited to apply. According to thefirm, approximately 30 to 50 graduates were recruited for the 2008 program. Information on MAP can be found atwww.dbs.com/careers/graduates.


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CLSA ASIA-PACIFIC MARKETS

18/F, One Pacific Place

88 Queensway

Admiralty, Hong Kong

Phone: +852-2600-8888

Fax: +852-2868-0189

www.clsa.com



Malaysia • Philippines • Singapore • South Korea • Taiwan •

Thailand

DEPARTMENTS

Agency Broking

Debt Capital Markets and Structured Finance

Debt Restructuring and Advisory

Equity Derivatives

Futures and Options

M&A/Financial Advisory

Mezzanine Debt Funds

Private Equity Funds

Property Funds

Research

THE STATS

Employer Type: Independent sub-group of Crédit Agricole

Chairman and CEO: Jonathan Slone


No. of Offices: 19

KEY COMPETITORS

Goldman Sachs

Macquarie

UBS

EMPLOYMENT CONTACT

www.clsa.com/about-clsa/careers.php

129

21PRESTIGERANKING

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THE SCOOP

A Canadian in Hong Kong

CLSA Asia-Pacific Markets is the Asian brokerage, investment banking and private equity arm of French banking giant Crédit Agricole. Thecompany was the brainchild of Canadian-born and Hong Kong-based business journalist Gary Coull, who spun the firm off from a Hong Kongbrokerage firm called Winfull Laing and Cruickshank. When massive French bank Crédit Lyonnais (which was acquired by Crédit Agricole in2003) bought out the firm, Coull took charge and set up the groundwork for an international brokerage operating out of Hong Kong.

With Crédit Agricole's 65 percent ownership, Coull worked hard during his tenure as chairman to attract the attention of even more internationalinvestors to the Asian market. Part of his plan to do so included hosting annual investor forums, which featured splashy parties andappearances by international celebrities such as Elton John, James Brown and Macy Gray. Coull died in October 2006 of colon cancer, onlyone month after he was named one of the 50 most influential people in Asian financial history by FinanceAsia.

CLSA was established as an equity brokerage, but as Asian markets have grown over the past several years, the company has delved moreinto the booming business of capital raising through IPOs. Today, it is a leading force in the equity capital markets in Asia. CLSA has a strongtrack record in the issuance of equity products for Asian corporates, and the firm has ranked in the top 10 on various Asia Pacific equityunderwriter league tables, including Bloomberg’s and Thomson Reuters’. From January 2002 to December 2008, CLSA has been involved in240 successful equity transactions in Asia, 115 of which involved companies in Greater China, helping raise US$57 billion for corporates. Inthat same period, CLSA completed 76 M&A and advisory transactions in nine markets.

In 2003, CLSA Asia-Pacific launched a separate business in Japan under the name Calyon Securities. The firm offers equity research andsales in the Japanese market.

In 2003, CLSA also established the first Sino-foreign joint venture investment bank in China, following the country's membership in the WorldTrade Organization. The joint venture is called China Euro Securities, Ltd. (CESL) and is headquartered in Shanghai, employing 80 investmentprofessionals. CESL was originally a collaboration between CLSA Asia-Pacific Markets and Xiangcai Securities. However, in April 2007,Fortune Securities Company Limited officially took over Xiangcai's 67 percent stake in the company.

CESL has been successful in extending CLSA's investment banking business to China. Since it was incorporated, CESL has completed 17lead underwriting and sponsoring deals and has been recognized as the "Most Innovative Investment Bank Team in China" by the SecuritiesTimes in 2006, a Chinese newspaper overseen by the China Securities Regulatory Commission. One of CESL's biggest deals was the secondaryoffering of Zhenhua Port Machinery in December 2004, which was 88 times oversubscribed.

Through its own business license and affiliates, CESL's investment banking services include equity financing, debt financing, privateplacement, enterprise restructuring and ownership reform, M&A, shareholding structure reform, enterprise strategy and financial planning. InJune 2008, CESL was granted a broking license and equity research license, making it the first Sino-foreign joint venture securities companyto be permitted to broke A-shares and offer full-service research.

A variety of vehicles

In March 2006, CLSA reorganized its private equity business into a separate group called CLSA Capital Partners, which currently manageseight funds for the company: Alcor Capital, Aria Investment Partners, MezzAsia Capital, Fudo Capital, CLSA Sunrise Capital, Clean ResourcesAsia, Clean Water Asia and Pacific Transport.

These eight funds represent a diverse range of investment vehicles. Alcor Capital is an absolute return hedge fund focused on long- and short-term equity opportunities. Aria Investment Partners focuses on growth and expansion capital for Asian mid-market companies, while CLSASunrise Capital focuses on growth opportunities in Japan. The company's two absolute return environmental funds—Clean Resources Asiaand Clean Water Asia—give investors the chance to place bets on the burgeoning renewable energy and water infrastructure businesses. FudoCapital is a real estate private equity fund and MezzAsia Capital is a mezzanine capital fund which covers mid-cap companies from Hong Kongto India.

Awards and rankings

• Best brokerage in the Asia Pacific region, excluding Australia, New Zealand and Japan, spanning the last 20 years (Asiamoney, 2009)• Best Overall Combined Research and Sales (Asiamoney, 2007–2009)• Most Independent Research (Asiamoney, 2006–2009)




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• Best Overall Research for Asia, excluding Australia & Japan (Asiamoney, 2008–2009)• Christopher Wood, Best Strategist in Asia, excluding Japan (Asiamoney, 2008)• Best Overall Sales for Asia, excluding Japan (Asiamoney, 2008)• Best Overall Sales Services, excluding Japan (Asiamoney, 2008)• Best Overall Sales Services in Hong Kong, India, Indonesia and Thailand (Asiamoney, 2008)• Best Regional Salesperson, Evelyn Moore (Asiamoney, 2008)• Christopher Wood & Team, Best Equity Strategy (Institutional Investor, 2008–2009)

IN THE NEWS

November 2009: No. 1 again

CLSA was again ranked as the top research and sales brokerage in Asia in Asiamoney’s annual Brokers Poll. The firm ranked No. 1 in the topfour categories: Overall Combined Research and Sales (excluding Australia & Japan), Overall Research (excluding Australia & Japan), OverallSales (excluding Australia & Japan) and Overall Sales Services (excluding Japan).

August 2009: JV with Guosheng

CLSA entered into a joint venture with Shanghai Guosheng (Group) Company Limited to create an RMB-denominated investment fund. Thefund will focus on investing in and around Shanghai in renewable energy, green environment, consumer and heavy machinery sectors.

July 2009: Best brokerage in last 20 years

CLSA was named the best brokerage firm in the Asia Pacific region (excluding Australia, New Zealand and Japan) over the last 20 years byAsiamoney magazine.

May 2009: Back to nature

After 10 years spent leading CLSA from a small regional brokerage to one of the largest in Asia, chairman Rob Morrison called it a day in May2009. The financial leader passed his chair to CEO Jonathon Slone, who was quick to cite Morrison’s achievements within the industry: “Rob'sleadership and drive have led to the modernization of all the parts of CLSA. While it is with regret that we see Rob retire, we can thank himfor our enviably stable financial position, robust management team, strong culture and leading market position.” In an interesting twist,Morrison is now focusing his attention on the environment as one of the founding members of the Copenhagen Climate Council and as a boardmember on the Asian Advisory Board of The Nature Conservancy.

March 2009: Growing up down under

Like many financial institutions, CLSA faced a number of difficulties stemming from the global economic crisis. For example, the brokeragewas forced to cut costs through both job cuts and pay reductions. However, the economic crisis also proved to be a double-edge sword forCLSA, as the company took advantage of the dour financial climate and sought to bolster its operations in Australia. While the companyemployed just eight staff in the Sydney office when it opened in January 2009, later, in March 2009, Bloomberg reported that CLSA wasplanning to hire 24 additional employees in its research and sales divisions by the end 2009. CLSA’s Singapore office will continue to handleall Australian equity shares as well as broker Australian shares to global clients, while the Sydney office will focus on providing local researchand sales resources. The company has also been gradually adding staff to its offices in China.

March 2009: Making the cut

CLSA Asia chief executive Robert Sloan cited a dwindling marketplace as a major factor that contributed to the company cutting 90 jobs inMarch 2009. Talking to Bloomberg, Sloan stated that areas in which the company’s business had recently declined, in regard to either clientsor assets under management, have witnessed “adjusted staffing.” These cuts affected 7 percent of the firm’s staff across 14 of its 19 offices.Those cut were mostly workers from the administrative, back-office and technology departments.





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The March 2009 cuts weren’t the first time the global economic crisis forced CLSA to make difficult choices. In November 2008, Reutersreported that CLSA asked 500 senior employees to consider pay cuts. The employees in question had the option of taking a 15 percent, 20percent, or 25 percent pay reduction. Those who chose to take a greater salary reduction had motivation to do so beyond merely helping thecompany through a tight spot. According to the option they chose, employees were promised bonuses of 8 percent, 17 percent, and 25percent, respectively, in addition to their normal pay the following year. Of course, these bonuses were dependent on monthly cost targetsbeing met. CLSA ran a similar scheme back in 2003 that was noted for its success.

May 2008–July 2009: Swimming in dark pools

In May 2008, CLSA took the Asia Pacific region’s first dip into dark pools, creating the first Asia-based electronic crossing network for both buyand sell-side investors. BlockSec was originally launched in Japan and Singapore before breaking ground in Hong Kong the followingSeptember. One week after its introduction to Hong Kong, BlocSec reached US$1.1 billion in liquidity at an average of US$243 million a day.Based on an anonymous system, the ‘BlocSec’ business provides minimized transaction costs and market impact, and has become a majorsuccess for CLSA. In June 2009, BlocSec was also made available in Australia.

GETTING HIRED

I'd like to thank the Academy

CLSA boasts 1,350 employees with 15 offices in Asia, as well as additional offices in Dubai, London and New York. Experienced hires cansubmit a personal profile as well as a division and location preference through a separate recruitment page on the firm’s career web site,available at www.clsa.com/about-clsa/careers.php.

For young executives, the firm operates CLSA Academy. CLSA Academy is described by the firm not as a graduate trainee program, but as"an executive-level induction into the world of finance for typically non-financial professionals." Candidates from a variety of backgrounds areencouraged to apply. Competition is fierce, with less than 15 places offered each year to a pool of more than 2,000 applicants. The programstarts with three months of training at CLSA's head offices in Hong Kong, followed by four-month rotational programs at global offices throughthe firm's key businesses—research, sales, sales trading, investment banking and private equity.

According to CLSA's web site, "after 18 to 24 months of rotations, you will move into a role mutually agreed by yourself and the CLSAmanagement team." Academy associates are paid a basic monthly salary, with visas, flight costs, accommodation, travel insurance andmedical insurance handled by the firm. Just be prepared to be flexible and travel at the drop of a hat, as the program is "for those with anadventurous spirit."

To apply for the CLSA Academy, the first step is to fill out an online questionnaire, which is only available on CLSA's web site during openapplication dates, which will open late in the year. If you would like more information on the program, including testimonials from current andformer participants as well as a FAQ, take a look at www.clsa.com/academy. For updates or any questions, contact [email protected] withyour email address.




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THE ROYAL BANK OF SCOTLANDGROUP PLC

36 St. Andrews Square

Edinburgh, EH2 2YB

United Kingdom

Phone: +44 (0) 131 556 8555

Fax: +44 (0) 131 557 6140

www.rbs.com



Korea • Malaysia • New Zealand • Pakistan • Philippines •

Singapore • Taiwan • Thailand • Vietnam

DEPARTMENTS

Global Markets

Group Functions

Group Manufacturing

RBS Insurance

Regional Markets

THE STATS


Ticker Symbol: RBS (NYSE, LSE)

Chairman: Philip Hampton

Group CEO: Stephen Hester

Revenue: £26.9 billion (FYE 12/08)

Net Income: £-24.1 billion


No. of Offices & Global Branches: 2,720

KEY COMPETITORS

Barclays

Citigroup

HSBC Holdings

EMPLOYMENT CONTACT

Graduate recruitment for RBS Group:

www.makeitrbs.com

Graduate recruitment for Global Markets:

www.rbs.com/gmgraduates

Other: www.rbs.com/careers

133

22PRESTIGERANKING

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THE SCOOP

The Royal family grows a little larger

The Royal Bank of Scotland Group (RBS) operates in more than 50 countries, providing approximately 40 million customers with retail andcorporate banking, financial markets, consumer finance, insurance and wealth management services. The company boasts more than100,000 employees in the U.K., 26,000 in the Americas and 170,000 worldwide. But not long ago, it had a lot fewer insiders. From 1998 to2008, the firm expanded rapidly, growing its international staff from just 30,000. During that time, it also grew its annual income, which swelledfrom GBP 3 billion to more than GBP 30 billion—thanks in part to the 29 acquisitions it made during the decade. Today, RBS is also one ofthe top five banks in Asia for corporate and institutional customers.

In October 2007, after a long bidding war with Barclays, a consortium of banks led by the Royal Bank of Scotland was successful in acquiringDutch banking giant ABN AMRO for a price tag of EUR 71.9 billion. The buyout was the largest financial services takeover ever and many atthe time reported that the price was far more than ABN AMRO’s actual worth. RBS' partners in the ABN AMRO buyout were Banco Santanderand Fortis. These two banks have assumed much of ABN AMRO's European and international business, but RBS gained control of its Asianoperations, extending the company's already significant presence there.

A failed expedition launches a financial superpower

RBS can trace its roots back to the Darien Company, which launched a disastrous expedition to establish a Scottish trading company inPanama in 1699. England compensated the Scottish creditors eight years later—because it had promised support and then pulled out, whichultimately led to the expedition's failure. The entrepreneurial creditors began lending the money they were given and eventually, in 1727,received a royal charter and became the Bank of Scotland. RBS opened its first branch in 1873 and, almost a century later, merged with theNational Commercial Bank in 1968.

With the acquisition of National Westminster Bank (NatWest) in 2000—the biggest takeover in the history of British banking—and the August2004 purchase of Charter One Financial, the 40th-largest lender in the U.S., RBS continues to grow its businesses around the world.

Strategic alliance

RBS joined a consortium of investors including the Li Ka Shing Foundation and Merrill Lynch in 2006, buying a 10 percent share in one ofChina's largest banks: the Bank of China. The group shelled out about US$3.1 billion for a stake in China's second-biggest lender, with RBSinvesting US$1.6 billion dollars. RBS's goal is to build on Bank of China's distribution strength and expand its credit card, wealth management,corporate banking and personal insurance business lines in China.

The two banks are cooperating in the key areas of corporate governance, risk management, financial management, human resources andinformation technology. Bank of China went public on the Hong Kong and Shanghai exchanges in June 2006, diluting RBS' stake from 10percent to 4.26 percent. The Chinese government holds a 67 percent stake.

Taxpayers to the rescue

Despite outperforming analyst expectations in 2007 with an 18 percent profit increase and an 11 percent increase in revenue, 2008 becamea year to forget as RBS saw its market value fall below £12 billion. It was one of three banks, including Lloyds TSB and HBOS to accept £37billion in government aid in October 2008 to stop them from following Bearn Stearns and Lehman Brothers down the financial pan. LloydsTSB and HBOS received £17 billion, while RSB received the other £20 billion resulting in the government owning 58 percent of the firm. Alongwith the injection of cash, RBS chief executive Fred Goodwin stood down with immediate effect and was replaced by Stephen Hester,previously chief executive of British Land. As a condition of the deal, the government insisted that senior directors would not receive cashbonuses in 2008 with future bonuses to be paid in the form of shares.

By January 2009 it became clear that the initial cash injection into the banking sector wasn’t enough to start them lending again. As a result,the government increased its share in RBS to 70 percent in return for the bank making £5 million available in customer loans.


The Royal Bank of Scotland PLC


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IN THE NEWS

August 2009: Selling up

In April 2009, the bank shortlisted three bidders for its Asian retail and commercial banking assets in the hope of raising up to US$1.8 billion.ANZ, HSBC Holdings and Standard Chartered were all rumored to be interested in bulking up their assets across the region and were in talkswith the bank. But by June 2009 it was clear that RBS would have to break up its Asian business rather than selling it as a whole—whichwas its preferred option—due to a string of regulatory hurdles. After months of negotiations ANZ finally agreed to buy some of the Britishbank’s units in Asia for around US$550 million in August 2009. The agreement includes RBS’ retail, wealth and commercial businesses inSingapore, Taiwan, Indonesia and Hong Kong in addition to institutional businesses in Taiwan, Philippines and Vietnam. Standard Charteredwas still said to be eyeing up RBS interests in China, India and Malaysia, but by August 2009 the banks still hadn’t completed a sale.

June 2009–July 2009: Shaking things up a bit

The year 2009 saw a complete shakeup of senior management at the British bank after yet another member of the senior team that oversawits disastrous acquisition of ABN Amro in 2007 left the company. In June, Peter Nathanial, head of risk left the bank resulting in almost acomplete overhaul of RBS’s senior management since 2007. Once Guy Whittaker, finance director leaves in October 2009 and deputy chiefexecutive Gordon Pell retires early next year the board will be completely different. Stephen Hester, RBS’s chief executive since November2008 has also changed many senior members of the staff below board level and changed all but three of the bank’s non-executive directors.

And July saw a number of internal movements and new hires as Andrew Sill became country executive and head of global banking and marketsin Malaysia. Reporting directly to Muhammad Aurangzeb, country executive for Singapore, Sill has worked with RBS for more than 20 yearsand has undertaken numerous roles within the bank including responsibility for the heritage NatWest Markets business in Malaysia and India.Also in July the bank moved David Goffage to head up the equity capital markets in Australia, replacing Patrick Broughton who relocated toLondon. As the previous managing director of RBS equity markets Australia, Goffage has worked within the division for over nine years. Thebank also appointed Richard Hitchens from Goldman Sachs as director of specialist quantitative sales within its Australian equities divisionand Roger Spellman, previously of Credit Suisse, as director, head of sales for Australian equities.

May 2009: A steep loss with a glimmer of hope

Royal Bank of Scotland posted a US$1.29 billion net loss for the first quarter 2009, compared with a profit of about US$368 million for theprevious year's first quarter. As a cause for the losses, the bank cited US$4.3 billion in write-downs on the value of assets (steeper than theUS$986 million in write-downs it made during the first quarter 2008). Meanwhile, revenue increased 26 percent to US$14.5 billion, partiallyattributed to the 97 percent boost in profits at the firm's investment bank. However, CEO Stephen Hester warned against overenthusiasm,saying, "We expect credit conditions to continue to deteriorate over the next few quarters," adding that "there will be a slowdown in financialmarket activity compared with the very buoyant conditions seen in Q1."

May 2009: Finance chief resigns

RBS said its CFO Guy Whittaker will be resigning from the board immediately and officially departing from the firm in October 2009. Whittakeris the 13th member of the board to leave after the bank accepted a capital injection from the government in late 2008. Whittaker will be stayingon while he helps find his successor, RBS said.

April 2009: Hemorrhaging jobs

RBS revealed that it was looking to cut up to 9,000 jobs worldwide as it sought to reduce costs and repay government funds. The majority ofthe cuts affected the bank’s Group Manufacturing unit, and were part of a process of saving $3.7 billion over the next three years. The unitcombines back office functions like the handling of computer systems, managing the properties of branches and offices, procurement, securityand fraud and human resources.

February 2009: A record first

The largest annual loss in British corporate history was recorded when RBS posted its financial results for 2008. In total the firm lost a totalof £24.1 billion in 2008, which compared with a £7.3 billion profit the year before. The reason for the loss was put down to an over aggressive





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spending spree that included a disastrous purchase of ABN AMRO back in 2007 and exposure to the US subprime market, collapse of USinvestment bank Lehman Brothers and the failure of Icelandic banks.

In Asia, the bank’s retail and commercial banking sector was hit by the slowdown in the regional economies. While income rose by 12 percentto £781 million, an operating loss of £113 million was incurred after manufacturing costs were factored in, compared with a loss of £20 millionin 2007. RBS Coutts, the firm’s wealth management division continued to post good growth, however, at 19 percent with strong levels of clientacquisition, which were up five percent in the year.

In an overhaul of its structure, the bank revealed that it will be cutting more than £2.5 billion from its cost base, leaving the firm centered onBritain, with smaller and more focused global operations. The bank said this would mean leaving some countries entirely while reducing itsfootprint in others.

January 2009: Balancing act

In a move designed to shrink RBS’ balance sheet, the bank sold its 4.3 percent holding in Bank of China for $2.3 billion. According to pressreports in Asia, the British bank sold the shares at between HK$1.68 and HK$1.71, a discount of up to nine percent of the prevailing marketprice. Reasons given for the sale included the firm’s need to concentrate scarce capital towards its British market and the hope that it wouldreduce the pressure on the bank having to sell its insurance operations Direct Line and Churchill.

January 2008: New name in private banking

Much of RBS' Asian business comes from its private banking branches situated throughout the region, with major offices in Hong Kong, Tokyo,Singapore and the United Arab Emirates. Private banking for RBS is done through its Coutts subsidiary, which was acquired as part of theNatwest deal in 2000. In January 2008, RBS made its mark more distinctive by renaming its private banking division RBS Coutts. RBS Couttstaps into the significant wealth growth of Asia by serving clients with more than US$500,000 in investable assets or clients with a net worth ofmore than US$5 million. In 2007, Asiamoney magazine named RBS Coutts the No. 1 wealth manager for clients with assets of more thanUS$25 million.

GETTING HIRED

The Royal salute

Dedicating a whole domain name solely to graduate recruitment, RBS offers www.makeitrbs.com to save you the hassle of hunting around ona labyrinth-like web site. The firm runs a total of 30 different graduate programs, ranging from global markets (including all areas of investmentbanking), finance, risk and retail, to group technology and technology integration. International placements, professional development androtational opportunities are also on offer.

RBS maintains a helpful careers web site (www.rbs.com/careers) that allows jobseekers to learn about opportunities in Asia Pacific; graduatesinterested in global markets opportunities should check out www.rbsmarkets/gmgraduates. Information on Asia Pacific is sorted by location:Hong Kong, Japan, Singapore, Australia and India. Opportunities are available in global markets in Hong Kong and Japan, and in operationsand finance for global markets in Singapore. In India, the bank recruits for its India Development Centre (IDC), a technology group with about600 employees. Students and jobseekers can apply directly via email through the web site.

If you're a penultimate-year student with your heart set on banking, you can look into RBS' 10-week summer internships, available in globalmarkets, finance, human resources, internal audit and risk.

Skills to pay the bills

There are a myriad of opportunities for graduates looking for a path into a banking career, primarily in the form of one- to three-year programs.Entry requirements vary from program to program, but as a general rule, most require a minimum 3.4 GPA with a degree in any discipline.Some, such as risk management, need more specific skills and require a more technical qualification, such as a degree in mathematics,statistics, economics or engineering. All positions require prior work experience.




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Sign here ...

Applications are submitted online, but you'll need to register on the site first. The selection process varies from division to division. If you meetthe minimum requirements, you'll be asked to complete an online competency questionnaire, followed by a numerical reasoning test. Thenext step is a telephone or face-to-face interview.

The final assessment step comes at a graduate assessment center in all divisions. These centers are located in Hong Kong and Singapore.RBS notes that for some business areas they will hold a pre-assessment dinner—stressing that the dinner is not assessed. So don't worry toomuch about how you were holding your chopsticks when you spilled your wine on the chief executive—but do use the opportunity to ask thosein the know about what it's like to work for RBS. Overall, the assessment will involve a numerical reasoning test, a group challenge, apresentation, a face-to-face interview and a planning and organizing exercise.





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7-1, Marunouchi 2-chome

Chiyoda-ku

Tokyo, 100-8330

Japan

Phone: +81-3-3240-8111

Fax: +81-3-3240-7520

www.mufg.jp/english/index.html


Australia • Bangladesh • China • Hong Kong • India •

Indonesia • Japan • Malaysia • Myanmar • New Zealand •

Pakistan • Philippines • Singapore • South Korea • Taiwan •


DEPARTMENTS

Corporate Banking

Retail Banking

Trust Assets

THE STATS


Ticker Symbol: MTU (NYSE)

President & CEO: Nobuo Kuroyanagi

Gross Profit: JPY 3.273 trillion (FYE 3/09)

Net Income: JPY -256.9 billion



KEY COMPETITORS

Citigroup

Mizuho Financial Group

Sumitomo Mitsui Financial Group

EMPLOYMENT CONTACT

Send resumes to:

7-1, Marunouchi 2-chome, Chiyoda-ku Tokyo, 100-8330,

Japan

Fax: +81-3-3240-7520


MITSUBISHI UFJ FINANCIAL GROUP, INC.23

PRESTIGERANKING

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THE SCOOP

Global giant

Mitsubishi UFJ Financial Group (MUFG) was formed as a result of the 2005 merger between Mitsubishi Tokyo Financial Group and UFJHoldings. The company is now the world's biggest bank by assets, with JPY 198.73 trillion under control. MUFG's 45,182 employees providedeposit, lending, leasing, investment advice and trust services in Japan and internationally in more than 40 other countries. In 2009, MUFGranked No. 128 on the Fortune Global 500 list of the world’s largest corporations.

MUFG operates in three core business areas: retail banking, corporate banking and trust assets. In corporate banking, which accounts forover 60 percent of MUFG's business, the firm focuses primarily on investment banking, offering advisory services on mergers and acquisitions,inheritance-related business transfers and stock listings. Mitsubishi UFJ Securities, a 60-year-old securities arm, became a subsidiary ofMUFG in September 2007. The firm also operates Bank of Tokyo-Mitsubishi UFJ and Mitsubishi UFJ Trust and Banking. In the U.S., MUFGowns 65 percent of UnionBanCal, parent to Union Bank of California.

Mega deal

The merger of Mitsubishi Tokyo and UFJ reduced the number of Japan's mega-banks to three, as the combined company joined the ranks ofcompetitors Mizuho Financial Group and Sumitomo Mitsui. Mitsubishi Tokyo, a banking powerhouse and one of the sole Japanese banks toremain healthy in the 1990s, saw a chance to secure a competitive position against the two other mega-banks by teaming up with the strugglingUFJ. In the fiscal year prior to the merger, UFJ lost US$3.7 billion and was clearly the weakest of Japan's big four banking groups at the time.

Subprime lite

By 2008, its third year operating as a joint company, MUFG claimed its position as the largest of Japan's three mega banks and the world'slargest financial institution by assets, a title it still held as of July 2009. But reality started hitting in late 2007, as the firm began feeling fromthe U.S. subprime loan fiasco. For the fiscal year ended March 2009, the firm reported a net income loss of JPY 256.9 billion.

Awards and rankings

• No. 128, Global 500 (Fortune, 2009)

IN THE NEWS

July 2009: Mitsubishi and Morgan sitting in a tree …

MUFG announced that its strategic partnership with fellow financial group Morgan Stanley would expand its global scope through several newinitiatives. These initiatives include the formation of a loan marketing joint venture based in the U.S. that will make business referralarrangements in Asia, Europe, the Middle East and Africa; a referral agreement for commodities transactions occurring outside of Japan; andlastly, a mutual secondment of employees to strengthen personnel experience and exposure. The two financial giants have been discussingvarious partnership arrangements since October 2008, when MUFG spent US$9 billion for convertible preferred shares amounting to a roughly20 percent stake in Morgan Stanley.

June 2009: To catch a thief

A former employee of Mitsubishi UFJ Securities, a MUFG brokerage unit, was arrested in June 2009 by the Tokyo police department underthe suspicion of stealing the personal data of 1.5 million customers. Prior to the arrest, Mitsubishi UFJ Securities had received nearly 15,000complaints from customers who felt their accounts had been compromised, including institutional accounts, some of whom suspended theirtransactions in the brokerage house. The thief is suspected to have illegally accessed and copied the customer information from two of thecompany’s offices. This crime comes quick on the heels of a similar situation in April 2009, when a company employee sold the personal dataof roughly 50,000 customers.





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May 2009: On the open seas of lending

According to a May 2009 report in Bloomberg, MUFG made US$1.62 billion in shipping loans during the first three months of 2009, surpassingNorway’s DnB NOR ASA as the world’s largest lender to the shipping industry. Thanks to the global financial crisis, many banks tightenedlines of credit available to businesses, and the demand for transporting commodities and consumer goods likewise decreased in many areasof the world. However, many Asian banks took the opportunity made available by the crisis to play a greater role in ship-financing, as the AsiaPacific region was generally less severely hit by the credit crunch.

May 2009: Close but no Citi

MUFG cancelled its plan to purchase Citigroup’s Japan trust banking unit in May 2009 after a five-month period filled with twists and tangles.The dance began in December 2008, when MUFG agreed to buy NikkoCiti Trust and Banking in a cash deal worth JPY 25 billion. Thispurchase was announced simultaneously with MUFG’s plans to buy other Japanese units of Citigroup, including Nikko Asset Management andthe brokerage firm Nikko Cordial Securities. Unfortunately for MUFG, many of these announced purchase plans led to heated bidding warswith other large Japanese financial institutions, including Mizuho Financial Group and Sumitomo Mitsui Financial Group, the latter of whichedged out MUFG to acquire Nikko Cordial. After MUFG lost its bids on other Citi units, the company decided that owning NikkoCiti Trust byitself would not bring it as many benefits as holding several units simultaneously, and thus cancelled its original plans.

May 2009: Cayman Island Capital

In February 2009, MUFG announced the establishment of a new subsidiary devoted to the issuance of preferred securities through privateplacements to qualified institutional investors for improved capital management. MUFG Capital Finance 9 Limited, the new subsidiary, wasofficially established in late May 2009 and incorporated in the Cayman Islands.

March 2009: Cutting back and closing down

It was revealed that MUFG plans to cut 1,000 jobs and shutter 50 branch locations. Already, the bank had closed 70 branches whileintegrating its acquisition of UFJ Holdings.

January 2009: Big write-downs

MUFG said it would take about US$3.2 billion in write-downs for the fourth quarter of 2009.

October 2008: The bank that keeps on growing

In a move that further enlarged MUFG’s market capitalization, the prominent Japanese lender completed a takeover of Acom, Japan’s second-largest consumer finance company, in October 2008. Prior to the takeover, MUFG already owned a 15 percent share in Acom. The companythen shelled out approximately US$1.4 billion to acquire a roughly 40 percent stake in Acom, making it the largest shareholder in the firm.

GETTING HIRED

Experts, unite

On MUFG's web site at www.mufg.jp/english, the bank describes its management philosophy as providing "the opportunities and workenvironment necessary for all employees to enhance their expertise and make full use of their abilities." If you're a good citizen, it probablywon't hurt your chances either—MUFG also details how it contributes to communities, including supporting employee volunteer programs.

But, one thing the firm doesn't have on its site is actual job listings. If you're interested in applying, your best bet is probably to mail yourresume to the firm's physical address at 7-1, Marunouchi 2-chome Chiyoda-Ku, Tokyo 100-8330, Japan.




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BANK OF CHINA

1 Fuxingmennei Dajie

Beijing, 100818

China

Phone: +86-10-6659-6688

Fax: +86-10-6659-4568

www.boc.cn/en


China • Indonesia • Hong Kong • Japan • Malaysia • The

Philippines • Singapore • South Korea • Thailand • Vietnam

DEPARTMENTS

Asset Management

Equities Sales and Trading

Fixed Income

Foreign Exchange and Settlement

Investment Banking (through BOCI subsidiary)

Investment Research

Personal Banking

THE STATS


Ticker Symbol: BOC (HKSE)

Chairman: Xiao Gang

Net Interest Income: RMB 162.93 billion (FYE 12/08)

Net Profit after Tax: RMB 65.89 billion



KEY COMPETITORS

Agricultural Bank of China

China Construction Bank

Industrial and Commercial Bank of China

EMPLOYMENT CONTACT

www.boc.cn/en

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24PRESTIGERANKING

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THE SCOOP

Chinese champion

When Bank of China (BOC) went public on the Hong Kong stock exchange in June 2006, it raised US$9.7 billion, the biggest global offeringsince the debut of AT&T Wireless in 2000. The massive numbers far eclipsed many of the most hyped U.S. IPOs of recent years and increasedthe already significant buzz about the rise of China's financial prominence in the world. It is estimated that one in every six Hong Kongresidents bought shares of the bank when it first went public.

Bank of China serves retail and corporate customers, as well as providing treasury services for financial institutions and individuals whichinclude currency trading and investment, wealth management, value-secured debt business and financing services. For its retail customers,the bank offers standard banking services such as savings deposits and wealth management services. It also offers credit card services withthe "Great Wall" card, which was the first credit card to enter the mainland Chinese market when it was established in 1986. The bank'sinternational financial services include inter-bank lending, insurance, and agent and custodian services.

In addition to having branches located throughout China, BOC also operates across the Asia Pacific region in countries such as Australia,Bahrain, Indonesia, Japan, Kazakhstan, Malaysia, the Philippines, Singapore, Thailand and Vietnam. Globally, BOC has outposts in North andSouth America, Africa, and European countries such as the U.K., France, Germany, Italy and Russia. In 2009, BOC ranked No. 145 onFortune's Global 500 list of the world’s largest corporations. As of September 2009, it had RMB 8.3 trillion in assets.

Defying warlords

Bank of China’s roots extend all the way back to 1912, when Sun Yat-sen, the provisional president of China at the time, decided that Da QingBank should change its status and become a central bank. On Sun’s orders, Bank of China was then established, with its headquarters locatedin Shanghai. Only four years later, during the so-called Warlord Period, the government of the northern warlords threatened BOC anddemanded the bank stop redeeming bank notes for silver. However, facing down the warlords with steely financial courage, the bank rejectedthe order, boosting its credibility as a credit-worthy bank in the process. In 1929, BOC opened its first overseas branch in London andcontinued to greatly expand its international presence over the next 20 years.

On November 6, 1984, BOC issued the first overseas bond in the history of modern China—JPY 20 billion of Samurai bonds from Japan. Thebank quickly became an established issuer of bonds, raising over US$5 billion by 2001.

Restructuring for the future

Bank of China incorporated its subsidiary, BOC International Holdings, Ltd. (BOCI), the first state-owned investment bank in China's history,in 1998. The institution is headquartered in Hong Kong, but in June 2000, it expanded into mainland China, opening a representative officein Beijing. The firm now handles all of BOC's investment banking along with equities sales and trading, fixed income, asset management andinvestment research. In 2001, BOC merged 10 of its member banks into a subsidiary named Bank of China Hong Kong Ltd., which later wentpublic in July 2002, raising US$2.8 billion.

IN THE NEWS

October 2009: Turning a profit

For the three months ended November 30, 2009, BOC brought in net income of RMB 40.9 billion, which was relatively flat versus the thirdquarter of 2008. But for the nine months ending November 30, 2009, Bank of China booked a profit of RMB 62.23 billion, an increase of 3.8percent versus the same period in 2008.

May 2009: Water world

Bank of China signed a strategic agreement with Sinohydro Corporation, one of the most prominent Chinese companies in the field ofhydropower engineering and construction, in May 2009. The partnership will involve BOC providing services such as financing for domesticand overseas projects for Sinohydro, as well as insurance for overseas engineering. The bank has agreed to extend up to RMB 40 billion incredit to Sinohydro for such projects.


Bank of China


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April 2009: Trading pioneer

Japan-based Bank of Tokyo-Mitsubishi UFJ and BOC announced a deal in April 2009 to cooperate on a banking initiative called Trade ServiceUtility (TSU). The Trade Service Utility is a system of matching trade documents between banks and corporate clients to increase the efficiencyand stability of funding throughout the supply chain. Bank of China's involvement in this agreement marks a big step in furthering thedevelopment of inter-country trading in China's banking sector.

March 2009: A view from the bridge

BOC won a bidding war to finance an ambitious infrastructure project that will construct a bridge linking Hong Kong to Macau and toGuangdong Province in mainland China. Estimated to cost around RMB 72.6 billion, the project has been in development since 2004, andwill feature a bridge spanning an impressive 29.6 kilometers over open ocean. Apart from money that will be invested in the project by China'scentral government, banks will provide an additional RMB 21.87 billion in financing. Since it won the bid, BOC is responsible for providingfinancial consultation along with organizing credit solutions.

March 2009: Triumphing over the financial crisis

Bank of China released surprisingly good year-end results for 2008 in spite of the raging global economic crisis. In its annual report, releasedin March 2009, the bank reported that its total assets grew by 16 percent in 2008 to reach RMB 6.95 trillion. Meanwhile, profit after incometax, increased 6.22 percent for the year, climbing to RMB 65.89 billion. In the latter half of 2008, the bank lent extended credit to a multitudeof companies, supported, in part, by the central government's economic stimulation policies. Some of the strongest areas of growth for BOCduring the year were commercial banking and foreign exchange settlement. In the midst of its increasing assets and profits, BOC also gaveback to the community, donating a total of RMB 150 million to victims of the May 2008 earthquake in Sichuan Province.

January 2009: Shares for sale

Royal Bank of Scotland (RBS) sold its 4.26 percent stake in BOC for GBP 1.6 billion, just weeks after another large European financial group,Switzerland’s bank UBS AG, unloaded roughly 3.4 billion of its shares in the Chinese bank. In both cases, the shares were sold to institutionalinvestors. UBS had originally purchased its BOC shares at the time of the bank's IPO back in 2005.

November 2008: Banking on the tracks

China's Ministry of Railways (MOR) signed a deal with BOC in November 2008 to enhance cooperation and business between the two entities.Under the terms of the agreement, BOC is now designated as the main financial institution for the MOR for both investments and insurance.In addition, BOC agreed to help the MOR finance railway and infrastructure projects carried out between 2009 and 2011.

August 2008: Airing out the laundry

Former BOC managers Xu Chaofan and Xu Guojun were found guilty of conspiracy charges in the U.S. in August 2008, based on fraudulentactivities that began in 1991. The two managers were involved in an elaborate scam in which they took bank assets and moved them to theU.S. through laundering and visa fraud. Auditors traced irregularities dating back to 2001 to the branch where Xu Chaofan was manager.Later, after the identities of the men and the scheme they had perpetrated were discovered, an investigation team found the men living underfalse identities in the U.S. In May 2009, a Nevada judge sentenced Chaofan to 25 years in prison, while Guojun was sentenced to 22 yearsbehind bars.

July 2008: A gold medal opportunity

Bank of China went for the gold as a sponsor and supporter of the 2008 Beijing Summer Olympic Games. The bank was the official bankingpartner of the Games and was involved in coordinating nearly all financial aspects of the events. The Hong Kong branch of BOC also got inon the action by issuing limited-edition commemorative banknotes for the Games. Meanwhile, the company had a more personal connectionto the games as well, as BOC Chairman Xiao Gang took part in the torch relay in August, and the following month 14 of the bank's employeesparticipated in the torch relay for the Paralympics.


Bank of China



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January 2008: Year of the Yao

BOC announced that it would be partnering with China Merchants Bank, Legend Holdings and the Walt Disney Company to buy approximately11 percent of NBA China, a new company focused on nurturing an appreciation for basketball in China. The National Basketball Association(NBA), a U.S.-based company that’s runs a professional basketball league in the states, hopes the new company will raise the bar for the sportin China. NBA China reserves the right to create new teams, as well as to broadcast games and sell licensed merchandise at its discretion.The company has recently welcomed legions of new fans in China in recent years, largely due to the success of Yao Ming, a seven-foot tallbasketball superstar from Shanghai who plays for the NBA.

GETTING HIRED

Use your resources

Although BOC’s main site at www.boc.cn/en doesn't offer a section with job listings, that doesn't mean that it's impossible to snag a job withthe bank. Direct contacts for branches in China are listed under the "Contact BOC" link from the main page. Applicants able to read SimplifiedChinese can head to www.boc.cn/bocinfo/bi4 for a list of recruitment notices for both experienced hires and students. Open positions andcampus visits are periodically listed.

The English page of BOC's Hong Kong site at www.bochk.com has a careers section under the "About Us" heading that lists positions bydepartment, including audit, China business, corporate banking, global markets, investment product management, risk management andmuch more. Links for the firm's graduate trainee and summer internship programs are also available. To apply for a position, send your CVor resume and cover letter to [email protected]. Be aware that "applicants who do not hear from us within eight weeks may considertheir application unsuccessful," according to the bank.


Bank of China


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ANZ (AUSTRALIA AND NEW ZEALANDBANKING GROUP)

Level Level 6, 100 Queen St.

Melbourne, 3000

Australia

Phone: +61-3-9273-5555

Fax: +61-3-9273-6142

www.anz.com


Australia • Cambodia • China • Hong Kong • Indonesia • India

• Japan • Korea • Laos • Malaysia • New Zealand •

Philippines • Singapore • South Pacific Islands • Taiwan •


DEPARTMENTS

Business, Corporate and International Banking

Commercial Banking

Foreign Exchange

Markets

Investments and Insurance

Personal Banking (Transactions, Loans, Credit Cards, Debit

Cards)

Private Bank and Trustees

Transaction Services

THE STATS


Ticker Symbol: ANZ (ASX, NZX)

CEO: Mike Smith

Revenue: AU$30 billion (FYE 9/09)

Net Income: AU$2.94 billion


No. of Offices: 1,346 branches/ representative offices

KEY COMPETITORS

Commonwealth Bank of Australia

National Australia Bank

Westpac Banking Corporation

EMPLOYMENT CONTACT

www.anz.com/about-us/careers

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THE SCOOP

Australasia and beyond

The Australia and New Zealand Banking Group (ANZ) may be headquartered in Melbourne, but the bank has operations across the globe withmajor outposts in China, East and Southeast Asia, the South Pacific Islands, the United Kingdom and the United States. Aiming to be a "super-regional bank" by 2012 with 20 percent of its revenue coming from Asia, the bank took some big steps towards this goal in August 2009 byscooping up a number of the Royal Bank of Scotland's Asian businesses.

In 2008, ANZ named its Hong Kong office as a centralized regional hub for its Asia Pacific operations. With assets of more than AU$471billion as of September 2008 (the end of ANZ's fiscal year), and boasting more than 6 million personal, private banking, small business,corporate, institutional and asset finance customers, ANZ is one of the four largest banks in Australia.

Hungry for acquisitions

ANZ traces its roots back to harder times in Australia's history. The bank was first established by British royal charter in 1835 as the Bank ofAustralasia. More than a century later, the firm merged with the Union Bank of Australia in 1951 to form ANZ Bank. In 1970, ANZ Bankreturned to its Anglo roots when it merged with the English, Scottish and Australian Bank Limited, cementing its current form. After the merger,the bank’s name was changed to Australia and New Zealand Banking Limited Group. At the time, it was the largest merger in Australianbanking history.

Having already established a presence in the Solomon Islands, New York City and Tokyo, the newly merged company expanded its presenceto include offices in Malaysia and Vanuatu. Over the next 30 years, the company grew exponentially with an acquisition spree that includedthe Bank of Adelaide in 1979, Grindlays Bank in 1984, and PostBank in 1989. Further, in 1990, ANZ once again went acquisition crazy,scooping up the National Mutual Royal Bank Limited, Lloyds Bank's operations in Papua New Guinea, the Bank of New Zealand's operationsin Fiji and the Town and Country Building Society in Western Australia. During this flourishing era in ANZ's history, it also launched officesand branches all over the world—in Paris; Frankfurt; Singapore; Manila; Bangkok; Hanoi and Ho Chi Minh City; Beijing, Shanghai andGuangzhou; and in Tonga and the Cook Islands.

In June 2007, ANZ also completed its acquisition of E*Trade Australia in an attempt to fully take advantage of the increase of equity tradingin Australia. Following the acquisition, ANZ achieved a leading global bank ranking on the Dow Jones Sustainability Index, which it retainedin 2009 for the third consecutive year. Additionally in 2007, ANZ acquired a stake in AMMB Holdings Berhad (AmBank), the fifth-largestfinancial institution in Malaysia, and now holds almost 20 percent of the firm.

Expanding in China

During the past few years, ANZ has focused much of it expansion efforts in Asia on gaining a stronger foothold in China. This strategy begantaking shape in 2006 with the US$252 million purchase of a 19.9 percent stake in Shanghai Rural Commercial Bank (SRCB). At the time ofthe buy-in, SRCB had approximately 330 branches, 5,000 employees, 2.5 million customers and RMB 137 billion in assets. In the world ofChinese finance, however, that only places SRCB as the 17th-largest bank in mainland China.

Pushing further into the mainland in 2006, ANZ purchased a 20 percent share of Tianjin City Commercial Bank for US$112 million. ANZhopes that these expansion efforts will place it among the biggest foreign players in China, such as Citigroup, Bank of America and HSBC,who all made investments in Chinese banks prior to the World Trade Organization regulations adopted by the Chinese banking industry inDecember 2006.

Hello, Mr. Smith

In October 2007, ANZ brought in Michael "Mike" Smith, a veteran from The Hongkong and Shanghai Banking Corporation (HSBC), to leadthe way forward as ANZ's CEO. Smith indicated plans to continue expansion in the Asia Pacific region in both the short- and long-term future.Smith's base salary at ANZ was reported to be AU$9 million, giving him the distinction of being the most highly paid executive amongAustralia's commercial lenders. Prior to joining ANZ, Smith served as the president and CEO of HSBC's Hong Kong operations as well as thechairman for HSBC’s banking enterprises in the region including Hang Seng Bank and HSBC Bank Malaysia Berhad.


Australia and New Zealand Banking Group Limited (ANZ)


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Awards and rankings

• Most Sustainable Bank Globally (Dow Jones Sustainability Index, 2007-2009)

• Employer of Choice for Women (EOWA, 2003-2009)

• Socially Responsible Bank of the Year (Money/CANSTAR CANNEX, 2009)

• Most Satisfied Customers in Australia, Innovation Excellence Award for ANZ Online Investment Account, Innovation Excellence Awardfor SmartyPig, Best Value Australia Agribusiness Bank (CANSTAR CANNEX, 2009)

• Award for Innovation in Account Aggregation for ANZ Money Manager (Financial Insights Innovation Award, 2009)

• Best Local Private Bank—Australia (Euromoney Private Bank Awards, 2009)

• Best Local Cash Management Bank for Small and Large Corporates 2009 (Asiamoney, Cash Management Awards 2009)

• Best Trade Bank in Australasia (Trade Finance Asia Awards for Excellence 2009)

• Best Trade Finance Bank in Australia 2009 (Global Finance, awarded December 2008)

• Best Australian Dollar Bank (FX Week, 2005-2008)

• MAstralia loans (by deal value)—No. 2 (Thomson Reuters League Tables, 2008)

IN THE NEWS

August 2009: New faces in Asia

With the acquisition of all those RBS businesses, some reshuffling of leadership in Asia was announced. In Hong Kong, Alistair Bulloch takesthe reins as deputy CEO for Asia Pacific, Europe and America, while Gilles Plante comes in to serve as the CEO for North East Asia, Europeand America. Specifically related to the RBS acquisition, Craig Sims, currently the CEO for ANZ's Pacific region, will be relocating to Singaporeas the firm's head of integration, and aims for a smooth transition in each of the six markets once regulatory approval has been received.Meanwhile, taking over from Sims as the CEO for ANZ's Pacific region will be Michael Rowland, who will be based in Melbourne. Finally,there's a new managing director for retail banking and wealth products Asia Pacific: Wendy Lim, who joins from RBS, where she served as thehead of retail banking for Greater China and South East Asia. All positions will be reporting to Alex Thursby, the CEO for Asia Pacific, Europeand America, and the appointments are expected to take effect in early 2010.

August 2009: Hope you like haggis!

Big news in August 2009, as ANZ ended months of speculation by announcing it had acquired a large amount of Royal Bank of Scotland'sAsian assets. RBS, which was bailed out by the British government and is now 70 percent owned, desperately needed to raise capital to tightenup its balance sheet. For approximately AU$687 million, ANZ came away with RBS' retail, wealth and commercial businesses in Taiwan,Singapore, Hong Kong and Indonesia (the latter through 85 percent-owned subsidiary PT ANZ Panin Bank), and its institutional businessesin Taiwan, the Philippines and Vietnam. The RBS acquisition adds 54 branches, AU$4 billion in loans and AU$8.9 billion in deposits, andwill triple ANZ's customer base in Asia from one million to three million clients. All acquisitions are pending regulatory approval in each market,which are expected to be completed in late 2009.

Upon the purchase, ANZ Group CEO Mike Smith remarked, "The acquisition of these RBS businesses is a further stepping stone in our super-regional strategy and creates a new platform for our retail and wealth businesses in Asia." Notably absent from the assets were RBS' operationsin India and China, but further acquisitions could be on the cards. Post-deal, ANZ gained about AU$4 billion in surplus capital under its wings,and to fuel speculation, Smith added intriguingly, "There are one or two things on the horizon."





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August 2009: Opes resolved

Nearly 16 months after the securities house collapsed, investors in the Opes Prime debacle ultimately settled with ANZ and Merrill Lynch inAugust 2009 in a deal brokered by the Australian Securities and Investments Commission (ASIC). Under terms of the deal, ANZ and MerrillLynch will pay creditors around AU$226 million in cash—working out to a investment return of about 37 cents on the dollar—with the conditionthat all legal action is dropped against the two banks.

July 2009: Musical chairs for chairman spot

It was announced in July 2009 that John Morschel would be succeeding Charles Goode as ANZ's chairman, effective February 2010. Goode,who is retiring, has served as chairman since 1995, and remarked on Morschel's appointment: “John is one of Australia’s most respectedbusiness leaders who has extensive experience as a chief executive and more recently as a non-executive director and chairman of majorAustralian and international companies. John will also bring to the role a strong background in banking and financial services.”

However, Morschel wasn't the original choice for the position. In November 2008, it had been announced that Sir Rod Eddington would besucceeding Goode by mid-2009. Eddington joined ANZ as a director in November 2008 alongside prominent Singaporean businessman andformer SingTel CEO Lee Hsien Yang—son of the former prime minister of Singapore, Lee Kuan Yew. Eddington also sits on a number of otherboards, including JPMorgan (as the chairman for Australia and New Zealand), Rio Tinto, News Corporation, CLP Holdings (also known as ChinaLight & Power) and John Swire & Sons.

Eddington withdrew his offer to serve as a director on ANZ's board in July 2009, with no reason cited by the firm, though they did wish himwell. However, numerous news sources pointed to Eddington's connection as a director of failed financial services firm Allco Finance Group,which suffered due to subprime mortgages and ultimately went into receivership in November 2008, becoming one of the first Australian firmsto collapse amidst the credit crisis. Allco is now the subject of an investigation by the Australian Securities and Investments Commission(ASIC), according to Bloomberg.

June 2009: New heads in HK and PNG

Two 2008 ANZ joiners moved into top positions in June 2009: Susan Yuen and Vishnu Mohan. Yuen became the CEO for ANZ's operationsin Hong Kong, after serving for many years with Maybank and HSBC in Malaysia. Meanwhile, Mohan was named as the CEO for ANZ'sNorthwest Pacific region, as well as the managing director for Papua New Guinea operations. Mohan joined ANZ in 2008 after spending 32years at Standard Chartered Bank.

March 2009: Job cuts and relocations to India

ANZ announced in December 2008 that it would be cutting 400 further jobs in Australia, bringing total layoffs for 2008 to roughly 800(approximately 2 percent of its global workforce). Middle management felt the brunt of the cuts. Just a few months later, in March 2009, thebank announced that an additional 500 IT and back-office jobs would be relocated from Melbourne headquarters to the firm's Indian office inBangalore. In a statement, an ANZ spokesperson explained, "In 2008, the size of the operation in Bangalore grew by around 500 people andit is reasonable to expect there will be similar growth in 2009." ANZ maintained its position that it would keep its call center operations inAustralia. Both the layoffs and the Indian relocations are part of a cost-cutting restructuring plan, which the bank outlined in November 2008.

January 2009: Indonesian express

ANZ steadily continued its Asia expansion in January 2009, shelling out AU$166 million to boost its stake in Indonesia's PT Bank Panin, from19.9 percent to 38.3 percent. However, ANZ's been in business with PT Bank Panin for quite some time already—since 1993, ANZ has owned85 percent in joint venture PT ANZ Panin Bank. The increased stake in PT Bank Panin comes on the heels of the 2008 launch of the ANZTower in Jakarta, a new hub for the bank in Indonesia. According to Alex Thursby, ANZ’s chief executive in Asia Pacific, “Indonesia is a keymarket in ANZ’s growth strategy in Asia.”

March 2008–August 2008: Not a prime moment

The meltdown and subsequent liquidation of Australian securities house Opes Prime Stockbroking in March 2008 triggered problems for ANZand Merrill Lynch, creditors for the collapsed firm. Causing 22 companies (mostly small-cap) to halt trading, the Opes Prime crisis left ANZunable to collect a hefty sum of AU$650 million owed to it by the liquidated stockbroker. ANZ’s institutional lending division took a hit on a fewother fronts, and as a result, the bank earmarked up to AU$975 million to cover any outstanding bad debts.




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ANZ took possession of 26 percent of biotech firm BioProspect and over 20 percent in pharmaceutical firm Solagran; their shares served assecurity for loans to Opes Prime. The publicly-listed BioProspect brought ANZ in front of Australia's Takeovers Panel, and ultimately emergedvictorious on its accusations that ANZ was in breach of takeover law by failing to declare the 26-percent acquisition. By August 2008, ANZhad fully unloaded its shares in BioProspect and Solagran as a way to recoup some of the debts.

GETTING HIRED

Break out of the mold

ANZ’s careers site at www.anz.com/about-us/careers covers a wide range of opportunities. Job seekers can browse a wide variety of worldwideopportunities for permanent (full-time and part-time), contract or temporary positions. Jobs are searchable by country, region, division andposition. To apply online, you will need to set up an account.

An eight-week summer internship program is available for students in Australia and New Zealand, with the possibility of landing an earlygraduate offer straight out of school. In Australia, roles are available in a range of areas including Accounting and Finance, Operations,Technology, Wealth, and within the Institutional division. A longer-term industry-based learning (IBL) program is also available in Melbournefor ANZ for students in their second year. The program lasts 12 months and gives participants some real-life experience at the firm, with thechance of an early graduate offer upon completion of studies. ANZ’s Graduate Program offers a rotational program ranging between 18 to 24months within specific businesses and functions in Australia and New Zealand. A new Global Generalist Bankers Program was launched in2009, which aims to develop and retain generalist bankers with broad experience across multiple banking disciplines.

For information and requirements on internships, the IBL program and the Graduate and Global Generalist Bankers programs in Australia, goto www.anzgraduates.com.au. For New Zealand, check out www.anzgraduates.co.nz. Alternatively, ANZ operates local graduate recruitmenthelplines in Australia (1800 000 075) and New Zealand (0800 007 456), with direct email contact at [email protected].

Since 2002, ANZ has recruited over 250 Indigenous trainees in branches around Australia. The bank believes that investing in training andsupporting the Indigenous community provides opportunities for talented individuals to grow and open doors to a career with ANZ. InDecember 2008, ANZ announced increased employment targets for Indigenous Australians—up to 10 percent of entry-level roles (352 jobs)at ANZ are expected to be filled by Indigenous Australians by the end of 2011. For more information, read ANZ's Reconciliation Action Planat www.anz.com/rap or visit the Indigenous Employment web site at www.anz.com/indigenousemployment.





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BEST OF THE REST ASIA PACIFICBANKING EMPLOYERS


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AGRICULTURAL BANK OF CHINA LIMITED

69 Jianguomennei Ave.

Doncheng District

Beijing, 100005

China

Phone: +86-10-6821-6807

Fax: +86-10-6829-7160

www.abchina.com


China • Hong Kong • Japan (representative office) •

Singapore

DEPARTMENTS

Agro-Related Business • Corporate Banking • Foreign

Exchange Services • Personal Banking • Treasury Operations

• Wealth Management

THE STATS

Employer Type: Government-owned

Chairman: Xiang Junbo

President: Zhang Yun

Net Operating Profit: RMB 51.1 billion (FYE 12/08)



KEY COMPETITORS

Bank of China



EMPLOYMENT CONTACT

job.abchina.com

153

THE SCOOP

Farmers market

The Agricultural Bank of China (ABC or AgBank) was established in 1979 as a resource to serve the farming population of China, whichnumbered nearly 800 million people at the time. Over the past 30 years, the rural bank has grown to become one of the "Big Four" Chinesebanks along with the Bank of China, China Construction Bank, and the Industrial and Commercial Bank of China. With assets of approximatelyRMB 7 trillion worldwide and over 441,000 employees, it ranks second in size among the four giants. It also skyrocketed (from its previousrank at No. 223) to No. 155 on the 2009 Fortune Global 500.

The firm holds around 18 percent of the bank branches in China, and thus ABC is the top bank for deposit assets. However, the companyhas come across harder times in the past few years, and has had to rely on sovereign wealth funds (SWFs) to bail it out of bad loans totalingnearly US$100 billion. Altogether, the Chinese government has spent US$500 billion recapitalizing banks. Federal banking regulators placeda loan cap on the bank in order to limit its descent into debt in 2008. The bank desperately needed a cash infusion to offset its loan baggage,and in August 2008, it got its wish as state-run Central Huijin Investment Company, a subsidiary of CIC, came through with a RMB 130 billioncapital injection.

Despite fears about its debt numbers, ABC remains profitable—though profits nearly halved in 2008, to RMB 51.1 billion from a 2007 netoperating profit of RMB 96 billion. The bank is backed by rapidly increasing intermediary business, net interest, and fee and commissionincomes. ABC is the last of the Big Four state-owned banks to become publicly traded, but it's now taken steps to join the rest as it underwenta transformation into a joint-stock company in January 2009. The public debut of its stock still hasn't happened, but could hit the marketssometime in late 2009 or in 2010.

NPLs improving, but still a factor

Rural finance is ABC's specialty, with over half of its branches in Western and Central China. The bank is known for its microfinance program,which started in the 1990s and allots loans of RMB 2,000 or less to small farmers to boost their business. However, in recent years, theseloans have severely hurt the bank's bottom line, as they have little chance of being paid back by farmers in remote areas.

ABC had to own up to its possession of approximately RMB 818 billion of non-performing loans (NPLs) in 2007—way beyond any other state-run bank in China. However, 2008 was a much better year for the firm in this regard, as its NPL ratio dropped to 4.32 percent. November

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2008 brought the most positive news as the Chinese Ministry of Finance approved ABC's removal of RMB 818.7 billion in bad assets from itsbooks, with People's Bank of China refinancing RMB 150.6 billion to the bank and the Ministry of Finance converting the remaining RMB665.1 billion to receivables.

Part of the difficulty with NPLs lies in the sheer exposure ABC has to the rural market—about 40 percent of ABC branches, more than 40percent of deposits and loans, and about 35 percent of profits are directly related to rural businesses. Approximately 42 percent of those localloans are connected in some way to agricultural development. Even if the loans were paid back in full, the interest collected would generallynot be high enough to cover the cost of traveling to the small villages that the bank services. However, higher interest rates would seem to bea further detractor to sign up for the loans in the first place.

The bank's agricultural loans were originally meant to stimulate the farming economy, not to boost the coffers of the bank, and to tighten thisup, ABC will have to make some tough decisions on how to conduct these loans in the future. Pan Gongsheng, the vice president ofrestructuring for the bank, remarked in November 2008, "It may take us a dozen years [to clear the NPL backlog], but it is also probable thatwe will complete the task earlier [than expected]."

IN THE NEWS

July 2009: Big steel deal

Chinese state news agency Xinhua reported in July 2009 that ABC had signed an agreement with Baosteel Group, China's largest steelmaker,to provide a RMB 50 billion credit line.

May 2009: New rural finance unit

After receiving approval from China's regulators in May 2009, ABC went through a bit of a restructuring as it grouped all of its rural businessesinto one unit. The rural finance unit offers loans and development in areas smaller than counties, and is intended to boost the firm's farmlending on the road towards its initial public offering.

March 2009: Big money for Baosteel, Shimao and CRM

On the heels of the announcement of a massive two-year stimulus package of RMB 4 trillion, the Chinese government urged banks to increaselending. The effect was immediately felt, as new loans more than quadrupled in February 2009 for Chinese banks, compared to the previousFebruary. For ABC, looking at a possible boost in lending by 30 percent for 2009, March started out with a massive loan extended to ChinaRailway Materials Corporation (CRM) for RMB 10 billion. A state-owned enterprise, CRM primarily handles railway construction materials, aswell as a number of other businesses ranging from logistics to real estate. Investments in infrastructure, particularly in railway development,were particularly outlined in the government's stimulus plan.

Later in the month, an even bigger loan went out, under the assumption that the Chinese property market may have bottomed out and begunits rise. It was announced that ABC would be extending a massive line of credit—RMB 15 billion—to Shimao Property Holdings. The creditline is roughly 90 percent of Shimao's market value. Shimao, which had its debt rating cut to "junk" in 2008, is a massive real estate developerin Shanghai, Beijing and other major cities in China. The firm is owned by one of China's richest businessmen, Xu Rongmao. So what to dowith all that money? The credit line will help Shimao resume a number of projects put on hold during the economic crisis, as well as fuelexpansion plans. Xu remarked to reporters in Shanghai, "The market is warming up, which will speed up our cash returns. Acquisitions arelikely in the second half of this year as well, as some of the smaller builders face problems. We will also consider buying land."

March 2009: Helping out the small and medium

ABC announced plans to prop up small- and medium-sized enterprises (SMEs) through the release of RMB 100 billion in funds over the year.In concordance with this plan, ABC announced that its small enterprise finance department would reshape to focus solely on SMEs. Thedepartment boasted about 40,000 customers at the end of 2008.


Agricultural Bank of China Limited


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January 2009: Preparing a new face for the public

Kickstarting the new year with a boom, the bank unveiled its new face—Agricultural Bank of China Limited. Transformed into a joint-stockcompany, an inauguration ceremony in Beijing marked ABC's receipt of its new corporate business license from the China Banking RegulatoryCommission. The firm's web site announced a registered capital of RMB 260 billion. The official approval takes ABC one step closer to itsIPO as it takes on a restructuring project to set it up for shareholding. Initially, the bank only has two shareholders—state-run SWF CentralHuijin Investment Company and the Ministry of Finance—with each holding a 50 percent stake.

October 2008: Rosy futures after a little cash

Things may be looking up for the rural lender with a massive infusion of cash. In February 2008, ABC petitioned the government for funds torepay its loans—40 percent of which were state-directed. In August 2008, wishes came true as state-run sovereign wealth fund Central HuijinInvestment Company (a subsidiary of China Investment Corporation) provided the bank with a cash injection of RMB 130 billion. ABC is now50 percent owned by Central Huijin Investment Company, and 50 percent by China's Ministry of Finance.

Post-capital injection, ABC put forth a restructuring plan to tighten up its balance sheets in preparation for its imminent IPO. The plan wasultimately approved by China's State Council in October 2008, and makes ABC the final of the Big Four state-run Chinese banks to undergorestructuring into a commercially oriented bank.

For the IPO, according to Pan Gongsheng, ABC's vice president in charge of restructuring, a simultaneous listing on mainland China's A-shareand Hong Kong's H-share exchanges "may be taken into consideration." Technically, ABC will be all squared up for an IPO in the second halfof 2009. Eyes are still on an IPO late in the year, but no official date has been set and a "wait and see" approach is being taken, given theshaky global economic environment.

April 2007: An inside job

ABC received a great deal of unwanted attention in 2007 as it became the victim of the largest bank robbery in the history of China. NearlyRMB 51 million was stolen by bank insiders—vault managers who were supposed to be protecting the money that they stole. The perpetrators,Ren Xiaofeng and Ma Xiangjing, stole the money with the hopes of eventually returning it after they had made a profit by playing the Chineselottery. However, the two managed to squander nearly the entirety of the money, only winning back about RMB 98,000.

The money was discovered to be missing on April 16, 2007 and the unlucky bank robbers immediately fled for the coast with the remainingcash. But with reward money at stake and "Most Wanted" status from China's Public Security Ministry, they were apprehended within threedays. In August 2007, the two men were sentenced to death, by a court in the city of Handan in the northern Chinese province of Hebei.Both men were executed in April 2008.

March 2007: French allies

Despite its NPL troubles, ABC has still had the cachet to attract power investors like French banking giant Credit Agricole. In late March 2007,Credit Agricole announced that it planned to expand its business into Asia by launching a fund management joint venture with ABC. The jointventure was divided equally into thirds, with the portions owned by ABC, Credit Agricole and the Aluminum Corporation of China (Chalco).





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GETTING HIRED

Banking down on the farm

Despite its rather rural moniker, the Agricultural Bank of China is hardly a small fish in a big pond; in fact, quite the contrary. The firm—alsoknown commonly as AgBank or ABC—is huge. As one of the Big Four banks in China, ABC boasts over 441,000 employees. However, gettingin the door to actually become one of those employees may take a little finesse if you can't read Chinese. For recruitment information inSimplified Chinese, go to job.abchina.com. The firm's English site doesn't include a careers area for prospective workers.

The bank's Hong Kong subsidiary, however, does have a designated "job opportunity" section at www.abchina.com.hk/main/job-eng.html withEnglish listings of open positions. The Hong Kong office only employs about 60 people, but may be a good way to get your foot in the door.If you'd like to apply for the Hong Kong branch, send a resume and cover letter with salary expectations to [email protected], you can send on your information to the bank's physical address: Head of Corporate Affairs, Agricultural Bank of China, H.K.Branch, 23/F, Tower 1, Admiralty Centre, 18 Harcourt Road, Hong Kong.




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157

THE BANK OF EAST ASIA, LIMITED (BEA)Bank of East Asia Building

19/F, 10 Des Voeux Road

Central, Hong Kong

Phone: +852-3608-3608

Fax: +852-3608-6000

www.hkbea.com


China • Hong Kong • Macau • Malaysia • Singapore • Taiwan

DEPARTMENTS

Personal Banking • Corporate Banking • Wealth Management

• Investment Banking • China Services • International

Services

THE STATS


Ticker Symbol: 0023 (HKSE)

Chairman & CEO: David Li Kwok-po

Revenue: HK$19.1 billion (FYE 12/08)

Net Income: HK$39.0 million


No. of Offices: 240

KEY COMPETITORS

Hang Seng Bank

HSBC Holdings

EMPLOYMENT CONTACT

www.hkbea.com/hk/ci/career/index.htm

THE SCOOP

Old school in Hong Kong

Founded in 1918, Bank of East Asia (BEA) is one of Hong Kong's longest-standing banks, and the fifth-largest bank by assets in the city.Though the firm operates internationally in Malaysia, Singapore, the U.K., Canada and the U.S., BEA is most prominent in Hong Kong andmainland China. In Hong Kong, BEA operates 130 locations, and in China, it operates over 60 locations—one of the largest networks of anyforeign bank operating in the mainland.

BEA's main focus is retail and commercial banking. Retail and wholesale banking services are handled via six main divisions: PersonalBanking, Corporate Banking, Wealth Management, Investment Banking, China, and International. The firm also handles life insurance andgeneral insurance through wholly owned subsidiaries BEA Life and Blue Cross (Asia-Pacific) Insurance, and professional services throughTricor Group. With total assets of HK$415.3 billion as of December 2008, BEA ranked No. 1,221 on the Forbes Global 2000 list for 2009.

A homemade institution

BEA quickly rose to prominence, as the powerful Li family, along with the Wong, Kan and Fung families, founded the bank in Hong Kong in1918 and officially began operations the following year. The Li family—who initially made their fortune importing rice into Hong Kong fromVietnam in the late 1800s—took a proactive role in the expansion and development of the firm, becoming the chief shareholders within thefirst half of the 20th century. Moving into its iconic headquarters in 1935, BEA remained in the tradition of family-based banks providingfinancial services for the local community in colonial-era Hong Kong. The bank continues to be family-run, headed up by David Li Kwok-po,grandson of founder Li Koon-chun.

With international ambitions, the bank expanded its services beyond the port of Hong Kong immediately after its establishment, setting upoutposts in Shanghai and Saigon (now Ho Chi Minh City) in 1920. A second Vietnam branch was set up in Haiphong in 1930. As foreignbanks were forced out of mainland China by the Chinese Communist Party during the Cultural Revolution, BEA was one of the only banksallowed to retain a presence on the mainland, albeit a limited one. As the firm expanded further in Southeast Asia to make connections withoverseas Chinese communities, the bank's Singapore branch was opened in 1952.

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Wave of the future

BEA is responsible for several key innovations in Hong Kong, starting with its computerized banking system in 1969—making it the first localbank to implement such a system. Eventually, BEA also became a partner on the Joint Electronic Teller Services (Jetco) project, whichlaunched the first ATMs in Hong Kong in the 1980s. BEA also ushered in the first Hong Kong dollar-based credit card in 1975, in partnershipwith Bank of America. As China’s economy opened up in the latter 20th century, BEA's credit card became the first foreign card to be acceptedfor use in mainland China.

Continuing to serve as a bridge between mainland China and Hong Kong, BEA opened new offices all over the mainland throughout the 1980sand 1990s, and set up a number of joint ventures between its China operations and major financial companies. The firm also went througha process of diversification, entering the insurance business through a joint venture with U.S.-based Aetna in 1983, and establishing operationsin securities trading and foreign financing. Also looking overseas, the firm expanded internationally, launching branches in cities with a sizableChinese presence such as New York, Los Angeles, London and Toronto.

In 1997 (the year which ushered in Hong Kong’s return to Chinese rule), BEA spread its wings further in Southeast Asia by opening branchesin Malaysia and Taiwan. Also growing through acquisitions, BEA acquired United Chinese Bank (UCB), which was acquired in 1996 and fullymerged with the bank in 2001. In 2000, BEA also secured a controlling interest in Hong Kong-based FPB Bank Holding Company (andsubsidiary First Pacific Bank)—effectively launching the firm into the top five banks in Hong Kong.

Since 2003, the firm has also formed a number of strategic partnerships with major banks throughout the region. These include Resona Bank,Bank of Yokohama and Sumitomo Mitsui Banking Corporation (all Japan); Industrial Bank of Taiwan and Mega International Commercial Bank(both Taiwan); Woori Bank (Korea); Metrobank (Philippines); and ICICI Bank (India).

Awards and rankings

• Forbes Global 2000—No. 1,221 (Forbes, 2009)• SME's Best Partner Award (The Hong Kong Chamber of Small and Medium Business, 2008)• Best Internet Banking Among Foreign Banks in China (China Internet Weekly, 2008)• Retail Financial Service Brand Award: BEA China (China Business News, 2008)• Best Foreign Retail Bank Award (21st Century Annual Finance Summit of Asia, 2008)

IN THE NEWS

June 2009: You scratch my back ...

China's largest bank by assets, Industrial and Commercial Bank of China (ICBC) announced in June 2009 that it had entered an agreementto buy 70 percent of BEA's Canadian unit for HK$567 million. BEA has six branches in Toronto and Vancouver. In addition, 12 months afterthe initial transaction, BEA will have the option to sell the remaining 30 percent to ICBC.

Meanwhile, ICBC agreed to sell BEA 75 percent of their investment banking joint venture, ICEA Finance Holdings, for HK$372.2 million. BEApreviously owned 25 percent of the venture, and will take full control after the purchase. ICEA has offices in Hong Kong, with representativeoffices in Beijing, Shanghai and Guangzhou, and operates in areas including securities broking, project finance and underwriting.

May 2009: Bring in the yuan

As Chinese regulators continue to make a push for the mainland's currency on the world's stage, BEA and HSBC Holdings were the first twonon-Chinese banks granted approval to sell yuan (renminbi or RMB) bonds in Hong Kong. Though RMB deposits have been available in HongKong since 2004, the new bonds are widely seen as a large step towards internationalizing the Chinese currency. Julia Leung, Hong Kong'sundersecretary for financial services and the treasury, remarked, "Trading and trade finance is the bread and butter business of banks. Thebigger objective is to equip the banking system with the necessary expertise to conduct renminbi trade."

March 2009: Picking up AIG's wealth management in Taiwan

As struggling U.S.-based financial services provider American International Group (AIG) began unloading assets around the globe, BEAacquired AIG's wealth management division in Taiwan, pending regulatory approval by Taiwan's Investment Commission. As a subsidiary of


The Bank of East Asia, Limited (BEA)


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AIG Private Bank, AIG Wealth Management Services was launched in September 2007, geared towards serving high-net worth clientele inTaiwan. Terms of the deal were kept private, but the transaction marked the first sale of AIG’s Taiwanese assets. Pending approval, theacquisition will expand BEA’s services in the region, which currently includes two banking branches in Taipei and Kaohsiung.

March 2009: Ushering in the next generation of Li

A massive company reshuffling in March 2009 led two sons of BEA's chairman & CEO, David Li, up the corporate ladder. Adrian David LiMan-kiu, the head of BEA's Corporate Banking division, and Brian David Li Man-bun, the head of BEA's Wealth Management division, wereelevated to dual posts as Deputy Chief Executive, one focused on Hong Kong and one focused on Mainland China. Effective April 1, AdrianLi serves as Deputy Chief Executive for Hong Kong Business, while Brian Li takes on the role of Deputy Chief Executive for China Business.All eyes are on the two sons, as David Li turns 70 in 2009, and only has three years left in his current term as chairman.

Other BEA executives Tong Hon-shing and Samson Li Kai-cheong are also being promoted to positions as deputy chief executive—Tong willalso serve as chief operating officer, while Samson Li will serve as chief investment officer. The four (all of whom are general managers) willfill the void created by Joseph Pang Yuk-wing, who officially retired as BEA's overall deputy chief executive in April 2009. Asked about thereason for all the changes, Pang remarked, "Because I am retiring and Chan Kay-cheung [then-deputy chief executive] has been retired for along time."

Yet another major change came with the resignation of the firm's chief financial officer, Daniel Wan, who was replaced by BEA's chief internalauditor, William Cheng. In addition, another of BEA's general managers and the head of its China division, Raymond Yu Hok-keung, resignedfor health reasons—only three of the firm's seven general managers now remain in their posts.

February 2009: A bleak year for profits

BEA released its full-year 2008 financial results, and things weren't too pretty in light of the global economic crisis. Though the bank was stillprofitable, most notably, BEA faced an astounding 99 percent decline in net profit to HK$39 million, down from HK$4.14 billion in 2007. Inaddition, its cash reserves fell by HK$9.61 billion for the year. However, in more positive news, BEA's net interest income in 2008 went up by13.7 percent compared to the previous year, increasing to HK$6.79 billion.

January 2009: New digs

With Shanghai’s office property prices taking a hit due to the global financial crisis, BEA purchased a 10-story office building in the centralbusiness district of Lujiazui. The office building is a structural part of Gaobao Financial Tower, which will be renamed BEA Financial Towerwhen the deal goes through. Terms of the deal were not disclosed, but analysts have estimated the building’s worth to be about RMB 1 billion.No word on a move just yet, but BEA China is headquartered in the nearby Bank of Shanghai Tower.

September 2008: Running for the hills

In the wake of the global financial meltdown, BEA fell victim to a viral spread of rumors in Hong Kong that the bank was facing financialdifficulties. Less than 10 days after the Lehman Brothers bankruptcy filing, a text message was allegedly circulated that BEA was on the brinkof collapse. Swarms of anxious depositors in Hong Kong and Singapore crowded entire blocks on September 24, lining up alongside BEAbranches across town to withdraw their entire balances. Some even spent the night outside the bank to ensure a prime spot in line thefollowing day.

BEA dispelled the rumors, assuring the public that they were in sound condition, and kept its doors open an extra 30 minutes to accommodateanyone who wished to withdraw. The Hong Kong Monetary Authority's chief executive, Joseph Yam, even got involved, calling for calm andassuring consumers that the bank had enough capital. Hong Kong tycoon Li Ka-shing (of massive conglomerate Hutchison Whampoa) boughtBEA shares, and the panic subsequently quieted. After all was said and done, customers withdrew about HK$2 billion during the run.

May 2008: Debit in the mainland

BEA became the first foreign bank to issue RMB-denominated debit cards in mainland China, taking advantage of the recent removal of a keyrestriction on foreign banks' retail business in the country. Through subsidiary BEA China, the firm will issue debit cards jointly with ChinaUnionPay, which is the country’s sole bankcard network operator. The agreement opens a wider distribution channel for BEA, with cardholdersbeing able to access accounts and banking services wherever a China UnionPay outlet or ATM is present.





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January 2008: Penalized for insider trading

The U.S. Securities and Exchange Commission reached a settlement at the end of January 2008 in which BEA Chairman & CEO David Liagreed to pay a US$8.1 million civil penalty. The case stemmed from the May 2007 buyout of Dow Jones & Company by global media giantNews Corporation. A husband-wife couple, Wong Kan-King and Charlotte Leung, were alleged to have engaged in insider trading activitiesduring April 2007 in the run-up to the unannounced buyout. Eventually, it came to light in the accusation that the tip on the Dow Jonesacquisition had initially come from Li.

Li, who was a board member at Dow Jones at the time, neither admitted nor denied the accusations. After the settlement was reached, Lifaced widespread pressure to step down from his appointed position in the Executive Council of Hong Kong, which he did, though he retainedhis elected seat in Hong Kong's Legislative Council.

GETTING HIRED

Become a banker of East Asia

BEA employs over 10,000 people and operates more than 240 branches and offices worldwide, a large portion of which are located in HongKong and mainland China. The company operates one of the largest bank networks in Hong Kong, with 91 branches and 46 SupremeGoldCentres in the city as of June 2008. BEA also has substantial operations in mainland China, where it operates 60 branches in cities rangingfrom Beijing and Shanghai to Chengdu and Tianjin, as well as two branches in Taiwan. Meanwhile, the bank also operates 12 branches in theU.S., in addition to branches in Malaysia, Singapore, the U.K. and Canada.

BEA's careers site at www.hkbea.com/hk/ci/career/index.htm features a running list of current vacancies with numerous human resources e-mail addresses to contact for each position. At the top of the careers site, the company also provides a link to a general downloadableapplication form in PDF format. Jobs can be applied to either by email or regular mail, and the bank asks that all applications include a coverletter quoting the position reference number, a resume, current and expected salary, as well as a contact phone number. Applications can besent by mail to Recruitment & Personnel Services Department, The Bank of East Asia, 31/F, BEA Tower, Millennium City 5, 418 Kwun TongRoad, Kwun Tong, Kowloon, Hong Kong—or by fax to +852-3608-6273.




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161

BANK OF THAILAND

273 Samsen Rd.

Bangkhunprom

Bangkok, 10200

Thailand

Phone: +66-2283-5353

Fax: +66-2280-0449

www.bot.or.th

LOCATION IN ASIA PACIFIC

Thailand

DEPARTMENTS

Monetary Policy • Financial Markets Operations • Financial

Institutions Policy • Financial Institutions Supervision • FIDF

Management • Banknote Management • Risk Management

and Operations

THE STATS

Employer Type: Government-owned Company

Governor: Tarisa Watanagase

EMPLOYMENT CONTACT

"Recruitment, Internship & Scholarship" link at

www.bot.or.th/English (Thai-language only)

THE SCOOP

At Thailand's center

As the central bank of Thailand’s financial and monetary sectors, Bank of Thailand (BOT) oversees banking and regulations for governmentand financial institutions throughout the country. BOT also engages in ongoing analysis and scrutiny of fiscal, monetary and spending mattersrelated to Thailand’s growth. Its mission: "to provide a stable financial environment for sustainable economic growth in order to achievecontinuous improvement in the standard of living of the people of Thailand."

Other departmental responsibilities include managing government assets and reserves, regulating payment systems, printing and issuing ofThai banknotes as well as the handling of foreign exchange rate matters. BOT's department in charge of financial markets operations takesup the task of keeping domestic monetary policy in check, but also serves as the gatekeeper for the national Exchange Control Act and Measureto prevent speculation on the Thai baht.

Siamese connection

Ideas for a central bank began forming as Thailand (then known as Siam) began opening relations and trade with foreign nations during thereign of King Rama IV. Though western powers pushed for a central medium for trade and economy through the reign of Kings Rama V andVI, it wasn't until Siam's Revolution of 1932 that constitutional rule was established and the idea resurfaced. However, given a lack of expertisein banking issues, many felt that the time was not right to establish a central bank.

In 1938, following Pridi Banomyong's appointment as Minister of Finance, a central banking act was drafted, paving the way for BOT. TheThai National Banking Bureau began operations in 1940, with the assistance of government and foreign advisers. However, as World War IIcame into full swing and Japanese troops landed on Thai shores, a push came to create a central bank amid the chaos. The Thai NationalBanking Bureau was ultimately transformed through a bill (the Bank of Thailand Act) which passed in April 1942, and the Bank of Thailandopened its doors in December 1942. The central bank relocated to Bangkhunprom Palace in 1945, where it remained until 2007, whenheadquarters was moved into a new building between Bangkuhprom and Devavsem Palaces.

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Paid in full

In developing a secure model for monitoring the transaction of payments, Bank of Thailand implemented a three-pronged electronic systemin the mid-1990s to provide infrastructural organization in this area. The first to be introduced was BAHTNET, which could efficiently monitortransfers it processed on a real-time basis, from the order being placed to an aggregate amount being settled.

BAHTNET gave commercial banks greater convenience in viewing its current account standings with the central bank, as each amount wouldshow up as it was being transacted. Secondly, the Electronic Cheque Clearing System component was put in place to speed up the clearingof checks within one day of physical input. Finally, the Automated Clearing House System was devised to follow movements of funds in a retailcapacity, and could better keep track of payments made on a regular basis or of a high amount.

IN THE NEWS

May 2009: Thai economy on the mend?

Breaking a trend of interest rate cuts, the Bank of Thailand kept things steady at 1.25 percent in May 2009, bucking the forecasts of manyeconomists surveyed by Reuters. Though BOT's deputy governor, Atchana Waiquamdee, said that the central bank could reduce rates furtherif necessary, many felt it showed confidence in the Thai economy despite contractions and murmurs of recession. According to the BOT'smonetary policy committee, economic indicators started to show a more "moderate contraction, while inflation continued to be subdued. Theimpetus from fiscal measures became more evident. Nevertheless, downside risks to economic recovery remained."

March 2009: A committee of interest

Faced with the largest shrinking of the Thai economy in a decade, the government called upon Chatu Mongol Sonakul, who served as BOT'sgovernor from 1998 to 2001, to lead a new arm of the central bank responsible for the determination of interest rates. An amendment madeto the Bank of Thailand Act decreed that this new board is chaired by someone not presently with the central bank, unlike past policycommittees run by the existing governor. BOT has cut interest rates three times in three months since December 2008. The aggressiveresponse is also tied to a problem facing the central bank earlier in 2008, when loans went up at a higher rate than savings.

Thailand’s administration, headed by Abhisit Vejjajiva, advocated the central bank’s decision to lower rates in combination with fiscal boosts tosalvage the economy’s contractions. Former Prime Minister Thaksin Shinawatra, who originally ousted Chatu from his central bank post, hadpushed for higher interest rates as his cabinet dealt with inflation and the need for aggressive growth. In contrast, prices, along with exportsand national GDP, have been collectively declining.

January 2009: Invasion of the fakes

Bank of Thailand reported an increase in the amount of counterfeit Thai Baht banknotes circulating in the fiscal year ended November 2008,with 18,895 fraudulent notes intercepted as opposed to 10,819 in the previous year. Nopporn Pramojaney, the officer in charge of bill printing,has announced that the New Year's holiday season, coupled with the worsening of the economy, has led to an increase in fraud activity relatingto currency. In particular, bills of higher denomination will require closer attention, as most of the fakes confiscated were 1,000-baht notes.

November 2008: No more quick bucks

In the wake of the global financial crisis, small- and medium-sized enterprises (SMEs) in Thailand may face some troubles in acquiring quickloans from the central bank. Under the revised Bank of Thailand Act, liquidity loans handed out at lower costs can no longer be made by thecentral bank; startups and SMEs will have to turn to commercial banks for financial assistance. The problem for SMEs is heightened by thefact that commercial banks have put screenings in place to approve loans that have performed, and to turn down those that have not. BOT'sdata for September 2008 showed that the loan rate increased by about 10 percent, while the savings rate went up by a marginally smallerincrement of 1.4 percent.




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August 2008: Mobile banks

In capitalizing on the recent growth of 3G technology, BOT announced in August 2008 that it will enable transactions of financial servicesthrough mobile phones. Bandith Tungprasert, BOT's deputy governor for financial institution stability, notes that in streamlining commercialbanking under this technological medium, money laundering can be prevented more easily, as customers’ information is readily accessible tothe BOT in this mode. A barrier to this platform would be Thailand’s instability of network and security coverage on its public users’ end. Toimprove upon this, the bank would seek the assistance of the National Telecommunications Commission of Thailand (NTC) in developing astronger security foundation for mobile phone transactions.

GETTING HIRED

Earn some baht working for BOT

General information about BOT's recruitment programs is available on the bank's careers site via the "Recruitment, Internship & Scholarship"link from www.bot.or.th/English. However, you'd better know how to read Thai—as of 2009, there was no English recruitment informationavailable.

Interested candidates might want to try calling BOT's human resources department at +66-2-283-6911. Otherwise, those looking foropportunities can send an email to Pitchayaporn Yokchadatarn (a member of the HR placement team) at [email protected] or PiyawanSiwakier (a member of the strategic career planning team) at [email protected]. Alternately, students interested in scholarships and otheropportunities can try emailing Vimarn Sukhyanga (a member of the scholarship team) at [email protected].





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BENDIGO AND ADELAIDE BANK

The Bendigo Centre

Bendigo, VIC 3550

Australia

Phone: +61-3-5485-7911

Fax: +61-3-5485-7000

www.bendigobank.com.au

www.adelaidebank.com.au


Australia

DEPARTMENTS

Corporate Support

Joint Ventures and Alliances

Retail Banking

Wealth Management

Wholesale Banking

THE STATS


Ticker Symbol: BEN (ASX)

CEO: Mike Hirst

Chairman: Robert Johanson

Revenue: AU$2.91 billion (FYE 6/08)

Net Income: AU$170.50 million


No. of Offices: 880

KEY COMPETITORS

Australia and New Zealand Banking Group

Commonwealth Bank of Australia


Westpac Banking Corporation

EMPLOYMENT CONTACT

www.bendigobank.com.au/about_us/careers/careers_and_va

cancies.asp

jobs.bendigobank.com.au

THE SCOOP

Emerged from the merge

A relatively new name for two banks with deep roots, Bendigo and Adelaide Bank was established as a result of the merger between BendigoBank and South Australia's Adelaide Bank in November 2007. (The merger came just months after Bendigo Bank rejected two takeover offersby Bank of Queensland in April and June 2007.) The combined bank, officially named in March 2008, now serves as Australia's sixth-largestlender by market value, with Adelaide Bank serving as a wholly owned subsidiary of the entity.

The group operates in four major divisions: retail banking, wholesale banking, wealth solutions, corporate support, and joint ventures andalliances. Bendigo and Adelaide Bank offers a range of services including business banking, fund management, commercial finance, trusteeservices and financial advisory services. The firm's retail arm, Bendigo Bank, includes nearly 900 outlets across all of Australia's states,providing community banking and wealth management services for households and small- to medium-sized enterprises (SMEs). AdelaideBank focuses on consumer loans and business banking services for SMEs.

Meanwhile, the group operates through a number of other subsidiaries, including mortgage firm National Mortgage Market Corporation(acquired by the group in 1995), debenture company Victorian Securities (acquired in 1999), funding house Oxford Funding (acquired in2005), trustee company Sandhurst Trustees, and Bendigo Financial Planning. Bendigo and Adelaide Bank further offers mortgages throughits wholesale banking arm, Adelaide Wholesale Mortgages.

General insurance (including home, car, travel and landlord's) is handled through subsidiary Bendigo Bank Insurance, while health insuranceis through Bendigo Health Cover, a venture with Australian Unity Health. The firm is also involved in a number of joint ventures, includingRural Bank Limited, Tasmanian Banking Services, Community Sector Banking and Homesafe Solutions, allowing the group to provide

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specialized services to a wide range of customers. Overall, the group serves over 1.3 million retail customers in Australia, and boasts overAU$48 billion in assets.

Banking on communities

Founded during Australia's gold rush, Bendigo Bank originated as a building society based in the Bendigo goldfield in 1858. The settlementconsisted of thousands of makeshift tents set up along the gullies. In an effort to add stability and structure to the community, a group ofBendigo's prominent citizens bonded together to form Bendigo Permanent Land and Building Society, providing financing for miners whosought to own their own homes.

The building society continued to operate in this capacity for over a century, only first expanding from its single Bendigo branch in the 1970s.By then, the society had become a part of the community, boasting that its staff knew all customers by name. It even allowed mortgageborrowers to stay in their homes, rather than foreclosing on them, during the Great Depression.

Going through rapid regional expansion in Victoria in the 1970s, the society grew quickly, acquiring a number of building societies and financefirms through the 1980s and 1990s. Services expanded as well—in 1982, Bendigo became the first financial firm to introduce Visa and theVisa debit card to Australia. All this expansion ultimately resulted in the society's conversion to a bank in 1995.

Meanwhile, Adelaide Bank was formally established in 1994 from the Co-Operative Building Society of South Australia. Primarily focused onbusiness in South Australia prior to its own bank conversion, Adelaide Bank now handles loans all over Australia, with more than 75 percentof its loans now outside of the state.

Communities throughout Australia began to face disenfranchisement under numerous branch closures during the 1990s. In an effort to returnbranch banking to these communities, Bendigo Bank pioneered the "Community Bank" program. Under the program, launched in 1998, localcommunities would be allowed to band together to purchase and operate a Bendigo Bank branch, from which the firm would share revenueand provide banking support. Over 220 of these Community Bank branches are now in operation throughout Australia.

Joint ventures everywhere, for everyone

In 2000, Bendigo Bank began a number of notable joint ventures that would further establish their presence within local communities andniche markets. Formed through a joint venture with Futuris Corporation, Rural Bank Limited (formerly Elders Rural Bank) providesagribusiness products and specialist banking services to the Australian farming sector. Rural Bank now has over 240 outlets nationwide,offering investment and financial products to Australia's rural developers, and possesses assets of over AU$4.3 billion. Later in 2000, BendigoBank formed a 50-50 joint venture with Tasmania Perpetual Trustees to serve the Tasmanian banking sector through Tasmanian BankingServices (which was subsequently acquired in full by Bendigo and Adelaide Bank in August 2009).

Non-profits came next, as Bendigo Bank established Community Sector Banking (CSB) in 2002 under a joint venture with 20 not-for-profitorganizations. A virtual bank that serves as Australia's only specialist banking service for the non-profit sector, CSB reinvests its profits backinto the community.

A few years down the road, the bank reached out to senior citizens. In a joint venture with Athy, Bendigo Bank established Homesafe Solutionsin 2005. The firm specializes in assisting senior homeowners who wish to access the equity in their homes without going into debt. HomesafeSolutions offers cash in exchange for a percentage of the home's future sale proceeds. This allows seniors to remain in their homes withoutthe burden of debt or eviction.

IN THE NEWS

July 2009: Unpaid leave to avoid cuts

In mid-July 2009, Bendigo and Adelaide Bank sent out an e-mail to over 5,000 staffers with a painful question: Will you take 10 days of unpaidleave? Trying to avoid job cuts (though they've not been ruled out entirely), the voluntary proposal would be equivalent to a 4 percent pay cut.Employees have until the end of July to make their decisions.


Bendigo and Adelaide Bank Limited



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July 2009: Tasmania acquired

Bendigo and Adelaide Bank announced in July 2009 that it would be acquiring the remaining 50 percent of Tasmanian Banking Services(TBS), its joint venture with Tasmania Perpetual Trustees, in the following month. With nine TBS and six Community Bank branches inTasmania, the branches will be gradually incorporated into the Bendigo and Adelaide fold.

May 2009: Goodbye Elders, hello Rural

Increasing its stake in Elders Rural Bank from 50 to 60 percent in May 2009, Bendigo and Adelaide Bank announced a new name for theventure—Rural Bank Limited. Spending approximately AU$34 million on the upped stake, the firm aims to provide an alternative bankingoption in Australia's rural areas through Rural Bank. Outgoing Bendigo and Adelaide Bank managing director Rob Hunt explained, "The namechange will allow Rural Bank to explore additional distribution arrangements throughout rural Australia, adding substantial growth prospectsto a business which is already performing very strongly."

March 2009: Blocked by the APRA

At the end of March 2009, Australia's banking regulator blocked a move by Bendigo and Adelaide Bank to buy Asset Backed Unit Trust (AYT),a trust created through the bank's subsidiary, Adelaide Managed Funds. The bank also served as a lender to the trust.

In February 2009, Bendigo and Adelaide Bank had sought to buy AYT at a figure well above the trust's trading price, in a complicated dealthat would have eventually seen the trust delisted and given an AU$90 million capital boost to the bank. However, the Australian PrudentialRegulation Authority (APRA) blocked the proposal. Though the APRA didn't give an official reason, analysts claimed that the buy amountedto the bank providing credit support to an off-balance sheet vehicle, which is believed to be a breach of local prudential rules. Bendigo andAdelaide bank spokesman Will Rayner remarked, "They thought that with the premium being offered, it wasn't being conducted on marketterms."

March 2009: First new CEO in 20 years

Former Colonial State Bank executive Mike Hirst was announced in March 2009 as Bendigo and Adelaide Bank's new CEO and ManagingDirector, succeeding Rob Hunt, who is retiring. The change is particularly notable as it's the first new head for the bank in more than twodecades—Hunt had been with the bank since 1973, and had served as Bendigo Bank's CEO since 1988.

Hirst, who took the reins in July 2009, was said to have beat out a host of competitors, including former Adelaide Bank head Jamie McPhee,who was named in an August 2007 press release during the merger process as in "an excellent position" to succeed Hunt.

January 2009: Gaining leverage

Bendigo and Adelaide Bank's margin lending unit Leveraged Equities acquired the bulk of Macquarie Bank's margin lending portfolio. Theacquisition of the loan portfolio, worth AU$1.5 billion, was purchased for a premium of AU$52 million by Leveraged Equities and helps secureits place among the top three largest providers of margin lending products in Australia. Bendigo and Adelaide Bank's CEO and managingdirector Rob Hunt remarked, "We see Leveraged Equities ... as a vital and strategic long-term part of the Bendigo and Adelaide Bank group."




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GETTING HIRED

Built on gold

Bendigo and Adelaide Bank has grown far from its humble origins as a gold miners' building society, and the recent merger has seen the scaleof its operations dramatically increase. However, still holding strong to its community roots, the firm states, "We believe that 'good business'and 'good community' are not mutually exclusive."

There's not a centralized group recruitment site, but Bendigo Bank's has a careers site which lists current job openings within the company—jobs.bendigobank.com.au. Available positions can be searched by category and location. Upon finding a position of interest, candidates areasked to upload their relevant employment details and a resume. Adelaide Bank's careers page redirects to Bendigo's site, but there is ageneral email address to send along your resume and cover letter: [email protected].

For further information about working for Bendigo and Adelaide Bank, the "Careers and Vacancies" link from Bendigo Bank's main site hasdetails on the firm's development programs, diversity and more, as well as testimonials from a number of employees.





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BOC INTERNATIONAL HOLDINGS LIMITED

26/F, Bank of China Tower

1 Garden Road

Central, Hong Kong

Phone: +852-2230-8888

Fax: +852-2147-9065

www.bocigroup.com


Beijing (representative office)

Hong Kong

Shanghai

Singapore

DEPARTMENTS

Asset Management

Fixed Income

Investment Banking

Investment Research

M&A

Securities Sales and Trading

THE STATS

Employer Type: Subsidiary of Bank of China

CEO: Wang Yan

No. of Employees: 200+

No. of Offices: 10

KEY COMPETITORS

Sun Hung Kai Financial

Taifook Securities Group

EMPLOYMENT CONTACT

www.bocigroup.com/pub/en/career

THE SCOOP

Established investment banking

BOC International Holdings Limited (known as both BOCI and BOC International) is a wholly-owned subsidiary of Bank of China, one of theBig Four state-owned commercial banks in China. The BOCI name is well known, as the bank is one of the first fully dedicated investmentbanks in Greater China, and has been in business for 30 years.

With roots in Hong Kong, the firm established a subsidiary in Shanghai in 2002, and also has subsidiaries in New York, London and Singapore.BOCI's business services include a variety of traditional investment banking operations, including securities underwriting, advisory, merger andacquisition (M&A) services, asset management and more.

For individuals, BOCI offers equity and fixed income products, private wealth management services, and fund management. For institutions,the firm focuses on corporate finance (listing, bond issuance, leveraged and structured finance products, and private equity), securities (equity,fixed income products and derivatives) and M&A advisory and corporate restructuring. Asset management services are primarily handledthrough BOCI-Prudential Asset Management, a joint venture launched in 2001 with U.K.-based financial services firm Prudential.

To Hong Kong and beyond

BOCI's roots date back to Hong Kong circa 1979, when its predecessor, China Development Finance Company (HK), opened for business.The firm got its start offering investment banking services to Hong Kong clients. Shortly after, in 1983, one of Bank of China's divisions, BOCGroup Securities, began operating in the Hong Kong stocks and futures trading businesses. Both firms were under the ownership of Bank of

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China when a company-wide restructuring was conducted in 1998 to incorporate the two banks as one united investment bank. The result:BOC International.

A few years after the firms were united as BOCI, the firm expanded its presence beyond Hong Kong's borders into Shanghai, and nowrepresents both Hong Kong and mainland China. Established in 2002, BOCI (China) came about as a result of the cooperation between threemainland conglomerates—China National Petroleum Corporation (CNPC), China General Technology Holding (Genertec), and Yuxi HongtaTobacco—as well as two state-run investment firms, State Development & Investment Corporation and Shanghai State-owned AssetsOperations. BOCI (China) became the first joint venture securities firm in China to receive a license to operate in Chinese yuan-denominatedsecurities businesses.

Kind of a big deal

Over the years, BOCI has proved itself as not just an important investment banking presence in Hong Kong and mainland China, but also inits involvement in major deals which have made headlines around the world. BOCI acted as underwriter on the listing of the first H-shares(shares of mainland Chinese companies listed on the Hong Kong stock exchange) for Chinese brewing giant Tsingtao Brewery in 2001. Thecompany was also involved in the IPOs of a number of government-owned companies such as China Mobile, PetroChina and China Unicom.

In 2000, BOCI aided in the financing of a US$12 billion syndicated loan made to Hong Kong telecommunications giant Pacific CenturyCyberworks (PCCW) in its acquisition of rival Cable & Wireless HKT. At the time, the deal marked one of the biggest corporate takeovers in thehistory of Asia. Acting as financial advisor, BOCI's involvement in the deal won the company kudos in the press, with FinanceAsia naming itBest Loan of the Year, Best M&A Deal and Best Syndicated Loan.

Around the turn of the millennium, BOCI was involved in a number of other big deals, including the debut of China National Offshore OilCorporation (CNOOC) on the Hong Kong Stock Exchange in 2001, which was one of BOCI's largest deals to date. The bank acted as jointglobal coordinator, bookrunner, sponsor and lead underwriter on the public offering. Other major deal involvement included the privatizationof the Hong Kong Mass Transit Railways Corporation, which sold its share capital through a public offering in 2000, and key technologyofferings including the debuts of Growth Enterprise Market, Phoenix Satellite Television, Shanghai Fudan Microelectronics and Tong Ren TangTechnologies.

Awards and rankings

• Excellent Brand of Securities Services: Hong Kong Leaders' Choice (Metro Finance, 2009)• Most Popular Broker of Hong Kong and China (Global Commercial Daily Alliance, 2009)• Prime Award for Excellence in Financial Services 2008 (Prime Magazine, 2009)• Capital Outstanding Securities Dealer (Capital Magazine, 2009)• Best Hong Kong Broker 2008 (Hong Kong Commercial Daily, 2009)• Top 10 Most Award-Winning Brokers of 2007—No. 5 (Financial Times/StarMine, 2008)• Outstanding Bond Issuer/Innovative Fund Products/Underwriter Service Award (Capital Magazine, 2008)

IN THE NEWS

July 2009: Moving quickly in India

Through a tie-up with Indian IT giant Religare Technova Global Solutions (RTGS), BOCI is working its way into India through the RTGS tradeprocessing and settlement platform. Partnering in July 2009, BOCI and RTGS will collaborate on the flagship NOVA platform, which providesa full suite of middle- and back-office functions (including areas such as retail and institutional broking, wealth management, treasury services,and stock borrowing and lending) as BOCI aims to expand rapidly in the region. Eric Li, BOCI's chief operating officer, explained, "This strategicpartnership with RTGS will bring BOCI to the next level of competitiveness, not only through the use of NOVA’s efficient trade processing andsettlement model, but [also] the business agility that will be incorporated into BOCI."


BOC International Holdings Limited



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July 2009: New funds for infrastructure, media?

Reuters reported in July 2009 that Singapore state investment firm Temasek was in talks with BOC International to launch an investment fundfor infrastructure projects across China. The fund, estimated by sources at anywhere between US$1 billion to US$2 billion, would likely beset up through a joint venture, according to Reuters.

Sources also informed Reuters in July 2009 that BOC International has been meeting with other investors, including a number of major state-run media outlets, to set up a private equity fund focused on the Chinese media industry.

April 2009: Drink it in

Though 2009 has been a slow year for IPOs, due primarily to the global financial crisis, Hong Kong had a couple of IPOs in the first quarter.The second major IPO in 2009 came from Silver Base Group, a China-based liquor distributor who deals largely in baijiu (a strong Chineseliquor) through its brand Wuliangye—which accounts for 95 percent of its revenue. BOCI and Swiss financial giant UBS are serving as jointbookrunners on the public offering. Despite the financial crisis, one report states that "the Chinese liquor industry is on a long-term uptrend,and producers are enjoying a boom." Trading began in April 2009 for Silver Base, which raised US$133 million through its IPO—significantlyless than the US$300 million it had been targeting in 2008 before the financial crisis hit global markets.

September 2008: Algorithmically yours

Two new algorithmic trading platforms are on their way in at BOCI. The first, provided by Orc Software in August 2008, is a server-basedsolution that will enable BOCI to expand activity in warrants market-making and index options trading. The following month, BOCI decided toadd another algorithmic trading platform, provided by Progress Software's Apama division. The Apama platform allows BOCI greater accessto online trading in equities, futures, futures indices, warrants and bonds. Alex Liu, BOCI's head of application development and support,remarked, "BOCI is committed to seek out the best trading technologies to support our rapidly expanding business."

May 2008: Get W.I.S.E.

As Taiwan's relations with mainland China warmed somewhat in 2008, joint venture BOCI-Prudential announced plans at the end of May 2008to launch a Greater China fund including Taiwan, Hong Kong and Chinese stocks. The announcement of the fund, which is planned to belaunched as a mutual fund or exchange-trade fund (ETF), followed the firm's launch earlier in May 2008 of an ETF which covers about 76percent of the market value of Hong Kong stocks. Called the W.I.S.E.-CSI HK 100 Tracker, the fund tracks the performance of the CSI HongKong 100 Index, a diversified index that includes blue chip, H-share and red chip stocks on the Hong Kong exchange.

December 2007: Running the books

BOCI served as the sole global coordinator, bookrunner, sponsor and lead manager for Xingye Copper International Group, which was listedon the Hong Kong Stock Exchange in late December 2007. Xingye Copper, which is one of the top high-precision copper producers inmainland China, closed on its first day of trading at an increase—about 94 percent higher than its initial offer price.

Even bigger than the Xingye Copper listing was the listing of China Railway Group on the Hong Kong exchange a few weeks earlier in December2007, in which BOCI was heavily involved. China Railway, which ranked No. 341 on the Fortune Global 500 in 2008, was the first IPO inmainland China to have an A-share listing followed by an H-share listing on the Hong Kong exchange. BOCI served as the joint globalcoordinator, joint bookrunner, joint lead manager and joint sponsor for the China Railway listing.




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GETTING HIRED

Join the group

Check out BOCI's careers site by clicking on the "Career" link from the English-language page at www.bocigroup.com. With areas includinginvestment banking, financial products, equity sales and research, asset management and private equity, there are a number of options atBOCI. Careers are separated into categories ranging from experienced hires and entry-level candidates to management trainees andinternships. If you see a position that matches your qualifications, or if you want to be contacted about future opportunities, send your resumealong with "current and expected salaries" to [email protected]. You can also send your application materials by mail to the HumanResources Division, BOC International Holdings Limited, 26/F, Bank of China Tower, 1 Garden Road, Hong Kong.

Applications for internships are generally accepted from January to the end of March each year. For the firm's management trainee programin Hong Kong, application details are generally listed through Hong Kong's JIJIS system or on the careers sites at Hong Kong universities. ABachelor's degree is required for analyst positions, while a Master's degree is required for associate positions—any discipline is okay, but abusiness background is preferred. Language skills are also important, including spoken and written Chinese (including Mandarin). Moredetails are available on both of these programs via BOCI's careers site.





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CHINA CONSTRUCTION BANK

25 Finance St.

Xicheng District

Beijing, 100032

China

Phone: +86-10-6759-7114

Fax: +86-10-6360-3194

www.ccb.cn/portal/en/home/index.html


China

Hong Kong

Japan

Korea

Macau

Singapore

DEPARTMENTS

Corporate Banking

Personal Banking

Treasury Operations

THE STATS


Ticker Symbol: 0939 (HKSE); 601939 (SSE)

Chairman: Shuqing Guo

President: Zhang Jianguo

Net Operating Profit: RMB 92.6 billion (FYE 12/08)

Net Income: RMB 119.7 billion



KEY COMPETITORS


Bank of China

Bank of Communications


EMPLOYMENT CONTACT

www.ccb.cn/portal/en/home/index.html

THE SCOOP

Building on Chinese finance

The origins of China Construction Bank (CCB) stretch back to 1954, when it was established as People's Construction Bank of China by MaoZedong's government, primarily as a source for disbursing government funds to build up the infrastructure of the nation. As the politicallandscape in China developed, the state-owned bank gradually took on the roles of a commercial bank. In 1996, the People's ConstructionBank of China officially adopted the name China Construction Bank. Growing quickly, the bank leaped to No. 125 (from No. 171) on the 2009Fortune Global 500—the sixth-largest Chinese company on the list. In 2008, CCB was named the Best Retail Bank in China by CapitalMagazine.

CCB made its debut in the market when it launched its IPO on the Hong Kong Stock Exchange in November 2005. The share price roseapproximately 50 percent in the first year of trading, setting the stage for an even bigger offering on the Chinese mainland in September 2007.CCB launched the second-largest IPO in the history of China, raising approximately US$7.7 billion, when the bank entered into trading on theShanghai Stock Exchange. CCB's IPO in Shanghai more than proved it was one of the leading power players in the flourishing Chineseeconomy by raising RMB 58 billion. The orders for the listing showed that it was an impressive 40 times oversubscribed among retail investorsand 24 times oversubscribed by institutional investors, drawing over US$300 billion in funds.

The bank's future looks bright in capitalist markets, but it still keeps the reins tight on its employees. On the company website, CCB warns itsemployees that they must be vigilant to avoid mistakes, with the following motto: "My minor negligence may cause great trouble for the client.My trivial mistake may cause great loss for the CCB. Greed, depravation, and corruption will bring shame to myself, my family, and my CCB."

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Organization charts

Three main business segments make up CCB's main operations: corporate banking, personal banking and treasury operations. With 13,374branches stretched throughout the country, CCB is one of the largest banks offering services for infrastructure loans, residential mortgages,and savings and deposits. The bank's corporate services include institutional e-banking, credit services, fund settlement and custody, andinternational financing. The bank services its international clients from overseas offices in Frankfurt, Germany; Johannesburg, South Africa;Singapore; Seoul; and Tokyo. CCB also has representative offices in New York, London and Sydney. Its asset management and wealthmanagement services are handled through its subsidiary, China Construction Bank Principal Asset Management.

Banking buddies

In 2005, CCB entered into a strategic alliance with U.S.-based financial giant Bank of America, when the latter purchased a 9 percent stakein the Chinese entity. The partnership gives CCB an association with an established American banking firm while simultaneously giving Bankof America access to key markets in China. Just one year after Bank of America bought the stake, CCB turned around and purchased Bankof America Asia, a Hong Kong firm with a subsidiary in Macau. Bank of America Asia is now known as China Construction Bank Asia.

The Chinese lender is also a member of the Global ATM Alliance, a service which allows costumers from a wide range of international banksto use each other's ATMs without fees. The Alliance consists of nine banks, and also includes ABSA, Barclays, Bank of America, BNP Paribas,Deutsche Bank, Santander Serfin, Scotiabank and Westpac.

Greed and corruption leads to prison

Though CCB has encountered smooth sailing for most of its development, the bank has endured times it would surely rather forget. InSeptember 2006, former bank chairman Zhang Enzhao received a prison sentence for 15 years at the Qincheng facilities outside of Beijingdue to his past activities whilst heading up the bank. Zhang left the firm in March 2005, citing "personal reasons" as his motivation, but agovernment crackdown on dirty dealings in banking soon exposed him for having accepted bribes worth approximately RMB 4.18 million.

IN THE NEWS

June 2009: CCB enters NY and London

Extending its global network, CCB opened its first U.S. branch in New York City. The branch will handle wholesale banking, including lending,wholesale deposits, trade finance, U.S. dollar clearing and treasury transactions. Just a few days earlier, the firm officially launched its wholly-owned subsidiary in the U.K., which handles corporate banking, trade finance, commodity finance and more.

May 2009: Bank of America sells more of its stake

Indeed, following on its major sale of CCB shares in January 2009, Bank of America unloaded a further 5.8 percent stake in CCB for US$7.3billion. Buyers included China Life Insurance, Hong Kong-based BOCI Asia (a subsidiary of Bank of China and a sister company of BOCInternational) and an unidentified foreign fund. The sale, intended to raise capital to meet the recommendations of U.S. regulators, leavesBank of America holding an 11 percent stake in CCB.

April 2009: Flying the friendly skies

CCB extended a line of credit totaling RMB 20 billion to China Southern Airlines, one of the largest airlines in China. Despite a downturn intraffic for many fleets around the world, in the first quarter of 2009, China Southern Airlines indicated a growth in passenger traffic. In additionto the lending provided by CCB, the strategic agreement also includes financial consultation for the Guangzhou-based airline, including themanagement of cash flows and capital settlements. The big lend to China Southern comes on the heels of an extension of credit to Shanghai-based China Eastern Airlines—CCB extended RMB 11 billion to the airline in March 2009.

March 2009: Hey, Hefei

In efforts to branch out its revenue sources, CCB invested RMB 3.41 billion to scoop up a 67 percent stake in Hefei Xingtai Trust, a regionaltrust firm based in Hefei, the capital of the eastern Chinese province of Anhui. Under the Xingtai Holding Group, Hefei Xingtai Trust will be


China Construction Bank Corporation



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renamed CCB Trust after capital has fully transferred. Investing in trusts as a means of revenue diversification has been a growing trendamongst Chinese banks, as government bodies have eased regulations on cross-industry transactions.

January 2009: Stakes for sale

To increase capital, Bank of America announced that it had sold US$2.8 billion worth of its shares in CCB in January 2009, bringing an endto speculation that Chinese authorities had been putting pressure on investors to hang onto their shares in domestic institutions. The saledrops Bank of America's stake in CCB to 16.6 percent. The sale came just months after Bank of America had spent US$7 billion in November2008 to increase its total holdings in the Chinese bank to 19.1 percent. The Financial Times has indicated that Bank of America may be eyeinga further sale (of up to a third of its current stake) after the lock-in period expires in May 2009.

July 2008: A personal touch

CCB launched private banking services in July 2008, dedicated to managing the assets of individuals with a net worth of over RMB 10 million.The bank announced that the new department will initially cater to larger Chinese cities such as Beijing, Shanghai, Guangdong and Shenzhen,filling the growing need in China for more sophisticated wealth management services.

GETTING HIRED

Keep your hat off

Hop on the hiring wagon at www.ccb.com/portal/en/home/index.html—just understand that they do things a little differently at CCB. When thebank is in its recruiting season, it posts a "positions vacant" notice in its announcements section. From there, prospective employees need todownload and fill out a recruitment application form, attach a recent color photo of themselves (which should be "hatless") and includetestimonials on recent work experience. Applicants should then mail everything in to the Human Resources Department, China ConstructionBank Corporation, 25 Jinrong Street, Xicheng District Beijing, 100032, China. Alternately, candidates can email [email protected]. Thefirm informs candidates that "all application documents will be kept confidential but not returned."

Candidates who successfully apply will be notified by mail regarding interviews. As far as the interview process goes, the firm provides somehandy tips on its site for the candidates that pass its written test and get to the next level. Prospective employees should arrive "15 minutesbefore the interview," dress formally and have their best manners at hand—interviewees are "required to cooperate with our staff and to behaveproperly."

For those fluent in Simplified Chinese, the hiring process may be a bit less unpredictable, as there is a detailed web site with information ongraduate and experienced recruitment at job.ccb.com. The Chinese recruitment page features a Frequently Asked Questions section, inaddition to lists of employment vacancies categorized by city and date added.


China Construction Bank Corporation


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175

CHINA GALAXY SECURITIES CO., LTD.

No. 35, Jinrong Avenue

Xicheng District

Beijing 100032

China

www.chinastock.com.cn

LOCATIONS IN CHINA

Beijing • Guangzhou • Shanghai • Shenzhen

Other major cities in China

DEPARTMENTS

Asset Management

Financial Consulting

Fund Management

Investment Banking

Market Research

Mergers and Acquisitions

Portfolio Investment

Securities Brokerage

Underwriting and IPO Recommendation

THE STATS


President: Hu Changsheng


No. of Offices: 167

KEY COMPETITORS

BOC International

China International Capital Corporation

China Merchants Securities

CITIC Securities

Guotai Junan Securities

Ping An Securities

EMPLOYMENT CONTACT

“Contact us” link on www.chinastock.com.cn (in Simplified

Chinese)

THE SCOOP

Come together

State-funded China Galaxy Securities was officially founded in August 2000 with start-up capital of RMB 4.5 billion. Though China Galaxy mayseem like the new kid on the block, it actually draws on the experience of five established financial services companies. China Galaxy iscomprised of securities and investment arms from the Big Four banks (Bank of China, China Construction Bank, Industrial and CommercialBank of China, and Agricultural Bank of China) as well as from China Life Insurance Company.

Today, this joint effort is the third-largest underwriter in China with 14 percent of the market share, only trailing CITIC Securities and ChinaInternational Capital Corporation (CICC). China Galaxy provides high-end investment banking services to corporations, financial institutions,governments and high-net worth individuals. The firm's divisions include a full securities brokerage, IPO underwriting and recommendation,mergers and acquisitions (M&A), financial consulting, asset management, portfolio investment, fund management and market research.

China Galaxy also operates a series of indexes, which launched in March 2001. These include the Galaxy 500, the Galaxy Fund Index, theGalaxy T-bond Index and the Galaxy Corporate Bond Index.

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IN THE NEWS

June 2009: Unfreeze!

Chinese underwriters rejoiced as the unofficial moratorium on IPOs, enacted in September 2008 by the China Securities and RegulatoryCommission (CSRC), was finally lifted in June 2009. In addition to the more than 300 companies stuck in the application process, over 30companies had received regulatory approval but weren't cleared to sell shares under the freeze.

May 2009: New president replaces arrested Galaxy head

Chinese state-run investment vehicle Central Huijin Investment, the majority shareholder of China Galaxy, appointed Hu Changsheng as thenew president for the securities firm in May 2009. Hu formerly served as the head of the capital markets division at Central Huijin.

The appointment comes on the heels of a massive bribery scandal uncovered by Caijing magazine, which revealed that former China Galaxypresident Xiao Shiqing had been detained in April 2009 on corruption charges. According to the publication, Xiao reportedly confessed toaccepting RMB 10 million worth of bribes, and a large amount of cash was found in his home.

Sources close to the case told Caijing that the investigation was "a continuation of the corruption investigation surrounding Wang Yi," a formerChina Securities and Regulatory Commission (CSRC) official and vice governor of China Development Bank who was implicated in anotherbribery scandal in June 2008. Xiao served under Wang at CSRC from 1995 to 1999. The investigation of Xiao's case is expected to continuethrough August 2009.

April 2009: Death sentence upheld for former Galaxy broker

Former China Galaxy general manager Yang Yanming lost his final appeal in Beijing's higher court system in April 2009, and his death sentencewas upheld. In late 2005, Yang was convicted and sentenced to death for embezzling RMB 97.6 million between 1998 and 2003 (when thefirm was known as China Great Wall Trust and Investment Corporation). Yang will become the first employee in China's securities sector to beexecuted.

September 2008: Freeze!

Bad news for Chinese underwriters hit in September 2008, as the Chinese Securities and Regulatory Commission (CSRC) stopped allowinginitial public offerings due to the global financial crisis—which caused the Shanghai Stock Exchange to drop 60 percent from January 2008to September 2008. Over 300 companies remained stuck in the application process while IPOs remained frozen until June 2009.

January 2008: Transfer of control

One of China Galaxy's prime backers, Central Huijin Investment Company, announced that it would be pulling up stakes in January 2008.Central Huijin, a subsidiary of sovereign wealth fund China Investment Corp. (CIC) held 78.5 percent in China Galaxy, and transferred the stakein its entirety to another state operation—the China Securities Investor Protection Fund. Central Huijin had injected funds into a number ofChinese brokerages in 2005 during a low period, and was locked in for three years.

All signs pointed to an IPO for China Galaxy in 2008, according to sources at the firm. One source told Reuters, "Our shareholder CIC hasapproved the plan and is now discussing with the securities regulator about the listing. Galaxy is definitely going to get listed [in 2008]."However, whether due to the stake transfer, the market, or other factors, the IPO ultimately didn't come to fruition in 2008. It's unclear if thenew stakeholders will approve the company's plans to go public in late 2009.

October 2007: Mining for coal

China Galaxy has scored big on energy deals, particularly by advising China's two largest coal producers on their public debuts. China Galaxyco-advised China Coal Energy Co., the second-largest coal producer in China, on its entrance into the Shanghai stock market in February 2008.Though the market was increasingly volatile in the months before China Coal's debut, the firm still was able to raise RMB 3.12 trillion in orders,a share sale that was approximately 121 times oversubscribed. On its first official day of trading, China Coal opened at RMB 24 per share, up42.6 percent from its IPO price of RMB 16.83.


China Galaxy Securities Co., Ltd.


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The debut of China Coal Energy's stock was soon eclipsed by the October 2007 debut of China Shenhua Energy, the largest coal miner in thecountry. China Shenhua's IPO raised a record RMB 66.6 billion, the largest sum ever raised by a mainland Chinese company at the time.Approximately 1.8 billion shares were sold, and China Shenhua's stock was also massively oversubscribed, raising RMB 2.67 trillion, a recordnumber of subscriptions.

April 2007: BoComm blossoms

In China, 2007 was a year of IPO fever, as hot stocks hitting the market seemed to set new records each day. China Galaxy was involved inone of the earliest record-setting IPOs of the year in April, when it helped to arrange the sale of Bank of Communications (BoComm), China'ssixth-largest bank at the time. BoComm managed to raise RMB 1.45 trillion in subscriptions prior to its debut on the Shanghai exchange. Intotal, about US$3.3 billion was earned on the sale.

GETTING HIRED

Best of luck

How to go about finding a gig at China Galaxy Securities appears to be anybody's guess. The bank doesn't list employment opportunities onits web site, and listings for the firm are absent from most China-based job sites. If you can read Simplified Chinese, you can log on to itsaffiliate site, www.chinastock.com.cn, and try the "contact us" section for full information. But China Galaxy seems to be like many securitiesfirms in China—jobs and positions available within the company aren't often widely publicized. So if you have a contact within the company,he or she may be a better way in than the traditional application process.


China Galaxy Securities Co., Ltd.



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CHINA INTERNATIONAL CAPITAL CORPORATION

28th Floor, China World Tower 2

No. 1 Jianguomenwai Ave.

Beijing 100004

China

Phone: +86-10-6505-1166

Fax: +86-10-6505-1156

www.cicc.com.cn


Beijing • Hong Kong • Shanghai • Shenzhen

DEPARTMENTS

Asset Management

Capital Markets

Fixed Income

Investment Banking

Private Equity

Research

Sales & Trading

THE STATS


CEO: Levin Zhu Yunlai

Chairman: Li Jiange

No. of Offices: 7

KEY COMPETITORS

CITIC Securities

China Galaxy Securities


EMPLOYMENT CONTACT

“Joining CICC” link at www.cicc.com.cn

THE SCOOP

Wall Street meets China

China International Capital Corporation (CICC) was the first major collaboration of a U.S. investment bank with a Chinese investment bank.Founded in 1995, long before the buzz about China turned into a roar, CICC was a way for banking giant Morgan Stanley to test the financialwaters. Partnering with a number of Asian firms, Morgan Stanley bought a 34.3 percent stake in CICC at the time of its incorporation, markingthe first time a Wall Street company had made such a significant investment in China. CICC's controlling stake is held by China JianyinInvestment (43.4 percent), a sub-subsidiary of Chinese sovereign wealth fund China Investment Corporation (CIC). Other partners in theventure include China National Investment & Guaranty Co. (7.7 percent), the Government of Singapore Investment Corporation (7.4 percent),and a private Hong Kong-based investment firm run by the Cha family, Mingly Corporation (7.4 percent).

Morgan Stanley's investment gamble has more than paid off. CICC is currently one of the top underwriters in China working on some of thebiggest deals in investment history, including the massive IPOs of China Construction Bank (US$9.2 billion in 2005) and Industrial andCommercial Bank of China, or ICBC (US$19.1 billion in 2006). In 2007, CICC underwrote US$17.7 billion in public offerings, according toThomson Reuters.

CICC is overseen by CEO Levin Zhu Yunlai, the son of former Chinese Premier Zhu Rongji. Levin Zhu got his start as a weather analyst for theChinese government's China Meteorological Administration. It wasn't until 1996 that he entered finance, joining Credit Suisse in New Yorkafter completing a Master's degree in accounting in Chicago. Zhu switched over to CICC in 1998 (the year his father became China's premier)before formally taking the reins at CICC in 2002. The firm's main offices are located in Beijing, but the company also has locations in Shanghai,Hong Kong and Shenzhen.

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More than just IPOs

At CICC's core is its investment banking services, particularly underwriting. The firm consistently ranks among the top firms in China on theThomson Reuters league tables in underwriting categories. Primary industries the firm indulges in include financial services,telecommunications, power, oil and gas, petrochemicals, iron and steel, and logistics.

However, CICC also houses a number of other departments, including capital markets, sales and trading, research, fixed income, assetmanagement and private equity. CICC is a licensed brokerage which is authorized to engage in domestic and foreign stock and bond trading(brokerage, proprietary and underwriting), advice on corporate restructuring, mergers and acquisitions (M&A), financing transactions andinvestments, foreign currency trading and asset management, and inter-bank lending and borrowing.

History in the making

The past few years have been historic in the exponential growth of both the Hong Kong Stock Exchange and the Shanghai Stock Exchange.Prior to the global financial crisis, the international market was hot for Chinese IPOs, and CICC has been lucky enough to be involved in someof the most lucrative deals. One of the most notable of these was the debut of China's CITIC Bank in April 2007, which hit both exchanges inone day, raising a total of US$5.95 billion. CICC acted as joint global coordinator, bookrunner, sponsor, lead underwriter and financial advisorfor the H-share (mainland Chinese stocks listed on the Hong Kong exchange) offering, and sole financial advisor for the A-share (mainlandChinese stocks traded in RMB on the Shanghai and Shenzhen exchanges) offering in Shanghai.

The firm also acted as joint coordinator, bookrunner and sponsor for the dual-exchange public offering of Industrial and Commercial Bank ofChina (ICBC) in October 2006, which continues to stand as the largest IPO in global history, raising an unprecedented US$19.1 billion.

Awards and rankings

• Best Banks in China: M&A, Domestic—No. 1 (Global Finance, 2009)

• Best Local Currency Bond (The Asset, 2008)

• Top Ten Deals of 2008 [four made the list] (CFO, 2008)

• China Equity House of the Year (IFR Asia, 2008)

• Bond of the Year (IFR Asia, 2008)

• Best International Pioneer of the Year: Financial Institution (China Business News, 2008)

• Best Local Brokerage/Best Overall Sales Service/Best Execution/Best in Sales Trading/Most Improved Brokerage Business in RecentTwelve Months/Best Overall Country Research in China (Asiamoney, 2008)

• Most Respected Investment Bank—No. 1/Best Domestic Investment Bank—No. 2/Most Innovative Investment Bank—No. 2/BestIPO—No. 1 (New Fortune, 2008)

• Best Investment Bank—No. 1 (21st Century China Brokers, 2008)

IN THE NEWS

April 2009: First-quarter underwriting kings

According to Bloomberg data, CICC and CITIC have reaped the benefits of a growing bond market which has barred all other brokerages fromcompeting. Aside from banks, CICC and CITIC are the only two brokerages allowed to underwrite medium-term notes and commercial paper—two types of bonds that help companies raise cash. Medium-term notes (bonds that typically mature in three to five years) were introducedto the Chinese market in April 2008, though sales were suspended from July to September. In the first quarter of 2009 alone, CICC workedon RMB 21 billion of medium-term note deals—more than four times the total for all of 2008. (An unofficial moratorium on IPOs in Chinacame into effect in September 2008, and continued until June 2009.) Since CICC and CITIC were the two biggest Chinese equity underwritersin 2008, controlling a combined 43 percent of the market, the medium-term notes may be a way to salvage a bad situation for the two firmsunder the moratorium on stock offerings.





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February 2009: Big mining deals

Australian mining giant Rio Tinto, the world's second-largest mining company, became the target of a massive investment by government-controlled Aluminum Corp. of China (better known as Chinalco) in February 2008. Chinalco teamed up with U.S.-based Alcoa to purchase a12 percent stake for about US$14 billion, with most of the money put up by Chinalco. CICC acted as joint financial advisor for Chinalco onthe deal, which effectively put a halt to mining giant BHP Billiton's plans to complete a hostile takeover of Rio Tinto.

A year later, Alcoa announced its decision to pull out of the venture, and sold its stake for US$1.02 billion to Chinalco in February 2009. Atthe same time, Chinalco announced that it had upped its stake in Rio Tinto (to 18 percent) for US$19.5 billion—China's largest investment ina foreign company to date. CICC again acted as joint financial advisor. The deal immediately sparked controversy in Australia, with criticsclaiming that the buy-in amounted to the Chinese government using its political might to take further control of Australian resources and rawmaterials. After gaining approval from the Australian Competition & Consumer Commission, the deal continues to hang in the balance and isunder review by Australia's Foreign Investment Review Board.

July 2008: Everyone's connected

The Chinese government moved to replace CICC's chairman and director, Jesse Wang Jianxi, in July 2008 after months of deliberation. Wangwas succeeded by Li Jiange, a vice minister in the Chinese government. Though Wang lost his chairman post, he remains a vice president atstate-run sovereign wealth fund China Investment Corp. (CIC), which owns 43.4 percent of CICC through sub-subsidiary China JianyinInvestment.

Li had previously served as vice chairman of China's securities regulator, and most recently at a government think tank (the DevelopmentResearch Center) which researches economic policy and reports directly to the State Council. Well-connected and experienced in all aspectsof the Chinese economy, Li also served as former Chinese Premier Zhu Rongji's personal secretary—Zhu Rongji's son, Levin Zhu Yunlai, isCICC's CEO.

March 2008: Morgan looking to bow out?

Though Morgan Stanley was on board with CICC from its inception, things haven't always been amicable between the two investment bankingfirms. Morgan Stanley reportedly wanted more control over its Chinese investment than those in charge of CICC were willing to concede,making the partnership increasingly tense. In early 2008, Morgan Stanley decided to cash out. Chinese government regulations only allowforeign investment companies to have joint partnerships with one Chinese company, so in order to start fresh, Morgan Stanley will have tounload its share in CICC.

The 34.3 percent share (diluted to about 27 percent due to a "phantom share" issuance) of CICC was originally expected to go for betweenUS$1.1 billion and US$1.3 billion, a huge increase over Morgan Stanley's original investment in the company for only US$37 million in 1995.However, bids from three private equity firms (TPG, JC Flowers and Bain Capital) fell to around US$500 million. In March 2008, MorganStanley scrapped the sale, at least for the time being.

GETTING HIRED

The merits of CICC

CICC defines itself as a "meritocracy"—meaning that ability and talent are rewarded above all. The firm claims it has "no rigid hierarchy" thoughthere is a "defined management structure. Core business departments include investment banking, capital markets, sales and trading,research, fixed income and asset management. Development options include overseas, in-house, product and skill-based training in additionto certification assistance programs. Pre-employment training programs for campus hires also exist. Check the "Joining CICC" link atwww.cicc.com.cn for recruitment information.

Hiring at CICC falls into three categories: lateral hires (experienced professionals), campus hires (fresh graduates) and summer internships.CICC notes that recruiting for the summer internship program usually begins in March or April each year. For any general questions on theapplication process, you can email [email protected]. However, the firm notes that resumes should not be sent to this address—instead,use its online application system.

To apply, first click the "Login/Register" link to fill in your profile, recommended to be in both Chinese and English. Next, select your category—lateral, campus or internship—and then choose the specific position you're interested in. If your position isn't available, you can join the firm's




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"talent pool" for future openings in some of its departments. After you have finished applying, a confirmation letter will be sent to your emailaddress. Qualified applicants will be invited "to attend a written test and/or interviews."

The recruitment site also gives useful tips on interview preparation. Along with general advice (such as a reminder to learn about investmentbanking and research the firm as well as the department you are applying to), CICC explains that interview questions generally evaluate twomain areas: "whether you have the required knowledge and skills for the job; and whether you possess the specific competency required of aCICC employee." Another piece of advice CICC offers is to give specific examples of what you have done "to show the real you" during theinterview.





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CHINA MERCHANTS SECURITIES CO., LTD.

Jiangsu Building

Block A, 38/F

Yitian Road,

Shenzhen 518026

China

Phone: +86-75-5379-6636

Fax: +86-75-5379-6500

www.newone.com.cn


Beijing

Hong Kong

Shanghai

Shenzhen


DEPARTMENTS

Asset Management

Brokerage

Financial Advisory

Investment Advisory

Securities Self-Operation

Underwriting and Sponsorship

THE STATS

Employer Type: Subsidiary of China

Merchants Group President & Director, CMS: Yang Kun

No. of Offices: 71


KEY COMPETITORS

BOC International


GF Securities


Haitong Securities

Ping An Securities

EMPLOYMENT CONTACT

news.newone.com.cn/adv/zhaopin/zhaopin.html

[email protected]

THE SCOOP

Top-10 list

Established in 1991, China Merchants Securities (CMS) is a subsidiary of state-owned conglomerate China Merchants Group, which indirectlycontrols over 51 percent of the firm. CMS now ranks among the top 10 brokerages in China, of which there are over 100. The massive ChinaMerchants Group also oversees wholly owned Hong Kong-based subsidiary China Merchants Securities (HK). Fund management is handledthrough China Merchants Fund (of which the Hong Kong subsidiary owns a 40 percent stake) and Bosera Funds (in which CMS holds a 73percent stake).

Aside from its transportation/infrastructure and property development businesses, China Merchants Group also oversees China MerchantsBank (CMB), the sixth-largest bank in China. CMB launched in 1987 as the first commercial bank in China not directly under governmentcontrol. In 1991, CMB launched CMS as a department to expand its business even further, and in October 1994 CMS was established as awholly owned subsidiary of CMB. Both CMS and CMB are headquartered in the southern Chinese city of Shenzhen, with offices in Hong Kongand throughout mainland China.

Strongest in asset management (which is No. 1 with a 25 percent market share in China, according to the firm), CMS also handles brokerageand investment banking services. On the I-banking side, CMS handles equity finance, bonds, structured finance, and advisory and M&A. Thesecurities firm is led by Yang Kun—she has served as the president of CMS since December 2003 and also serves as the "chairman" (thoughshouldn't that be chairwoman?) of the board for Bosera Funds since July 2008.

CMS submitted plans to regulators for the launch of its IPO in September 2008, which could place it even higher up the charts for Chinesesecurities firms. However, after gaining initial regulatory approval (and after a nine-month freeze on IPOs in China), the launch has yet to

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materialize. CMS has hired the Chinese brokerage arms of financial giants Goldman Sachs and UBS to jointly underwrite the public offering,which analysts predict could potentially raise up to RMB 5 billion.

QDII approved

CMS has the privilege of being one of only a handful of Chinese brokerages to have won the coveted status of qualified domestic institutionalinvestor, or QDII. The China Securities Regulatory Commission (CSRC) has only allowed securities firms to invest in foreign securities marketssince April 2006, when the QDII program was launched. At first, investments were limited to fixed-income and money market products.However, the CSRC expanded the definition of QDII in May 2007 to allow investment banks to invest in stock-related products with modestrestrictions.

In September 2007, CMS became the second securities firm to earn QDII approval after China International Capital Corporation (CICC). Someof the other securities firms which have QDII approval from the CSRC include CITIC Securities, Guotai Junan Securities, Orient Securities,Everbright Securities and Huatai Securities.

Subsidiary of a subsidiary

CMS handles fund management in mainland China through a joint venture with Dutch financial firm ING Investment Management. Thepartnership, named China Merchants Fund Management (CMF), was the first Sino-foreign joint venture of its kind to receive formal approvalto operate in mainland China. CMF was founded in December 2002 as a collaboration between CMS, ING and three other companies: ChinaPower Finance Company, China Huaneng Finance Company and China COSCO Finance Company. However, in May 2007, China MerchantsBank bought out the latter three companies, leaving the CMF evenly split three ways between CMB, CMS and ING.

Also headquartered in Shenzhen, most of CMF's business revolves around the launching of funds and fund management. The firm isorganized into nine main departments: investment management, investment trading, marketing, client services, IT, business development,supervisory and audit, general management and finance, and fund accounting. In January 2008, CMF was also granted QDII approval by theCSRC.

IN THE NEWS

June 2009: Finally, IPOs return

Though CMS has yet to launch its own IPO, the firm served as lead underwriter on China's first IPO of the year when regulators lifted theunofficial moratorium on the markets in June 2009. Guilin Sanjin Pharmaceutical, a major Chinese medicine maker, raised RMB 910.8 millionfrom the IPO and was 584 times subscribed for the main retail portion, as hungry investors jumped on board.

February 2009: Jump in with JMP

U.S.-based financial services firm JMP Group (and its subsidiary JMP Securities) announced a partnership with CMS. The partnership comesthrough an investment in China-based HuaMei Capital Company, which itself is a joint venture including CMS and U.S.-based equity firm MVCCapital. Yang Kun, the president of CMS, also serves on HuaMei's board of directors. HuaMei primarily handles cross-border transactions,and also handles acquisition and strategy advising. The firm's co-CEO, Carter Mack, remarked, "Through HuaMei, U.S. and Chinesecompanies seeking to execute cross-border transactions will now be able to access high-quality investment banking services provided byleading strategic advisors on both sides of the Pacific. We believe that our affiliation with China Merchants Securities ... will greatly benefit JMPover time."

September 2008: Big IPO plans

Announcing plans to issue about 359 million RMB-denomination A-shares (or 10 percent of its total share capital) in the domestic market,CMS submitted a draft of its plans for a domestic IPO to regulators. The China Securities Regulatory Commission (CSRC) reviewed the planin September 2008 and approved it after a few days, making CMS only the second Chinese brokerage (after Everbright Securities) to gain initialapproval after a five-year suspension.


China Merchants Securities Co., Inc.



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Though CMS gained approval, the IPO may not be launched immediately. One final hoop remains to be jumped through—CMS must getauthorization directly prior to the actual start of the IPO process. To put things in perspective, Everbright Securities received its initial approvalfrom the CSRC in June 2008, but still had not received the final authorization to go ahead with its IPO as of September 2008. And, as luckwould have it, the CSRC instituted an unofficial moratorium on IPOs in China from September 2008 until June 2009, effectively freezing theIPO markets due to the global economic crisis.

June 2008: New funds set up

An agreement was signed in June 2008 between Japan-based financial company SBI Holdings and three Chinese financial firms: CMS,Resource Capital China, and China CITIC Bank Corp. The agreement sets up two investment funds—one based in the Cayman Islands forU.S. dollar investments, and the other in mainland China for RMB investments—for targeting privately held Chinese companies. The U.S.-dollar fund is to be financed by SBI Holdings, while the RMB fund, valued at RMB 150 million, will be handled by CMB and the other twoChinese firms.

December 2007: High-flying offer

The firm received a purchase offer for 29.77 million shares from a domestic airline company, Hainan Airlines, in December 2007. Hainanoffered to buy shares, representing an approximate 1 percent stake in CMS, at RMB 20 per share—amounting to a grand total of RMB 595million. Under the deal, the price is subject to adjustment if the looming IPO makes CMS significantly higher-valued than Hainan Airlines'original offer price. Hainan Airlines will raise assets for the buy-in from its parent company, Grand China Airlines, the fourth-largest airline inChina.

November 2007: Korea's Daishin is in

Hooking up with South Korean securities and investment banking firm Daishin Securities in November 2007, CMS signed a strategicpartnership agreement to cooperate in a number of areas. Under the agreement, the two firms will scratch each other's backs on corporatefinancing, financial market products, futures, U.S. dollar- and Hong Kong dollar-denominated stocks in mainland China, stocks traded in HongKong and South Korea, and much more.

GETTING HIRED

Follow the clues

There's no straightforward English-language careers area on the China Merchants Securities site, but there are some resources on the site inSimplified Chinese at news.newone.com.cn/adv/zhaopin/zhaopin.html. By e-mail, you can try sending a resume and cover letter to this generalHR address: [email protected]. Alternately, you can try sending your information to the firm's physical address (care of the HRDepartment) at: Jiangsu Building, Block A, 38/F, Yitian Road, Shenzhen, 518026, China. For opportunities with CMS in Hong Kong, [email protected].

Simplified Chinese-language information on the careers site includes general information on the type of individual the firm's looking for, aswell as links to a campus employment blog at zszq2009.blog.sohu.com and a grad-specific recruitment site atnews.newone.com.cn/newone/gonggao/20081020/index.htm. The latter site includes campus visitation dates and much more.


China Merchants Securities Co., Inc.


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185

CIBC WORLD MARKETS INC. (CIBC’S WHOLESALE BANKING DIVISION)

Cheung Kong Center

2 Queen’s Road Central

Suite 3602

Central, Hong Kong

Phone: +852-2841-6111

www.cibcwm.com


Australia

China

Hong Kong

Japan

BUSINESSES

Capital Markets

Cash Equities

Fixed Income, Currencies & Distribution

Global Derivatives & Strategic Risk


Corporate Credit Products

Investment Banking

Merchant Banking

U.S. Real Estate Finance

THE STATS

Employer Type: Subsidiary of Canadian Imperial Bank of

Commerce (CIBC)

Chairman & CEO, CIBC’s wholesale banking division:

Richard Nesbitt

Revenue: C$405 million (FYE 10/09)

Net Income: -C$507 million


No. of Offices: 22

KEY COMPETITORS

BMO Capital Markets

RBC Capital Markets

TD Securities

EMPLOYMENT CONTACT

www.cibcwm.com/careers

THE SCOOP

Canada goes Far East

CIBC World Markets, also known as the wholesale banking division of Canadian Imperial Bank of Commerce (CIBC), can trace its roots backto 1988 when CIBC acquired a majority interest in Wood Gundy, then one of Canada's leading securities dealers and foremost internationalCanadian dealer. The combination of CIBC's capital and Wood Gundy's underwriting reputation created one of the leading investing institutionsin Canada. CIBC Wood Gundy formed the core of CIBC World Markets, which was created in 1997.

Though its home base may be in Canada, CIBC’s wholesale banking division does business globally. The company has five offices in the AsiaPacific region, with operations in Beijing, Hong Kong, Tokyo, Shanghai and Sydney.

Headquartered in Toronto, CIBC’s wholesale banking division provides credit and capital markets products, fixed income and currencyservices, and investment banking and merchant banking to clients around the world. The capital markets division offers equities, sales andtrading, alternative execution services, research, derivatives and arbitrage. The merchant banking division offers both venture capital servicesand sponsored private equity funds. The fixed income and securities division also offers the trading and sale of debt products, interest ratederivatives and foreign exchange. CIBC's investment banking unit offers credit products, debt and equity underwriting, income securities andtrusts, M&A advisory, U.S. real estate finance, and private placement services. CIBC is one of Canada’s top M&A advisors in a number ofindustries, and is a leader in Canadian equity underwriting and structured products.

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Hit by a sub-prime storm

CIBC was one of the world’s most promising firms at the start of 2007 due to several key factors. For starters, it was the underwriter on a hugedeal: Fortis' acquisition of Canadian utility company Terasen's gas distribution business. Plus, the bank was bringing in a vast sum of moneyfrom its U.S. real estate finance business. However, the bank’s fortunes would soon be reversed thanks to the subprime lending crisis in theU.S. By the end of 2007, the firm had announced that its exposure, both hedged and unhedged, to the subprime market was approximatelyUS$11 billion.

The bank had roughly US$777 million in write-downs by the end of 2007, followed by a further US$6.5 billion in write-downs at the end of thesecond quarter of 2008.

In early 2008, CIBC sold its U.S.-based investment banking, leveraged finance, equities and related debt capital markets businesses toOppenheimer Holdings Inc. It also exited its leveraged finance activities in London, placed its structured credit business in run-off, and reducedits activities in several areas, including derivatives trading and asset-backed commercial paper conduits. CIBC retained its other U.S. wholesalebusinesses, which include real estate finance, equity and commodity structured products, merchant banking, and oil and gas advisory, as well asthe balance of its U.S. debt capital markets, Asia and U.K. businesses. CIBC also maintained its corporate lending capability and its ability todistribute Canadian equities and fixed income products in the U.S. and international markets on behalf of its Canadian clients.

Restructure, revamp, recover

In February 2008, amid an executive reorganization, the former chief executive of the Toronto Stock Exchange, Richard Nesbitt was appointedchairman and chief executive officer of CIBC’s wholesale banking division, succeeding Brian Shaw in the role. In addition to the managementchange, the firm divided its investment banking, corporate banking and merchant banking departments into “three distinct units.” Upon theannouncement, Nesbitt told staff that the “strategic changes” would allow the firm to “further enhance and broaden [its] client focus” and“take advantage of market opportunities resulting from changes in the global credit markets.” The then-newly-appointed chief executive alsosaid the firm’s investment banking team was “well positioned” to profit from the increasing significance of Canada as a contributor to the worldeconomy across various sectors and industries.

Other noteworthy additions to the firm include Harry Culham as head of fixed income, currencies and distribution, Tim Carrington as headof global derivatives and strategic risk, Laura Dottori-Attanasio as head of corporate credit products, Rik Parkhill as head of cash equities; andGeoff Belsher as head of investment banking.

Mining expertise

CIBC’s wholesale banking division carved out a niche for itself in the world of investment banking by specializing in mining M&A advisory. Thisproved extremely profitable for the company as its focus on the sector coincided with a boom in mining acquisitions. CIBC World Markets hasbeen involved in deals with some of the biggest international names in mining including Placer Dome, Noranda and Anglo Gold Ashanti.

The Australian branch of CIBC’s wholesale banking division has represented mining firms such as BHP, Cameco, Mitsubishi, Normandy, andAshton Mining. Because of the success of its endeavors in this industry, CIBC’s wholesale banking division has adding mining professionalsto its offices in both Hong Kong and Beijing. Currently, the firm has 40 professionals dedicated exclusively to the global mining arena.

Awards and rankings

• Investment Bank of the Year—North America (ACQ, 2009)• Financial Advisor of the Year—Canada (Financial Times/Mergermarket M&A Awards, 2009)• Mid Market Financial Advisor of the Year—Canada (Financial Times/Mergermarket M&A Awards, 2009)• M&A Deal of the Year Canada—Teck Cominco Ltd. (Financial Times/Mergermarket M&A Awards, 2009)

IN THE NEWS

December 2009: Hitting its target

CIBC’s wholesale banking business reported a net loss of $507 million in 2009 compared with a net loss of $4.2 billion in 2008. The resultsincluded write-downs within the firm’s structured credit run-off business (managed apart from wholesale banking’s core and continuing


CIBC World Markets Inc. (CIBC’s Wholesale Banking Division)


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businesses). Despite the loss, the firm hit its financial goals. “Wholesale Banking exceeded its financial objective set at the end of 2008,which was to deliver annual net income between $300 million and $500 million from its continuing businesses,” according to CIBC Presidentand CEO Gerry McCaughey in a joint statement. “This result reflects progress against the strategy and risk context set forth by the businessin 2008, in combination with a better operating environment in 2009.”

August 2009: Moving to Hong Kong

CIBC announced that its fixed income, currencies and distribution activities in Singapore were relocating to a new office in Hong Kong. Themove was made to support plans to pursue new business throughout greater China and North Asia while continuing to service current existingclients in the region. CIBC’s other operations in Asia were not affected by this change.

April 2009: What’s in a name?

Due to its exposure to subprime loans in the U.S., the firm was forced to write-down billions of dollars in 2007 and 2008. Also during thattime, it sold its New York operations (which once included 700 employees) and non-core businesses overseas. Given these facts, it’s nowonder that CEO Richard Nesbitt deemed a fresh start as the best way forward for CIBC’s wholesale banking division.

As of April 2009, CIBC’s wholesale banking division became known simply as Wholesale Banking. “While we retain the legal name of CIBCWorld Markets Inc., this will no longer be part of our brand identity,” said Nesbitt. Canada’s Globe and Mail reported that the firm will be takinga more modest approach, developing the brokerage arm into a value-added service for Wholesale Banking’s clients, while trying to pursuesteady growth for the firm as a whole.

January 2009: On the road to recovery

In the first quarter of 2009, the firm reported a net loss of US$373 million—a surprisingly uplifting result compared to its US$1.63 billion lossreported in the same quarter of 2008. Revenue was up US$1.92 billion compared to the same quarter of last year. The firm stated it oweda bulk of this revenue to lower structured credit losses, higher fixed income and equity trading as well as higher generated income from equityissuances. However, even with its improved financial results, CIBC’s wholesale banking division was forced to let go of 171 full-time employeesunder cost-cutting initiatives.

January 2009: More changes

Further shakeups were afoot, as the division’s deputy chairman David Leith departed after 25 years with the firm. Leith, who was also headof investment, corporate and merchant banking, simply said that he had “elected to leave the firm.”

Following Leith’s departure Geoffrey Belsher, former managing director of Lehman Brothers Canada, joined as managing director of investmentbanking. Laura Dottori-Attanasio, former chief risk officer at the National Bank of Canada, signed on as head of corporate credit activities.

As part of these change, the firm reorganized its investment banking, corporate banking and merchant banking activities into three distinctlines of business.

January 2009: TSX top trader

Some good news: CIBC’s wholesale banking unit beat longtime rival TD Securities as the top trader, by value, on the Toronto Stock Exchange.CIBC had a market share of 13.1 percent for January, with C$28.5 billion worth of trading activity. (By June 2009, CIBC had increased itsmarket share to 17.6 percent, with C$45.5 billion in trading activity.) New CEO Richard Nesbitt deserves credit for this success: he’s the onewho hired TMX Group’s Rik Parkhill to head the cash equities division. Under Nesbitt’s leadership, the division has also cultivated morebusiness with foreign traders who are interested in low-commission electronic trading.

December 2008: No. 1 in M&A (in Canada)

According to Thomson Reuters, CIBC was the No. 1 advisor of Canadian merger and acquisition deals in 2008. CIBC worked on 54announced deals during the year worth a total of US$26.9 billion. The bank was also the fifth most active debt underwriter in Canada in 2008,underwriting 49 debt deals worth a total of C$14.1 billion. And it ranked No. 3 in Canadian government debt underwriting, having worked on35 deals worth a collective C$10.5 billion. In the Canadian equity markets, the bank ranked No. 3 in total equity underwriting volume; it worked





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on 23 deals worth C$3.4 billion. And it came in fifth in Canadian IPO volume; the firm only worked on one deal, but that was worth C$60million.

December 2008: Big losses

CIBC’s fiscal year ends on October 31st, and for the fourth quarter of the year, CIBC’s wholesale banking division reported net income of C$133million, compared to a net loss of C$538 million for the third quarter of the year. For the full fiscal year, CIBC reported a net loss of $4.2 billion,mostly the result of structured credit losses; parent bank CIBC had a net loss of $2.1 billion.

Damage control is ongoing. Besides selling off its U.S. investment banking, leveraged finance, equities and related debt capital marketsbusinesses to Oppenheimer, CIBC wound down its London-based leveraged finance business and put its structured credit business in run-off.Other operations, including derivatives trading and asset-backed commercial paper conduits, were scaled back. Going forward, CIBC said itwill shift to a 75 percent retail business, and it has set an annual net income goal of $300 million to $500 million for CIBC World Markets.

GETTING HIRED

Email, email, email

CIBC’s wholesale banking division's careers page at www.cibcwm.com/wm/careers has information on general recruitment as well as campusrecruitment. There are entry-level job listings, but only for North America and Europe. The firm also offers a "Global Tuition Assistance Policy"designed to foster continuing education for eligible employees.

To apply for opportunities in Asia Pacific, there are links from the recruitment page to send your CV by email to coordinators in Australia,Mainland China and Hong Kong, Japan, and Singapore. For Australia, applicants should send their CV to [email protected]. Formainland China and Hong Kong, contact [email protected]. For Japan, it's [email protected]. And finally, for Singapore, shootan email to [email protected].




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189

CIMB GROUP HOLDINGS

10th Floor, Bangunan CIMB

Jalan Semantan

Damansara Heights

Kuala Lumpur, 50490

Malaysia

Phone: 603 2084 8888

Fax: 603 2084 8899

www.cimb.com


Brunei • China • Hong Kong • Indonesia • Malaysia •

Myanmar • Singapore • Thailand

BUSINESSES

Asset Management

Consumer Banking

Insurance

Investment Banking

Islamic Banking

THE STATS


Ticker Symbol: CIMB (Bursa Malaysia)

CEO: Dato' Sri Nazir Razak

Revenue: RM 9.6 billion (FYE 12/08)

Net Income: RM 2 billion


No. of Offices: Operations in 11 countries

KEY COMPETITORS

AMMB Holdings Berhad

Edaran Otomobil Nasional Berhad

Malayan Banking Berhad

EMPLOYMENT CONTACT

See “careers” at www.cimb.com

THE SCOOP

Universal banking in Malaysia

Commerce International Merchant Bankers Group, better known as CIMB Group, is a Malaysian banking giant. CIMB Group is the second-largest financial service provider in Malaysia (behind Maybank), the fifth-largest in Southeast Asia by total assets, and also the region's largestinvestment bank. The company has 36,000 employees and serves over 7 million customers in bout 600 locations, both in Malaysia andaround the world. CIMB Group’s international footprint includes regional offices in Hong Kong, Indonesia, Singapore and Thailand, as well asoutposts in mainland China, Vietnam, the U.S. and the U.K. The bank aims to become "Southeast Asia's most valued universal bank." As ofSeptember 2009, it had RM228.9 billion in assets.

Merge and acquire, merge and acquire

The founding and history of CIMB Group is not just the story of a single company, but rather, the shared history of dozens of individual banksand organizations that have all become a part of the current conglomerate. CIMB Group has followed a similar expansion path to many giantconglomerates in the U.S. Just as the Pepsi Corporation wholly owns (or has partnered with) numerous rivals and complementary food andbeverage companies, CIMB Group has similarly joined forces with, or acquired, dozens of rival banks and financial institutions, both in Malaysiaand throughout the whole of Asia.

The group can trace its history all the way back to 1924, long before Malaysia's establishment as a country in 1963, with the founding of theBian Chiang Bank. To date, 17 different independent banks and financial providers have been absorbed to create the CIMB Group.

A key event in the history of CIMB Group was the founding and incorporation of Bank Bumiputra Malaysia Berhad (BBMB) in 1965."Bumiputra" is a Malay word literally meaning "son of earth." The word refers to indigenous ethic groups in Malaysia such as Malays, Bugis,Javanese and Minang, among others. BBMB was created as a result of government initiatives to increase Bumiputra participation in the

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economy. The bank grew rapidly after its creation and became the bank of choice for many Malaysians. BBHB set up branches in rural andunderserved areas where no other banks existed, and by doing so, the bank contributed to the establishment of many small companies aswell as the overall growth of the economy. By the 1980s, BBHB had the largest assets of any Malaysian bank.

United as one

The biggest period of change and growth in CIMB Group's history began in 2004 with a series of important mergers and acquisitions,culminating in the emergence of the company as a universal bank in 2006. The mergers essentially began when Bumiputra-CommerceHoldings Berhad (BCHB) decided to combine all of its operations into a single universal bank under the CIMB Group. In this period of growthand transition, CIMB Group merged with Bumiputra-Commerce Bank (BCB) and Southern Bank Berhad (SBB) to form a company that couldhandle virtually all banking needs. Malaysia's prime minister, Abdullah Ahmad Badawi, officially launched the new CIMB Group in Septemberof 2006. The launch marked the conclusion of over 20 years of mergers and acquisitions between scores of financial groups that were nowunder the control of a single branded company.

With all its cash counted, the new CIMB Group saw its total assets grow from MYR 14.7 billion in 2004 to MYR 155 billion by September of2006. In the same period of 18 months, the company saw its workforce grow by 19,000 people, and increased its market capitalization fromMYR 6.3 billion to MYR 19.5 billion. Following the launch of the new CIMB Group, the company spent MYR 80 million rebranding branchesof BCB and SBB into CIMB banks and also unveiled a new logo and slogan: "Forward Banking."

Divided as three

CIMB Group now runs three main divisions. The first division, CIMB Bank Berhad handles consumer banking, business banking and directbanking. The second division, CIMB Investment Bank Berhad, handles investment banking, corporate banking, private banking and assetmanagement. Finally, its third division is CIMB Islamic, which handles Islamic banking.

The group also oversees asset management in Malaysia, operating a number of funds in areas including private equity, venture capital,structured investments and real estate. Other businesses under the CIMB Group's wings include life insurance (through CIMB Aviva InsuranceBerhad), takaful (Islamic insurance through CIMB Aviva Takaful Berhad) and bancassurance (through an agreement with Allianz Malaysia).

The commercial banking arm of the CIMB Group, CIMB Bank Berhad, is the second largest commercial bank in Malaysia as a stand- aloneentity, operating a network of 364 branches and 2,100 self-service terminals, and serving over 4.7 million customers. Many of the bank'slocations were formerly branches of BCB and SBB before they were absorbed and rebranded after being acquired in 2006. The bank alsohas international branches in Hong Kong, Singapore and London.

CIMB Investment Bank handles all investment banking matters within the group including corporate advisory, equity capital markets and debtcapital markets. It has offices in eight countries and territories, including Malaysia, Singapore, Indonesia, Hong Kong, Thailand and Brunei,as well as in the U.S. and the U.K. The investment bank also runs CIMB Private Banking, which caters to high net-worth individuals inSoutheast Asia.

Malaysia, where the official state religion is Islam, has become a hub for the Islamic banking world in recent years, particularly in SoutheastAsia. Islamic banking differs from standard banking in that those practicing it must adhere to Islamic law, known as Sharia. Rules unique tothe world of Islamic banking include a ban on interest payments and the prohibition of investing in any businesses thought to violate the basictenets of Islam. Examples of such businesses might include companies that sell, produce, or trade in goods such as pork, alcohol orpornography, all of which are forbidden under Islamic law. CIMB Islamic Bank Berhad is the Sharia-compliant arm of CIMB Group and wasinitially launched in 2003 as Commerce Tijari. The bank now boasts over 100 Islamic banking specialists and offers services includinginvestment banking, consumer banking and asset management.

Swing your partner round and round

In addition to countless mergers and acquisitions through the years, CIMB Group has also made a policy of forming partnerships to expandeven further. The group has entered into scores of long-term strategic partnerships with diverse companies from all over the world to extendits reach and increase profits.

One of CIMB Group's more notable partnerships is with Aviva, the world's fifth-largest insurance group. Through the partnership, CIMB Groupowns 51 percent of both CIMB Aviva Assurance Berhad and also CIMB Aviva Takaful Berhad, which offer life insurance and Islamic insuranceproducts, respectively. The company is also partnered with Allianz to offer non-life insurance products. Other noteworthy partners of CIMBGroup include 7-11, Malaysia Airlines, Daewoo Securities and Singer Malaysia, among many others.


CIMB Group Holdings


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CIMB Group has also partnered with Bank of Tokyo-Mitsubishi UFJ, one of Japan's largest financial services providers. The alliance wasannounced in 2006 and allows Japanese companies operating in Malaysia to access CIMB's nationwide network, investment services andknowledge of Islamic finance, as well as giving CIMB clients in Japan access to the Malaysian bank. The year after the partnership wasannounced, CIMB Group closed its branch in Tokyo (it was the only Malaysian bank in Japan), saying the move was to streamline its businesssince its partnership with Bank of Tokyo-Mitsubishi UFJ ensured a continued presence in Japan.

In the Middle East, CIMB Group is also expanding. In late 2006, the firm began a joint partnership with Yusuf Bin Ahmed Kanoo Holdings WLL(Kanoo Group) to launch the CIMB-Kanoo Islamic Investment Co. BSC. The joint venture focuses on the marketing and distribution of Islamicinvestment banking products and services, specifically in debt and equity capital markets, corporate banking, asset management and treasuryservices. CIMB-Kanoo is headquartered in Bahrain, a major center for Islamic banking.

Awards and rankings

• Best Private Wealth Management House 2009 (Alpha SEA, 2009)• Lifetime Achievement Award, Dato’ Sri Nazir (FinanceAsia, 2009)• Best Investment Bank in Malaysia (FinanceAsia, 2009)• Best Bond House in Malaysia (FinanceAsia, 2009)• Best Broker in Malaysia (FinanceAsia, 2009)• Best Foreign Exchange Bank in Malaysia (FinanceAsia, 2009) • Best Private Bank in Malaysia (FinanceAsia, 2009)• Best Islamic Fund for CIMB-Principal Asset Management Berhad’s CIMB Islamic DALI Equity Growth Fund (Takaful Summit, 2009)• Best Domestic Bank in Malaysia (Asiamoney, 2009)• Best Domestic Equity House in Malaysia (Asiamoney, 2009)• Best Domestic Debt House in Malaysia (Asiamoney, 2009)

IN THE NEWS

July 2009: New Islamic asset management company

CIMB Group and the Principal Financial Group teamed up to create a global Islamic asset management company called CIMB-PrincipalIslamic Asset Management Sdn Bhd. CIMB Group will combine its Islamic finance expertise with PFG’s 129-year track record and some $300billion in assets under management.

April 2009: Buying Chinese

CIMB Group acquired a 19.99 percent stake in Bank of Yingkou Co., becoming the largest shareholder in the Chinese bank. CIMB Groupsaid it paid about RMB348.8 million in cash for the stake.

June 2008: Thai time

CIMB Group finalized a deal to buy a controlling 42.13 percent share of BankThai for MYR 577.4 million, in a move to establish a largerbanking presence in Thailand. At the same time, CIMB Group also offered to buy the remaining shares of the bank, called a mandatory generaloffer (MGO), bringing the total purchase price up to a whopping MYR 1.9 billion. BankThai is the ninth-largest bank in Thailand, and has 147branches throughout the country. The Thai bank also operates asset management, stock broking and insurance subsidiary companies.

CIMB Group won a hotly contested bidding war, reportedly between 14 different financial institutions including both international and localThai companies, to purchase the bank. According to a statement released by the firm, the sale offered one of the last remaining opportunitiesto purchase a controlling share of a Thai bank. CIMB Group purchased the shares from the Thai Central Bank, which owned shares ofBankThai through the Financial Institutions Development Bank. The purchase price was nearly three times the book value of BankThai as ofMarch 2008.

While the purchase of ThaiBank certainly gave CIMB Group a greater stake in the world of Southeast Asian banking, not everyone was soimpressed by the acquisition. Almost immediately after the sale was announced, financial analyst Standard & Poor's (S&P) put CIMB Groupon its negatively rated CreditWatch, concerned that the financial position of ThaiBank had the potential to hurt the Malaysian banking giant.


CIMB Group Holdings



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Months later, S&P's fears about CIMB Group seemed to have been allayed as it returned the company's credit rating to "stable" in September2008. (As of August 2009, CIMB Group owned a controlling 93 percent of Thaibank.)

GETTING HIRED

Merge with the company that loves mergers!

CIMB Group runs an extensive and information-packed careers web site in English at www.cimb.com/careers. The site contains sectionscovering all sorts of things, including corporate culture, work environment and benefits. For secondary school graduates and experiencedhires, job vacancies are grouped by investment banking, consumer banking, and Islamic banking. Asset management opportunities are alsopossible for secondary school graduates. According to the site, the company is looking for applicants who are, "multi-disciplined persons withhigh intelligence, energy and integrity."

Think you're up to the challenge? The careers site allows you to submit a resume online. Alternately, you can apply for positions by email [email protected], by fax at +60-3-2084-9888, or by regular mail to Group Human Resources, c/o Director of Group Corporate Resources,10th Floor Bangunan CIMB, Damansara Heights, 50490 Kuala Lumpur, Malaysia.

Interns and trainees

Internships are available with CIMB Group for candidates in their second year of university. The company seeks interns who have strongacademic records and are actively involved in extracurricular activities that demonstrate "a positive attitude and a strong desire to learn,leadership capabilities, ability to articulate and communicate well, and ability to work well independently and in a team." Internships run fromtwo to six months, and applications are accepted year-round.

CIMB Group also hosts a management trainee program. The CIMB Complete Banker Programme (TCB), is a comprehensive 12-monthtraining (broken apart into two months of classroom training, followed by a 10-month on-the-job rotation) that "covers all aspects of universalbanking, both conventional and Islamic, ranging from consumer banking and investment banking to asset management." Overseasattachment may follow for selected trainees. This program is open to fresh graduates (or those with less than a year's experience) from bothMalaysian and foreign universities. More information is available on the careers site.

To apply for an internship or the TCB program, fill out the online application form. You can also send your resume and details by email [email protected], by fax at +60-3-2095-8919, or by regular mail to Group Human Resources, c/o Director of Group Corporate Resources,10th Floor Bangunan CIMB, Damansara Heights, 50490 Kuala Lumpur, Malaysia.


CIMB Group Holdings


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193

CITIC SECURITIES CO., LTD.

3/F Capital Plaza

No. 6 South Xinyuan Road

Chaoyang District

Beijing, 100004

China

Phone: +86-10-8458-8903

Fax: +86-10-8458-8151 www.cs.ecitic.com/en/index.htm


Beijing • Guangzhou • Hong Kong • Shanghai • Shenzhen


DEPARTMENTS

Asset Management

Proprietary Trading


Securities Underwriting

THE STATS


Ticker Symbol: 600030 (SSE)

Chairman: Wang Dongming

Total Assets: RMB 136.7 billion (FYE 12/08)

Net Income: RMB 7.3 billion


No. of Offices: 166

KEY COMPETITORS

BOC International



EMPLOYMENT CONTACT

Email: [email protected] www.cs.ecitic.com/en/JoinUs.htm

THE SCOOP

World dominance

China International Trust and Investment Corporation Securities, better known as CITICS, is one of the largest investment banks in the worldas measured by market capitalization. IT has four main business segments: securities brokerage, securities underwriting, proprietary tradingand asset management. Each section has its own unique set of responsibilities. The securities brokerage handles corporate clients, tradingequities, funds, treasury bills and corporate bonds. In the proprietary trading division, these same entities are traded for the benefit of thecompany. The securities underwriting division underwrites equities, convertible bonds and funds and also provides sponsorship for equities,funds and bonds. CITICS is the largest securities house in China based on total capital, with total assets of RMB 136.7 billion at the end of2008.

Besides parent company CITIC Group, CITIC Securities' main shareholder is China Life Insurance Company, which purchased 500 millionshares of the company at RMB 9.29 a piece in June 2006. China Life Insurance held 12.3 percent ownership of CITIC as of mid-2009.

Sea of subsidiaries

CITIC Securities also does business through a Hong Kong-based subsidiary, CITIC Securities International (formerly CITIC Securities HongKong), in which it owns an 88 percent stake. CITIC Securities International serves as a gateway to connect the larger company with overseascapital markets and has three wholly-owned subsidiaries: CITIC Securities Brokerage Hong Kong, CITIC Securities Futures Hong Kong andCITIC Securities Corporate Finance Hong Kong.

Other CITIC-owned subsidiaries include: China Securities Co., Ltd., CITIC-Kington Securities Co., Ltd., CITIC Wantong Securities Co., Ltd.,CITIC Securities International Company Limited, China Asset Management Co., Ltd., CITIC Fund Management Co., Ltd., CITIC Futures Co.,Ltd., CITIC Private Equity Funds Management Co., Ltd., Gold Stone Investment Ltd. and S&P/CITIC Index Information Service (Beijing) Co.Limited. In total, the entire CITIC Securities network, inclusive of the parent firm and its subsidiaries, spans 185 securities brokerage branches,43 securities service branches and eight futures brokerage branches throughout Greater China.

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Getting off the mainland

CITIC has reportedly been mulling over launching an IPO on the Hong Kong Stock Exchange. To do so, the securities firm would have to getapproval from its shareholders and would have to meet strict requirements to enter the Hong Kong exchange, including a fee of 10 percent ofnet proceeds which would go toward a pension fund in the territory. CITIC's chairman, Wang Dongming, told the Financial Times in November2007 that listing on the Hong Kong market "would help us internationalize our mindset. If you list in Hong Kong, you become real." As of mid-2009, CITIC’s listing in Hong Kong has yet to materialize.

Awards and rankings

• No. 1 Underwriter in China (The Securities Association of China, 2009)• China's Best Bond House (Asiamoney, 2008)• China's Best Equity House (Asiamoney, 2008)• Best Local Brokerage (Asiamoney, 2008)• Best Brokerage House in China (FinanceAsia, 2008)• Best Bond House in China (FinanceAsia, 2008)• Best Local Investment Banking Team (New Fortune, 2008)• Best Local Research Teams (New Fortune, 2008)

IN THE NEWS

April 2009: IPO of the year

In April 2009, it was announced that CITICS, along with JPMorgan Chase and UBS AG, are managing the IPO of Chinese aluminummanufacturer Zhongwang Holdings. According to an article in Bloomberg, the metal manufacturer is expected to have the largest IPOsworldwide in 2009, with plans to raise HK$12.32 billion, offering approximately 1.4 billion shares in Hong Kong for HK$6.80 to HK$8.80 each.

March 2009: Journey to the West

CITICS journeyed abroad in March 2009, setting up a partnership venture with US-based boutique investment bank Evercore Partners. Thecooperative entity, named CITIC Securities International Partners, will work on M&A advisory deals between China and international markets,as well as running a private equity fund focused on the Chinese market. Donald Tang, the former chairman of Bear Stearns Asia, the falleninvestment bank in which CITICS nearly made a major investment in 2007, was tapped to run CITICS’ joint venture with Evercore.

March 2009: Insuring a stock decline

It’s never a good sign when a life insurance company loses faith in you. In March 2009, China Life Insurance decreased its stake in CITICS to12.3 percent from 17.3 percent. After the decrease, CITICS’ stock price fell for three consecutive days.

October 2008: Shaving pay, not jobs

As the largest underwriter of Chinese stock sales, CITICS had a rough time in 2008 as the global economic crisis caused the cancellation ofmany planned acquisitions. In October 2008, the company announced that it planned to cut salaries by 15 percent on average in an effort tocut costs. However, a firm representative also stated at the time that CITICS was not planning any significant layoffs.

March 2008: Golden calf worship

Talk about an idolatrous acquisition; In August 2007, CITICS bought China's Shenzhen Gold Bull Futures Company for RMB 100 billion inorder to expand its business into the futures trade. However, taming the gold bull apparently wasn’t enough action to satisfy CITICS’ hungerfor expansion. In March 2008, the securities firm ventured into the direct equity investment business, pumping over RMB 3 billion in capitalinto a new subsidiary named Jinshi Investment Company.


Citic Securities Co., Ltd.


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CITICS’ investment consulting and mutual fund business received a boost as well when it obtained government approval in June 2008 toestablish an industrial investment fund management operation in Mianyang, the second-largest city in the Sichuan Province of China. The newcompany launched the same month with RMB 100 million in registered capital.

March 2008: Bear trap

The once mighty and now collapsed New York-based investment bank Bear Stearns had a really bad year in 2007. Two of its hedge fundsimploded as a result of fallout from the subprime crisis in the U.S., costing the firm US$1.6 billion in write-downs. Earnings and profits weredown, and the firm was losing millions as it pondered how it could revive itself amidst a market that was spiraling out of control. The answercame from an unlikely place: China. For years, American companies had been making inroads into the burgeoning Chinese market by buyingminority stakes in Chinese banks. Now, for the first time ever, a Chinese firm was turning the tables to bail out a Wall Street giant.

CITICS and Bear Stearns signed an agreement in October 2007 that they would swap stakes in one another. Under the agreement, CITICSplanned to receive securities that would convert to a 6 percent equity stake in Bear Stearns for US$1 billion. CITICS would also receive therights to buy as much as 3.9 percent of the investment bank, capping out its minority investment at 9.9 percent. In return, Bear Stearnsplanned to invest US$1 billion in CITICS, giving it a 2 percent stake in the Chinese company, with the option to buy 5 percent more. Theinvestment would have given Bear Stearns a much-desired foothold in the Chinese securities market, which had only previously been brokeninto by a handful of American companies, including Bear's main competitors, Goldman Sachs and Merrill Lynch.

In February 2008, before the deal had commenced, the two firms sat down to renegotiate terms of the partnership because the share pricesof both had fallen by almost 50 percent since the arrangement was first announced. Disaster struck for Bear, however, as its subprime problemspiraled out of control, and the New York brokerage collapsed the following month. CITICS was able to pull out of the deal after the collapse,with the company issuing a statement in March 2008 that it had officially terminated all cross-investment and joint venture negotiations withBear Stearns, but that it would continue looking for cooperative opportunities overseas.

GETTING HIRED

Open and shut

You can check for open positions by going to the “Join Us” link on CITICS' website (at the time of writing, there were no openings, but thefirm recommends returning to the site later or sending a CV to [email protected]).


Citic Securities Co., Ltd.



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COMMONWEALTH BANK GROUP

Level 7, 48 Martin Place

Sydney, NSW 1155

Australia

Phone: +61-2-9378-2000

Fax: +61-2-9378-3317 www.commbank.com.au


Australia • China • Fiji (operating as Colonial) • Hong Kong •

Indonesia • Singapore (also operating as First State

Investments) • India • Japan • New Zealand (also operating

as ASB Bank and Sovereign) • Vietnam

DEPARTMENTS

Agribusiness

Broking Services

Business Banking

Corporate Financial Services

Funds Management

Institutional Banking and Markets

Insurance

Investment Services

Private Client Services

Retail Banking

Superannuation

THE STATS


Ticker Symbol: CBA (ASX)

CEO & Managing Director: Ralph Norris





KEY COMPETITORS

ANZ


Westpac Banking

PLUSES

• "The people are very approachable"

• "Great hours"

MINUSES

• In Australia, "Sydney-centric"

• "Occasional stigma of working for a bank" this year

EMPLOYMENT CONTACT

www.commbank.com.au/careers

THE SCOOP

Brand recognition

Commonwealth Bank of Australia (CBA) is one of Australia's leading financial institutions, and the second-largest publicly listed company inAustralia behind BHP Billiton. Commonwealth provides integrated financial services, including retail, business and institutional banking, fundsmanagement, agribusiness, superannuation, financial planning, insurance, and investment and broking services. Aside from CBA, theCommonwealth Bank Group owns brokerage Commonwealth Securities, fund manager Colonial First State and ASB Bank, which providesbanking, investment and financial services in New Zealand.

IWL Limited, an Australian wealth management company and online brokerage, was acquired by Commonwealth in late 2007 for AU$373million—expanding Commonwealth's broking business immensely. Through its CommSec division, Commonwealth controls over 50 percentof Australia's online trading market.

With over 1,000 branch offices, the bank's reach extends to Europe and the Asia Pacific region as well, with significant offshore holdings inIndonesia, Fiji, China, Hong Kong and Singapore, and a presence in Japan, Vietnam and India.

As one of the most recognizable brands in the Australian financial services industry, Commonwealth has the largest customer base of anyAustralian bank and the country's most comprehensive financial services distribution network. In June 2009, the end of the firm's fiscal year,

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Commonwealth boasted over AU$620 billion in assets under management—a massive increase on the previous year, primarily due to anAU$100 billion increase in net loans.

Open for business

The Commonwealth Bank was initially founded under a piece of legislation called the Commonwealth Bank Act, enacted by the Australiangovernment in 1911. The act gave the bank the power to conduct both savings and general banking, backed by the federal government. Atthe time, Commonwealth was the only bank allowed to handle both of these functions concurrently. The bank formally opened on July 15,1912, with 12 employees in Melbourne as well as a large number of postal outlets in Victoria. During the following year, branches wereestablished in several other cities in Australia. In 1916, the bank relocated its headquarters to Sydney, where it has remained ever since.

Commonwealth Bank was actively involved in World War II for the federal government and as a personal banker for enlisted men. Post-warlegislation provided financing for activities such as housing construction and industrial development. Expansion continued after World War IIas well. A total of 10 branches were opened in 1946, followed by 61 new branches in 1947.

Empty nest syndrome

In 1960, the government stepped in to separate the Commonwealth Bank's functions, and the Reserve Bank of Australia was formed to takeover central banking activities. Banking continued to develop throughout the mid-20th century, and Commonwealth went through a numberof restructurings. In 1989, Commonwealth acquired a 75 percent stake in New Zealand's ASB Bank, a major acquisition at the time.

In spite of these changes, the government retained its tight grasp on the bank until 1991, when the bank began a three-stage process ofprivatization. First, in July and August 1991, approximately 30 percent of the bank's shares were made available to the public. A further 20percent was released in late 1993, for a total just under 50 percent. The government's final 50.4 percent stake was put on public offer in July1996. During this privatization, Commonwealth was also restructured into three divisions: personal banking, business banking and bankingoperations.

In 2000, the bank officially merged with rival Colonial Limited after approval from the Supreme Court of Victoria. The move into Asia took abit longer, as it was not until 2005 that Commonwealth joined forces with Indonesia's PT Bank to create the joint venture PT BankCommonwealth. In the same year, Commonwealth formed strategic alliances with a number of Chinese banks, including Jinan CityCommercial Bank and Hangzhou City Commercial Bank.

Represented in China

Commonwealth may be one of the largest Australian lenders, but it also maintains a sizable offshore presence that continues to grow asneighboring economies flourish. In China, the bank holds a 19.9 percent stake in Hangzhou City Commercial Bank, one of the five largestcommercial city banks in the mainland. The purchase was completed in 2005 and set Commonwealth back about US$78 million, aninvestment that has proved highly lucrative due to the expansion of the Chinese market over the past few years. The bank also has a strategicrelationship with Jinan City Commercial Bank which, at the time of the 11-percent acquisition by Commonwealth in 2004, was the eighth-largest commercial city bank in China.

Awards and rankings

• Best Bank in Australia (Global Finance, 2009)• Safest Banks in the World—No. 12 (Global Finance, 2009)• Banking Website of the Year (Money, 2009)• Excellence in Internet Banking (Asian Banker, 2009)• Best Career Development Program (Australian Banking and Finance Awards, 2009)• Employer of Choice for Women (Equal Opportunity for Women in the Workplace Agency, 2009)• Community Contribution Award (Australian Business Awards, 2009)


Commonwealth Bank Group



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IN THE NEWS

August 2009: Looking to expand in Asia

In an interview with Australian Broadcasting Corporation in August 2009, CEO Ralph Norris unveiled expansion plans for the bank throughoutAsia, especially in Indonesia. "We opened our 61st branch in Indonesia last week, and we'll open another 15 branches in Indonesia beforethe year is out." On top of that, Commonwealth is looking to India and Vietnam for growth down the line, as Norris continued: "We've justrecently received our banking license for India and last year our banking license in Vietnam. We have had a number of organic initiativesunderway in parts of Asia, so we're wanting to look at any acquisitions that make sense and strengthen our business."

August 2009: Changing of the guard

Upon the announcement that John Schubert would be retiring in February 2010, Commonwealth held a vote and chose its new chairman.Formerly serving as the CEO for Australian transport and logistics firm Brambles, David Turner, who has been on Commonwealth's board since2006, was named to succeed Schubert. Schubert remarked in a statement, "The selection of David Turner as the group's new chairman wascarefully undertaken by the board over a period of several years, and my resignation accords with the board's corporate governance guidelineswhich nominate five years as the preferred term for the chairman."

March 2009–June 2009: Weathering the storm

After the thundering collapse of Queensland financial planning firm Storm Financial, questions swirled over Commonwealth's involvement withStorm's clients, approximately 2,500 of whom were extended margin loans by the bank. Commonwealth CEO Ralph Norris initially took ahardline stance in February 2009, saying that the situation Storm "got themselves into is their responsibility."

However, Norris later admitted in June 2009 that "the position in which some Storm Financial clients find themselves, while not caused directlyby the bank, involves the bank to some degree." Norris continued, "In some cases, we have identified shortcomings in how we lent money toour customers involved with Storm Financial. We are not proud of our involvement in some of these issues and we are working toward a fairand equitable outcome for our affected customers." Part of the fix was to suspend repayment obligations for Storm customers through theend of August 2009, which was subsequently extended for another month.

Though Commonwealth could hardly be asked to shoulder the blame for Storm Financial's advising, reports emerged that mistakes had beenmade on the bank's side, including frequently extending loans beyond the financial means of numerous Storm customers—many of whomsubsequently lost their life savings or their homes in the collapse. In response to a parliamentary inquiry, Commonwealth said that "there wasclear evidence that Storm constantly pressured our staff," and admitted that "on occasion we lost objectivity."

April 2009: Establishing communication

After a bidding war amongst Australian telecommunications firms, Australian telecom Telstra inked an AU$1 billion deal with Commonwealthin April 2009 to manage the bank’s telecom and data services over a ten-year period, beating out competitors such as British Telecom, Gen-I and Optus. Telstra will use its Next IP network management system to aid Commonwealth’s AU$580 million, four-year program to updateand synchronize its digital infrastructure, modernizing everything from local branches to contact centers and ATMs. The updates are sorelyneeded in some areas, as a few of Commonwealth’s systems date back to the 1960s.

January 2009: New year brings new structure

Ringing in the new year, Commonwealth announced in January 2009 that it would be restructuring its Premium Business Services division.Under the new structure, business banking and corporate banking services (including the Agribusiness and Private Client Services divisions)were separated from the Institutional Banking and Markets areas. On top of the restructuring, Ian Narev was announced as the new head forthe business and private banking segments.

December 2008: Capitalizing during the crisis

Shortly after rival financial services provider Westpac raised AU$2.5 billion in December 2008, Commonwealth rallied with a capital boost ofits own. Through a share placement underwritten by UBS Investment Bank (after terminating an agreement with Merrill Lynch),Commonwealth managed to raise an impressive AU$2 billion. Just a week prior, Dow Jones had reported that Commonwealth had raised a




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further AU$2.7 billion from bond sales. In a statement, the bank declared that it planned to capitalize on “organic growth opportunities in thecurrent market.” The firm also said that it expected its balance sheet to remain strong into 2009 thanks to “international banks reducing theirexposure to the Australian domestic market.”

October–December 2008: Go west, young man, go west

Commonwealth agreed to purchase Bank of Western Australia (BankWest) and insurance firm St. Andrews Australia from Scottish financialservices giant HBOS in October 2008. The AU$2.1 billion deal enabled Commonwealth to strengthen its presence in the western part ofAustralia, a region with rapidly growing business opportunities.

At the time of Commonwealth’s purchase, HBOS, one of the most prominent U.K. mortgage lenders, was in the process of being taken overby British financial stalwart Lloyds TSB Group. (The successful January 2009 takeover of HBOS saw Lloyds undergo a name change to LloydsBanking Group.) Commonwealth's transaction with HBOS, completed in December 2008, helped the Australian lender cement its status asone of the leaders in Australia’s mortgage market.

August 2008: Hello, Ho Chi Minh City

Commonwealth opened its first Southeast Asian branch in August 2008, with an office Ho Chi Minh City, hoping to capitalize on the strengthof Vietnam’s economy. In recent years, Vietnam's economy has grown steadily with the country's GDP growth rate estimated at 6.2 percentfor 2008. Commonwealth has had a presence in Hanoi for 14 years, but the opening of a branch in Ho Chi Minh City represents a significantmove for the firm.

GETTING HIRED

Be alert

In the Asia Pacific region outside of Australia, Commonwealth has international financial services in New Zealand, Fiji, China, Hong Kong,India, Indonesia and Vietnam. Wealth management operations span China, Hong Kong, Indonesia and Singapore as well as the UnitedKingdom. Meanwhile, premium business service jobs are available in global markets including Hong Kong, Beijing, Shanghai, Singapore,Tokyo and Hanoi.

Commonwealth's careers page at www.commbank.com.au/careers allows candidates to search for positions. Job-seekers can also sign up onthe site for job alerts, which will notify candidates by email when a position that matches their criteria is posted. Applicants can also save theirinformation on the site for future positions.

Competitive process

After prospective candidates have completed the application form and submitted their CV, successful candidates are invited to cognitive onlinetesting and, if candidates move on to the next stage, they are then invited to attend an "assessment day" which includes a combination ofindividual and team-based activities.

The firm also offers a 10-week summer internship program called "SummerConnect." A recruiting schedule at universities across Australia isavailable from the careers page. In general, internships are viewed as important by insiders, with one reporting that “almost everyone whodoes the summer vacation programs is hired into the graduate program.” According to another source, summer internships give students “aglimpse of the firm before committing to it. Additionally, it allows students to acclimatize from students to business professionals.”

OUR SURVEY SAYS

A lot of love

Commonwealth Bank Group has a culture that is reported to be “quite laid back and flexible,” but insiders admit that a “strong work ethic isalso evident.” The “people are excellent” at the firm, say sources and above all else they are “friendly and very supportive,” while the firm“focuses on their development.” Says one staffer: “Everyone seems happy. They are welcoming, happy and committed to succeeding, while





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focusing on doing a good job without forgetting about their staff.” Another contact explains, “It is an encouraging and supportive environment,”and though “everyone works hard,” there is “socialization between all groups.” Employees “work hard and play hard,” and one sourcedescribes Commonwealth as “fair and accountable.”

Sources at the bank are happy to tell us that their “managers are great.” “Managers are very happy and willing to set time aside to teach andgive advice and feedback,” reports an insider, while a fresh graduate agrees, saying, “I have no complaints. I have been treated very well andvery reasonably. They are always understanding and supporting. It’s also a huge bonus that they are really nice people.” “Even really high-up people on my floor remember my name and ask how I am doing,” attests another company contact.

Flexi-hours

Part of this high satisfaction may be the hours at Commonwealth, which are described by a number of sources as “very relaxed.” “Providedyou complete all your work, the managers are not too strict on the hours,” says a respondent. Another colleague explains, “The hours are veryflexible. One day, I had to wait at home for the removal people to drop my stuff off, and my boss was very understanding.” Most employeesattest to working between 40 and 50 hours a week, with hours generally running from “8 a.m. to 5 p.m.” “If you start earlier, you finish earlier,and if you start later, then you finish later—or you just do the hours needed to get the job done.”

Fill your brain

The training is described as “extensive” at Commonwealth, and insiders rate it highly, commenting that it is of a “very high level” with “muchon offer.” “In a graduate position, I have been given at least 100 hours of training to do for the year, mostly in certain technical areas,” reportsa source. A colleague adds that for “new starters, the training is great with continued training available.” Training options available includeboth “through the intranet and externally.”

Banking benefits

On the whole, insiders give reasonable marks for the firm’s compensation structure. One source says, “It’s around average salary, but whatthey offer in terms of support, structure and career options far outweighs anything I’ve heard other firms offer.” This support includes “fee-free accounts, half-fees on credit cards and half-interest rates on credit cards, low-interest loans, interest-free loans to pay for public transportfor a year and four weeks holiday a year.” There is also an “employee share acquisition plan for staff who have been part of the group for overa year.” The graduate program is also said to offer “above-average” salaries “compared to other graduate programs.” To top that all off,insiders also tell us that the company’s fridges are kept "well stocked" with “fresh fruit every day.”

Good gender mix

At Commonwealth, sources say there's a fair balance with regards to gender. “Women make up nearly close to half the firm” and there are“some women in senior positions.” Insiders also attest that the firm supports “women-only networking opportunities and forums” and ispushing for more women as is “evident in the recruitment through the graduate program.” One source gushes, “I have never seen a companythat is so flexible for working women. New mothers get three months maternity leave, flexible working hours and there is also a child carefacility.”

Sailing through

Like most banks, while Commonwealth may be “weaker at this time due to the global financial crisis,” it is still considered to be “one of thesafest and most well regarded banks in the world,” say sources at the firm. Morale appears to be high amongst employees at the bank; sourcesexpect that “the firm has strong capital and will ride through the economic crisis without laying off large numbers of staff.” As one bankerputs it, the firm has a “great outlook for 2009 and beyond.” “We look very strong at a global level, and I’m very excited about my future here,”remarks a respondent.




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201

DAIWA SECURITIES GROUP

Grand Tokyo North Tower

9-1, Marunouchi 1-chome

Chiyoda-ku Tokyo 100-0005

Japan

Phone: +81-3-5555-1111

www.daiwa-grp.jp


Australia • China • Hong Kong • India • Japan • Korea •

Philippines • Singapore • Taiwan • Thailand • Vietnam

DEPARTMENTS

Asset Management

Corporate Financing


Securities Trading

Venture Capital

THE STATS


Ticker Symbol: 8601 (TYO)

President & CEO: Shigeharu Suzuki

President, Daiwa Securities SMBC: Shin Yoshidome

Net Income: JPY 9.88 billion (FYE 3/09)

Total Revenue: JPY 413.93 billion


No. of Offices: 146

KEY COMPETITORS

Mitsubishi UFJ Financial Group


Nomura Holdings

Sumitomo Mitsui Banking Corporation

EMPLOYMENT CONTACT

Email: [email protected]

www.daiwa-grp.jp/recruit (in Japanese)

THE SCOOP

From the old school

With over 100 years in business, Daiwa Securities Group is Japan's second-largest securities firm next to Nomura Holdings. Headquarteredin Tokyo, the group is represented internationally with branches across Asia, Oceania, the Middle East, Europe and North America. Daiwaoperates through numerous subsidiaries, offering a wide variety of financial services including retail securities, wholesale securities, assetmanagement (both investment trust and investment advisory), research and system consulting, venture capital and private equity investment,and commercial property management.

Investment banking services are primarily handled through subsidiary Daiwa Capital Markets (formerly known as Daiwa Securities SMBC), ajoint venture launched in April 1999 with Japan-based Sumitomo Mitsui Financial Group (SMFG), which operates subsidiary Sumitomo MitsuiBanking Corporation (SMBC). Daiwa owns 60 percent of the venture, and Sumitomo Mitsui owns 40 percent. Through the venture, the firmoperates in a number of areas including global equity products; fixed income, currency and commodities; structured finance; corporatefinance; strategic advisory (M&A); IPOs; and capital markets.

Founded in 1959, Daiwa Asset Management handles a variety of the group's asset management operations, including fund management (bothin Japan and globally), equity research and management, equity trading, and fixed income and money market services. The subsidiary hasoverseas offices in Hong Kong, Singapore, New York and London, as well as a representative office in Shanghai.

Brokin' bills and strokin' tills

Daiwa's roots in Japan stretch back more than 100 years. Japanese entrepreneur Sibei Fujimoto launched a bill-brokering business in 1902,which soon became known as Fujimoto Bill Broker and Bank. Business blossomed as Japan's economy grew over the next decades. In the

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late 1920s, as numerous banks and securities firms collapsed, Fujimoto continued to thrive. In compliance with new Japanese financialregulations following the 1929 crash of the New York stock market, the firm established the Fujimoto Bill Broker & Securities Company in 1933.

Underwriting and brokerage continued upon the switch. However, as Japan become engulfed in turmoil, in the midst of World War II, Fujimotomerged with Nippon Trust Bank in 1943 and switched to the moniker Daiwa Securities. In the post-war halt on securities trading on theJapanese exchanges, Daiwa survived by trading in non-defense-related securities until restrictions were lifted.

Daiwa entered the investment trust business in 1951, and the business grew so large that the firm established a separate company in 1959—the Daiwa Investment Trust and Management Company (today's Daiwa Asset Management). Daiwa expanded overseas in the next fewdecades, opening its first international office in London in 1964. The early 1970s brought offices across Europe, as well as those in HongKong and Singapore. Bond sales skyrocketed, and these "samurai bonds" caused a massive amount of international interest on into the mid-1980s. However, when the Japanese government deregulated capital markets in the mid-1980s, Daiwa faced stiff competition from U.S.investment banks operating in Japan.

In the wake of Japan's financial deregulation in the late 1990s—as well as a massive corporate racketeering scandal in 1997 which causedeight executives to resign and left Daiwa's trading activities suspended for four months—the company adopted a holding company structurein 1999, becoming the first listed company in Japan to do so under the new regulations. Under the new holding structure, Daiwa Securitieshandled retail businesses, while the firm established Daiwa Securities SMBC to handle wholesale operations. Through further restructuring,the firm announced plans to shut down a number of its overseas offices and focus on core businesses, including equities, Japanese-relatedinternational bonds, investment banking, asset securitization, and asset management.

IN THE NEWS

November 2009: Joining forces in Vietnam

Daiwa SMBC Capital and SSI Asset Management, subsidiary of Saigon Securities, combined forces to create an unlisted-share investment fundthat will invest in high-growth companies in Vietnam. Daiwa SMBC and SSIAM will jointly manage the fund.

November 2009: Name change

Beginning on January 1, 2010, Daiwa’s investment banking subsidiary Daiwa Securities SMBC will be known as Daiwa Securities CapitalMarkets. The name change was approved by Daiwa’s board of directors.

April 2009: Cordially yours?

At the end of March 2009, global financial giant Citigroup announced that it would be entertaining formal offers for Japan's third-largestbrokerage, Nikko Cordial. One of Citi's largest overseas acquisitions, Nikko Cordial was acquired by the firm over several years for a price tagof about US$13 billion. The divestment marked part of Citi's refocusing strategy to tighten up its balance sheet by selling off non-core assetsprior to U.S. government stress tests for banks.

Citi had conducted informal talks with a number of potential bidders in previous months, including Japan's three largest banks. In February2009, it had been reported that Daiwa Securities was looking at a possible joint bid with Sumitomo Mitsui Financial Group (SMFG). Othermajor bidders for Nikko Cordial are expected to include Mitsubishi UFJ Financial Group and Mizuho Financial Group. According to Japan'sSankei newspaper, a successful bid for Nikko Cordial would mean that Nomura would lose its top spot to Daiwa and SMFG in total assets undermanagement.

March 2009: Private equity joint venture

Daiwa Securities SMBC Principal Investments and Quantum Leaps combined forces to create a private equity joint venture in Japan. Theventure will be named Daiwa Quantum Capital Limited, which plans to raise $307 million to invest in Asia-based technology companies.

December 2008: Third time's the charm

News emerged in October 2008 that Japanese electronics giant Sanyo Electric was being eyed by rival Panasonic Corporation for a takeover.Panasonic entered talks with Sanyo's three top shareholders—Daiwa Securities SMBC, Japanese bank Sumitomo Mitsui Banking Corporation


Daiwa Securities Group


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(SMBC), and global financial juggernaut Goldman Sachs—to acquire their 70 percent stake in Sanyo. According to the Nikkei newspaper,while the two Japanese firms initially agreed to Panasonic's offer, Goldman held out, rejecting the first two deals. However, in mid-December2008, Goldman finally agreed to the terms on the third offer. The deal, from which the three firms received about JPY 560 billion in total fromPanasonic, marks the largest acquisition in Japan's consumer electronics sector to date.

July 2008: Brokering in Brazil

Daiwa Securities signed a memorandum of understanding in July 2008 with Brazilian financial firm Banco Itau Holding Financeira to form abusiness partnership. Co-operating in asset management, buy and sell orders for stocks, investment banking, economic and corporateresearch, and personnel exchange, the two firms also have plans to develop investment trusts for sale to Japanese investors. The investmenttrusts are expected to cover Brazilian-real-denominated bonds and South American stocks.

June 2008: Restructuring some subsidiaries

Some changes were afoot for Daiwa in June 2008, as the group announced a few restructuring moves following the appointment of its newboard chairman. First, research and consulting subsidiary Daiwa Institute of Research would be transitioned into two wholly ownedsubsidiaries based in Tokyo—one focused on economic research and consulting, and the other focused on systems integration andconsulting—effective October 2008. Following that, it was announced that subsidiary Daiwa Securities Co. Ltd. would be switched over to aholding company structure. Finally, it was announced that a subsidiary (Netherlands-based Daiwa Europe Finance) and a sub-subsidiary(Luxembourg-based International Bond Fund Management Company) would be liquidated during the fiscal year. This all followed a March2008 announcement that Hong Kong-based futures trading subsidiary Daiwa Securities SMBC Futures (Asia) Limited would be dissolved bythe end of 2008.

June 2008: New guys at the top

Daiwa Securities SMBC ushered in new leadership in April 2007, when its former president, Tatsuei Saito, had to step down due to healthconcerns. Saito was replaced in April by former senior managing director Shin Yoshidome, an avid chess player who has been with Daiwasince 1974 and hopes to keep the investment banking arm near the top of the charts. Yoshidome also serves as the vice president and chiefoperating officer for Daiwa Securities Group.

About a year later, Daiwa Securities Group appointed a new chairman of the board in June 2008. Akira Kiyota, formerly the group's vicechairman, replaced Yoshinari Hara, who resigned in the same month. Kiyota has been with Daiwa since 1969, and formerly served in anumber of areas for the company, including as president of Daiwa Securities SMBC when it was known under a different name.

April 2008: Investment banking in India

After incorporating a subsidiary in Mumbai in October 2007, Daiwa Securities SMBC began full-on Indian operations in April 2008. Thebrokerage and investment banking venture, Daiwa Securities SMBC India Private Limited, handles a wide range of services. On the brokerageside, this includes cash, future and options listed on the Indian securities exchanges, while on the investment banking side, the venturehandles underwriting of Indian equity and debt securities as well as M&A business.

GETTING HIRED

Can you read Japanese?

Unfortunately, Daiwa has very little English-language hiring information. If you can read Japanese, the firm's recruitment page is located atwww.daiwa-grp.jp/recruit. This includes a link to career information for Daiwa Securities SMBC. Contact information for Daiwa SecuritiesSMBC's offices in Tokyo, Osaka and Nagoya can be found in English at www.daiwasmbc.co.jp/english/company/locations.html. However, yourbest bet might be to send off a resume to the firm's careers address by emailing [email protected].

For Daiwa Securities SMBC Hong Kong, an English-language recruitment page is available at www.daiwasmbc.com.hk/career.html. The pagerecommends sending your CV and a cover letter listing your "areas of interest and professional experiences" to the Head of Human Resources,Daiwa Securities SMBC Hong Kong Limited, Level 26 One Pacific Place, 88 Queensway, Hong Kong. Alternately, you can contact the HRdepartment by phone at +852-2525-0121, by fax at +852-2848-4077, or by email at [email protected].


Daiwa Securities Group



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GF SECURITIES (GUANGFA SECURITIES)

38/F, Metro Plaza

183 North Tianhe Rd.

Guangzhou, 510075

China

Phone: +86-20-8755-3587

Fax: +86-20-8755-3583

www.gf.com.cn


Beijing • Guangzhou • Shanghai • Shenzhen • Other major

cities in China

DEPARTMENTS

Asset Management • Bond Underwriting

Brokerage • Equity Underwriting • Financial Consulting •

Investment Banking • International Finance • Mergers &

Acquisitions • Research & Consulting

THE STATS


Chairman: Wang Zhiwei

President: Li Jianyong

Net Profit: RMB 8.18 billion (FYE 12/07)


No. of Offices: 100

KEY COMPETITORS

BOC International




Haitong Securities

Ping An Securities

EMPLOYMENT CONTACT

[email protected]

THE SCOOP

Good times for Guangfa

Guangfa Securities (commonly known as GF Securities) had its best year ever in 2007, as waves of IPO frenzy took over the Chinese market.Securities traders in China earned a whopping RMB 79.36 billion in net profits overall, and GF Securities topped them all with a net profit ofRMB 8.18 billion. The profits represented an astounding 373 percent rise over the same period in 2006, and no securities traders in thecountry suffered losses throughout the year. However, with prosperity comes competition. As it looks to the future, GF Securities finds itselfvying for contracts with international heavyweights such as UBS and Goldman Sachs.

Headquartered in Guangzhou, GF Securities is the fifth-largest brokerage in China. The firm's main businesses include underwriting, mergersand acquisitions (M&A), brokerage, proprietary trading and asset management. In 2003, the firm launched a fund management subsidiarycalled GF Fund Management with a capitalization of RMB 100 million. The Securities Association of China has consistently ranked GFSecurities in its top 10 firms since the company's incorporation in 1994.

IN THE NEWS

January 2009: Thrown in the slammer

The fallen-from-grace former president of GF Securities, Dong Zhengqing, was sentenced to four years in prison for insider trading after a longand involved trial. In the Tianhe district court in Guangzhou, the decision was said to be in line with the Chinese government's attempt torestore investor confidence. A Shenzhen-based analyst, speaking on condition of anonymity to the Financial Times, explained that the rareconviction was "quite a step in showing China’s determination to build stock market institutions."

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Chinese stock markets have developed quite a reputation for widespread insider trading over the years, and regulators are forging ahead intrying to curb this practice. A China Securities Regulatory Committee (CSRC) official remarked, "China’s market is an emerging and atransitional market and so it has more irregularities than a developed market."

July 2008: Insider trading trial begins

In Tianhe District Court in Guangzhou, Dong Zhengqing, the former president of GF Securities, went on trial in July 2008 for insider trading,alongside his younger brother and a former classmate. Dong denied all charges, including an earlier confession to police which he claimedwas coerced under intimidation.

The prosecution argued that the former president had tipped off his brother (Dong Dewei) and a former classmate (Zhao Shuya) with insideinformation that GF Securities would be going through a reverse merger via the Yan Bian Highway Construction firm. Also on trial, the brotherand the classmate were charged with profiting to the tune of RMB 50 million and RMB 1 million, respectively, from the sale of their Yan BianHighway stock. (Both men also recanted their earlier confessions to police that they had received the tip-off.) With market speculation in thelead-up to the IPO, shares skyrocketed from RMB 2.86 to RMB 8.06 from March to June 2006.

Dong claimed that he didn't know about the listing until the day of the IPO in June 2006, when he was on a business trip, and that it wasconducted by two of his partners. He also claimed that the firm had several other choices for the reverse merger, so he didn't know a decisionhad been made. However, testimony from several GF Securities execs contradicted Dong's story, claiming that he was the leader in keydecisions even though he didn't conduct the trade in person.

January 2008: Pumping up profits

With all the new opportunities available in domestic markets, Chinese people were engaged in a record amount of trading in 2007, driving fee-based incomes up—mainly among brokerages.

For two of GF Securities' investments, Jilin Aodong Medicine Industry Group and Liaoning Chengda Company, profits went through the roof in2007, with a share price rise of nearly 750 percent in a year's time. Both are publicly traded companies which have dual representation onthe Shenzhen and Shanghai exchanges.

However, their astounding rise in profits may not be completely self-sufficient. The claim is that profits of both Jilin Aodong and LiaoningChengda are merely a reflection of GF Securities' profits flowing through the balance sheets of the smaller companies—with the security firm'sprofits accounting for 96 percent of Jilin Aodong's and 90 percent of Liaoning Chengda's first-half earnings in 2007. In this way, GF Securitiescan drive up the price of the two businesses, which in turn drives up its own profits. This is technically legal by Chinese regulatory restrictions.GF is the third-largest investor in Jilin Aodong and the second-largest in Liaoning Chengda.

May 2007: Backdoor bust

GF Securities' top executives wanted to follow in the footsteps of numerous financial companies with its own IPO. However, the firm was limitedby Chinese regulations that a company must have three successive years of profits in order to launch an IPO on either of the main Chinesestock exchanges. GF had been profitable in 2004 and 2005, but in 2003 the firm had suffered losses. To skirt the government's criteria, GFlaunched a plan to attempt a "backdoor" listing—one in which it would execute a reverse takeover of a company which met the regulations,and then launch the IPO under that company's record.

The firm's target was the infrastructure firm Yan Bian Highway Construction. The agreement worked out so that GF Securities would swap0.83 of its shares for every one share of Yan Bian Highway. This would have given the securities firm 95.4 percent ownership of theconstruction company. After 15 of GF Securities' largest shareholders had owned Yan Bian Highway for one to three years (based on regulatoryapproval), the company would be able to launch an IPO under the name GF Securities without adhering to governmental rules. Through YanBian Highway's public offering, GF Securities effectively went public in June 2006 through this "backdoor" listing. With market speculation inthe lead-up to the IPO, shares skyrocketed from RMB 2.86 to RMB 8.06 from March to June.

Everything was on track for the firm when things hit an abrupt stop in May 2007. The China Securities Regulatory Committee (CSRC)announced that it would punish GF Securities, Yan Bian Highway and other firms involved in the trade due to "improper disclosure ofinformation." The firms were accused of insider trading by capitalizing on news of the reverse takeover before it was publicly announced.Many of the top executives in the firm were implicated, including the president of GF Securities, Dong Zhengqing, who officially resigned inJune 2007 and was arrested for insider trading the following month. He was succeeded by the firm's former administrative vice president, LiJianyong.


GF Securities (Guangfa Securities)



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GETTING HIRED

Create your own luck

The firm's main English site at www.gf.com.cn/eng/index.htm provides no information on careers and doesn't appear to have been updatedsince 2003. However, that doesn't mean there's no way to pass on your information to the company to get a possible shot at a job. You couldtry sending an email with a cover letter and resume to the firm's general address: [email protected]. If that fails, you might have better luckchecking out the "subsidiaries and branches" link on the site, which has contact information for offices throughout China that might be hiring.


GF Securities (Guangfa Securities)


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207

GUOTAI JUNAN SECURITIES CO., LTD.

No. 135, Yanping Road

Shanghai, 200042

China

Phone: +86-21-6258-0818

Fax: +86-21-6258-1911

www.gtja.com


Beijing

Hong Kong

Shanghai

Shenzhen


DEPARTMENTS

Corporate Finance/M&A • Asset Management •

Futures/Options • Margin Trading/Securities Lending • Fixed

Income Securities • Derivatives • Research & Development •

Retail Brokerage • Securities Dealing • Sales & Trading •

International Business

THE STATS


Chairman: Zhu Youyi

President and Vice Chairman: Chen Geng


No. of Offices: 141

KEY COMPETITORS

BOC International



GF Securities

Haitong Securities

Ping An Securities

EMPLOYMENT CONTACT

"Jobs" link at www.gtja.com.hk/english

THE SCOOP

Secure securities

Guotai Junan Securities (sometimes referred to as Guotai Jun'an or GTJA) is one of the top three domestic security houses in China. Based inShanghai, the firm was officially formed in 1999 through the merger of Guotai Securities and J&A Securities, who were operating smallerbusinesses before the financial boom hit China. Today, Guotai Junan has considerable clout in the ever-growing Chinese market, with registeredcapital of RMB 4.7 billion, three subsidiaries and 141 offices spread throughout China as well as in Hong Kong.

Guotai Junan's corporate finance services are extensive. They include equity financing, bond financing, mergers and acquisitions (M&A), assetsecuritization, strategic investments, derivatives design and subscription, and private placement services. The fixed income securitizationbranch of the bank covers underwriting, trading, investment of treasury bonds, central bank notes, policy financial bonds, common financialbonds, subordinating bonds, short-term financing bonds, and asset securitization.

Its asset management business is handled through a subsidiary, Guotai Junan Allianz Fund Management—a collaboration between GuotaiJunan and German firm Allianz Group. The first Sino-foreign fund management joint venture in China, Guotai Junan Allianz Fund Managementhas been operating since October 2002. Futures and options trading are handled through another subsidiary, Guotai Junan Futures.

Awards and rankings

Guotai Junan Securities may not have the international clout of UBS or Goldman Sachs, but it does appear on the Thomson Financial (nowThomson Reuters) league tables for M&A in categories on its home turf. In the fourth quarter charts for mid-market M&A deals with HongKong involvement up to US$100 million, Guotai Junan ranked No. 15 in 2007, with a modest three deals that earned 0.8 percent of the marketshare. In the M&A financial advisory category, the firm ranked lower, but was able to tally up a sizeable increase over its numbers from the

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year before. In the China rankings for M&A financial advisory, Guotai Junan ranked No. 20 with a value of US$1.7 billion, approximately 26percent of the market share. In both rank and value, this represents a huge jump from 2006, when the firm was No. 38 on the table andearned only US$207 million.

Over the past years, GTJA has gained a solid reputation for creditability, professional skills, innovative spirit and satisfactory services. GTJAwas appraised as the most competent securities firm in terms of comprehensive competitive power in China by authoritative mass media in2001. In 2004, GTJA topped the list of China's 500 Most Valuable Brands (sponsored by World Brand Lab and World Economic Forum) forher RMB 4.9 billion goodwill value. In early 2005, GTJA was one of the first securities companies granted the license of innovative businessesby China Securities Regulatory Commission. GTJA won Grand Prize for Securities Firms (by 21st Century Business Herald) in 2006, and wonit again in 2007, plus other prizes of Best Broker, Best Securities Dealer, Best Innovator, Best Bond Underwriter and Best Derivatives Arbitrager(by 21st Century Business Herald), and plus Best Brand Value (by China CBN) in 2007.

IN THE NEWS

February 2009: Nice compensation in a rough year

RMB 3.2 billion. That's how much 3,200 Guotai Junan employees were paid during 2008, according to an internal report by Chen Geng, thefirm's president, published in China's National Business Daily in February 2009. (For the non-mathematical, that's RMB 1 million peremployee.) This figure came as a shock to most, even the firm's employees, in a year when the Shanghai Composite Index dropped about 65percent, and securities firms have reportedly been making pay cuts and laying off staff. The Guotai Junan payroll figure is more than doublethat of China Merchants Securities (RMB 1.55 billion) or Guosen Securities (RMB 1.25 billion), and about 20 times larger than HuataiSecurities (RMB 175 million) or Ping An Securities (RMB 159 million), all of which are major brokers in China.

As the report spread like wildfire through the media, Guotai Junan posted a statement on its web site in response, explaining that thenewspaper's figures were just plain wrong. "The RMB 3.2 billion payroll consists of accumulated surpluses from previous years, accruedsalaries, and salaries payable in 2008."

A week after the initial report, the firm released figures that its compensation costs had actually dropped by 44 percent in 2008 compared tothe previous year—making it RMB 800 million, a shockingly drastic cut from the original RMB 3.2 billion figure. Whatever the actual figure(RMB 3.2 billion or RMB 800 million), the firm still plans to hand out RMB 250 million in "deferred compensation" or bonuses after April 2009.

January 2009: SIGnaling the future

In the final month of Central Huijin Investment's three-year agreement (which expired at the end of December 2008), there was talk of pullingup stakes. Indeed, an agreement was inked with Shanghai government investment arm Shanghai International Group (SIG), and the entire21.3 percent share was transferred over the following month. Prior to the deal, SIG was already Guotai Junan's largest shareholder, and thedeal gives the group a 45 percent stake.

Central Huijin Investment made a sweet profit of more than RMB 1 billion on the sale, more than doubling its initial investment just three yearsearlier. Analysts reported that the deal was also putting Guotai Junan in line with regulations in setting up for an imminent IPO—under currentregulations, a single company can own no more than two brokerages, and Central Huijin Investment had stakes in several. Though thedivestment may put Guotai Junan closer to an IPO, many think the firm may still be playing the waiting game. Hu Zhuowen, an analyst forOrient Securities, remarked, "Guotai Junan is not expected to go public soon amid the current weak IPO market."

June 2008: No IPO in '08

It was widely expected that Guotai Junan would look to an IPO in 2008, as the firm's chairman, Chen Geng, stated that preparations wereongoing in 2007. However, things changed, and the firm said it probably wouldn't be looking at a launch in mid-2008. The timetable andexchange for the IPO are also still up in the air. Explaining the about-face, Zheng Huirong, the chairman of Guotai Junan's supervisorycommittee, remarked, "It's rather difficult for us to launch the IPO this year because of possible changes in our company structure." Zhengwas most likely referring to the possible unloading of state-run Central Huijin Investment's 21.3 percent stake in Guotai Junan. Central HuijinInvestment has a three-year agreement, which lapses as of the start of 2009.


Guotai Junan Securities Co., Ltd.


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January 2008: Dabbling in derivatives

Guotai Junan Securities was the first of the domestic Chinese brokerages to wade into the complex waters of financial products such asderivatives. In January 2008, it announced it would seek to be even more of a leader in this field by collaborating with IBM to create a riskmanagement system for security trading and fund management. The new system will allow the company to monitor risk in an environmentthat may be vulnerable to volatility.

Zuo Feng, the chief compliance officer of Guotai Junan, says that the new platform will help the company keep up with its new internationalcompetition. "Risk management, internal control and compliance will be some of the most important business developments in the Chinesesecurities industry in the years to come. To compete in this environment, Guotai Junan Securities needs to speak the international languageof risk management."

January 2008: Secure earnings

Despite tough competition from outside interlopers, Guotai Junan has greatly benefited from the surge in stock trading in the past few years.The firm placed second behind China Galaxy Securities for the most stock trading in China in 2007, with stocks contributing 75 percent of itsearnings during the year. There were 21 Chinese firms who had an annual stock turnover of more than RMB 1 trillion in 2007, which set anew record for the country, and trading on the Shanghai and Shenzhen stock exchanges increased threefold and fourfold, respectively.

December 2007: Ping An buys in

Guotai Junan's three largest shareholders are government-run: Shanghai International Group, Central Huijin Investment and ShenzhenInvestment Holdings. The firm has numerous other investors who own bits and pieces. In December 2007, China Ping An Trust & InvestmentCompany (the investment arm of Chinese insurer Ping An Insurance) made a small purchase into the securities firm, purchasing a 0.16percent stake for about RMB 174 million from Sinopec Shanghai Petrochemical Company. The small purchase is significant especiallybecause it represents a huge jump in value for the shares, which were valued at just RMB 7.08 million the year before.

December 2007: On the tables

Guotai Junan Securities may not have the international clout of UBS or Goldman Sachs, but it does appear on the Thomson Financial (nowThomson Reuters) league tables for M&A in categories on its home turf. In the fourth quarter charts for mid-market M&A deals with HongKong involvement up to US$100 million, Guotai Junan ranked No. 15 in 2007, with a modest three deals that earned 0.8 percent of the marketshare. In the M&A financial advisory category, the firm ranked lower, but was able to tally up a sizeable increase over its numbers from theyear before. In the China rankings for M&A financial advisory, Guotai Junan ranked No. 20 with a value of US$1.7 billion, approximately 26percent of the market share. In both rank and value, this represents a huge jump from 2006, when the firm was No. 38 on the table andearned only US$207 million.

GETTING HIRED

Put yourself out there

Career information is scarce for Guotai Junan, as there are no hiring links on their main English web site. However, the "Jobs" link at the bottomof Guotai Junan's Hong Kong site at www.gtja.com.hk/english provides a list of current open positions. For a position such as a senior analystin Shenzhen, the firm is looking for someone with the proper background in addition to an "ability and willingness to work under tightdeadlines." It also doesn't hurt to have "a general understanding of economics and stock markets," a familiarity with "certain industrial sectors"and proficiency in English as well as Mandarin. Only one email contact seems to be provided for job postings: [email protected].


Guotai Junan Securities Co., Ltd.



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HAITONG SECURITIES CO., LTD.

17-20/F Jiangzhong Plaza

No. 98 Huaihai Middle Road

Shanghai, 200021

China

Phone: +86-21-5359-4566

Fax: +86-21-5385-8536 www.htsec.com/htsec/Channel/2059


Beijing

Guangzhou

Shanghai

Shenzhen

Tianjin


DEPARTMENTS

Asset Management Corporate • Finance/M&A • Investment

Banking • International Business • Research • Stocks &

Futures Brokerage

THE STATS


Ticker Symbol: 600837 (SSE)

Chairman: Wang Kaiguo

General Manager & Director: Li Mingshang

Net Income: RMB 5.46 billion (FYE 12/07)


No. of Offices: 124

KEY COMPETITORS

BOC International



GF Securities


Ping An Securities

EMPLOYMENT CONTACT

www.htsec.com/htsec/Channel/3403

THE SCOOP

Coming in through the backdoor

Haitong Securities is one of China's earliest domestic brokerages, with a history stretching back to 1988, and is the second-largest behindCITIC Securities. In July 2007, it became the first mainland Chinese brokerage to successfully enter the stock market via a techniquecommonly referred to as "backdoor listing." Haitong was able to skirt Chinese government regulations by merging with Shanghai Urban Agro-Business, changing the name of the company to Haitong Securities and launching its IPO on the Shanghai stock market. As Haitong wasunable to comply with the rule that securities firms need to have three consecutive profitable years to go public, the backdoor move wasconsidered a necessary fundraising measure in order to compete with international firms entering into the securities business in China. Thebackdoor listing has made Haitong the ninth-largest securities company in the world.

Haitong serves approximately 2 million people in mainland China through its 124 domestic branches. The firm provides securitiesunderwriting, brokerage, trading, investment advisory, research, and investment fund and asset management services to its clients. It alsoprovides an outlet for the sales and purchase of securities, agency of debt service and dividend distribution of securities, custody andauthentication of securities, agency of registration and accounts opening, and proprietary trading of securities.

In July 2007, Haitong got approval from the China Securities Regulatory Commission (CSRC) to expand its company into Hong Kong, givingthe company new access to the international financial world. The new company has been started with capital of HK$100 million and is namedHaitong (Hong Kong) Financial Holdings.

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Fund management with Fortis

Haitong owns the majority stake in its subsidiary, Fortis Haitong Investment Management, which launched in 2003 as a joint endeavor betweenHaitong and Fortis, the Belgian-Dutch financial services company. Haitong currently owns approximately 51 percent of the investmentmanagement company while Fortis has a 49 percent stake. Fortis originally only had a 33 percent stake in the company, but were able toraise that percentage when China, under the terms of an agreement with the World Trade Organization, approved a law allowing foreigncompanies to own as much as 49 percent of domestic businesses.

Awards and rankings

• 2007 Excellent Sponsor for Medium and Small-sized Enterprises (Securities Times, 2008)• Most Respectful Investment Banking (New Fortune, 2008)

IN THE NEWS

November 2009: Buying Taifook

Haitong Securities announced that its Hong Kong-based unit will purchase a 53 percent stake in Taifook Securities Group Limited. Haitongwill pay NWS Holdings Ltd. (Taifook Securities’ parent company) HK$1.82 billion for the stake. The deal closed in December 2009.)

January 2009: Numbers are in

Whereas 2007 was a huge year for securities firms in China, 2008 was a painful one as the Chinese stock market underwent its worstperformance in history. Among the first securities firms to report 2008 earnings, Haitong experienced a relatively rough year in a tough market,though it remained highly profitable. The firm's profits for 2008 were RMB 3.3 billion, a 40 percent drop from 2007. Operating revenue fellabout 38 percent to RMB 7 billion.

October 2008: Do you know Chuo?

After signing a letter of intent, Haitong announced a cooperative agreement with Japanese financial holding company Chuo Mitsui TrustHoldings in October 2008. Word on what exactly they'll be doing together is unclear, but the cooperation is expected to be on the securitiesmarket and asset management businesses in China.

September 2008: Happy 20th

On September 22, 2008, the firm celebrated its 20th anniversary. That's no small feat in the relatively young Chinese securities business—Haitong was one of the first firms to set up shop in mainland China.

April 2008: PE for you and me

In early April 2008, reports surfaced that Haitong had plans to set up a private equity unit. According to the Dow Jones Chinese FinancialWire, initial registered capital for the unit would be RMB 1 billion, with total investments not to exceed RMB 3 billion.

January 2008: Branching out

Haitong gained permission from the China Securities Regulatory Commission (CSRC) to invest overseas on behalf of its clients as a QualifiedDomestic Institutional Investor (QDII). In August 2007, Fortis Haitong Investment Management had also been granted approval to launchproducts under QDII. The firm joins a number of domestic entities and rivals who have also received QDII approval—others include ChinaInternational Capital Corporation, CITIC Securities, China Merchants Securities, Guotai Junan Securities, Orient Securities, Everbright Securitiesand Huatai Securities.


Haitong Securities Co., Ltd.



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November 2007: Private placement boosts income

With Haitong's July 2007 IPO hot off the presses, the securities firm decided it would hold an additional private stock placement in November2007 in order to raise even more funds to boost its competitive edge. The brokerage sold off RMB 25.9 billion to institutional investors for thepurpose of "expanding the capital pool and subsidizing operations." The institutional investors were some of the Chinese financial world'sbiggest players, including Pacific Investment Management, Huatai Asset Management, Youngor Group, Taikang Asset Management, JiangsuGuoxin Investment Group, CITIC Group, Shanghai Electric Power Company and China Ping An Trust & Investment. The private placementsale was boosted by Haitong's reports of drastically increased earnings for the first nine months of 2007. The company reported that net profitsfor the first three quarters of 2007 were about RMB 4.1 billion, nearly 16 times its net profit from the same period in 2006.

GETTING HIRED

Not much to go on

Haitong's main web site at www.htsec.com is only in Simplified Chinese, with no English links in sight and no clear contact information, sodefinitely brush up on your Chinese-language skills. There's a recruitment page in Simplified Chinese available atwww.htsec.com/htsec/Channel/3403. You could also try addressing an email to the firm's human resources (HR) department [email protected].

Fortis Haitong Investment Management has an English page at www.hftfund.com, but doesn't have a hiring page either. You could potentiallysend your resume to the address listed, but a better idea might be to email [email protected] for more information before blindly sendinganything.


Haitong Securities Co., Ltd.


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213

HANA FINANCIAL GROUP INC.

27-3, Yeouido-dong

Yeongdeungpo-gu

Seoul, 150-705

South Korea

Phone: +82-2-2002-1110

Fax: +82-2-2002-1401

www.hanafn.com


China • Hong Kong • India • Indonesia • Japan • Korea •

Singapore • Vietnam

DEPARTMENTS

Asset Management


Corporate Planning

Personal & Commercial Banking

THE STATS


Ticker Symbol: 086790 (KRX)

Chairman & CEO: Seung-Yu Kim

Operating Income: KRW 3,468.8 billion (FYE 12/08)

Net Income: KRW 483.4 billion


No. of Offices: 755

KEY COMPETITORS

Kookmin Bank

Shinhan Financial

Woori Finance Holdings

EMPLOYMENT CONTACT


www.hanafn.com/pr/prcenter/talent.jsp (Korean-language only)

"Job openings" at ww.hanafn.com/eng/main/ir_main.jsp

THE SCOOP

Hana is one

Korea's fourth-largest financial institution, Hana Financial Group (HFG, or Hana) has its roots in the country's rapid economic developmentduring the early 1970s, and was initially established as Korea Investment Finance Corporation. However, the modern-day Hana FinancialGroup was formed in December 2005. Its flagship subsidiary remains Hana Bank, but the group integration brought a number of otheraffiliates under one roof. These now include Hana Investment Bank (formerly Hana Securities, but renamed in 2007), Hana Life Insurance,Hana Capital, Hana I&S, Hana Institute of Finance, Hana Daetoo Securities (formerly Daehan Investment and Securities), Daehan InvestmentTrust Management, and Qingdao International Bank.

Temasek Holdings, Singapore's government-run sovereign wealth fund (SWF), has held a stake in Hana since 2004, and owns 10 percent asof 2008. The private equity arm of Goldman Sachs also purchased a 9.4 percent stake in Hana in late 2005 prior to relisting on the Koreanstock exchange, currently making Temasek and Goldman the two largest overseas shareholders. German insurer Allianz was also a largeshareholder for several years, but ultimately sold off its remaining stake in mid-2007. Hana Financial Group also operates two high-profile jointventures—UBS Hana Asset Management, a venture with Swiss financial giant UBS in which Hana controls 49 percent, and Hana HSBC LifeInsurance, a 50-50 venture with U.K.-based HSBC.

Most competitive in personal banking in Korea, Hana also handles a number of non-banking businesses, including securities, consumerfinance and life insurance. In February 2008, the group reorganized into three distinct business units: Personal & Commercial Banking,Corporate & Investment Banking, and Asset Management. The group also handles a number of consulting and strategy services through itsCorporate Planning unit.

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Hana (meaning "one") has set a target for the end of 2009: to maintain its position in the ranks of the world's top 100 financial institutions,with a further vision of skyrocketing into the top 50 by 2015, placing it on a scale with global banks. Hana Financial Group ranked No. 553on the Forbes Global 2000 list, placing it behind Kookmin Bank, Shinhan Financial and Woori Finance Holdings.

An international affair

On the urging of William Diamond, serving as the director of the Development Finance Division of the World Bank's International Bank forReconstruction and Development (IBRD) in the late 1960s, Korea began looking into ways to grow its capital market. In 1971, KoreaInvestment and Finance was incorporated through the efforts of the Ministry of Finance & Economy, Bank of Korea, and Korea DevelopmentFinancing. The World Bank's International Finance Corporation (IFC) took a stake, and following government approval in 1972, KoreaInvestment and Finance got its start as a short-term finance company with a staff of about 100. Expanding its services, the firm obtained itssecurities license in 1977 under an amended Securities Exchange Act. Head offices were moved to the Euljiro financial district of Seoul in1985.

It wasn't until the early 1990s that things really started, as the institution was reincorporated as a banking institution and Hana Bank openedits doors in 1991. Quickly spreading its wings upon establishment, Hana Bank expanded into Hong Kong in 1995, opening an office as anindependent local corporation. In the following year, the firm also went public on the London Stock Exchange. It wasn't until 2000 that HanaBank opened its first international branch in Singapore, making it the first Korean bank to open its doors in the city-state. Also in 2000, thefirm was granted approval to open a branch in Shanghai.

Making it big

Things began changing rapidly for Hana Bank in the late 1990s. After executing a purchasing and assumption transaction (P&A) forChungcheon Bank in 1998 and a major merger with Boram Bank in 1999, Hana Bank expanded its Korean operations.

Another mega-buyout in 2002, with then government-owned Seoul Bank, further bolstered Hana Bank's position in the Korean market. SeoulBank (or SeoulBank) had collapsed amidst a mountain of debt after the 1997 economic crisis. The bank had then been nationalized througha 1998 bailout by the International Monetary Fund (IMF) and had gone through negotiations with a string of potential foreign suitors (includingHSBC and Deutsche Bank's DB Capital Partners) before ending up in Hana's hands.

After the 2002 merger, Hana Bank was relaunched, making it Korea's third-largest financial institution. Post-relaunch, the firm beganbranching out into other businesses. In 2003, Hana Life Insurance was incorporated. The following year, Hana Bank took over DaehanInvestment and Securities in the lead-up to the 2005 formation of the Hana Financial Group.

Deeper into China, Vietnam and Indonesia

Making inroads in the booming Chinese financial landscape, Hana Bank first opened a branch in Shanghai in 2000. Hana Bank also gaineda further foothold in mainland China through the acquisition of Qingdao International Bank in 2004. In December 2007, after inking a dealto ally itself with China's Bank of Jilin, the firm formally launched a Chinese subsidiary—Hana Bank (China) Co. Meanwhile, the firm allieditself with Southern Bank of Vietnam in November 2007, and also opened a Hana bank liaison office in Ho Chi Minh City.

Following Indonesian regulatory approval, Hana Bank took over PT Bank Bintang Manunggal in December 2007. The Indonesian bank isrelatively small, boasting about US$30 million in assets at the time of the deal, but Hana is looking to develop it into one of Indonesia's top 20banks. Hana inked the deal to buy a 61 percent stake in the bank for KRW 3 billion. The small Indonesian bank was renamed PT Bank Hanaupon approval, and former Hana Life Insurance CEO Lee Jung-se was called on to head up its operations.

The deal keeps Hana in the running with other Korean banks, including Kookmin Bank, which owns a large stake in Bank InternationalIndonesia, and Woori Bank and Korea Exchange Bank, both of which operate subsidiaries in the country. In a statement, a Hana officialexplained the importance of the deal, particularly in relation to expansion plans. "As we still have no branches or subsidiaries in Indonesia,our acquisition of PT Bank Bintang Manunggal is very significant for our business in Southeast Asian countries. We plan to set up moreoperations in Singapore and Indonesia to find more business opportunities in Southeast Asia."

Awards and rankings

• Best Private Bank in Korea (Euromoney, 2004-2008)• No. 553 on the Forbes Global 2000 list (Forbes, 2008)


Hana Financial Group Inc.


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IN THE NEWS

March 2009: Topping the charts

Continuing its reign at the top, Hana Bank was selected as the Best Private Bank in Korea—for the fifth year in a row—by Euromoneymagazine. Results were collected through the publication's annual Private Banking Survey, and the top spot worldwide went to Swiss bankUBS.

March 2009: Results are in

Announcing results for 2008, things looked a bit gloomy as Hana Bank's net profit in 2008 was down 54.8 percent from the previous year (toKRW 474 billion). However, in positive news, the bank stated that it did not have any direct exposure to collateralized debt obligations (CDOs)in the U.S. subprime mortgage market.

Explaining its standing amidst worldwide economic uncertainty, Hana stated, "There is widespread concern that the global financial crisis andsharp economic downturn may deal a harsh blow to banks' capital base. Such a risk is rather low at Hana Bank, compared to its competitors,because of its low exposure to recession-sensitive industries and currency derivative products."

In China, the firm posted a great deal of growth and remained profitable. Hana Bank China, the firm's Chinese corporate entity, saw its totalassets in 2008 soar by 50 percent compared to 2007. More impressive yet, deposits reached US$869 million, up 662 percent from US$114million in the previous year. Hana more than doubled the number of Chinese branches in 2008, opening six branches to bring the grand totalto 11. The firm has plans in 2009 to open new sub-branches in Harbin and Qingdao.

March 2009: Big-name acquisitions galore

A number of entities have been scooping up pieces of Hana Financial Group to close out 2008 and start up 2009. The first major acquisitioncame in October 2008, when it was announced that JF Asset Management—the Asian asset management arm of J.P. Morgan, now called J.P.Morgan Asset Management—had picked up a 6.46 percent stake in Hana. The following month, AllianceBernstein Holdings (a subsidiary ofAXA Financial, which is in turn a subsidiary of French insurance giant AXA) acquired a 5.32 percent stake in Hana.

Keeping it a little closer to home, a domestic organization picked up another piece of Hana in March 2009, as it was announced that Korea'sNational Pension Service (officially an "institutional investor") had acquired an 8.15 percent stake.

December 2008: Capital markets deregulated, securities and IB merged

Gearing up for big changes under the Capital Market Consolidation Act (CMCA), which went into effect in February 2009, Hana made a fewinternal changes. In December 2008, the firm announced that two of its subsidiaries, Hana Daetoo Securities and Hana Investment Banking& Securities, would merge under the name Hana Daetoo Investment Bank.

Hana Daetoo Investment Bank CEO Yang Yong-Seung outlined the benefits behind the merger in his CEO message, explaining, "Through thismerger we have manifested capital enlargement and are now able to cover all kinds of financial business areas enforced within the FinancialInvestment Services and Capital Markets Act, and have especially attained the conditions to carry out large-scale investment banking deals."

November 2008: Rejected in K-town

After chasing a 37.5 percent stake in U.S.-based Commonwealth Business Bank for over a year, Hana was eventually rejected by the U.S.Federal Reserve. The primarily Korean-American-run Commonwealth Business Bank is headquartered in Los Angeles, home to one of Korea'slargest overseas populations.

President and CEO Wun Hwa (Jack) Choi of Commonwealth Business Bank explained the Federal Reserve's rejection, stating, "It is importantfor shareholders to understand that the delays in Federal Reserve Board approval relate to laws and regulations governing foreign ownershipof United States banks and certain bank holding company status issues."





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October 2008: Taesan flops, Hana stuck with the bill

One of Korea's top start-ups, Taesan LCD, slapped Hana Bank with heavy losses as it collapsed in October 2008. The computer screen back-light manufacturer started off with a bang, rising to become the primary supplier for Korea's Samsung Electronics and achieving massivesales—in June 2008, the firm ranked as Korea's third-largest start-up.

However, Taesan shockingly collapsed and filed for bankruptcy just three months later in a big pile of debt. The firm accumulated a total ofKRW 609.2 billion in net losses on KIKO ("knock-in knock-out") hedges—derivative products designed to reward an appreciating currency—as the Korean won slumped against the dollar. In October 2008, the won had fallen 29 percent against the dollar for the year. Taesan's lossesamounted to seven times its operating profit in the first half of 2008.

Hana Bank was forced to assume Taesan's losses, leading to an unprecedented loss for the financial institution. The third quarter markedone of Hana's first losses in company history. The firm set aside KRW 250.7 billion against its exposure to Taesan.

July 2008: Buying into China

It was widely reported that Hana was in the final stages on a deal to buy up to 20 percent of China's Bank of Jilin (also called Jilin Bank) inJune 2008. The following month, Hana announced the deal, worth a 19.7 percent stake in the bank for RMB 2.16 billion through a rightsoffering.

Bank of Jilin is quite young—it was founded in October 2007 through the merger of a number of smaller local lenders, and the firm operatesover 200 locations. Based in the northern Chinese province of Jilin on the North Korean border, the alliance gives Hana access to a broadKorean community in China. In a statement, the firm remarked, "Jilin province has the largest South Korean community in China and we planto use this investment as a springboard for further expansion into North Korea when trade between two Koreas become more active."

March 2008: Changing of the guard

There's a new co-CEO in town as of March 2008. Hana Financial Group announced the appointment of Kim Jong Yeol, effective March 28.Kim, formerly Hana Bank's deputy manager, came on board to replace Yoon Gyo Jung. Hana's other co-CEO, Kim Seung Yu—who has ledthe bank since 1997 and has been with Hana since its inception in the early 1970s—continues his duties.

March 2008: A new lease on life

A life insurance joint venture between German insurer Allianz and Hana ended in mid-2007 as the German firm sold its remaining stake backto Hana Financial Group.

However, Hana soon entered into talks with U.K.-based financial giant HSBC Holdings. In January 2008, after gaining regulatory approval,Hana sold 50 percent—minus one share—of its Hana Life Insurance business to HSBC Insurance (Asia-Pacific) Holdings, a subsidiary ofHSBC, for KRW 53 billion. The joint venture aims to become one of Korea's top 10 insurers.

The new entity, Hana HSBC Life Insurance, was officially established in March 2008. By that point, Hana HSBC Life Insurance had signed anumber of bancassurance partnerships, including those with Hana Bank, HSBC's Korean operations, Hana Daetoo Securities, Mirae AssetSecurities and Prudential Securities.

March 2008: Picking up the pieces

Hana Bank agreed to purchase a small stake in U.S.-based Merrill Lynch from Singaporean government-run investment fund TemasekHoldings in February 2008. The deal was completed the following month.

Hana completed the purchase of shares for US$50 million from Temasek, which had scooped up US$4.4 billion of Merrill Lynch at a bargainprice in December 2007. The emergency funding came from Temasek as Merrill Lynch strove to tighten up its balance sheet in the falloutfrom the subprime mortgage crisis.




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GETTING HIRED

One thing you'll probably need: Korean skills

Though Hana Financial has global ambitions by 2015, one thing it doesn't have is a centralized careers page in English. There are a handfulof general job listings, which can be accessed by choosing the "English" link on www.hanafn.com, and then clicking the "Job Openings forOverseas Professionals" link in the middle of the main page. This link outlines general duties and requirements for current openings in areassuch as retail banking marketing at Hana Bank, mergers and acquisitions (M&A) at Hana Daetoo, and others. Interested applicants can senda resume by email to [email protected].

Though only in Korean, Hana does feature some career information on the main Hana Financial site, as well as on each subsidiary's web site.One piece of info that's available concerns the firm's Career Development Program, a rotational program for grads. Departments include retailbanking, capital markets, IB, insurance and policy. Rotations in the program take participants through personal finance, commercial finance,asset management, risk management, treasury and investment banking.

Also take note that, like many Korean web sites, most of Hana's sites are ActiveX-enabled, so they require Internet Explorer (or Netscape!).Using Firefox or other browsers often won't get you where you need to go.





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HANG SENG BANK (CHINA) LIMITED

83 Des Voeux Road Central, Hong Kong

Phone: (852) 2198 1111

Fax: (852) 2868 4047

www.hangseng.com


China

Hong Kong

Macau

Taiwan

Singapore

DEPARTMENTS

Commercial Banking

Corporate Banking

Personal Wealth Management

Private Banking

Treasury Services

THE STATS

Employer Type: Member bank of HSBC Group

Vice-Chairman & CEO: Margaret Leung


EMPLOYMENT CONTACT

www .hangseng.com/hsb/eng/abo/co/home/index.html

THE SCOOP

Money tree

Hang Seng Bank, whose name translates literally to “ever-growing” in English, has flourished since its humble beginnings as a small HongKong money-changing shop in 1933 to become the largest locally incorporated bank by market capitalization. The bank has 9,700 employeesand operates 210 service outlets, including branches and ATMs in its home base of Hong Kong alone. Hang Seng Bank (China) wasestablished as a subsidiary in May 2007 geared toward serving customers in Mainland China, and currently has 32 outposts in key locationssuch as Beijing, Shanghai, Guangzhou, Shenzhen and Hangzhou, among others. In addition, Hang Seng also has branches in Macau, arepresentative office in Taipei, and operations in Singapore.

Hang Seng offers personal wealth management, commercial banking, corporate banking, treasury services and private banking. A memberof the globe-spanning financial institution Hongkong and Shanghai Banking (HSBC) Group since 1965, Hang Seng reaches investors in theU.S. through its Sponsored Level-I American Depository Receipts Programme.

Big listings

The late 1960s proved to be a watershed time for Hang Seng, with several crucial developments in the expansion of its brand occurring duringthis period. In 1965, HSBC purchased a 51 percent majority stake in Hang Seng, after which the bank pioneered the launch of seven-yearresidential mortgages in Hong Kong in 1967. This was followed up by an even more defining moment: when the Hang Seng Index wasestablished in 1969 as a public service stock market indicator for Hong Kong. Today, the index remains the primary gauge of the stock marketin Hong Kong and is watched and analyzed around the globe.

After a half decade of major breakthroughs, Hang Seng’s vibrant period of growth culminated in its 1972 public listing on the Hong Kong StockExchange. Its IPO was oversubscribed by almost 29 times, and raised approximately HK$2.8 billion, which was close to half of the Hong Konggovernment’s revenue in 1971. For the remainder of the 20th century, Hang Seng focused on expanding its accessibility to the public in Hong

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Kong. Perhaps most notably, the bank was granted permission to operate branches within local subway stations in 1981, furthering its reachto customers.

Northward Bound

With its feet firmly planted in the Hong Kong banking industry, Hang Seng eventually began to shift its attention to the mainland Chinesebanking sector, which gradually began opening to outside investment in latter half of the 20th century. In 1995, two years prior to Hong Kong’shandover from British rule to Chinese rule in 1997, Hang Seng opened a single branch beyond Hong Kong’s borders in the neighboring cityof Shenzhen in mainland China. Not long after the 1997 reunification, the bank was granted approval to set up shop in Shanghai, a financialhub firmly entrenched in the infrastructure of China’s urban landscape. Since first venturing into the mainland, Hang Seng now provides adiverse range of services between China and the outside world, including offering foreign currency services and handling Renminbitransactions for foreign nationals.

Awards and rankings

• Excellence in Wealth Management Award (The Asian Banker, 2005-2006, 2008-2009)

• Best Retail Bank in Hong Kong (The Asian Banker, 2006 & 2009)

• Best Domestic Bank in Hong Kong (Asiamoney, 2008-2009)

• Best Banker Award, CEO Raymond Or (21st Century Business Herald, 2008)

• Best Brand Award (21st Century Business Herald, 2008)

• Best Bank for Return on Equity (FinanceAsia, 2008)

• Best Company in Hong Kong for Financial Reputation and Corporate Reputation and Third-Best Hong Kong Company Overall (WallStreet Journal Asia, 2008)

• House of the Year, Hong Kong (Asia Risk, 2008)

IN THE NEWS

August 2009: Changes at the top

Hang Seng announced several changes to its board of directors. Dorothy Lit, who had been nominated as the firm’s CEO, was named a non-executive director, and William Leung—manager, personal financial services and wealth management at Hang Seng—was named executivedirector and head of personal banking. Additionally, there were two significant resignations: Joseph Poon, managing director and deputy CEO;and CFO Edgar Ancona, who left the firm to become CFO at HSBC North America Holdings Inc.

May 2009: New chief

Hang Send CEO Johnson Fu resigned “for personal reasons,” according to a firm press release. Dorothy Sit—the director, general managerand chief operating officer of Hang Seng China—was nominated to take his place. Fu had been CEO of the firm since May 2007.

March 2009: First lady

HSBC, Hang Seng’s parent company, announced that Margaret Leung would succeed the retirement-bound Raymond Or to fulfill the positionof vice chairman and chief executive of Hang Seng. Leung’s ascension marks the first time a female has led Hang Seng. Prior to taking thepost, Leung served with HSBC for 31 years, ultimately attaining the post of group general manager and global co-head of commercial bankingfor the banking group. (In May 2009, immediately after Hang Seng’s annual general meeting, Or stepped down and Leung entered office.)


Hang Seng Bank (China) Limited



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January 2009: Funds for toilets

Hang Seng flushed wastefulness down the drain in January 2009 when it financed the construction of 300 energy-saving biogas toilets inChina’s Yunnan province to serve approximately 1,200 villagers. A team of Hang Seng employees from Hong Kong and the Mainlandvolunteered their time for the project, which was initiated by The Conservancy Association with sponsorship from the bank. Hang Seng hasbeen recognized for its community service efforts in the past, most notably when it became the first Hong Kong-incorporated financial companyto be certified for ISO 14001, a worldwide standard of environmental management in business practices.

January 2009: A cup of debit, sir?

Hang Seng expanded its network of services in January 2009 when a new partnership with China UnionPay (CUP) was announced. Thepartnership will pave the way for CUP cards to be used in Hang Seng China’s outlets, in addition to Hang Seng launching two Renminbi debitcards on the mainland—a standard card and the Hang Seng Prestige Banking Card, which gives mainland customers exclusive privileges at2,000 designated merchants in Hong Kong. These cards can also be used in roughly 50 countries and regions around the world, furtherboosting the global usability of Hang Seng’s products. This figure is almost double the reach of the first cards offered through a Hang Seng-CUP partnership in 2007, which then provided customers with access to ATMs in only 26 global locations.

GETTING HIRED

Hang 10 at Hang Seng

Hang Seng runs an extensive careers site that includes information about the bank's various divisions, benefits and training programs; it alsolists current vacancies and links to a downloadable application form. All new employees with the company attend a rigorous training programin which they learn about the history, culture and values of the bank. Hang Seng also offers continuing education courses for employees(including night classes, so workers can fit the training into the work schedules). Courses range in topic from language classes to professionaldevelopment. The bank also grants some staff education awards that go toward the attainment of MBA or bachelor's degrees in relevant fields.

Developing potential

Hang Seng has a detailed management trainee program for new graduates looking to work in the banking sector. The Hong Kong-basedprogram lasts three years, during which trainees rotate through different divisions and are able to participate in special opportunities such asa month-long overseas training session in the U.K. Info on how to apply, as well as further details of the program, can be found atwww.hangseng.com/hsb/eng/abo/co/mtp/index.html.

For those interested in working for Hang Seng in Mainland China, the bank also operates a management trainee program there. Informationabout the program can be found at www.hangseng.com.cn/1/2/about-us/career-opportunities/mainland-trainee.


Hang Seng Bank (China) Limited


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221

HDFC BANK LTD.

HDFC Bank House

Senapati Bapat Road

Lower Parel (West)

Mumbai, India 400 013

Phone: +1-21-2882-2888

Fax: +91 22-2835-0456

www.hdfcbank.com

LOCATIONS IN INDIA

Bangalore

Chennai

Delhi

Kolkata

Mumbai

Other major cities in India

BUSINESSES

Retail Banking

Treasury Services

Wholesale Banking

THE STATS


Ticker Symbol: 500180 (BSE), HDB (NYSE)

Non-Executive Chairman: Jagdish Capoor

Managing Director: Aditya Puri

Total Income: INR 196 billion (FYE 3/09)

Net Profit: INR 22.2 billion



KEY COMPETITORS

ICICI Bank

Kotak Mahindra Capital Company

State Bank of India

EMPLOYMENT CONTACT

www.hdfcbank.com/aboutus/careers/default.htm

THE SCOOP

Housing works

Founded by H.T. Parekh and incorporated in 1977, the Housing Development Finance Company (HDFC) initially aimed to provide long-termfinancing for home ownership. Fortune smiled on the company in the early 1990s as the Indian economy went through one of its lowestphases—foreign exchange reserves were down to US$975 million and inflation was at a whopping 16 percent. In a historic act, the Indiangovernment decided to allow private investors into most sectors. Sensing the urgency, India's centralized Reserve Bank of India (RBI) threwopen the banking sector to private players as well.

HDFC seized the opportunity. It was the first firm to apply and get RBI approval, setting up a commercial bank in 1994 and renaming thecompany HDFC Bank. The bank went public in 1995, raising INR 500 million through its IPO. In 1999, HDFC became the first bank tointroduce international debit cards in India, and in 2000, it was the first bank in India to introduce SMS-based mobile banking. Another majormilestone came in February 2000, when HDFC acquired private-sector bank Times Bank Limited for INR 2.3 billion (US$53.89 million),expanding its geographic reach and customer base throughout India.

As operations increased, HDFC headed abroad and was listed on the New York Stock Exchange on July 1, 2001, raising INR 7.1 billion(US$166.3 million). In 2001, HDFC also became the first private-sector bank authorized to collect income tax on behalf of the Indian centralgovernment.

Order of operations

Today, HDFC is the third-largest bank by market value in India, coming just behind the private-sector bank ICICI and the government-run StateBank of India. HDFC has over 15 million customers, and operates 1,506 branches and 3,573 ATMs in 635 cities across India.

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HDFC’s operations are split into three main divisions: wholesale banking services, retail banking services, and treasury services. In thewholesale banking capital division, the firm provides working capital finance services, trade services, transactions services, and cashmanagement for small and mid-sized corporations as well as blue-chip manufacturing companies in India. The retail banking arm offerstraditional banking services to individual consumers. It also includes the HDFC Bank Preferred program, which caters to high net-worthindividuals. The treasury division is responsible for foreign exchange services, derivatives, local currency money market and debt securities,and equities.

Awards and rankings

• Most Tech-savvy Bank (Businessworld Best Bank Awards, 2009)• Best Bank (Outlook Money NDTV Profit Awards, 2009)• Fab 50 Companies in Asia (Forbes Asia, 2009)• Man of the Year (Business): Aditya Puri, managing director, HDFC Bank (GQ India, 2009)• Best Performing Bank (UTI MF-CNBC TV18 Financial Advisor Awards, 2009)• Best Banker: Aditya Puri, managing director, HDFC Bank (Business Standard, 2009)• Best Bank in India (Euromoney, 2009)• Most Trusted Brand - Runner Up (Economic Times Brand Equity & Nielsen Research, 2009)• Best Domestic Bank in India (Asiamoney, 2009)• Best Trade Finance Bank in India (Global Finance, 2009)

IN THE NEWS

August 2009: License to bank in HK

HDFC was granted a banking license by the Hong Kong Monetary Authority. The approval brought the total number of banks licensed to dobusiness in Hong Kong to 146.

July 2009: Branching out

HDFC received approval to open an additional 300 branches in 2009, according to a senior HDFC executive. If the firm were to open theentire 300, it would then have more than 1,700 branches in India.

April 2009: Board approval

At a meeting in Mumbai in April 2009, HDFC’s Board of Directors approved the audited financial results for the year ended March 2009. Thefigures took into account the merger between HDFC and Centurion Bank of Punjab, which became effective as of May 2008. Overall, thebank’s business figures revealed an upward trend since 2008, with net profit up 41.2 percent to INR 22.2 billion and assets rising 37.6 percentfrom its March 2008 figure of INR 1.33 trillion to INR 1.83 trillion.

August 2008: Rural growth

In August 2008, HDFC launched its first commercial Business Process Outsourcing center in Tirupati, a city in the Andhra Pradesh state ofIndia. The move by the bank follows the rapid growth of the BPO industry throughout rural areas of the country. HDFC’s BPO offersemployment to youth living in poor villages as a way to help develop the region and benefit the community. According to AnanthanarayanRajan, HDFC’s head of operations, “The bank is pioneering an initiative that has the potential to revolutionize rural India by taking jobopportunities closer to the doorsteps through economically viable projects.”

HDFC’s faith in India’s burgeoning BPO sector, worth approximately US$12 billion, was displayed again in June 2009, when the bank acquireda 26 percent stake in Bangalore-based Ruralshores, a BPO startup company that aims to develop operations in roughly 500 locations withpopulations below 20,000 over the next seven years.


HDFC Bank Ltd.


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May 2008: Conquering India one centurion at a time

In the biggest takeover to date in Indian financial history, HDFC acquired one of its main competitors, Centurion Bank of Punjab, for INR 95.1billion (US$2.4 billion) in February 2008. With the acquisition, HDFC increased its employee base to 30,500 workers, gained greater accessinto rural areas in the state of Punjab, and emerged in control of assets worth more than INR 1.5 trillion.

Before being acquired by HDFC, Centurion had gone acquisition crazy itself. In 2005, Centurion acquired the Central Bank of Punjab, whiletwo years later, in August 2007, it finalized a merger with Lord Krishna Bank. Because of these recent mergers, HDFC's acquisition ofCenturion actually represented the integration of four major Indian banks.

GETTING HIRED

Passion required

At HDFC's careers page (www.hdfcbank.com/aboutus/careers/career.htm) you can search for vacancies by location and department. Positionsare separated by function into retail liabilities, retails assets, wholesale banking and support functions. If candidates cannot find a positionthat matches their profile, they can submit an application online for “regular openings,” a broader category that includes positions such as“branch head-retail branch banking” and “relationship manager-retail branch banking.”


HDFC Bank Ltd.



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HYUNDAI SECURITIES CO., LTD.

34-4 Hyundai Securities Building

Yeoeuido-dong, Youngdeungpo-gu

Seoul, 150-735

South Korea

Phone: +82-2-768-0114

Fax: +82-2-783-9746

eng.youfirst.co.kr


Ho Chi Minh City

Hong Kong

Seoul

Shanghai

Tokyo

BUSINESSES

Brokerage

Corporate Financial Services

Research

Wealth Management

THE STATS



President & CEO: Gyeong Su Choi

Revenue: KRW 1.93 trillion (FYE 3/09)

Net Income: KRW 121.6 billion


No. of Offices: 147

KEY COMPETITORS

Korea Development Bank

Samsung Securities

EMPLOYMENT CONTACT

www.youfirst.co.kr (in Korean)

THE SCOOP

No, you first

South Korea's Hyundai Securities takes its customer-prioritizing motto—"You First"—very seriously; it even became the address of the bank'sweb site. Founded in 1962, Hyundai Securities offers comprehensive wealth management, brokerage, corporate financial services andresearch. Its network in South Korea includes 140 offices, plus seven several overseas locations that are operated through internationalsubsidiaries.

For many years Hyundai Securities was part of Hyundai, one of the massive South Korean conglomerates (known in Korean as "chaebol") thatwas founded in 1947 by Chung Ju-yung and his brothers. Initially, Hyundai was a simple construction company, but it soon expanded intoother industries, eventually becoming the largest chaebol in South Korea. In the wake of the 1997 Asian financial crisis, many Hyundaibusinesses were spun off, including the Hyundai Automotive Group, the Hyundai Heavy Industries Group and the Hyundai Group.

Chung Ju-yung's death in 2001 led to further restructuring and the Hyundai Group's companies continued to be split apart. A year earlier, aconsortium led by U.S.-based insurance giant American International Group (AIG) made a US$800 million bid for Hyundai Securities, HyundaiInvestment Trust and Securities and Hyundai Investment Trust Management. After lengthy negotiations that lasted more than a year, the dealground to a halt, sidelined by the consortium's alleged undervaluing of Hyundai Securities and U.S. concerns about South Korea's opennesstoward foreign investment.

At home and abroad

Today, Hyundai Securities serves institutional investors, government agencies, asset management companies and corporations in South Koreaand around the world. Its investment banking services include M&A advisory, investment arrangement, real-estate-related structured

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financing, corporate real estate brokerage, project financing and IPOs. Its wealth management services include several types of funds andbonds, derivatives, trust and corporate pensions and integrated wealth management, including cash management accounts. HyundaiSecurities also provides brokerage services like futures options brokerage, stock brokerage, overseas marketable securities brokerage andunderwriting and equity-linked warrant (ELW) brokerage and issuance.

Hyundai Securities Europe Ltd. works with European companies and South Korean companies based in Europe, while Hyundai SecuritiesAmerica Inc. provides underwriting, dealing and brokering of South Korean stocks and bonds. It also provides corporate financial services andworks with U.S.-based institutional investors who wish to invest in South Korean companies. Finally, Hyundai Securities Asia Ltd. works outsideSouth Korea to offer equity and fixed income brokerage and corporate finance services in the rest of Asia. Headquartered in Seoul, HyundaiSecurities is led by President and CEO Gyeong Su Choi.

Ready to grow

Hyundai Securities is on a mission to expand. By 2010, the bank plans to have KRW 5 trillion in equity, KRW 150 trillion in client assets anda 20 percent return on equity.

In order to meet these goals, Hyundai Securities has been ramping up its infrastructure and unrolling new products in recent years. In 2006,the bank made a major change to its wealth management division when it introduced cash management accounts (CMAs); since then,Hyundai has begun offering MSN Messenger trading, online teleconference investment advisory services and two-way communication TVteleconference trading services. It has also invested heavily in IT infrastructure, investing KRW 8.9 billion in 2006-07 and setting aside anadditional KRW 40 billion to build a new online system.

IN THE NEWS

February 2009: Industry restructure could spell bonanza for Hyundai

South Korea’s Capital Market Consolidation Act (CMCA) took effect, intended by the government to develop world-class investment banks inthe country. By creating more brokerages and financial service offerings in South Korea, the government hopes to build the nation into afinancial powerhouse. When the CMCA was announced, several global and South Korean companies applied for government permits to formbrokerage or asset management businesses; while earlier, tough state regulations kept many firms from setting up shop. Under the CMCA,securities firms must either be subsidiaries of local conglomerates, such as Hyundai Securities, or of banks.

October 2008: When two chairs become one

Hyundai Securities announced that Jung Wung Kim, a Co-CEO of the firm, resigned from the company. After Kim gave up his office, GyeongSu Choi became the sole CEO of the firm. Choi had become a Co-CEO with Kim just a few months earlier in June 2008.

GETTING HIRED

Korean speakers wanted

Want to work for Hyundai Securities? If you're not fluent in Korean, you will be hard-pressed to find hiring information. However, if you canread Korean, the "company introduction" link at the top of www.youfirst.co.kr features a career area with job postings, a breakdown ofdepartments, employee testimonials and a message board.


Hyundai Securities Co., Ltd.



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ICICI BANK LIMITED

ICICI Bank Towers

Bandra-Kurla Complex

Mumbai, 400 051

India

Phone: +91-022-26531414

Fax: +91-022-26531122

www.icicibank.com


Hong Kong

India

Singapore

Sri Lanka

BUSINESSES

Government Banking

International Banking

Retail Banking

Rural, Micro-Banking and Agribusiness Wholesale Banking

THE STATS


Ticker Symbol: IBN (NYSE), 532174 (BSE)

Managing Director & CEO: Chanda Kochhar

Net Interest Income: INR 83.67 billion (FYE 3/09)

Net Profit: INR 37.58 billion

No. of Employees: 73,362 (Worldwide)


KEY COMPETITORS

HDFC Bank


State Bank of India

EMPLOYMENT CONTACT

www.icicicareers.com

THE SCOOP

The mission expands

The Industrial Credit and Investment Corporation of India (ICICI) was formed by the World Bank, the Indian government and representativesfrom several Indian industries in 1955 with the goal of creating a financial institution that could provide project financing for Indian businesses.By the 1990s, ICICI had outgrown its original mission, offering diversified financial services to customers and clients around the world.

ICICI Bank was originally a subsidiary of ICICI Limited, an Indian financial institution. In 1998, ICICI Ltd. began reducing its stake in the bankto 46 percent. The reduction began with a public offering of shares in India, which led to a listing of American depository receipts (ADRs) onthe New York Stock Exchange in 2000. In 2001, ICICI Bank merged with the Bank of Madura. Additional stock sales in ICICI Bank were heldin 2001 and 2002. Finally, ICICI Ltd. and ICICI Bank decided to merge, combining the group's financing and banking operations into a singleorganization. This transaction was completed in April 2002.

With total assets of INR 3.66 trillion (US$76 billion) worldwide as of September 30, 2009, ICICI Bank is India's second-largest bank. It hasapproximately 1,568 offices and 4,883 ATMs in India, plus international operations in 18 countries and territories, including Hong Kong,Singapore and Sri Lanka, as well as representative offices in Mainland China, Indonesia, Malaysia and Thailand. ICICI Bank offers a full rangeof banking products and financial services, including corporate banking, retail banking, investment banking, insurance, venture capital andasset management.

All across India

ICICI Bank has five Indian subsidiaries in addition to its international subsidiaries. ICICI Securities offers equity underwriting, brokerage anddealership of government securities and also owns an online brokerage platform, ICICIdirect.com. ICICI Venture Funds Management Company(known as ICICI Venture) manages funds that provide venture capital funding for start-up companies and invests in private equity. ICICI's

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insurance subsidiaries are ICICI Prudential Life Insurance and ICICI Lombard General Insurance. Finally, ICICI Prudential Asset Managementoffers asset management products and services to corporate clients.

The firm focuses on five core business: retail banking, wholesale banking, international banking, government banking, and rural micro-bankingand agribusiness. The company also possesses a small private banking division. The retail banking group is India's largest provider of retailcredit, with more than 25 million customer accounts. The bank’s retail network nearly doubled from 2007 to 2009, increasing from 755branches to nearly 1,600 branches. The retail division also includes ICICI's SME (small-and-medium-sized enterprises) group.

The wholesale banking group serves large and medium-sized corporate clients, offering credit and treasury products, project finance,investment banking, structured finance and transaction services. In 2007, the corporate banking business was reorganized into two groups:Global Clients, which works with multinational corporations and corporations developing international investments; and Major Clients, whichhandles the firm's other corporate banking business. ICICI's investment banking group is closely integrated with both Global Clients and MajorClients.

ICICI's Bank’s rural banking efforts are managed by the rural, micro-banking and agri-business group, which offers microfinance, agriculturalbanking, and other products and services aimed at India's rural population. ICICI Bank offers crop loans, equipment financing, capital loans,savings, investment and insurance products though this division. By collaborating with micro finance institutions, ICICI Bank developed a ruralcustomer base of approximately 3.5 million by 2009. In an effort to further improve credit penetration to customers based in rural areas, thebank launched the “Kamdhenu—Cattle Loans Campaign” in 2009.

The international banking group oversees ICICI Bank’s operations outside of India, providing international trade finance and correspondentbanking. The division also offers banking for non-resident Indians (NRIs). ICICI Bank offers a broad range of NRI products and services, andas of March 2009, the bank had more than 500,000 NRI customers.

In 2009, ICICI Bank consolidated its private banking business across India and abroad for high-net worth clients, launching the ICICI GroupGlobal Clients segment, which offers exclusive wealth management services to about 20,000 customers globally.

Let’s get rural!

In April 2007, ICICI Bank merged with rural Indian bank superstar Sangli Bank. The all-stock deal handed all of Sangli's 190 branches and1,850 employees over to ICICI Bank. The deal helped ICICI Bank gain a stronger footing in rural sections of India because approximately halfof Sangli's locations were in rural areas. At the time of the deal, Sangli held deposits of over INR 20 billion.

Awards and rankings

• Best Domestic Bank in India (The Asset, 2007-2009)• Most Admired Knowledge (Financial Services) Enterprise in India (Teleos, 2009)• Top 20, World's 100 Most Powerful Women: Chanda Kochhar, Managing Director & CEO, ICICI (Forbes, 2009)• Best Derivative House, India (Asset Triple A Investment Awards, 2009)• Best NRI Services Bank (World Finance, 2009)• Excellence in Private Banking, APAC Region (World Finance, 2009)• Excellence in Remittance Business, APAC Region (World Finance, 2009)• Best Bank Award for Initiatives in Mobile Payments and Banking (IDRBT, 2009)

IN THE NEWS

June 2009: Putting the vet to sleep

ICICI Venture Funds Management, the private equity arm of the ICICI Bank, announced plans to sell Vetnex Animal Health, the veterinary caredivision of ICICI-owned biotech company RFCL to Pfizer Animal Health for an undisclosed sum. ICICI originally purchased RFCL from theIndian pharmaceutical giant Ranbaxy Laboratories back in 2005.


ICICI Bank Limited



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May 2009: American Visa

Under an agreement signed between ICICI Bank and Visa in May 2009, the bank will soon issue debit cards in the U.S. through its New Yorkbranch. The cards are targeted at the bank’s Global Indian account customers, comprised of Indian nationals living abroad who requirebanking services within U.S. borders. The debit card will allow customers to make withdrawals from both a U.S. dollar checking account andfrom an INR account for use back home. ICICI Bank first opened a New York branch in Manhattan back in March 2008.

May 2009: Branching out

ICICI Bank announced plans to open an additional 580 branches within a year’s time. However, according to CEO Chanda Kochhar, insteadof hiring new employees to staff the branches, the firm plans to “re-skill and re-train some people” to meet the needs of the expanded network.The bank has expanded rapidly since 2007 when it had just 750 branches. When the newly announced locations are opened, ICICI Bank willhave a network totaling more than 2,000 branches.

December 2008: First lady of the bank

After Kandapur V. Kamath announced that he was retiring from his post as ICICI Bank CEO and would assume the role of non-executiveChairman, the bank announced in December 2008 that it had selected Chanda Kochhar to succeed him as CEO and Managing Director. Sincejoining ICICI Bank as a management trainee in 1984, Kochhar steadily climbed the ranks and was instrumental in establishing the bank’scommercial banking operations in 1993. Before assuming the CEO post in April 2009, Kochhar last served as the Deputy Managing Director,a position she held since April 2006.

August 2008: Risky business

When it comes to banking, you have to know when to hold ‘em and when to fold ‘em. In August 2008, ICICI Bank sold US$275 million worthof volatile overseas credit derivatives as a way of lowering its exposure to risk amidst the global financial crisis. However, although the bankdumped foreign CDs, it retained CDs in which the underlying loans are held by Indian companies. As of March 31, 2008, ICICI’s total CDexposure was roughly US$1.6 billion.

GETTING HIRED

Join the fray

ICICI Bank’s careers site can be found at www.icicicareers.com/index.htm, where job seekers can browse current openings, check out thequalifications required and descriptions of listed positions, or create a profile for the bank's "talent database." Interested candidates can alsoapply for positions online.

The firm also has a campus recruitment section on its site, which mostly targets business school graduates for its management programs. Thebank details the selection process, which involves several ability and personality tests in addition to the standard application. Test results areposted directly on ICICI Bank’s site for applicants register a resume code with their application. (Don’t worry: results are kept private.)

Stars promoted from within

While ICICI Bank continues to recruit at top business schools, it has systems in place to help make sure its executives come from within. Eachyear, roughly 12 executive spots open at ICICI Bank and its subsidiaries. Formal promotion systems at the bank aren't just based onstandardized performance reports. Former CEO Kamath put a "star system" in place for the bank's top performers, who forfeit bonuses forfaster advancement. A group of 2,000 managers across the group are organized into a special leadership pool, receiving 360-degree reviewsand analyses by the HR department. All managers in the leadership pool—from managing directors on down—must go through the sameprocess.


ICICI Bank Limited


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229

INDUSTRIAL AND COMMERCIAL BANK OF CHINA LIMITED

No. 55 Fuxingmennei Street

Xicheng District

Beijing, 100032

China

Phone: +86-10-6610-8608

Fax: +86-10-6610-6139

www.icbc-ltd.com/ICBCLtd/en/


Australia • China • Hong Kong • Indonesia • Japan • Macau •

Singapore • South Korea

BUSINESSES

Bank Card

Corporate Banking

E-Banking

Personal Banking

THE STATS


Ticker Symbol: 601398 (SSE), 1398 (HKSE)

Chairman & Executive Director: Yang Kaisheng

Revenue: US$100.06 billion

Net Income: US$35.27 billion (FYE 12/08)


No. of Offices: 17,826 (including correspondent banks

worldwide)

KEY COMPETITORS


Bank of China


EMPLOYMENT CONTACT

www.icbc-ltd.com/icbcltd/career/join%20us/

www.icbcasia.com/eng/about/career/career.shtml

THE SCOOP

From advisory to Peony

The Industrial and Commercial Bank of China (ICBC) was founded in 1984 as a limited company owned by the Chinese government, andwholly restructured as a joint-stock limited company in October 2005 before listing itself on both the Shanghai and Hong Kong stock exchangethe following year. Through its business lines and subsidiaries, ICBC offers a full range of banking and financial services. The bank is brokendown into four core business lines: personal banking, corporate banking, e-banking and bank cards. Personal banking includes loans,deposits, e-banking, investment and financing. Corporate banking includes services for small- and mid-sized enterprises (SMEs), institutionalbanking, asset custody, corporate e-banking, investment banking, clearing and settlement services, trading, financing, international tradefinancing, foreign exchange services, loans and corporate deposits. E-banking lets customers and clients conduct business by phone orinternet, as well as providing enterprise banking services. Bank cards oversees operations for ICBC's debit and credit cards, most of whichare offered under the Peony brand.

ICBC maintains international branches in Asia and Europe, including branches in Hong Kong, Singapore, Macau, Tokyo, Seoul, Germany, NewYork, and Luxembourg. It also has relationships and affiliations with institutions in the U.K., Australia, Mexico and the U.S. Through thesebranches and affiliates, the bank has established varying degrees of operations in 117 countries worldwide.

At the end of August 2007, ICBC broke the RMB 1 trillion barrier, becoming the first commercial bank in mainland China with over RMB 1trillion in custodian assets. As of May 2009, the firm boasted RMB 9.75 trillion in assets, making ICBC the world’s largest bank by marketvalue. ICBC is also the world’s most profitable bank, claiming US$35.27 billion in net income on revenue of US$100 billion for fiscal 2008 (a35 percent net profit margin).

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A record-breaking debut

On October 27, 2006, ICBC set two records with its initial public offering: it became the first company to list simultaneously on the Hong Kongand Shanghai stock exchanges, and its IPO ranked as the world's largest public offering at the time, breaking the previous record of US$18.4billion held by Japanese mobile phone company NTT DoCoMo in 1998. Several international institutions made investments in ICBC in 2006.American investment bank Goldman Sachs bought a 5.75 percent stake for US$2.6 billion, and Germany's Dresdner Bank purchased a shareworth US$1 billion. The American Express credit card company also invested US$200 million.

ICBC's initial listings brought in US$14 billion on the Hong Kong exchange and US$5.1 billion in Shanghai, but as demand for shares of China'slargest bank kept rising, additional placement options were exercised. In the end, ICBC's IPO raised nearly US$22 billion, allowing it to clearup billions of dollars owed on bad debts. In July 2007, ICBC overtook Citibank for the first time as the world's largest bank by marketcapitalization, clocking in at US$254 billion as Citi slipped to US$251 billion.

Venturing abroad

In 2006, ICBC bought a 90 percent stake in of PT Bank Halim Indonesia, beginning a long string of foreign acquisitions as the bank strove toexpand internationally. ICBC made another significant purchase in December 2007, nabbing a 20 percent stake in South Africa's StandardBank, the largest bank in Africa by assets. The deal, which was announced in October 2007, also opened the door for a proposed US$1 billionfund for joint investments in global mining, oil and gas projects. ICBC paid US$5.6 billion for the Standard Bank shares.

Another deal closed in January 2008 when ICBC acquired 80 percent of Macau's Seng Heng Bank for US$583 million. This was ICBC's firstventure into Macau, which is known as the Las Vegas of Asia for its robust gaming sector.

A month later, ICBC announced that it had been granted approval by the government of Qatar to establish a branch in Doha. The office openedin October 2008, and was expected to become the first Chinese banking presence in the Persian Gulf. However, ICBC beat itself to its owngame, by opening a branch in Dubai just days earlier. According to ICBC, its Doha office primarily offers wholesale banking services, withadditional services in trust, asset management and financial consulting. The Dubai operation provides a full range of financial services,including asset management, consultation and trade finance. ICBC expects the two bases to form a platform that will generate accessibletrade and investment between China, the UAE and other Middle Eastern countries, as well as providing a route for the bank’s operations inNorth Africa.

The firm continued its global expansion in the second half of 2008, establishing an Australian subsidiary in Sydney in September, and openingits first U.S. branch in New York the following October. Both branches are expected to take advantage of the growing value of trade betweenthe U.K. and Australian markets and mainland China. The U.S. branch engages in wholesale deposits, loans, trade financing, U.S. dollarclearing, treasury and other banking businesses. ICBC’s Sydney branch, on the other hand, specializes in international settlement, tradefinancing, project financing and capital transaction.

ICBC has also been working its way into Thailand. The firm currently owns a 49 percent stake in Thai bank ACL, and has recently shown thatis hungry for more. However, ICBC is currently hindered by a Thai law that limits foreign shareholders to owning no more than 49 percent ofa Thai bank. In June 2009, the firm made a plea for the Thai government to lift the shareholding cap during a proposal in Beijing. Thailand’sbiggest lender, Bangkok Bank, owns a 19 percent stake in ACL and has agreed to sell it to ICBC pending approval from the Thai government.Bangkok Bank had originally hoped to settle the sale by the end of 2007.

Awards and rankings

• Best Bank in China, Best Cash Management Bank of China (Finance Asia, 2008)

• Best Bank in China, Best Corporate Lending Bank of China, Best Sub-Custodian Bank in China, Best Consumer Internet Bank of China,Best Corporate/Institutional Internet Bank of China, Best Consumer Internet Bank of Asia, Best Consumer Internet Bank of Asia: BestInvestment Management Services, Best Corporate/Institutional Internet Bank of Asia: Best Investment Management Services, BestTrading Financing Bank of China (Global Finance, 2008)

• Best Business Continuity Management Award, Bank of the Year in Asia, Bank of the Year in China, Best Deal in China, Best Deal inSouth Africa , Best Corporate Social Responsibility Award, Best Corporate Image Award from The Banker (The Banker, 2008)

• Best Bank in China, Best at Fixed Investment Portfolio Management in China, Best at Trusted Services in China (Euromoney, 2008)

• Best Cash Management Bank of China, Best Domestic Bank in China, Best Integrated Deal of China, Best Sub-Custodian Bank ofMainland China (The Asset, 2008)


Industrial and Commercial Bank of China Limited


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IN THE NEWS

June 2009: First China, next, the world!

Continuing its quest to apparently conquer the global banking industry, ICBC announced its intention to purchase 70 percent of Bank of EastAsia’s Canadian unit. The HK$567 million deal will add to a long list of overseas ventures purchased by ICBC, displaying the firm’s keeninterest in international expansion. Funding for the Canadian unit will likely be supported by ICBC selling 75 percent stake of its stake in theHong Kong-based joint venture ICEA Finance to Bank of East Asia. At the time the sale was announced, ICBC owned 25 percent of the jointventure and was expected to net HK$372 million from its sale.

September 2008: Unbonded

Like many banks around the world, ICBC found itself tied to the Lehman Brothers disaster. The Chinese bank held approximately US$151.8million in Lehman Brothers bonds in September 2008 when Lehman filed for bankruptcy. ICBC was among only three mainland Chinesecommercial banks that had the misfortune of holding such bonds. However, the bank claimed that the bonds would not have a significantimpact on its finances as they accounted for only 0.03 and 0.01 percent of the bank’s total bond portfolio and assets respectively.

GETTING HIRED

Develop Yourself

ICBC’s main career page at www.icbc-ltd.com/icbcltd/career/join_us/ contains information on the bank’s working environment and humanresource philosophy. ICBC promotes the idea that outstanding work performance will be met with high rewards. Employee development isemphasized, and, according to material on the career site, the bank strives to provide clear channels for career progression and evaluation.

Employees at ICBC are able to attend a multitude of internal training courses that are tailored to fit workers across the career chain. Avocational training program allows employees to develop their industry knowledge and skills across three levels that include companyfundamentals, professional competence and job operational skills, as well as personal development in fields such as language andorganizational skills.

New recruits out of school are able to enroll in the Employee Job Operation Training Program. The program aims to help new employeesquickly master the skills required for their position and “transform from a university student to an ICBC employee.” New recruits can alsobenefit from the High-Level Financial Professional Training Program that aims to develop and train select employees in specialized fields.

The Vocational Qualification and Certification Training Program is tailored to all ICBC employees and provides clear definitions for job goals andrequirements. The program is currently in a testing stage, but will soon be provided to all ICBC employees as a means of career development.

Furthermore, ICBC boats an extensive internet learning platform available to employees. Launched in 2002, it has fast become the top internetuniversity among ICBC peers in China’s domestic financial sector. The system provides employee self-learning, informational acquisitionchannels, online mentoring and classrooms from any location at any time.

Contact your local ICBC

ICBC does not list available job positions on its main career page. However, there are a number of links to country-specific ICBC web sites inAsia Pacific available from the main firm web site, under the “Global Locations” link on the “About Us” section. These sites include HongKong, Macau, Singapore, Tokyo, Seoul, Pusan (South Korea) and Sydney, as well as ICBC Indonesia and ICBC (Asia), many of which includecontact information.

ICBC (Asia) does however contain a list of available positions for potential candidates, the link of which is provided above. Applicants can alsosend a resume including "present and expected salary" to Human Resources Manager, GPO Box 872, Hong Kong—or by email [email protected].


Industrial and Commercial Bank of China Limited



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KOREA DEVELOPMENT BANK

16-3 Yeouido-dong

Yeongdeungpo-gu

Seoul, 150-973

South Korea

Phone: +82-2-787-6450

Fax: +82-2-787-6496

www.kdb.co.kr


China

Hong Kong (through a subsidiary)

Japan

Kazakhstan (through a subsidiary)

Singapore

South Korea

BUSINESSES

Consulting • Corporate Banking • Corporate Restructuring •

Funding Activities • International Banking • Investment

Banking • Research • Trust & Bancassurance

THE STATS

Employer Type: Government-owned Company

CEO & Chairman: Min Euoo-Sung

Net Income: KRW 350 billion (FYE 12/08)


No. of Offices: 56

KEY COMPETITORS

Hyundai Securities

Samsung Securities

EMPLOYMENT CONTACT

“Contact Us” from the “About KDB” link at www.kdb.co.kr

THE SCOOP

Beyond reconstruction

The Korea Development Bank (KDB) was founded in 1954 as the Korea Reconstruction Bank, as part of a government effort to providefinancing for the restoration of infrastructure destroyed in the Korean War. The bank also provided support for some of the country's coreindustries, particularly the energy sector.

In the years immediately following its formation, the Korea Reconstruction Bank issued the country's first industrial finance bonds, then wenton to fund supply chains for the energy, chemical and export industries in conjunction with a five-year economic development plan. Stockunderwriting, bond guarantee and foreign capital services were added to the bank's roster of businesses, and in 1969 it was renamed theKorea Development Bank. In the 1980s and 1990s, KDB launched its trust business, received government authorization to approveapplications for foreign direct investment, started issuing global bonds and began equity investment activities, focusing especially on high-techcompanies and small-to mid-sized enterprises (SMEs).

Nowadays, KDB provides a range of financial services, including investment banking, corporate banking, global banking, consulting andrestructuring to customers in Asia and Europe. Headquartered in Seoul, KDB is still wholly owned by the South Korean government. Underthe terms of its ownership, the government is responsible for the bank's solvency. Any annual net loss must be offset by government reserves,and the government can provide capital infusions (in the form of property, securities or cash) to the bank without parliamentary approval. Afterthe Asian financial crisis of 1997, the South Korean government passed a law that allows emergency credit extensions to KDB if necessary.

In South Korea, KDB operates through a number of subsidiaries. KDB Capital Corporation was established in 1999 and handles lending,leasing, credit cards and venture capital. Daewoo Securities, which became a subsidiary in May 2000, offers services including securitiestrading, brokerage, underwriting and sales of beneficiary certificates. Finally, in May 2004, KDB Asset Management Corporation (formerly

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known as Seoul Investment Trust Management) became a subsidiary. It deals with asset management, investment trust management andinvestment advisory services.

In addition to its South Korean operations, KDB has five international subsidiaries: KDB Asia Ltd., which is based in Hong Kong; KDB Bank(Hungary) Ltd.; KDB Ireland; Banco KDB Do Brasil, in Sao Paulo; and UzKDB Bank in Tashkent, Kazakhstan. The bank also has internationalbranch offices located in Beijing, Guangzhou, China; London; New York; Shanghai; Singapore; and Tokyo. More recently, KDB openedrepresentative offices in Frankfurt and Shenyang, China.

Private time

Investment banking makes up about 80 percent of KDB's business. In January 2008, reports surfaced that South Korea's new governmentplanned to combine KDB's investment banking division with subsidiary Daewoo Securities and then sell off the consolidated company. If thedeal happens, it will be South Korea's biggest M&A transaction to date. Reuters quoted South Korea's senior secretary for national policyplanning, Kwak Seung-jun, as saying that the combined KDB-Daewoo sale could raise more than KRW 20 trillion.

Lee Myung-bak, South Korea's current president, ran on a platform of promises to privatize state-owned assets and to encourage economicdevelopment by allowing South Korean corporations to own banks. KDB already owns a 39 percent share in Daewoo Securities; it's also amajor stakeholder in industrial companies like Hyundai Engineering, Daewoo Shipbuilding and Marine Engineering, and Hynix Semiconductor.

For its part, in February 2008 KDB set up a task force to study the changes it would need to make for its investment banking business tobecome privatized. At the same time, KDB began considering the possibility of selling off its shares of Korean industrial companies—possiblyto other banks—as a way of streamlining and raising capital. Still, even if the government goes through with the sale, KDB's internationalbanking, corporate restructuring and funding businesses would remain under state control.

Onward to '11

For several years, KDB has been working toward a set of goals it calls "Vision 2011." According to the bank, Vision 2011 is designed "to helpKDB effectively carry out its role as a public policy institution and also heighten its competitiveness to cope with the increasing globalization offinance."

The first stage of Vision 2011 took place from 2003 to 2006 and involved revamping the bank’s core businesses—investment banking,corporate banking, international banking, corporate restructuring and consulting services—in order to become a corporate finance leader inSouth Korea. Stage two, which runs from 2007 to 2011, aims to make KDB a top player across Asia by increasing its competitiveness,improving asset quality and bringing profitability in line with its global competitors.

In the second phase of the plan, KDB has been focusing heavily on corporate restructuring activities. Throughout 2008 and 2009, KDB haspurchased distressed assets of a number of large corporations (“chaebol” firms in Korean) as well as SMEs. KDB then helps these firmsrestructure and eventually sells its purchased assets once a profit can be made from the sale. The bank has also sought partnerships withprivate equity giants. In May 2009, it signed an agreement with private equity giant Kohlberg Kravis & Roberts to explore investmentopportunities.

IN THE NEWS

August 2009: Funding the needy

KDB, along with the Industrial Bank of Korea, agreed to create a 2 trillion won ($1.61 billion) fund to help ailing private companies in Korea.The fund is a part of a larger state fund worth 5 trillion won that the government hopes will increase private-sector investment. The governmentindicated that it wants to ultimately have 20 trillion won in the fund.

June 2009: No small turnaround

In light of the global financial crisis, KDB established a turnaround fund in June 2009 aimed at assisting SMEs through corporate restructuringand strategic reassessment. KDB’s fund, which operates in the style of private equity investments by purchasing distressed companies andthen remodeling them to sell at a profit. The first such firm KDB reinvigorated was Sunstar Precision, a local manufacturer of embroiderymachines. KDB plans to expand the turnaround fund to KRW 1 trillion by the latter part of 2009.





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March 2009: Doing good by paying noobs less

The South Korean government launched a nationwide job-sharing campaign in early 2009, urging companies to be prudent in their allocationof resources for wage distribution. The government’s hope is that employers will cut wages for some employees, while using the savings tocreate positions for new hires. KDB joined the program in March 2009, when it announced that it would cut basic wages of newcomers by20 percent, using the savings to hire 200 interns throughout the year.

September 2008: Privatization still on

Despite the global financial crisis, the South Korean government remains optimistic that state-run companies will eventually go private. InSeptember 2008, Jun Kwang-woo, chairman of the Financial Services Commission, said, "The commission will expand competition andautonomy within the financial industry through deregulation, and accelerate sectorial reshaping through the privatization of Korea DevelopmentBank, which will reduce state intervention in the industry." The decision to privatize KDB has been criticized by many South Korean politiciansin recent years due largely to the difficulties on Wall Street, which had far-reaching effects that spread over to the Asian markets.

In an earlier statement addressing the controversial issue of KDB’s privatization, the bank's governor and chairman, Kim Chang-lok, told TheKorea Herald that he would not fully support the plan until the Korean investment banking industry—and KDB's own investment bankingbusiness—had more time to grow. "Korea's investment banking is at an infant stage, and not even a toddler stage yet, compared with globalones," he said. "However, I'm confident that KDB's investment banking will build its position, at least in Asia, in five years." Kim also notedthat as a state-owned entity, KDB had still managed to pay billion-won dividends for three consecutive years and maintained an excellentcapital ratio. "Compared to other public corporations, the bank's macro indexes have greatly improved." He added that spinning off KDB'sinvestment banking unit while keeping other business under government control would render the privatization "meaningless."

Despite Kim's reservations, the Lee Myung-bak government has bulldozed ahead with the deal. Plans are set to complete the privatization ofKDB by 2012. The first step in 2008 is the creation and transformation of a holding company, the Korea Development Fund (KDF). After itsestablishment, the KDF looks to be listed on the South Korean stock exchange in 2009. Per the plan, the 49 percent government stake inKDF is to be sold by 2010, followed by disposal of the remaining 51 percent share by the end of Lee Myung-bak's term in 2012.

GETTING HIRED

Not much to go on

There is no specific hiring information on KDB's English site at www.kdb.co.kr. Under "Networks and Subsidiaries," you can find an extensivelist of offices in the Asia Pacific region, with direct contact information for each. Locations include Guangzhou, China; Shanghai; Singapore;and Tokyo, with a subsidiary in Hong Kong. Representative offices are also present in Beijing and Shenyang, China.

Links to KDB's South Korean subsidiaries—KDB Capital Corporation, Daewoo Securities and KDB Asset Management Corporation—are alsoprovided. If you can read Chinese or Korean, you can certainly try to find career information from the firm's main web site.

The "Contact Us" link from KDB's site gives you a chance to send your questions about careers and other unavailable information. Alternately,you could send a resume directly to the company's headquarters at Korea Development Bank, 16-3 Yeouido-dong, Yeongdeungpo-gu, Seoul,150-973, South Korea—or call +82-2-787-5821.




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235

KOTAK MAHINDRA CAPITAL COMPANY

3rd Floor, Bakhtawar

229 Nariman Point

Mumbai, 400 021

India

Phone: +91-22-6634-1100

Fax: +91-22-2282-6632

www.kmcc.co.in


Bangalore

Delhi

Mumbai

Mauritius

Singapore

DEPARTMENTS

Equity Product Group • Financial Sponsors Group •

Infrastructure Products • Mergers & Acquisitions • Structured

Finance & Advisory Services

THE STATS

Employer Type: Subsidiary of Kotak Mahindra Group

Managing Director: Falguni Nayar

No. of Employees: 116

No. of Offices: 8

KEY COMPETITORS

HDFC Bank

ICICI Bank

EMPLOYMENT CONTACT

www.kmcc.co.in/join_us.html

THE SCOOP

Preeminent Indian investment bank

Kotak Mahindra Capital Company (KMCC) is the investment banking arm of Kotak Mahindra Group, a leading financial institution in India withover 20,000 employees. KMCC was originally founded in 1995 as a joint venture between Kotak Mahindra and U.S. investment bank GoldmanSachs. Like its parent, KMCC is headquartered in Mumbai, but has its own office.

The firm offers equity issuances, M&A advisory, structured finance services, financial sponsors group and infrastructure services. KMCC hasunparalleled experience across all major industry sectors—banking and financial services, fast-moving consumer goods, pharmaceuticals andhealthcare, energy and infrastructure, automobiles, aviation and transportation, telecom, technology, retailing, and media and entertainment.The company has played a key role in several industry-defining deals, such as the IPOs for Tech Mahindra, Hughes Software and MarutiUdyog. KMCC has also made a name for itself by being the first Indian investment bank to register with the Securities and ExchangeCommission in the U.S. and the Securities & Futures Associates in the U.K.

Through its association with Kotak Mahindra Bank and its subsidiaries in New York, London, Mauritius, Singapore and Dubai, KMCC enablesIndian corporations to access international capital markets. In addition to working for top technology companies, including British Telecomand Sony, KMCC has also worked its magic for leading financial institutions like Citigroup and Warburg Pincus.

Elite seven

In addition to its M&A and equity capital markets groups, KMCC has what it calls its Financial Sponsors Group (FSG). Set up in 2005, FSG isan initiative to provide the full suite of investment banking services for leading global and domestic private equity and hedge funds. The firm'sFSG desk has seven experts who work closely with companies, acting as buy- and sell-side advisors for deals in a wide variety of industries.

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FSG's advisory and execution offerings include private equity financing, venture funding, mezzanine financing, referential allotments, buyouts,pre-IPO services, PIPE (private investment in public equity), secondary sales and block purchases.

KMCC established an Infrastructure Group in December 2007 to provide the entire gamut of investment banking solutions to public and privatesector corporations engaged in infrastructure development. The services offered include bid advisory services, partner search and strategicalliances, project advisory services, debt and quasi-debt mobilization, private equity mobilization, and project-level acquisitions anddivestitures.

Good advice

KMCC lent its merchant banking and advisory services to several big deals in 2007 and 2008. The firm was the book running lead manager(BRLM) on Reliance Power's INR 115.6 billion IPO in January 2008, and the global coordinator and BRLM on Indian real estate developerDLF Universal's INR 91.9 billion IPO in June 2007. KMCC also successfully completed some marquee qualified institutional placements (QIP)for GMR Infrastructure (INR 39.7 billion), Infrastructure Development Finance Co. (INR 21 billion) and the Bank of India (INR 13.6 billion),among others.

KMCC has also displayed prowess in the M&A arena by advising on some of the largest and most complex M&A transactions in India, includingmanaging the entry of Irish buildings materials player Cement Roadstone Holdings (CRH) into India when it acquired a 50 percent stake inMy Home Industries in 2008. KMCC also acted as exclusive advisor to Gokaldas Exports for sale of its controlling stake to Blackstone in 2007,and managing the related open offer by Blackstone. In addition, the firm is the exclusive advisor to the Bombay Stock Exchange and managedthe first demutualization of the stock exchange in India.

Goldman becomes a competitor

KMCC enjoyed a mutually beneficial relationship in its joint venture with Goldman Sachs until May 2006, when Goldman decided to go it alone.Kotak bought out Goldman's 25 percent stake after Goldman announced plans to invest US$1 billion in investment banking, private equity,real estate and private wealth management in India.

"The Indian market represents tremendous growth and opportunity," Brooks Entwistle, CEO of Goldman Sachs' India operations, told The HinduBusiness Line of his firm's decision to end ties with KMCC. "Now, more than ever, there is a compelling case for us to build an onshore presencethat is fully integrated with our global businesses."

Awards and rankings

• Best Investment Bank in India (Finance Asia, 2006-2009) • Best Investment Bank in India (Global Finance, 2008-2009)• Best Equity House in India (Asiamoney, 2008-2009)• Best Investment Bank in India (Asset Asian Awards, 2006-2008)• No. 1 for fund raising through IPOs and QIPs (Prime League Tables, 2008)• Best Equity House in India (Finance Asia, 2008)• India Equity House of the Year (International Financing Review Asia, 2008)• Best Domestic Equity House (Asiamoney, 2008)

IN THE NEWS

December 2009: Deal with Russia

Kotak Investment Banking partnered up with Russian investment bank Renaissance Capital, entering into an agreement to co-operate oncross-border M&A deals in the markets where the two banks do business. In addition to Russia, Renaissance has a strong M&A practice inthe Commonwealth of Independent States (CIS) and Africa.




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February 2009: Samurai pact

KMCC stepped into the land of samurai warriors in February 2009 when it signed an agreement with Japanese investment bank GCA Savvianto mutually advise on M&A deals between Indian and Japanese companies. According to KMCC Managing Director Falguni Nayar, thecompany is “trying to develop a network of partners across different geographies.” The alliance with GCA came at a good time; according toa report by the Economic Times, it is estimated that Japanese companies will spend roughly US$8 billion acquiring Indian companies in 2009.

January 2008: A good day for Uday

Uday Bhansali was appointed as an Executive Director of investment banking for KMCC. Prior to this appointment, Bhansali worked for over20 years at Accenture, where he was one of the consulting firm’s startup team members in India. Before joining KMCC, he served as theExecutive Director of Accenture’s Asia Pacific Energy division, where he was responsible for developing the company’s oil and gas business inthe region.

GETTING HIRED

Grow with intelligent and motivated people

On the career’s section of KMCC’s web site (see “join us” at www.kmcc.co.in) job seekers can explore links to the company's different divisions,with career information on each individual page. The bank promotes itself as place where staffers can “contribute, innovate, work and growwith other intelligent and motivated people."

Interested candidates can send their resume, along with a cover letter, to KMCC's headquarters at 3rd Floor, Bakhtawar, 229 Nariman Point,Mumbai, 400 021, India. Make sure to address the inquiry to the HR department.





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METROPOLITAN BANK AND TRUSTCOMPANY (METROBANK)

3/F, Annex Building, Metro Bank Plaza

Sen. Gil J. Puyat Ave.

Makati City, 1200

Philippines

Phone: +63-2898-9020

Fax: +63-2816-1133

www.metrobank.com.ph


China • Guam • Hong Kong • Japan • Korea • Philippines •

Singapore • Taiwan

DEPARTMENTS

Capital Markets

Corporate Banking

Personal Banking

Treasury Products

Trust Products and Services

THE STATS


Ticker Symbol: MBT (PSE)

President: Arthur Ty

Net Income: PHP 23.07 billion (FYE 12/08)

Net Profit: PHP 4.4 billion


No. of Offices: 800

KEY COMPETITORS

Banco de Oro Unibank

Bank of the Philippine Islands

Citi

HSBC

EMPLOYMENT CONTACT


www.metrobank.com.ph/careers.asp

THE SCOOP

Banking on the Philippines

With PHP 764 billion in total assets as of December 2008, Metropolitan Bank and Trust Company (Metrobank) was overtaken after 14 yearsin the top spot among banks in the Philippines. Now the second-largest bank in the Philippines behind Banco de Oro Unibank, Metrobankprovides a wide range of financial services, from commercial and investment banking to insurance and credit cards. According to AsianBanker Journal, the company is one of the top 300 banks in the world, while Asiaweek, a Hong Kong-based weekly news magazine, ranksMetrobank among the top 300 Asian banks.

The bank's network includes over 550 branches in the Philippines and eight foreign branches—in China (Shanghai), Japan (Osaka and Tokyo),South Korea (Pusan and Seoul), Taiwan (Taipei), the U.S. (New York) and Guam. Metrobank has a presence across 21 countries through alarge number of representative offices, subsidiaries and remittance tie-ups.

Much of Metrobank's personal banking services are offered through subsidiary Philippine Savings Bank (PSBank). Though not its largestsource of income, the company's retail banking operations serve as its main focus, with 700 domestic branches and 900 ATMs. First MetroInvestment Corporation (FMIC), another subsidiary, handles the company's investment banking services.

Metrobank has numerous other subsidiaries, joint ventures and affiliates. Some of the largest include Federal Land, Metrobank Card, SMBCMetro Investment, Philippine AXA Life and Toyota Motors Philippines. Through these operations, Metrobank's other business activities areconducted, including automotive, property development, and insurance.

Take you down to Chinatown

Despite its current success, Metrobank was created, in a manner of speaking, as an act of youthful rebellion. In the years directly followingWorld War II, the Philippine economy, like those of many other Southeast Asian countries, was just starting to rebuild. George Siao-kian Ty,

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who hailed from an affluent Chinese-Filipino family, was helping with the creation of a family-owned flour mill when he saw firsthand how muchthe mill had to rely on the good will of money lenders every step of the way. Realizing "how powerful a bank [could be]", the 29-year-old Tydecided to forgo the family business and to establish his own bank. The bank was initially intended to provide financial services to the Filipino-Chinese community.

Ty eventually gain his family's blessing—and more importantly, its funds—before embarking on the new venture. (The Ty family continues tocontrol the bulk of Metrobank's empire and its numerous subsidiaries today, so they must have been pleased with the return on their risk.) In1962, the Metropolitan Bank and Trust Company was founded with the help fellow businessmen Don Emilio Abello, Don Pio Pedrosa andPlacido Mapa, Sr.

The bank opened for business in September 1962 at the Wellington Building in Binondo—Manila's Chinatown. With strong support from theFilipino-Chinese community, in 1963 the bank was able to launch its first branch, in Divisoria, a bargain shopping district in Manila. This wasfollowed by its first provincial branch, in Davao, in 1967.

Going international

In the 1970s, the company began to make inroads into the international market. Taking advantage of its deep Chinese roots, the bank openedits first foreign branch in Taipei and eventually a representative office in Hong Kong. Then in 1977, the company was authorized by the CentralBank in the Philippines to operate a Foreign Currency Deposit Unit (FCDU), which meant the company could finally conduct transactionsdenominated in foreign currency. Still, the bank's focus remained on its domestic operations. When the total number of its branches reached100 later in 1977, the company celebrated by opening a brand new head office in Metro Manila's financial district, Makati City.

Although the bank was fairly successful from the get-go, the 1980s was when it truly went big. In 1980, the bank went public on the PhilippineStock Exchange and eventually established branches in Guam, Los Angeles and New York. In 1981, Metrobank was granted a universalbanking license, which allowed the company to diversify into other business sectors. Its first act, however, was to acquire a majority stake inthe Philippine Savings Bank, at the time the country's second-largest thrift bank.

Metrobank's Chinese roots have also come in handy as it broke into the mainland China market relatively early. After establishingrepresentative offices in Shanghai and Beijing (in 1992 and 1994, respectively), the firm was given the go-ahead to open a branch in Shanghaiin 2001, the first Philippine bank allowed to do so in China.

Eggs in different baskets

Starting in the 1970s, Metrobank entered into a number of joint ventures and partnerships outside of the banking sector, many of whichcontinue for the firm today. One of its biggest ventures, property developer Federal Land, was established in 1972. (The firm is sometimesknown as Federaland, owing to its logo, which combines the two L's into a twin tower skyscraper.) The venture owns, develops and managesa number of flagship properties in Metro Manila, both commercial and residential. These include the G.T. International Tower (named afterGeorge Ty), the Philippine AXA Life Center, Skyland Plaza, Metropolitan Park, and a number of swanky serviced residences.

In 1986, a travel agency was established with the U.K.-based Thomas Cook Group, known as Thomas Cook (Philippines). The venture is now60 percent owned by Metrobank subsidiary First Metro Investment Corporation, as Thomas Cook's entire 40 percent stake was purchased byU.K. foreign exchange firm Travelex in July 2004.

Renamed as First Metro Travelex, the venture only lasted a few years until Travelex sold its stake off in February 2007 to another Metrobankgroup subsidiary—Asia Pacific Top Management International Resources Corporation. Now back under the Metrobank umbrella and knownsimply as First Metro Travel, the joint company is one of the largest corporate travel agencies in the Philippines, and features the Marco PoloPlaza hotel in Cebu as part of its portfolio.

After travel came wheels. Metrobank teamed up with Japanese automobile giant Toyota Motor Corporation to establish an automobilemanufacturing plant in 1988. Quickly growing, the joint venture, Toyota Motor Philippines, became a market leader in a matter of a couple ofyears. The venture continues to lead the passenger car and commercial vehicle market in the Philippines, with a 37 percent share overall asof May 2008. A related joint venture, Toyota Financial Services Philippines, was established between Metrobank and Toyota in 2002 andhandles consumer loans and assistance for vehicle purchases.

Metrobank also has interests in the power sector through electricity subsidiary Global Business Power Corporation (GBPC), as well astechnology services through subsidiary MBTC Technology.


Metropolitan Bank and Trust Company (Metrobank)



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Expanding financial services

The banking conglomerate also diversified into other financial services in the 1980s, as it teamed with Australia and New Zealand BankingCorporation to launch a credit card company—Unibancard Corporation—in 1985. Relaunched in 2003 as Metrobank Card Corporation, theventure is now the third-largest credit card company in the Philippines.

In the early 1990s, the growing number of Japanese businesses in the Philippines pushed Metrobank to expand in the financial sector andbolster its firm ties with Japan. Sumigin Metro Investment, a joint venture with Japanese financial conglomerate Sumitomo Mitsui BankingCorporation (SMBC), was eventually renamed in 2001 as SMBC Metro Investment. In 2000, ORIX Metro Leasing and Finance was establishedwith Japanese financial services firm ORIX, which has had a presence in the Philippines since 1977. ORIX Metro Leasing and Financeprimarily handles financial leasing for vehicles, heavy machinery, computers, office equipment and more.

Metrobank also oversees major two insurance ventures: Philippine AXA Life Insurance and Philippine Charter Insurance. Philippine AXA LifeInsurance is a partnership with French-based insurer AXA Group, while Philippine Charter Insurance is a partnership with Japanese-basedMitsui Marine & Fire Insurance and handles non-life insurance services.

Keeping it in the family

In 2006, Metrobank founder George Ty decided to pass the presidential reins to his eldest son, Arthur Ty, who was only 40 years old. Theelder Ty stayed on as the group's chairman.

The Ty family continues to retain control over Metrobank, and everyone gets involved. In a February 2007 interview with Starweek magazine,George Ty remarked, "All my five children, in one way or the other, are currently involved in the business or in Metrobank subsidiaries. Arthuris of course president of the bank, while Alfred is in charge of Federal Land and Toyota. My three daughters (Anjanette, Margaret andAlesandra) are all with Metrobank subsidiaries."

Awards and Rankings

• Gold Trusted Brand Award in Banking (Reader’s Digest Asia in 2008)• Gold Trusted Brand Award in Investment Funds (Reader’s Digest Asia in 2008)• Overall Best Performing Government Securities Dealer (Philippine Bureau of Treasury, 2008)• People’s Choice for Corporate Website (Philippine Web Awards, 2008)• Best Local Cash Management Bank in the Philippines (Asiamoney, 2008)

IN THE NEWS

March 2009: New lease on life?

As American International Group (AIG) began selling off a number of its Asian assets in preparation to repay U.S. government loans it received,one if its largest properties went on the market—Philippine American Life and General Insurance (Philamlife), the largest insurer in thePhilippines. Metrobank was right there, and formally announced intentions to put up an offer for Philamlife amid stiff competition, which wasunannounced. Analysts suggested competition encompassed more than 10 potential suitors, including local financial firms Bank of thePhilippine Islands and Banco de Oro Unibank, Manulife and a number of other global insurance companies, and several Chinese-Filipinotycoons.

However, anonymous sources close to Philamlife told Thomson Reuters in February 2009 that four buyers had been short-listed, andMetrobank was not one of those. Following that, AIG received a third round of bailout funds from the U.S. government in March 2009—undernew terms in which the government could convert its loans to equity, putting the sale of AIG's Asian assets in doubt. Offers for Philamlife havebeen taken off the table for the time being.

February 2009: Tough at the top

Metrobank had remained No. 1 for financial firms in the Philippines for 14 years, but in February 2009, it lost its top-ranked luster to rivalBanco de Oro Unibank. Upon fiscal year 2008 disclosure to the Philippine Stock Exchange, Banco de Oro (run by Chinese-Filipino tycoonHenry Sy's SM Group—a massive conglomerate which also operates some of the Philippines' largest malls) took over the top spot in terms of




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consolidated assets, loans and deposits. For the year, Banco de Oro reported assets of PHP 808 billion (compared to Metrobank's PHP 758.5billion), net loans and receivables of PHP 461.2 billion (compared to PHP 351.2 billion), and deposits of PHP 634.3 billion (compared to PHP585.8 billion). Metrobank remains ahead of competitor Bank of the Philippine Islands (BPI), though the race remains relatively close forsecond place.

December 2008: New branches amidst the crisis

The firm seems willing to undertake risks in the name of expansion, as two new Cebu branches were opened in December 2008 in the midstof the global economic crisis. In addition to domestic expansion, Metrobank is also seeking to launch a wholly owned subsidiary in China sothat the firm can open even more branches there. Bank chairman Antonio Abacan, Jr. explained the intentions for expansion in China,remarking, "Even before this worldwide problem [the financial crisis], our intention really has been to expand the business. But with theproblem now in Hong Kong, Japan and Taiwan, the bread-and-butter remittance business is slowing. Filipinos are losing jobs overseas. Wesee good opportunity in China."

July 2008: Remit with no regret

Under new leadership, one of Metrobank's first major shifts was to expand its worldwide network of remittance services. Establishing apartnership with U.S.-based internet money transfer firm Xoom.com in November 2007, the alliance allows the massive population of Filipinosworking overseas to remit money to beneficiaries' Metrobank accounts, with funds available in mere hours.

After the Xoom partnership, remittance services continued to be a major theme in 2008. Remittance tie-ups and offices were launched inSaudi Arabia with Saudi-based National Commercial Bank in April 2008. This was soon followed by South Korea, through a partnership withKorea-based Hana Bank in July 2008. In the Asia Pacific region, Metrobank now has a presence through international branches, remittancepartners and correspondent banks in Australia, Cambodia, China, Fiji, Hong Kong, Indonesia, Japan, Korea, Macau, Malaysia, New Zealand,Papua New Guinea, Singapore, Taiwan, Thailand and Vietnam.

GETTING HIRED

Investing in the future

Although Metrobank has a number of international offices, positions available on the company's straightforward careers web site(www.metrobank.com.ph/careers.asp) are all based in the Philippines. For general careers info or to submit a resume, send an e-mail [email protected].

Announcements about the annual Metro Manila Career Day can also be seen at the beginning of each year. Included is a brief description ofwhat kind of applicants the company is looking for, what positions are available and when the deadline is. In January 2009, positions includedaccount coordinators, accounting assistants, tellers, auditors, credit support assistants and branch heads. Like most companies, the bankwelcomes fresh grads. However, for late career starters, beware: the firm explicitly states that applicants for these positions must be "not morethan 27 years old."

Opportunities with Metrobank subsidiaries

Metrobank's numerous subsidiaries seem to have a bit more career information not available on the main Metrobank site. First MetroInvestment Corporation, AXA Philippines, Philippine Savings Bank (PSBank) and Metrobank Card all have career information and job openingslisted on their individual sites.

First Metro Investment Corporation is divided into three groups: investment banking, treasury, and investment advisory. Through the "CareerOpportunities" link at www.firstmetro.com.ph, a number of openings are listed from the three groups, though it's unclear how up-to-date thepostings are. Positions can be applied for by mail or in person to: 20th Floor, G.T. Tower International Ayala Ave., Corner H.V. de la Costa St.,Makati City, 1200, Philippines. Alternately, you can call the human resources department at +63-2-840-5751 or [email protected].

AXA Philippines, a joint venture between Metrobank and the global AXA Group, also has a careers page at www.axa.com.ph/careers.asp.Openings are posted across a range of areas, and applications are accepted via an online application form—be aware that the form is quitebrief and doesn't allow a resume to be attached.





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PSBank has a "Career Opportunities" link accessible from the main page of its web site at www.psbank.com.ph. Openings are posted acrossa variety of departments, including business development, branch banking, credit administration, finance, human resources, informationsecurity and information technology, internal audit, asset sales, auto loans, customer service, e-banking, mortgage banking, personal loans,collections and remedial management, process management, risk management, small-medium enterprise, and many more. In addition,there's information on the firm's internship program—internships are available if you're "at least an incoming 3rd year college student takingup any course" willing to undertake at least four hours of work per day.

For both internships and job openings with PSBank, you can send your resume and other required materials to: Recruitment Department, 7/FPSBank Center, 777 Paseo de Roxas corner Sedeno Streets, Makati City, Philippines. Alternately, you can send it by fax to +63-2-885-8347.For questions, you can contact the recruitment department by phone at +63-2-885-8208 local 8528, or send an email [email protected].

Finally, Metrobank Card, the firm's joint venture with Australia-based financial group ANZ, has its careers site atwww.metrobankcard.com/careers/careers.aspx. Current openings are listed from a variety of areas, and you can apply online. For moreinformation, contact [email protected]. The firm also takes walk-in applicants for certain positions. For information on seniormanagement vacancies, you can call +63-2-898-9607.




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243

MIZUHO FINANCIAL GROUP, INC.

5-1 Marunouchi 2-Chome

Chiyoda-ku

Tokyo 100-8333

Japan

Phone: +81-3-5224-1111

Fax: +81-3-5224-1059

www.mizuho-fg.co.jp/english/


Australia • China • Hong Kong • India • Japan • Malaysia •

Philippines • Singapore • South Korea • Taiwan • Thailand •

Vietnam

DEPARTMENTS

Asset and Wealth Management

Corporate Banking

Retail Banking

THE STATS


Ticker Symbol: 8411 (TYO), MFG (NYSE)

Chairman: Terunobu Maeda

President and CEO: Takashi Tsukamoto

Revenue: JPY 3.51 trillion (FYE 3/09)

Net Loss: JPY 588.81 billion


No. of Offices: 770

KEY COMPETITORS

Citigroup


Sumitomo Mitsui Financial Group

EMPLOYMENT CONTACT

www.mizuho-fg.co.jp/saiyou/pre_index.html (Japanese

language only)

THE SCOOP

Golden grains

Mizuho Financial Group, one of Japan's three mega banks and the country's second-largest financial institution in terms of assets, offers arange of financial services, including banking, securities, trust and asset management. Aligned into three main divisions—corporate, retail,and asset and wealth management—Mizuho caters mostly to Japanese corporations, such as financial institutions, public sector entities andforeign corporations, including foreign subsidiaries of Japanese corporations. The firm, which has more than 50,000 employees working inmore than 700 locations, is the parent company of Mizuho Bank, Mizuho Corporate Bank, Mizuho Securities, and Mizuho Trust & Banking.

Mizuho is known as the most aggressive of Japan's three mega banks, which include rivals Mitsubishi UFJ Financial Group and SumitomoMitsui Financial Group. That distinction has won the company praise, but also recently led to the firm suffering the biggest subprime lossesamong the big three. Mizuho, whose name means "golden ears of rice" in Japanese, will have to harvest a lot of gold in coming years if ithopes to survive—the firm suffered a net loss of JPY 588 billion in fiscal 2009, the first time it failed to earn a profit in five years.

21st century discovery

Mizuho Financial Group was created in September 2000 through the establishment of Mizuho Holdings as a holding company of the firm'sthree predecessor banks—Dai-Ichi Kangyo Bank, Fuji Bank and Industrial Bank of Japan. The respective securities subsidiaries of thepredecessor banks merged to form Mizuho Securities, while the trust banks merged to form Mizuho Trust & Banking.

Another major step in Mizuho's development occurred in April 2002, when the operations of the three predecessor banks were realigned intoa wholesale banking subsidiary, Mizuho Corporate Bank, and a banking subsidiary serving retail and small and mid-sized enterprises, MizuhoBank. As an additional step for realigning the group structure, Mizuho Financial Group was established in January 2003 as a corporationorganized under Japanese law; a few months later, it became a holding company through a stock-for-stock exchange with Mizuho Holdings.

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As part of a strategic plan initiated in 2006—which Mizuho called the "Channel to Discovery"—the firm realigned its entire business its threecurrent operating divisions. In connection with this realignment, the firm also established Mizuho Private Wealth Management Co., a privatebanking subsidiary, and converted Mizuho Holdings from an intermediate holding company into Mizuho Financial Strategy, an advisorycompany that provides advisory services to financial institutions.

IN THE NEWS

May 2009: Preferred stock

Mizuho declared its intent to establish a special purpose subsidiary for issuing preferred equity investment securities, a move similar to thatmade by rival company Mitsubishi UFJ Financial Group at around the same time. Mizuho also stated that it would try to raise up to JPY 200billion by August through issuing common shares and preferred securities. According to a report in Reuters, the financial group beat this goaland raised JPY 212 billion. Earlier, in December 2008 and February 2009, Mizuho issued US$4 billion and US$850 million, respectively, inpreferred securities that were non-convertible to common stock.

April 2009: Executive shuffles in a perilous time

As part of a company-wide reshuffle announced in January 2009, Mizuho enacted a number of executive management changes. Thecompany announced that the existing President and CEO at the time, Terunobu Maeda, would move on to assume the title of Chairman. DeputyPresident Takashi Tsukamoto, a Harvard-educated banker, was tapped to succeed Maeda. Tsukamoto assumed his new positions in April2009 at a difficult juncture in the company’s history. In addition to the ongoing global financial crisis, Mizuho also posted a net loss of JPY588.81 billion for the fiscal year ended March 2009.

March 2009: Dance of the securities firms

In March 2007, Mizuho's two affiliate brokerage firms, Mizuho Securities and Shinko Securities, announced plans to merge, which would havecreated Japan's fourth-largest securities firm in terms of assets and the third-largest in operating revenues. However, in November 2007, thefirms said the merger would be postponed from January to May 2008, because they needed more time to configure the deal to account forthe significant loss Mizuho Securities expected to post for fiscal 2008.

One of the main reasons that Mizuho was hesitant to proceed in its ventures was due to the fact that the firm was badly burned by the spreadof the U.S. mortgage crisis. The company reported around JPY 27 billion in net losses for the six months ended September 30, 2007, largelydue to a plunge in the prices of securities products linked to U.S. subprime mortgage loans. The second half of 2007 proved to be drasticallyworse for the firm, as Mizuho posted a loss of JPY 220 billion in the fourth quarter alone, bringing total losses for the year to a whopping JPY420 billion. In an effort to stop hemorrhaging money, parent company Mizuho Financial Group said in December 2007 that it would injectaround JPY 150 billion into Mizuho Securities, which would then issue the full amount in new shares to Mizuho's wholesale banking division,Mizuho Corporate Bank.

A deal to finalize the merger between Mizuho Securities and Shinko Securities finally materialized ahead in March 2009. The merger tookplace through a stock swap in May 2009, in which individual shares of Mizuho Securities share were each exchanged for 122 shares of ShinkoSecurities. After the merger, the new entity dissolved the old Mizuho Securities company, while the remaining Shinko entity was renamedunder Mizuho’s namesake. On May 12, the parent group announced that its voting rights in the affiliate Mizuho Securities would jump from27 percent to 59 percent, making the new entity an official subsidiary.

February 2009: When it rains, it pours

The last few years have been rough for Mizuho, largely thanks to the subprime mortgage crisis, and the resulting losses sustained by the bank.In February 2009, the company announced that it would close its overseas securitized products business, resulting in roughly 300 job cuts inLondon and other areas.

The February announcement came shortly after 27 additional jobs were cut from subsidiary Mizuho Corporate Bank in January 2009.


Mizuho Financial Group, Inc.


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August 2008: Partners to the core

Mizuho agreed to invest US$120 million in U.S.-based investment bank Evercore Partners. The money will be used to expand Evercore’sinvestment management business as well as the existing cooperative venture in which the two companies mutually share M&A advisoryservices.

GETTING HIRED

Konichiwa Mizuho

You'd better brush up on your Japanese language skills before looking for career opportunities with Mizuho, because the company doesn’thave any job information available in English. Clicking the "careers" link in English will brilliantly redirect you to the firm's Japanese page. Ifyou’re interested, Mizuho's Japanese language careers page can be found at www.mizuho-fg.co.jp/saiyou/pre_index.html.


Mizuho Financial Group, Inc.



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NATIONAL AUSTRALIA BANK LIMITED (NAB)

500 Bourke St.

GPO Box 84A

Melbourne, 3001

Australia

Phone: +61-3-9641-3500

Fax: +61-3-8641-4916

www.nab.com.au


Australia

China (representative office)

Hong Kong

India (representative office)

Japan

New Zealand

Singapore

DEPARTMENTS

Agribusiness Banking • Business Banking • Personal

Banking • Private Banking • Wealth Management

THE STATS


Ticker Symbol: NAB (ASX)

Group CEO: Cameron Clyne




No. of Offices: 1,240 (worldwide)

KEY COMPETITORS

ANZ

Commonwealth Bank

Westpac

EMPLOYMENT CONTACT

See “Careers at NAB” section of www.nab.com.au

THE SCOOP

Representing Australia

National Australia Bank (NAB) is the Australian representative for National Australia Bank Group (NABGroup), an international financialservices organization whose history goes back to 1858 with the establishment of the National Bank of Australasia. NABGroup is organizedaround four regions: Australia (including NAB, MLC and UBank operations), New Zealand (through Bank of New Zealand), the U.K. andEurope (through both Yorkshire Bank and Clydesdale Bank), and the Americas (through Great Western Bank). Each region offers servicesincluding retail banking, business banking, corporate banking, wealth management services, and transactional and custodial operations. Inaddition, the group operates nabCapital, which focuses on debt, risk management and investment products for corporate and institutionalcustomers.

NAB is one of the world's largest agricultural bank and one of Australia's leading business banks. With more than 39,000 employees globally(including 24,500 in the Australian region), the bank services customers in Australia through nearly 800 branches, 180 business bankingcenters, 110 regional agribusiness locations and three contact centers. NAB also maintains a strong presence in Asia, with branches in HongKong, Japan and Singapore, and representative offices in mainland China and India. The firm's Asian operations are focused on private retailbanking for preferred customers as well as corporate and institutional banking. For the financial year ended September 2008, NAB earnedprofits of AU$4.54 billion, and holds assets worth AU$656 billion as of March 2009.

Dividing the Australian pie

NAB's operations in Australia are divided into several primary areas including: business banking, private banking, agribusiness banking, retailbanking, wealth management and wholesale banking.

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The firm's business banking division is Australia's largest business lending and business deposit taker. More than 700,000 customers use thebank's lending, deposit, transaction, custody, asset finance, financial planning and merchant services. Meanwhile, the firm's private bankingdivision caters to the needs of a select group of high-net-worth clients. Agribusiness handles banking services for rural Australian businesses,including those in the agriculture, forestry and fishing industries. Servicing a range of customers, from small family farming enterprises to largemultinational operations, the bank's 570 agribusiness banking specialists operate in more than 110 regional locations across Australia.

Retail banking offers financial solutions to approximately 3.5 million customers in Australia. The bank provides a range of deposit, lending,credit and transaction products as well as an Australia-wide network of 800 branches. Through a network of financial advisers, NAB's wealthmanagement division is handled through MLC. With over AU$102 billion under management, MLC provides wealth management services andfinancial planning advice on investments, insurance and superannuation. Finally, the wholesale banking division employs 2,500 globally,providing access to specialized funding, investment capabilities, asset services and risk management.

In May 2007, operations commenced for NAB Health, a specialized banking business to serve the financial needs of medical practitioners,healthcare and aged care facilities, and investors in Australia's AU$90 billion healthcare sector. Further, in October 2008, NAB launchedUBank, an online-only bank for retail customers. Another online savings account, USaver, was launched in August 2009 by UBank. NAB plansto continue expanding UBank in the future to offer a range of additional savings, transaction and investment products.

Nabbing Asia

NAB first reached out to its Asian neighbors in 1969, when it opened a representative office in Tokyo. The Tokyo office quickly became abranch with full operations. When NAB merged with the Bank of New Zealand in 1994, the firms combined their Tokyo offices in order toexpand their Japanese presence.

Focused in Asia on capital markets and institutional banking, NAB currently has branches in Hong Kong, Singapore, and Tokyo, withrepresentative offices in Beijing and Mumbai. The Hong Kong branch was established in 1986 and provides a range of retail and privatebanking services including local and overseas property loans, a managed funds platform and multicurrency deposits products. In addition,nabCapital has a team of more than 40 in Hong Kong, working in the areas of project finance, structured property and trade finance.

The bank has been active in Singapore since 1981 and today has a wholesale banking license that allows it to offer deposit, lending andinvestment services. NAB also operates a merchant bank in Singapore called the National Australia Merchant Bank. Another Singaporeansubsidiary of NAB is Medfin Finance, a financial services company for healthcare providers that has been in operation for over 18 years.

IN THE NEWS

October 2009: Delisted in NZ

After applying to cancel its listing on the New Zealand Exchange in August 2009, NAB was formally removed from the stock exchange inOctober 2009. In a statement, NAB explained, "The decision reflects increasing globalization that has reduced the need for separate listings,low trading volumes in NAB shares on the NZSX and the ongoing streamlining of NAB's operations." NAB has previously cancelled listings inTokyo, London and New York for similar reasons; the bank said that customers or business operations in New Zealand won't be affected.

August 2009: Up to the challenge

Cementing its status among the top three lenders in Australia, NAB reached an agreement to scoop up the mortgage management businessof Challenger Financial Services Group for AU$385 million. As part of the deal, NAB takes over AU$4 billion in loans at an unspecifieddiscount to cover defaults. The Challenger acquisition aims to bring a return on equity and add to earnings in its first year, and subject toregulatory approvals, is expected to close during the fourth quarter of 2009.

August 2009: UBank, then USave

Further to the October 2008 launch of online retail banking platform UBank, another online savings account, USaver, was launched in August2009. NAB plans to continue expanding UBank's services in the future to offer a range of additional savings, transaction and investmentproducts.


National Australia Bank Limited (NAB)



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July 2009: Getting cozy with Goldman

Goldman Sachs JBWere and NAB announced a strategic alliance in July 2009, in which NAB would acquire an 80.1 percent stake inGoldman's private wealth management businesses across Australia and New Zealand. Branded as JBWere going forward, the firm boasts over22,000 active client relationships, assets under advice of AU$38 billion and funds under management of AU$10 billion. NAB Group CEOCameron Clyne said, “JBWere’s pre-eminent reputation for providing wealth management services to high net worth individuals and NationalAustralia Bank’s strong footprint in business and private banking is a great combination. Our Australian Wealth business, MLC & NAB Wealth,has a long history in developing and nurturing wealth management businesses that service private wealth and institutional clients under theirown distinct brands, including JANA and Godfrey Pembroke." NAB's acquisition of the stake, valued at AU$99 million with additionalconsiderations dependent on revenues over the next three years, is expected to be completed by the end of 2009.

July 2009: Nice raise

Following the November 2008 capital raise of AU$3 billion, NAB raised another AU$2 billion of fresh capital in July 2009 through a placementof more than 93 million new ordinary shares.

June 2009: Viva Aviva

NAB announced in June 2009 that it had acquired Aviva Australia Holdings’ wealth management business, including its life insuranceoperations and investment platform Navigator, for AU$825 million. The Aviva acquisition will operate under the MLC and NAB Wealth brands.Steve Tucker, MLC's CEO, commented, "Aviva will further develop our retail life insurance business and the Navigator investment platform willenhance our scale in this market. Aviva will deliver important service and technology capabilities which we can utilize across our broaderbusiness for the benefit of financial advisers and their clients." After receiving regulatory approval, the acquisition was formally completed inOctober 2009.

April 2009: The good shepherds

NAB, in partnership with Good Shepherd Youth and Family Service (a local organization dedicated to addressing the financial needs of low-income Australians), launched the AddsUp Savings Plan. The plan matches participants’ savings with a once-yearly contribution from thebank. NAB has pledged AU$130 million in capital for AddsUP, which aims to enroll more than 30 community groups and their members by2010. The bank has collaborated with Good Shepherd since 2003 and previously worked with the organization to develop microfinanceprograms aimed at helping low-income citizens develop financial saving skills.

January 2009: In the cut

MLC, the wealth management arm of NAB, announced in January 2009 that approximately 120 jobs would be cut from Melbourne and Sydneyas a direct result of the global financial crisis. The news came shortly after Australian rivals ANZ and Macquarie cut jobs the previous month,possibly indicating an ominous trend as financial institutions in Australia struggled to deal with the global downturn. An MLC spokespersoncommented that the company would attempt to re-deploy some of the staff who were let go.

November 2008: Nice raise

NAB managed to raise around AU$3 billion of fresh capital in November 2008 through the successful placement of 150 million new ordinaryshares. New shares were assigned to a wide range of institutions and individuals, with domestic investors contributing the bulk of funds forthe capital boost.

October 2008: UBank with us

NAB launched UBank, an online-only direct bank for retail customers, in October 2008. With customers protected under the Australiangovernment's deposit protection scheme, UBank looks to expand in the future to offer a range of additional savings, transaction and investmentproducts.




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August 2008: New boss in town

A week after announcing a drastic hit in credit market losses totaling AU$830 million, NAB removed John Stewart from his position as GroupCEO in August 2008. Stewart, who had served as CEO since 2004, was replaced by Cameron Clyne, the former head of the bank’s NewZealand operations. Clyne was appointed to serve as chief executive designate in October 2008 before assuming the position in full in January2009.

August 2008: Down on the farm

NAB signed a memorandum of understanding with the Agricultural Development Bank of China to promote the two-way transfer of agriculturaland banking skills through staff exchanges and training. This marked a first for the Australian and Chinese agri-business sectors, opening thedoor to further cooperation between the two countries' financial services sectors.

March 2008: A more perfect Union

As Chinese regulators have softened up toward foreign investors, many multinational corporations have sought to get in on the action. In March2008, NAB made sure it didn't miss its chance to invest in the growing Chinese economy when it gained approval to buy a 20 percent stakein the China-based trust firm Union Trust & Investment for RMB 300 million. NAB became the first foreign company to benefit from relaxedlaws that allow foreign companies to acquire a maximum of 20 percent in Chinese trust firms. NAB’s stake in the Fujian Province-based trustfirm will most likely result in new service offerings such as infrastructure trusts, annuity management and real estate investment trusts. NABis also allowed to place one member on Union Trust's board to represent its interests and has chosen nabCapital CEO John Hooper.

This was NAB's first major point of entry into the Chinese market, though the company previously entered into collaboration with ChinaUnionPay in November 2006 to allow the Chinese firm’s customers to access NAB's banks in Australia.

GETTING HIRED

NABbing a great job

Graduates, professionals and executives all get their own space within the careers section at www.nab.com.au, which provides job-seekerswith the tools to get in at the bank. You can conduct a job search, sign up for job alerts and be sent an email when a position opens thatmeets your specifications, or just learn about what day-to-day life at the firm is like. The bank also details possible career paths in differentgroups, including human resources, IT, legal, marketing, banking and relationship management, financial planning, insurance andsuperannuation, customer service, call center, administration, and consulting and project management.

If you're just wondering about the basic application procedure, the firm also covers that, guiding prospective employees through the typicalinterview process. Make sure to put on your thinking cap—according to the web site, the firm does cognitive, psychometric and competencytesting for all of its candidates. If you have any general questions on the hiring process that are not answered on the careers page, send ane-mail to [email protected].

In addition to its Australian graduate programs, NAB launched its Asian graduate program in early 2008 for Hong Kong and Singaporenationals. The Asian program includes a 12-month assignment in Australia alongside participants in the Australian graduate program. TheHong Kong branch also conducts internships on a three-month basis. For more information, you can contact the Hong Kong branch by phoneat +852-2822-8111 or by email at [email protected].





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OCBC GROUP

65 Chulia Street

#29-00 OCBC Centre

Singapore, 049513

Phone: +65-6318-7222

Fax: +65-6533-7955

www.ocbc.com


Australia • Brunei • China • Hong Kong • Indonesia • Japan •

Malaysia • Myanmar • Singapore • South Korea • Taiwan •


BUSINESSES

Asset Management • Consumer Banking • Corporate/SME

Banking • Insurance • Investment Banking • Private Banking •

Stock Broking • Transaction Banking • Treasury

THE STATS


Ticker Symbol: OCBC (SGX)

CEO: David Conner

Chairman: Cheong Choong Kong

Total Income: SG$4.43 billion (FYE 12/08)

Net Profit: SG$1.75 billion


No. of Offices: 490 (worldwide)

KEY COMPETITORS

DBS Group Holdings

United Overseas Bank

EMPLOYMENT CONTACT

See the “Careers” link at

www.ocbc.com.sg/global/main/index.shtm

THE SCOOP

Singapore's longest established local bank

Oversea-Chinese Banking Corporation (OCBC), which bills itself as "Singapore's longest established local bank," began in 1932 when ChineseCommercial Bank, Ho Hong Bank and Overseas-Chinese Bank joined forces. Today, OCBC offers a wide range of specialist financial services,from consumer, corporate, investment, private and transaction banking to treasury and stock-broking services to meet the needs of itsconsumer and business customers. OCBC Bank has a network of more than 460 branches and representative offices in 15 countries andterritories, including Singapore, Malaysia, Indonesia, China, Hong Kong, Brunei, Japan, Australia, the U.K. and the U.S. In 2008, the bank'stotal income continued its climb year-on-year to SG$4.42 billion, from total income of SG$4.28 billion in 2007.

In addition to its flagship OCBC Bank, the OCBC Group oversees OCBC Securities Private Limited (its stockbroking arm that offers a full rangeof brokerage services for equities and derivatives trading), Great Eastern (the biggest insurance company in Singapore and Malaysia withSGD$44 billion of assets and about three million policy holders), Lion Global Investors (one of the largest asset management companies inSingapore and Southeast Asia) and Bank of Singapore Limited (which the firm calls "Singapore's first pure internet bank") in Singapore.

Big in the rest of Southeast Asia, too

In Malaysia, OCBC has been operating in the country for more than seven decades and its subsidiary, OCBC Bank (Malaysia) is one of the topfive foreign banks there today. With a network of 29 branches located across both the peninsula and East Malaysia, the bank renders itsservices to a diverse range of individuals, as well as corporate and small- and medium-enterprise (SME) clients, including sole proprietorshipsand partnerships. It offers a broad spectrum of specialist financial services in Malaysia including consumer, corporate and business,investment, premier, transaction and Islamic banking, and global treasury services.

OCBC's subsidiary in Indonesia, PT Bank NISP is the 10th-largest bank in the country with 380 branches and offices. In China, other thanits locally-incorporated subsidiary, OCBC Bank (China), it also has a strategic investment in a local bank, Bank of Ningbo.

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Awards and rankings

• Best Foreign Bank (Chengdu Shangbao Financial Awards, 2009)• Best Wealth Management Brand (Chengdu Shangbao Financial Awards, 2009)• Singapore’s Top 10 Most Admired Companies & No. 1 in Financial Reputation (The Wall Street Journal Asia, 2009) • Best Corporate/Institutional Internet Bank in Malaysia (Global Finance, 2009) • Best Bond House in Singapore (Alpha Southeast Asia’s Annual Best Financial Institution Awards in Southeast Asia, 2009)• Best Foreign Cash Management Bank in Malaysia (Asiamoney, 2009) • Best Retail Bank in Singapore, Excellence in Bancassurance, Excellence in Customer Advocacy in Asia (Asian Banker, 2009) • Most Innovative Payment Product Award (China UnionPay, 2008)• Best Deposit-Linked Product, Excellence in Mobile Phone Banking (Asian Banker, 2008) • Excellence in Retail Financial Services, Best SME Cash Management Solution Bank (The Asset, 2008)

IN THE NEWS

October 2009: Double-digit net profit growth

For the third quarter 2009, OCBC booked a net profit of S$450 million, a 12 percent rise versus the S$402 million it recorded in the sameperiod a year earlier. According to OCBC, “core net profit rose by 14 percent, driven by strong gains in insurance, trading and investmentincome, as well as lower expenses and allowances.” And for the first nine months of 2009, the firm saw a rise of 18 percent in net profit toS$1.461 billion. OCBC’s interest income increased 7 percent while non-interest income rose 25 percent “due to strong contributions from theinsurance business and foreign exchange income.”

May 2009: Customer support

In an effort to enable its customers to gain the most from their trade activities, OCBC’s Malaysia branch set up a trade finance academy fortheir staff in May 2009. The academy courses, headed by OCBC staff, aim to educate customers on the key skills required to competeeffectively in trade finance. “SMEs are often unable to optimize on opportunities that are presented to them due to lack of know-how in tradefinance,” remarked OCBC Bank (Malaysia) chairman Tan Sri Nasruddin Bahari.

April 2009: "Economic annus horribilis"

As Singapore’s recession continued into April 2009, OCBC remained content in the belief that they would not have to raise funds to see itthrough. According to The Straits Times, though senior staff have seen dramatic reductions in compensation (OCBC Bank CEO David Conner'spay reportedly dropped by a third, though he still brought in close to SG$4 million), the bank has so far managed to avoid job cuts. Accordingto a letter to shareholders, the bank also stated, "While we'll limit new hiring, there is currently no plan for retrenchment." The firm described2008 as an "economic annus horribilis," but group chairman Cheong Choong King stated that OCBC has done “relatively well” in light of theglobal economic environment.

March 2009: Training days

As part of a bid to retain talent and further establish the firm as a market leader in Malaysia, OCBC Bank (Malaysia) launched a new trainingprogram that promises to shift company emphasis from sales to quality and service excellence. The 37 new in-house training and developmentcourses, now part of the total 62 courses offered, will be accessible through two learning faculties: banking and finance, and employeedevelopment and leadership. Despite the global economic crisis, OCBC is "holding nothing back where training and development isconcerned," according to the Malaysian subsidiary's director and CEO, Jeffrey Chew. The bank hopes the new training courses will furtherdevelop employee talents and capabilities.

December 2008: Islamic banking comes to town

OCBC’s Islamic banking subsidiary OCBC Al-Amin opened for business. The subsidiary, which shares a logo with its parent, is legally knownas OCBC Al-Amin Bank Berhad.


OCBC Group



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May 2008-June 2008: A few new ventures

In May 2008, OCBC said that it was raising around SG$1 billion from a non-convertible preference share offering. The firm confirmed that thetransaction had already received approval from the Monetary Authority of Singapore and the Singapore Exchange. The bank did not confirmother details, but Singapore publication The Straits Times reported that OCBC will be offering these shares to retail investors, as opposed torecent institutional investor-only preference shares, which competitors such as DBS Group Holdings have begun to offer.

The firm has a few more projects up its proverbial sleeve as well. In June 2008, the bank announced that it would be partnering with onlineshopping service comGateway to launch ShopOnline, which connects customers in Asia with more than 300,000 internet shops based in theU.S. In its initial stages, the service will be available to cardmember clients of OCBC Bank.

GETTING HIRED

Transition in

The careers link at www.ocbc.com tries to offer its prospective employees a few new angles, even describing its Career Transition Program—for candidates who've considered a career in banking but might not have had the necessary background to successfully apply. Information isalso available on OCBC's Management Associate Programme (MAP), an 18-month leadership development program for those with an MBA orMaster's degree and two to six years of work experience. The firm also offers a general job posting section, including current openings in thefirm's Singapore, Malaysia and China offices as well as positions with subsidiary Great Eastern.

For students, a schedule of campus visits is available for both the MAP program and undergraduate recruitment. In addition, the firm has agood deal of information on its internship program. Internships run 10 weeks and are awarded to Singaporean citizens or permanent residentsstudying overseas, as well as students in their "pre-final and final year pursuing their undergraduate or post-graduate studies in Singapore"who have "excellent academic results and involvement in extra-curricular activities." Final-year students from foreign universities who qualifyunder the Singapore Ministry of Manpower Work Holiday Programme are also encouraged to apply for internships.


OCBC Group


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253

PING AN SECURITIES COMPANY LTD.

1st Floor, Ping An Building

Bagua 3rd Road

Futian District

Shenzhen, 518040

China

Phone: +86-40-0886-6338,

+86-755-8242-2251

www.pingan.com/about/en/securities.jsp


Beijing

Guangzhou

Hong Kong

Shanghai

Shenzhen


DEPARTMENTS

Equities

Investment Banking

Research

THE STATS

Employer Type: Subsidiary of Ping An Group

Chairman & CEO: Ye Licheng

Net Income: US$206.9 million (FYE 12/07)

No. of Offices: 24

KEY COMPETITORS

BOC International • China Galaxy Securities • China

Merchants Securities • GF Securities • Guotai Junan

Securities • Haitong Securities

EMPLOYMENT CONTACT

job.pingan.com (in Simplified Chinese)

THE SCOOP

Backed by an insurance giant

Ping An Securities is the securities arm of Ping An Insurance Group, China's second-largest insurer. Located in Shenzhen, in GuangdongProvince in southern China, the firm began operations in 1991 as a securities department within its parent company. Ping An Securities wasformally established as a subsidiary in October 1995 with approval from the People's Bank of China. With the backing of its well-known parent,Ping An Securities has grown over the years from a regional securities house into an integrated, nationwide company overseeing assets of RMB1.8 billion as of April 2009. Ping An Securities handles a variety of financial services through six main divisions: investment banking, fixedearnings, asset management, brokerage, research and derivative products.

Innovation is the name of the game

In 2004, Ping An acted as lead underwriter on four IPOs in the primary market, earning a top ranking that year for equity offerings. Thefollowing year, the firm pushed forward reforms on non-tradable shares for domestically listed companies. In 2007 alone, Ping An's sponsoringof 11 IPOs earned the company a No. 2 ranking by number of IPOs sponsored amongst Chinese securities firms.

Ping An Securities was a pioneer in helping to develop a next-generation trading system for the Shanghai Stock Exchange. The firm played acrucial role by setting up a risk-supervision project and proposing a process for developing derivative products domestically. For this, the firmwas named an "Annual Financial Innovator" in 2005 by the Securities Association of China and Capital Circle magazine. These organizationsalso named Ping An the "Most Influential Corporate Brand" and "Best Investment Banking Team" for that year.

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Awards and rankings

• Best Corporate Management, Best Investor Relations Officer at a Non-SOE: Jin Shaoliang (IR magazine, 2008)• Most Admired Chinese Company (Fortune, 2008)• Asia’s Best Managed Companies (Euromoney, 2008)• Most Caring Domestic Capital Enterprise (China Philanthropy Conference, 2008)• Best Corporate Governance Award (The Asset, 2008)• Best Recruitment Management Prototype”, “Best Performance Management Model and Excellent Enterprise” and “Best Enterprise

Training Prototype (51job, 2008)

IN THE NEWS

May 2009: Let the higher profit margins commence!

Higher profits might be just around the corner for Ping An Securities. In May 2009, Ping An was one of nine Chinese brokerage firms awardeda license to directly invest in the forthcoming Shenzhen-based Growth Enterprise Board (GEB), an index for small-to-medium-sized enterprises(SME). After the idea of the GEB was first pitched a decade ago, regulators green-lit the creation of a platform in which securities firms coulddo business with the potential to earn higher profit margins. Ping An's entrance into the fray is a step forward from the initial test run in April2008 when CITIC Securities and China International Capital Corporation (CICC) were first granted the right to invest in the GEB.

June 2008: Joining up

Ping An Securities announced that it was forming a joint venture fund management company with UOB Asset Management, Singapore's largestasset manager. Ping An will hold a 75 percent stake in the venture, with UOB claiming the remaining 25 percent. Earlier, in January 2008,Ping An's parent group expressed the desire to enter the fund management area after its expansion into securities, banking and trust.

April 2008: A private affair

Ping An Securities applied for a license to establish a private equity investment division in April 2008. The application for the new divisioncame in tandem with parent company, Ping An Insurance Group, establishing a RMB 20 billion unit to engage in a similar business. Ping AnSecurities had already invested in 25 Chinese-listed companies at the time of its application. A company official stated that the firm was likelyto "invest in smaller unlisted companies and cash out once they float shares to the public." The China Securities Regulatory Commission saidit would allow more securities firms to open up private equity subdivisions after a test run program, in which CITIC Securities and ChinaInternational Capital Corporation (CICC) would give such ventures a go.

January 2008: Identity crisis

The Ping An Insurance Group won a lawsuit in Hong Kong in which it secured the right to use two name-related trademarks in the city. Thetrademarks included its company name in Chinese characters as well as the English notation "Ping An." This dispute originated in 2004, whenHong Kong-based Ping An Securities, which had no association with the insurance group, applied to the Hong Kong Intellectual PropertyDepartment for the rights to use the name in both formats, and filed a lawsuit when it discovered that the mainland Chinese insurance grouphad registered the name already. The Hong Kong High Court ruled in the insurance group's favor, while stating that the trademarks would notimpose on the Hong Kong firm's business, which was small enough for the impact to be negligible.


Ping An Securities Company Ltd.


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GETTING HIRED

Yingwen zai nali? (Where is the English?)

Ping An Securities offers absolutely no information about careers on its English website. If you can read Simplified Chinese, check out thefirm's jobs page at job.pingan.com for more information, including regularly updated job postings. Otherwise, it might be worth calling thecompany’s main number at +86-40-0886-6338 and asking to speak with the HR department. Interested candidates will probably have moreluck speaking in Mandarin.


Ping An Securities Company Ltd.



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RBC CAPITAL MARKETS

17/F Cheung Kong Center

2 Queen’s Road

Central, Hong Kong

Phone: +852-2848-1388

www.rbccm.com


Sydney

Beijing

Hong Kong

Mumbai

Singapore

Tokyo

BUSINESSES

Global Credit • Global Investment Banking & Equity Markets •

Global Markets • Global Research

THE STATS

Employer Type: Subsidiary of Royal Bank

of Canada

Chairman: Doug McGregor

Co-CEOs: Doug McGregor & Mark

Standish

Revenue: C$3.93 billion (FYE 12/08)

Net Income: C$1.17 billion


No. of Offices: 75

KEY COMPETITORS

Bank of America

CIBC

Citigroup

EMPLOYMENT CONTACT

www.rbccm.com/careers

THE SCOOP

Part of the Royal family

RBC Capital Markets is an international corporate and investment bank, serving corporations, governments and high-net-worth clients aroundthe world. The firm operates as part of the Royal Bank of Canada, which has four other business segments: Canadian Banking, Insurance,International Banking and Wealth Management. Its 3,100 employees work from 75 offices around the world. In the Asia Pacific region, RBCCapital Markets has offices in Beijing, Hong Kong, Tokyo, Mumbai, Singapore and Sydney.

The Royal Bank of Canada began operation in 1869, and today it has over C$724 billion in assets, 80,000 employees, and more than 18million clients in North America, Europe and Australia. Until 2001, RBC Capital Markets was known as RBC Dominion Securities. The formerDominion Securities was created in 1901 and purchased by the Royal Bank of Canada in 1988. In 2000 and 2001, RBC added severalboutique acquisitions to its investment banking arm, including U.S. firms Dain Rauscher Wessels and Tucker Anthony Sutro. These last twoacquisitions resulted in the formation of RBC Capital Markets in November 2001.

RBC Capital Markets' business is segmented into municipal finance, corporate finance and investment banking, debt finance, infrastructurefinance, global treasury services, equity sales and trading, global credit, fixed income and currencies, sales and trading, global financialinstitutions, financial products, research and corporate banking.

Brothers in banking

RBC Capital Markets may not have a huge presence in Hong Kong just yet, but its sister subsidiary, RBC Investment Services (Asia) Ltd., isentirely devoted to providing clients there with a "broad range of investment choices." The investment firm is an extension of RBC's long-standing presence in Hong Kong, which stretches back to 1969. In fact, RBC was the first foreign member to be listed on the Hong Kong

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Stock Exchange. RBC Investment Services (Asia) is a full service brokerage, and also offers international advisory services for portfoliomanagement.

RBC also has private banking and wealth management services in Asia. These offices are headquartered in Singapore and offer deposits,foreign exchange services, loan, investment management, custody, and trust services for individuals with investable assets of more thanSG$500,000.

Awards and rankings

• European Airports Deal of the Year—BAA’s £230 million funding package (Project Finance Magazine, 2008)• European Private Placement Program Deal of the Year—AirTanker/FSTA (Project Finance Magazine, 2008)• European Acquisition Deal of the Year—the £3.6 billion sale of railway company Angel Trains to a consortium led by Babcock & Brown,

AMP Capital Investors, Deutsche Bank and Access Capital Advisers (Project Finance Magazine, 2008)

IN THE NEWS

June 2009: Committing to Asia

RBC Capital Markets hired more than 300 staff across its global operations from 2008 until summer 2009. The firm recently expressed acommitment to expanding its headcount in Asia, and in June 2009, RBS announced two key appointments to complement that goal. ChrisTam joined the firm as director of the fixed income and sales team in Hong Kong, Minako Endo signed on as RBC’s director head of institutionalfixed income sales in Tokyo.

March 2009: Direct acquisition

RBC Capital Markets acquired Canadian investment service provider Commission Direct Inc. for an undisclosed amount. Before the deal tookplace, RBC owned 50 percent of CDI. "CDI has a long track record of independent, high-quality agency execution, serving the growing needsof Canadian institutional clients,” said John Reilly, RBC Capital Markets’ head of Canadian Equity Trading. “We look forward to CDI continuingto develop and distribute innovative new products and services for the Canadian institutional marketplace.”

December 2008: Pride of Canada

According to the Thomson Financial (now Thomson Reuters) 2008 investment banking league tables, RBC Capital Markets was the pride of itshome country, ranking in as the No. 1 Canadian underwriter, maintaining its position from the previous year. However, the firm slipped from itstop spot as the Canadian M&A leader, falling into second place as it announced 44 deals worth a total of US$26.37 billion. Though RBC CapitalMarkets has made significant strides in U.S. M&A; jumping into the top 20 in U.S. announced deals at No. 12 in 2007, the firm fell to 24 in2008. In Australia, the firm shared its No. 23 spot in announced M&A deals with three other competitors. On a global scale, RBC had animpressive 2008, coming in at No. 24 in worldwide completed M&A, maintaining its presence in the top 25.

RBC Capital Markets has also found success in the Australian debt issuance market. The company has consistently ranked No. 1 on theKangaNews Kangaroo league tables since 1996.

September 2008: Chuck steps down

After spending 12 years at RBC, Charles ‘Chuck’ Winograd, RBC Capital Markets’ chairman and CEO, declared he would be calling it a day,retiring on October 31, 2008. Praising his accomplishments, RBC president and CEO Gordon Nixon said, “Chuck has led the transformationof our capital markets business to a significant and growing global concern.” Winograd began his career as a research analyst at Canadianfirm Richardson Securities in 1971, rising up through the ranks to become head of equity sales, trading and research in 1985. He then joinedbig leagues in 1987 when he was appointed president and CEO of Richardson Greenshields before becoming chairman and CEO of RBCDominion Securities in 1998. Three years later, Winograd was named the president and CEO of RBC Capital Markets. Replacing him weretwo men: Doug McGregor and Mark Standish were named co-CEOs. McGregor also became chairman of RBC Capital Markets, and McGregoralso became president of the unit.


RBC Capital Markets



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September 2008: Considering Lehman

News surfaced that RBC had seriously considered buying troubled American investment bank Lehman Brothers in July 2008 but changed itsmind after having doubts about the long-term stability of Lehman’s balance sheet. An RBC spokesman added that his firm was also concerned“about what we would have to promise the Lehman people” who stuck around post-potential-merger. Other buyers around the world agreed,and Lehman wound up dissolving in bankruptcy.

September 2008: Down, but not out

RBC Capital Markets announced that it would make a £258 million write-down on subprime loans. Given the deep losses incurred at otherbanks, however, the financial media dubbed RBC’s write-down “a scratch, rather than flesh wound.” However, revenue and net income forfiscal year 2008 was down from 2007, though the firm did at least report a net gain for the year.

Looking ahead, RBC Capital Markets said its plans for 2009 and beyond include extending infrastructure finance and project advisorybusinesses in the U.K., Europe, U.S. and Canadian markets. It’s also on track to expand municipal banking and leveraged finance in Europe.Industry-wise, the firm has its sights set on the energy and mining sectors, but it also plans to build out its commodities franchise and enhanceits electronic trading offerings.

GETTING HIRED

Unable to find Asia

RBC Capital Markets maintains offices in Beijing, Hong Kong, Tokyo, Mumbai, Sydney and Singapore; however, it does not currently provideinformation about careers in the Asia Pacific region on its web site at www.rbccm.com/careers. However, the firm offers an analyst andassociate program to undergraduate and postgraduate applicants in the U.S. and Canada. Interested candidates are asked to either applythrough the firm’s campus visits (as listed on the company web site) or through its careers web site.

Candidates looking for placement in Asia might have luck contacting the office of their choice directly from the addresses listed atwww.rbccm.com/offices/asia.html.

Develop all the right skills

RBC Capital Markets operates a variety of employment programs for undergraduate and MBA students. Interested candidates can joinprograms in investment banking, global markets, finance management, wealth management, global technology and operations, andleadership. You'll pick up experience through hands-on work and classroom training to give you a good look at what it means to work in capitalmarkets. The bank will also support you towards passing the FSA regulatory exams in your first months. On completion, you'll be given apermanent position suited to both your strengths and preferences.

While the firm doesn't fuss about your degree discipline, it does require a certain grade average, along with strong numerical and analyticalskills, and an awareness of global economic issues. It should also be noted that the majority of the bank's graduates hold degrees in business,economics, math, science or engineering—so while not prescribed, these subjects are certainly looked upon kindly.

The online application process for most programs opens in September and deadlines are in November—be sure to check the company websitefor specific dates.

Your application will consist of a numerical reasoning test, an interview with someone from human resources, and if your performance is upto scratch, an assessment centre visit. The assessment centre will see you interviewed by senior management, undertaking role plays andpresentations, along with a chance to meet and chat to senior bankers more informally. Around a week after this, the bank will let you knowif you've been successful.

Experienced candidates can check out openings all over the world at RBC’s careers section of its web site.


RBC Capital Markets


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259

SAMSUNG SECURITIES

Jongro Tower Bldg 6

Jongro-2 ga, Jongro-gu

Seoul, 110-789

South Korea

Phone: +82-2-2020-8000

Fax: +82-2-2020-8077

english.samsungfn.com/ir/index.html


Hong Kong

Seoul

Shanghai (Representative Office)

DEPARMENTS

Asset Management • Investment Banking • Investment

Consulting • Securities Brokerage

THE STATS



CEO: Chun-Hyun Park

Net Revenue: KRW 777 billion (FYE 12/08)

Net Income: KRW 230 billion


No. of Offices: 137

KEY COMPETITORS

Daewoo Securities


Hyundai Securities

EMPLOYMENT CONTACT

See “Recruitment - Careers” section of

english.samsungfn.com/ir/index.html

THE SCOOP

Electronic banking

Samsung Securities is South Korea’s top securities firm by market value. Originally founded in 1982 as Hanil Investment Finance, the firm wasacquired by the electronics giant Samsung Group in 1992. The Seoul-based firm offers retail brokerage and wealth management services toindividual investors, and institutional brokerage, investment advisory, investment banking and capital markets services to public and privateenterprises. Samsung's 2,757 employees work from 137 branches throughout South Korea, in addition to overseas offices in New York,London and Hong Kong, and a representative office in Shanghai.

Samsung Securities has been involved in a number of large financial advisory deals, including sea transportation company STXPanOcean'sKRW 590.1 billion IPO on the Korean exchange in September 2007, sportswear giant Fila Korea's KRW 400 billion acquisition of the globalFila business (for which it won MoneyToday's M&A of the Year award in 2007), and Samsung Corporation's KRW 470 billion divestiture of itsretail businesses.

High hopes

Despite the turbulent global market environment in 2008, Samsung Securities might be in a better spot than many of its South Koreancounterparts because of the substantial investment the firm has made in its asset management division in recent years. The firm has a step-by-step plan for future development called "Vision 2020: Global Top 10," which aims for the company to become a leading global player in themarket. By 2010, the firm wants to dominate the South Korean market for financial services, hoping that this will lead to the establishment ofa solid Asia-centered network by 2014, and looking into possible acquisitions of another global player sometime after 2015. Then, by 2020,Samsung Securities hopes to have KRW 10 trillion in net revenue and KRW 15 trillion in capital. The firm wants their vision to eventually enableit to compete head-to-head with long-established global rivals.

These lofty goals culminate in a more-than-tenfold increase in revenue, which Samsung Securities plans to achieve through a number ofinitiatives, including: expanding its wealth management business; growing further through overseas investment such as through expansion in

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mainland China and Southeast Asia, followed by further Asia Pacific coverage, with the ultimate goal of acquiring of two to three firms in theregion; and expanding its trading business.

Awards and rankings

• Best Compliance Member (Korea Exchange, 2009)• Best Private Bank in Korea (Asiamoney, 2008-2009)• Best Domestic Broker (Finance Asia, 2009)• Best Domestic Private Bank (Finance Asia, 2009)• Best Regional Research and Sales (Asiamoney, 2009)• Best Research House in Korea (Institutional Investor, 2006-2008)• Best Investment Bank in Korea (Global Finance, 2008)• Best Equity House (Asiamoney, 2008)• Best Domestic Private Bank and Best Broker (Finance Asia, 2008)• Best Regional Research and Sales (Asiamoney, 2008)

IN THE NEWS

November 2009: Nice numbers

Samsung Securities reported a net profit of 57.5 billion won (US$48.6 million) for the quarter ended September 2009. The results were 94percent higher than the same quarter a year earlier (for which the firm booked a net profit of 29.7 billion won).

November 2007–June 2009: A slushy mess

Samsung Securities, along with its parent company Samsung Group, came under investigation in late 2007 as authorities pursued allegationsfrom the group's former chief in-house lawyer that Samsung Group had been managing slush funds for the bribery of politicians, prosecutorsand journalists. Samsung Securities offices were raided on November 30, 2007 by prosecutors looking for evidence in the case.

Authorities involved in the investigation said they suspected that more than 3,700 accounts were opened by the Samsung Group using falsenames. Bribery claims were ultimately dismissed by the prosecution due to a lack of evidence, though Lee Kun-hee, the chairman of SamsungGroup, was indicted on a number of charges and finally found guilty of tax evasion in July 2008.

A week after his indictment, Lee stepped down on April 22, 2008 in a nationally televised news conference. Samsung Securities former CEO,Ho-won Bae, also resigned his post on the same day. In June, Bae was replaced by Chun-Hyun Park, formerly the vice president of SamsungLife Insurance.

Investigations carried out by South Korea’s Financial Supervisory Service (FSS) continued into June 2009, with the FSS finally announcing that256 employees from across 10 financial institutions—including Samsung Securities—had been involved in related violations. As a result ofthe slush fund scandal, Samsung Securities was banned from becoming the largest shareholder in any financial investment entity until 2012;the heaviest penalty received by any of the involved firms.

September 2008: A Hong Kong stepping stone

As part of its newly introduced global strategy, Samsung Securities announced plans to expand its operations in Hong Kong. The firm’s HongKong subsidiary will receive a 100-fold boost in investment, driving its capital up to US$100 million. Believing that the firm needs a greaterpresence in a key financial centre, the Hong Kong subsidiary will grow to include mergers and acquisitions, trading, principle investment,institutional brokerage, and equity capital management. The subsidiary, which previously focused exclusively on South Korean securitiesbrokerage, will also run a research and sales department with 35 staff members. The firm plans to hire local staff with experience in globalinvestment banking, and has stated that it will use competitive salaries and incentives to lure prospective candidates. Kim Suk, a boardmember and senior executive VP for capital markets and investment banking in Seoul, will have overall responsibility for the Hong Kongsubsidiary.


Samsung Securities


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Samsung Securities has also expressed a great deal of interest in developing its operations in markets such as mainland China and India, andthe firm views its growth in Hong Kong as a stepping stone toward these goals. “[Samsung] is laying the foundations for developing a regionaland global presence,” explained CEO Chun-Hyun Park.

GETTING HIRED

Like taking the SAT with an added “S”

Samsung Securities recruits for entry-level positions in the second half of the year, posting detailed announcements on its careers site duringSeptember. Nevertheless, the careers site—which you can locate under the Careers tab of the Recruitment heading—offers some helpfulinformation. On it, potential candidates can read about the recruitment process for entry-level candidates, that involves following a successfulonline application with a written examination, three rounds of interviews and a physical examination before a job offer is made.

The examination, or Samsung Aptitude Test (SSAT), attempts to identify applicants with “creativity and drive” and is divided into two sections;a basic competency test and a job aptitude test.

The three rounds of interviews begin with a 10 minute interview with a panel of company directors. Here, the firm looks to understand yourbasic character and motivations for wanting to join the company, and whether you are a ‘suitable’ for its working environment. During thesecond interview, candidates are expected to prepare an individual presentation and Q&A session—expected to last 15 minutes—that furtherenables company brass to assess competency, potential, and relative expertise in the field. Those who make it to the third round of interviewswill find themselves in a group debate, where two teams of four-to-six people will be expected to display skills of logic, persuasion andcommunication.

Experienced applicants have a shorter path to follow upon applying. Following a successful application online, they may skip the need passthe SSAT and move straight to a two-part interview that will evaluate a candidates expertise, suitability and fit with the company environment.

Overseas? Masters only, please

Overseas candidates interested in applying for a position at Samsung Securities need to have either a master’s degree or a doctorate degreeto be eligible. Candidates are expected to sit in on a “recruiting presentation at an overseas site” before applying. Details on thesepresentations are listed on the company’s job posting web site in September.

Following a successful written application, candidates take part in a conference call interview, followed by an in-person interview at an overseassite.

Summer days at Samsung

Samsung runs an extensive summer internship program for masters and doctoral candidates studying overseas. The application scheduletakes place at the start of each year and is announced through the firm’s web site as well as through the Korean Students Association website. The program offers interns the chance to develop contacts and networks within the company and industry, have mentor support for on-the-job development, and also gives participants the chance to receive a full-time job offer grant. The program lasts eight weeks, allowingcandidates to develop skills across a range of departments, before ending with a final project presentation and interview. Interns are paid andalso receive travel insurance and round-trip airfare.

The firm also runs a less-extensive program for undergraduate college interns, with recruitment starting in early May.

Language barriers

Applicants navigating the Samsung Securities careers page and looking to access more details will find themselves diverted to the SamsungGroup recruitment web site. However, the site lacks an English option and is only available in Korean. According to an announcement fromSamsung Securities’ HR team, the English-language web site is currently undergoing an update and is expected to be completed in duecourse. Those looking to apply for the internship program can submit a resume and cover letter to [email protected]. This emailaddress can also be used for further hiring questions.


Samsung Securities



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SHANGHAI CFETS-ICAP INTERNATIONALMONEY BROKING CO., LTD

Unit 1205-1206, 12/F, AZIA Center

1233 Lujiazul Ring Road

Pudong, Shanghai 200120

China

Phone: +86-21-3861-7888

Fax: +86-21-5047-2092

www.cfets-icap.com.cn

LOCATIONS IN CHINA

Beijing

Shanghai


DEPARTMENTS

Energy Derivatives • Equity Derivatives • Fixed Income •

Foreign Exchange • Money Markets • OTC Derivatives • RMB

Lending & Bond Trading • Wholesale Broker

THE STATS


CEO: Danny Cheung

No. of Offices: 20

KEY COMPETITORS

Ping An Trust

Tullett Prebon SITICO

EMPLOYMENT CONTACT

www.cfets-icap.com.cn/en/

company_recru.html

[email protected]

THE SCOOP

Just a baby

As far as financial entities go, Shanghai CFETS-ICAP International Money Broking Co. (or simply CFETS-ICAP) is barely out of its infancy. Theunit first came about in September 2007, when U.K.-based ICAP plc—the largest interbank dealer (or money broker) worldwide—and theChina Foreign Exchange Trading System & National Interbank Funding Center (CFETS) formally launched their joint venture.

With the birth of CFETS-ICAP, the venture initially provided broking services (both domestic and offshore) for foreign exchange markets, aswell as transactions in money markets, bond markets and derivative products. The venture is only the second of its kind to receive approvalfrom the by the China Banking Regulatory Commission—another joint venture between a U.K. firm and a Chinese firm, Tullett Prebon SITICO,was the first to be approved back in November 2005.

Making it tick

Clearly, CFETS-ICAP isn't a venture that just arose out of thin air—its dual components are what make it run. ICAP acts as a go-between forinvestment banks and institutions who want to get involved in monetary markets. ICAP, which arose from a 1999 merger between Garban andIntercapital, owns a 33 percent stake in the CFETS-ICAP joint venture.

Meanwhile, CFETS originated from a set of foreign exchange reforms, and was founded in 1994 as a non-profit public institution overseen bythe People's Bank of China. The group is responsible for a host of functions related to foreign exchange trading, including managing bank-to-bank trading, supplying information regarding foreign exchange trading, and putting systems in place to ensure smooth trading, as well asRMB lending and bond trading. CFETS has its head office in Shanghai (with a staff of 30), a backup headquarters in Beijing and 18 othercenters across China. In terms of ownership, CFETS holds the majority share in the CFETS-ICAP relationship, with a 67 percent stake in thejoint venture.

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IN THE NEWS

March 2009: Back in business

According to an anonymous insider quoted by Dow Jones in March 2009, CFETS-ICAP became the first interbank dealer to receive a licensefrom the State Administration of Foreign Exchange (SAFE), China's foreign exchange regulator.

The shiny new license gives CFETS-ICAP the power to broker deals involving yuan-denominated swaps, forwards and cross-currency swaps,which it had previously been involved in up to February 2008, when SAFE put a stop to those services for unannounced reasons. With powercomes responsibility—interbank dealers will be required to publicly post the prices of all transactions on China's foreign exchange tradingplatform, ultimately reporting all details to the China Foreign Exchange Trading System (CFETS) directly.

October 2008: Hot off the presses

As part of ICAP's tie-up with Chinese state news agency Xinhua, the CFETS-ICAP venture added a new method of publishing its data. In mid-October 2008, ICAP signed an agreement with Xinhua to provide data on Xinhua's financial services platform, including information on U.S.dollar-RMB foreign exchange, RMB money markets, interest rate derivatives and fixed income products. The real-time RMB market data willbe provided by CFETS-ICAP's Shanghai headquarters. Zhang Bin, the vice general director for Xinhua's News and Information Center,remarked, "This collaboration with ICAP is an important strategic step for Xinhua to build a unified, cross-markets financial information andtrading platform."

May 2008: Expansion of services

Parent company CFETS announced in May 2008 that China would continue to expand its currency derivatives through the year to keep upwith market demand. The hope is that having an assortment of derivative products might assist China's exporters and importers in decidingwhich currency risks are safe (or at least safer) bets. However, new types of derivatives wouldn't necessarily be added in 2008, according toXie Duo, president of CFETS.

February 2008: A temporary halt

In February 2008, CFETS-ICAP—along with rival Tullet Prebon SITICO—announced that it would be discontinuing its practice of providingquotes for onshore foreign exchange forward contracts and swaps. The move came due to demands from the State Administration of ForeignExchange (SAFE), which regulates China's foreign exchange system. Although SAFE did not give a public reason for its decision, CFETS-ICAPreassured investors that effects of the decision would be minimal, adding that foreign exchange forwards and swaps only constituted a smallportion of its services.

January 2008: Another challenger?

Just a few months after its inception, CFETS-ICAP faced a little friendly competition in its niche market when China-based Ping An Group andSwitzerland-based Compagnie Financiere Tradition (CFT) launched a similar money broking venture—Ping An Tradition International MoneyBroking Co., in January 2008.

The joint venture, which is the third-largest of its kind in China behind CFETS-ICAP and Tullett Prebon SITICO, is 67 percent owned by PingAn Trust and 33 percent owned by CFT. The venture, based out of the southern Chinese city of Shenzhen, has registered capital of RMB 50million and became fully operational at the end of 2008.

GETTING HIRED

Pretty vacancies

At www.cfets-icap.com.cn/en/company_recru.html, CFETS-ICAP's English-language careers page, vacancies are listed along with the specificroles prospective applicants can expect to undertake in the position. In addition, the firm lists its requirements for jobs—"good communication


Shanghai CFETS-ICAP International Money Broking Co., Ltd.



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skills," "self-motivation and self-discipline" and the ability to work as part of a team (particularly under pressure) all seem to be recurrentthemes.

There's no formal application process on the site and it's unclear how up-to-date the information is—the CFETS-ICAP sites reflect a copyrightdate of 2007 for both its English and Chinese variants. However, if you find a job that fits your experience, you can email [email protected] range from entry-level trainee positions and tech positions to full-fledged broker positions.


Shanghai CFETS-ICAP International Money Broking Co., Ltd.


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265

SHINHAN FINANCIAL GROUP

120 Taepyungro 2-ga

Jung-gu

Seoul, 100-865

South Korea

Phone: +82-2-6360-3000

Fax: +82-2-6263-8070

www.shinhan.com/en


Cambodia • China • Hong Kong • India • Japan • Kazakhstan

• Korea • Singapore • Vietnam

DEPARTMENTS

Asset Management

Corporate Banking

Insurance

Investment Banking & Securities

Private Equity

Retail Banking

THE STATS



Chairman: Eung Chan Ra

President & CEO: Sang Hoon Shin

Revenue: KRW 57.33 trillion (FYE 12/08)

Net Income: KRW 2.02 trillion


KEY COMPETITORS

Hana Financial Group

Kookmin Bank

Woori Finance Holdings

EMPLOYMENT CONTACT

www.shinhan.com/en

THE SCOOP

Second-largest in the South

Shinhan Financial Group is South Korea's second-largest financial firm. The group owns numerous subsidiaries through which it provides arange of services including corporate, commercial and private banking, credit and asset management, insurance, brokerage and investmentbanking. Major subsidiaries include Shinhan Bank, Jeju Bank, Shinhan Card, Good Morning Shinhan Securities, Shinhan Life Insurance,Shinhan Capital, Shinhan Credit Information and Shinhan Private Equity.

Shinhan has partnered with French bank BNP Paribas in a number of joint ventures. A strategic alliance agreement signed in 2001 laterblossomed into Shinhan BNP Paribas ITMC—a 50-50 joint venture focused on asset management. The group's relationship with BNP Paribashas since continued to grow. The French bank now owns a 50 percent share of joint venture bancassurance specialist SH&C Life Insurance,a 35 percent share of asset management subsidiary Shinhan BNP Paribas Asset Management (founded in January 2009) and a 9 percentshare in the overall Shinhan group.

The South Korean giant also runs a joint venture with Australia's Macquarie Group. Named Shinhan Macquarie Financial Advisory, thesubsidiary handles investment advisory services including project and infrastructure finance, structured finance, mergers and acquisitions,capital and debt raisings, cross-border leasing and specialized fund management.

Though its largest operations are in South Korea, the group has operations throughout the Asia Pacific region, as well as in North America (theU.S., Canada and Mexico) and Europe (the U.K. and Germany).

Firsties

Shinhan’s origins trace back to 1897 when it was established as the first bank in Korea. Originally named the Hanseong Bank, the companylater relaunched the brand as Shinhan Bank in 1982. Over the following two decades, Shinhan Bank continued to develop as a major financial

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player within its home market, establishing a series of subsidiaries that were eventually incorporated into the Shinhan Financial Group in 2001.The group now serves over 10 million customers throughout 970 network branches in South Korea. In total, the company employs 16,434people in 21 offices worldwide. Its Asia Pacific operations include offices in mainland China, Japan, Hong Kong, India, Singapore and Vietnam.

Shinhan-KTF Mobile Card, a joint venture with KT Freetel, was established in 2008 to promote a mobile phone credit card payment service inaddition to further developing a range of wireless financial services. The mobile credit system will allow users to pay for goods and serviceswith a simple swipe of their phone and is planned to be installed in roughly 10,000 stores across South Korea.

Awards and rankings

• No. 505, Forbes 2000 (Forbes, 2008)• No. 278, Global Fortune 500 (Fortune, 2008)• Best Entrepreneur in Financial Sector: Shinhan Chairman Eung-chan Ra (Ernst & Young, 2008)

IN THE NEWS

April 2009: Selling insurance

Shinhan agreed to sell a 35 percent stake in its SH&C Life Insurance Co. to BNP Paribas. The deal will leave Shinhan with a 15 percent pieceof the insurance company, and will make SH&C Life a subsidiary of BNP Paribas.

March 2009: Filling the vaults with foreign debt

By the end of March 2009, Shinhan Bank had acquired US$800 million in foreign debt, representing the migration of foreign credit marketsinto emerging Asian markets. The debt was secured from a number of foreign sources, including US$118.7 million borrowed from fourEuropean institutions. Shinhan Bank has stated plans to acquire further foreign debt under a bond sale later this year, but assured that nothinghas been set in stone. The bank expects to borrow an additional US$300 million in the first half of 2009.

March 2009: Going abroad

In a further bid to capitalize and focus on foreign markets, Shinhan Bank announced plans to establish subsidiaries in Canada, Japan andVietnam by the end of 2009. The subsidiaries are expected to continue developing the brand abroad, taking advantage of the branches alreadyestablished in Japan and Vietnam and further boosting profits within each region.

Shinhan Bank has vigorously pursued international expansion since 2007. Not content with simply setting up branches abroad, the bankenacts localization strategies in an effort to gain further long-term competitiveness within each market. Shinhan Bank has also displayedinterest in entering the Chinese financial market and has announced plans to establish a subsidiary in Kazakhstan.

March 2009: Doin' the Shinhan shuffle

Following the resignation of former Shinhan Finance Holdings CEO Lee In-ho, the company announced in March 2009 that Sang Hoon Shin,previously the CEO of Shinhan Bank, would be his replacement. Shinhan Finance Holdings deputy president Lee Bae soon filled Shin'svacancy as Shinhan Bank CEO.

February 2009: A French affair

Shinhan teamed up with BNP Paribas to establish a new subsidiary, Shinhan BNP Paribas Asset Management, a merger between ShinhanBNP Paribas ITMC and SH Asset Management. SH AMC was wholly owned by Shinhan Financial prior to the merger, with both groups owninga 50 percent share of Shinhan BNP Paribas ITMC.


Shinhan Financial Group


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GETTING HIRED

A lot of add-ons, but not much info

Despite Shinhan’s emphasis on aggressive international expansion, the firm’s web site lacks a centralized careers page in English. There are,however, a number of complicated flowcharts about types of people the firm wants to hire at www.shinhan.com. (A sample: "Goal congruencebetween organizational target and individual growth—MBO, BSC.") Under the "Vision of Shinhan Team Member" tab on the site, the firmprofesses that it spent 118 training hours and KRW 1.91 million on training expenses per person in 2008. Shinhan also reveals that it hasplans to develop employees through in-house and overseas MBA programs as well as dispatching some team members to internationalbranches for foreign experience and training. Employee benefits are numerous and quirky, including things such as a housing allowance inKorea, personal loans, tuition support for children, clothing allowance, stock ownership, an annual overseas sightseeing tour, and even "floralgarlands" for weddings. Sounds nice, but there's no information on how to actually get your foot in the door for these benefits.

Shinhan Financial Group's main internet portal can be accessed at www.shinhangroup.com, but visitors should be warned to only use InternetExplorer, watch out for ActiveX add-ons that the site forces on you, and make sure to disable your pop-up window blocker in order to getanywhere.





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STATE BANK OF INDIA

State Bank Bhavan

Central Office 8th Floor

Madame Cama Marg

Nariman Point

Mumbai 400021

Maharashtra

India

Phone: +91-22-2202-2426

Fax: +91-22-2285-2708

www.statebankofindia.com


Australia • Bangladesh • China • India • Indonesia • Japan •

Maldives • Mauritius • Nepal • Philippines • Singapore • Sri

Lanka

DIVISIONS

International Banking Group • Mid Corporate Group •

National Banking Group • Rural Business Group • Wholesale

Banking Group

THE STATS


Ticker Symbol: 500112 (BSE), SBIN (NSE)

Chairman: Om Prakash Bhatt

Net Profit: INR 91.2 billion (FYE 3/09)



KEY COMPETITORS

Citigroup

HDFC Bank

HSBC

ICICI Bank

Kotak Mahindra Bank

EMPLOYMENT CONTACT

Click the “Recruitment” link at www.statebankofindia.com

THE SCOOP

One mega bank

In India, the State Bank of India (SBI) continues to be the largest commercial bank, with total assets of over INR 96 trillion, way ahead of itsclosest competitor ICICI Bank. The bank is massive in terms of branches—SBI has 11,448 branches within India and 84 branches overseas.SBI’s net profit has grown steadily over recent years as well. The bank recorded INR 91 billion in profits for the financial year ending March2009, a 35 percent jump from the previous year.

SBI was the first Indian bank to offer merchant banking and also the first Indian bank to launch mutual fund services in the country. Today,the bank operates through seven associate banks and six subsidiaries within India. It also has six major foreign subsidiaries across the globe.The bank's major divisions are the International Banking Group, the Wholesale Banking Group, the Mid Corporate Group, the National BankingGroup and the Rural Business Group.

The company also operates in a number of additional areas through the joint venture SBI Life Insurance Company, and subsidiaries SBI CapitalMarkets, SBI Funds Management, SBI DFHI (for securities in debt markets) and SBI Factors and Commercial Services. Overseas, the bankoperates through a number of subsidiaries in Canada, the U.S., Mauritius, Nigeria, Nepal and Bhutan.

Inside view

The Wholesale Banking Group, which primarily serves the bank's largest corporate clients, is divided into three units: corporate accounts,project finance and leasing, and stressed asset management. The Mid Corporate Group performs similar functions as Wholesale BankingGroup, but for mid-cap companies.

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Personal banking, small-and-medium-enterprises (SME) and government banking are handled through SBI's National Banking Group.Personal banking provides basic banking services including savings accounts, card services, loans and advances. The SME unit financesSMEs enterprises, while the government business unit handles tax collection and accounting for the Indian government.

Rural India is where SBI is betting big for the future. Over the 2009 financial year, SBI added 481 branches in rural and semi-urban areas,bringing the total number of branches in such locations to 7,696. By the end of 2010, SBI has ambitious plans to widen its reach to cover anadditional 50,000 Indian villages. The Rural Business Group provides loan assistance to farmers and marginalized people in the form ofagricultural loans and micro-financing.

India's oldest bank

SBI's story dates back to 1806, when General Wellesley, the Governor-General of India at the time, founded the Bank of Calcutta in order tofacilitate trade and mobilize local resources in India. In 1809, after receiving charter from the Government of Bengal and British India, it wasrenamed the Bank of Bengal. Similar initiatives by British India led to the formation of the Bank of Bombay and the Bank of Madras in 1840and 1843, respectively. For a considerable period, these three banks functioned as the core banks of India.

In 1921, all three of the banks were integrated into the Imperial Bank of India (IBI). The newly formed bank played the role of a commercialbank, a banker's bank and a banker to the government. With the formation of the Reserve Bank of India (RBI) in 1935, IBI ceased to be thegovernment's banker, but continued to act as treasurer for RBI and the government. Many restrictions were abolished, allowing IBI to assumethe role of a pure commercial bank. When India became independent in 1947, IBI had a capital base of INR 1.18 billion, a network of 172branches and more than 200 sub-offices across over the country. However, most of rural India remained untouched by banking.

In 1951, the All-India Rural Credit Survey Committee recommended the establishment of a state-sponsored banking entity to spur India's ruralgrowth. Acting on these recommendations, the Government of India acquired IBI along with many other state-associated banks. On July 1,1955, all the banks were amalgamated and SBI came into existence.

Winds of change

Since 1991, the Indian banking sector has undergone dramatic changes. One of the primary catalysts for these changes was the entry ofprivate players like ICICI Bank and HDFC Bank into this sector. In order to maintain its lead in the market, SBI has taken a few importantmeasures.

The first initiative was the computerization of its huge branch network to inter-connect all of its branches, starting in June 2002. The bankalso instituted as voluntary retirement scheme, which was initiated in 2001 and 2002 in order to downsize its workforce of more than 200,000.Through this scheme, employees were reduced to just over 20,000.

Another significant change came in the form of business process re-engineering (BPR). According to company reports, this has helped thebank increase business per employee nearly 2.5 times in the last five years. Establishing call centers, setting up over 400 centralizedprocessing centers, implementing alternative channels of banking like ATMs, internet banking and mobile banking were some of the majorupgrades.

Awards and Rankings

• Best Bank (Business India, 2009)• India’s Best Marketed Bank (4PS B & M & ICMR Survey, 2009)• One of the 25 Most Valuable Indians: State Bank of India Chairman Shri Om Prakash Bhatt (The Week, 2009)• No. 380, Global 500 (Fortune, 2008)• No. 150, Global 2000 (Fortune, 2008)

IN THE NEWS

April 2009: State-of-the-art infrastructure in India

SBI and Australian financial giant Macquarie Group partnered up to launch the Macquarie-SBI Infrastructure Fund (MSIF) in April 2009. MSIFraised initial capital of US$1.04 billion to invest in infrastructure projects such as roads, ports and power plants across India. R. Sridharan, the


State Bank of India



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managing director of SBI, remarked on India's infrastructure needs: "As per the Planning Commission of India estimates, the country will needclose to US$500 billion in infrastructure investments in the next five years. Funding of this magnitude cannot be supported domestically aloneand must be supplemented by other sources of capital." The fund has a strong supporter in the private-sector investment arm of the WorldBank, the International Finance Corporation (IFC), which serves as a keystone investor and a minority shareholder in the venture.

March 2009: India on strike

On the verge of the liberalization of India’s banking industry in 2009, a move expected to bring in a large number of international bankingplayers, SBI began to receive pressure on the home front. Beginning in December 2007, when SBI merged with its associate bank, StateBank of Saurashtra, SBI planned to eventually complete mergers with other associate banks by the spring of 2009. Yet, as the date ofconsolidation neared, a public outcry arose over the plans.

Associate banks, including the State Bank of Hyderabad and the State Bank Bikaner & Jaipur, called for the observance of a one-day country-wide strike in March 2009 to protest against unequal treatment from SBI management. The lack of fringe benefits enjoyed by SBI employeesbeing extended to the associate banks caused some of the discontent, an issue that has also caused conflict in the past—in 1987, 2000 and2006, agreements were reached to discuss and increase associate benefits. Associate banks scheduled large-scale rallies for April 8 and 9,but they were eventually called off when SBI management reached a private agreement with representatives of protesting banks.

December 2008: Director’s chair

In December 2008, the Indian government issued a press statement declaring R. Sridharan the new Managing Director of SBI, with theappointment scheduled to run until June 2011. Sridharan served a variety of SBI functions and titles since joining the firm in 1972 as aprobationary officer, and he most recently held the office of Deputy Managing Director in charge of SBI’s non-banking subsidiaries.

June 2008 -November 2008: A season of ventures

A pioneering agreement was signed in June 2008 between SBI and Societe Generale Securities, the investment banking arm of the namesakeFrance-based financial group. Under the agreement, the companies would form a joint venture in which SBI would become the first publicsector bank in India to offer services in custody, depository, fund administration and transfer agent services, areas which are already within thebusiness scope of private sector firms. In June 2009, the bank issued a statement that this venture is expected to become operational by2010.

SBI signed another cooperative agreement with a large overseas financial house in November 2008 when the Insurance Australia Group (IAG)agreed to form a nonlife insurance company in India. The insurance business is expected to begin operations sometime before March 2010and will target SBI’s corporate, SME and retail banking segments, which are the state bank’s stronger areas of business. Under the agreement,IAG will initially hold a 26 percent stake in the joint venture.

GETTING HIRED

Join the State

India's Central Recruitment and Promotion Department (CRPD) manages the recruitment process for SBI and its associate banks. All newemployees join SBI or associate banks as probationary officers. The selection process starts with a written test (objective as well as descriptive),followed by group discussions and a final interview. The objective test consists of reasoning, quantitative aptitude, general awareness,computer literacy and English language skills sections. For vacancies, click the "Recruitment" link at www.statebankofindia.com. You can alsocontact SBI's recruiting department directly at [email protected], by phone at +91-22-2282-0427 or by fax at +91-22-2282-0411.

Graduate candidates from all fields are eligible to become probationary officers. SBI employees are eligible for specialized training at the firm'scolleges, situated in Hyderabad and Gurgaon. These schools include the State Bank Staff College at Hyderabad, the State Bank Academy,the Gurgaon State Bank Institute of Information and Communication Management, and the State Bank Institute of Rural Development.

The bank plans to set up 3,000 more branches over next few years to support its operations in India and throughout the world. The bankrecruited 33,703 new hires in the financial year ending March 2009, and plans to hire an additional 13,000 by March 2010.


State Bank of India


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271

SUMITOMO MITSUI BANKING CORPORATION

1-2, Yurakucho 1-Chome

Chiyoda-ku

Tokyo, 100-0006

Japan

Phone: +81-3-5512-3411

Fax: +81-3-5512-4429

www.smbcgroup.com


Australia • China • Hong Kong • Indonesia • Japan • Malaysia

• Myanmar • Philippines • Singapore • South Korea • Taiwan •


DEPARTMENTS

Asset Management • Investment Banking • Loans • Retail

Banking • Securities Trading

THE STATS

Employer Type: Subsidiary of Sumitomo Mitsui Financial

Group

Chairman: Teisuke Kitayama

President: Masayuki Oku

Net Loss: JPY 301.1 billion (FYE 3/09)


No. of Offices: 445

KEY COMPETITORS

Citigroup



EMPLOYMENT CONTACT

www.smbcgroup.com

THE SCOOP

Pride and joy

Sumitomo Mitsui Banking Corporation (SMBC) was established in April 2001 through the merger of Sakura Bank and Sumitomo Bank, and isnow Japan's third-largest bank behind Mitsubishi UFJ Financial Group and Mizuho Financial Group. The firm employs nearly 22,000 peopleand operates 445 offices spread throughout Japan and 20 international locations. SMBC offers services including deposits, loans,commodities trading, securities investment, domestic and foreign exchange, futures trading, bond fiduciary and registration, trust, securitiesbrokerage and insurance.

In December 2002, Sumitomo Mitsui Financial Group (SMFG) was established as the major holding company for SMBC. In addition tobanking, SMFG's other main business is leasing. The company operates SMBC Leasing Co. in Japan and SMBC Leasing and Financeoverseas. The parent company also owns a management consultancy, Japan Research Institute, and a credit card company, Sumitomo MitsuiCard. In September 2006, Sumitomo Mitsui Financial Group added a securities firm, SMBC Friend Securities, to its roster of companies. Inthe U.S., Sumitomo Mitsui Financial Group operates Los Angeles-based Manufacturers Bank in locations throughout California.

Despite its entry into other markets and industry segments, Japanese banking remains SMBC's pride and joy. As of March 31, 2009, the bankhad more than JPY 110 billion in assets.

Restructuring the bank

In April 2007, SMBC announced a new organizational structure. The firm established a private advisory department that handles consumerbanking, middle-market banking and corporate banking. SMBC also established a financial consulting research and development departmentin charge of developing cross-category services in asset management, financing and settlement finance. In addition, SMBC launched its publicand financial institutions banking department to manage the firm's relationships with municipal entities and central government agencies inJapan. The department also took over responsibility for planning and promoting regional banking from the Tokyo corporate bankingdepartment.

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Several departments within SMBC's investment banking business experienced a shake-up in 2007 as well. The firm established a newmerchant banking department to help companies grow through equity and other investments. In response to a rising demand for assetmanagement, SMBC launched a securities department that focuses on direct sales of specific investment products. Lastly, in light of reformsto the Japanese securities clearing and settlement system, SMBC revised the role of its global investor.

IN THE NEWS

May 2009: Subprime suckage

In the financial year ending March 2009, SMBC posted an overall loss of JPY 301.1 billion, despite gains in net interest income frominternational operations and improvements bond performance. The primary reason for the loss was the global economic downturn, which hashammered away at SMBC since the subprime lending crisis led to the global credit disaster.

For a while, it seemed that Japanese banks dodged the bullet in comparison to U.S. and European banks being trashed by the subprime crisis.However, at this point in time, the crisis has cost SMBC JPY 550.1 billion.

May 2009: Keys to the Citi

SMBC announced it would integrate Citigroup’s Japanese subsidiary Nikko Citi Holdings into its business in May 2009 after it won a biddingwar involving other Japanese banking titans such as Mitsubishi UFJ Financial Group and Mizuho Financial Group. The purchase, conductedprimarily through the Japanese retail brokerage group Nikko Cordial Securities, cost SMBC JPY 774.5 billion. SMBC is expected to completethe takeover by October 2009. SMBC’s parent group, SMFG, also has plans to eventually take over Nikko Cordial’s operations and merge themwith Nikko Citi.

April 2009: Dining on sushi at the Kremlin

Russia’s Central Bank officially registered SMBC’s Russian subsidiary, Sumitomo Mitsui Russia Bank in April 2009. Opening with registeredcapital of RUB 1.6 billion, the bank will be granted a license to operate in Russia as soon as the authorized capital is paid.

June 2008: Raising the Barclays

Along with the Qatar Investment Authority, SMBC purchased a stake in global financial services institution Barclays in June 2008 that raisedGBP 4.5 billion for the London-based banking house. The share transfer took place through an issue of 1.56 billion shares, of which SMBCshelled out GBP 500 million for a 2.1 percent stake.

GETTING HIRED

Do some serious digging

Getting a job offer at SMBC requires some serious digging. Job seekers can check contact information for individual branches atwww.smbcgroup.com. The site includes information on branches and representative offices in Australia, mainland China, Hong Kong,Indonesia, South Korea, Malaysia, Myanmar, the Philippines, Taiwan, Thailand and Vietnam. Unfortunately, no job openings are listed on thesite. Alternately, candidates can try sending their resume or CV to the human resources department at 1-2 Yurakucho 1-chome, Chiyoda-ku,Tokyo, 100-0006, Japan—or call +81-3-5512-3411 to find out who to contact for job opportunities.


Sumitomo Mitsui Banking Corporation


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273

SUN HUNG KAI FINANCIAL

1201 CITIC Tower

1 Tim Mei Avenue

Central, Hong Kong

Phone: +852-3920-2888

Fax: +852-3920-2789

www.shkco.com


Brunei

China

Hong Kong

Macau Singapore

DEPARTMENTS

Asset Management • Consumer Finance • Corporate Finance

• Principal Investments • Wealth Management & Brokerage

THE STATS



Chairman: Lee Seng Huang

Net Revenue: HK$2.78 billion (FYE 12/08)


No. of Offices: 60+

KEY COMPETITORS

Bank of China

CITIC Securities


EMPLOYMENT CONTACT

www.shkco.com/en/careers/main.html

THE SCOOP

Here comes the Sun

Sun Hung Kai & Co. Limited is a Hong Kong-based investment holding company that operates under the name Sun Hung Kai Financial(SHKF). The firm focuses on five main business areas: wealth management and brokerage, asset management, corporate finance, consumerfinance and principal investments. The corporate finance group offers IPO, M&A, corporate restructuring and capital markets advisoryservices. As of December 2008, SHKF had over HK$50 billion in assets under management. The firm's 1,789 employees work from morethan 60 offices in Hong Kong, mainland China, Macau and Singapore. In April 2009, SHKF posted disappointing financial results for 2008,with net revenue falling HK$1.89 billion from the previous year due largely to the global financial crisis.

A son of the 1960s

Sun Hung Kai & Co. Limited was founded in 1969 by Fung King Hey, Kwok Tak Seng and Lee Shau Kee—though it is now primarily controlledby a family trust set up by Kwok Tak Seng. Expanding in the 1970s and 1980s, Sun Hung Kai Securities Limited was listed on the stock marketin Hong Kong in 1975, followed by Sun Hung Kai & Co. Limited in 1983. The firm later expanded into Shenzhen and Shanghai, as Sun HungKai Investment Services Limited began trading on both exchanges in 1993—one of the first approved brokers and lead underwriters on thoseexchanges. In 2006, the firm took the name Sun Hung Kai Financial to combine all of its financial businesses under one roof.

Welcoming friends (and money) from Dubai

At the height of the financial crisis, SHKF got a needed injection of cash straight from the Middle East. In November 2007, the DubaiInvestment Group bought a 9.88 percent share in SHKF and got a seat on the Hong Kong-based firm’s board for a cool HK$1.9 billion.According to executive chairman Lee Seng Huang, the partnership will provide, "a strategic opportunity to tap into the growing capital flowsfrom the Middle East to the Greater China markets." Following the purchase, in December 2007, Dubai Investment Group's CEO,Abdulhakeem Kamkar, was appointed as a non-executive director of SHKF.

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Buy and sell

As part of an ongoing effort to streamline is business to focus exclusively on wealth management, brokerage, asset management, capitalmarkets and consumer finance, SHFK agreed in June 2007 to sell off its 22.43 percent stake in Yu Ming Investments, a Hong Kong-basedfinancial services firm that invests in securities and properties.

Earlier, in March 2007, SHKF agreed to buy a 9.1 percent stake in Ambrian Capital, an independent investment bank in London, forapproximately HK$90 million. SHKF works closely with Ambrian Capital in the area of corporate finance to raise capital for Asian companiesin European capital markets, as well as to focus on alternative investment market listings on the London stock exchange. The two firms alsocollaborate in the areas of fund management and commodities.

Awards and rankings

• Best Broker in Hong Kong (FinanceAsia, 2008)• Hong Kong’s Best Local Brokerage 1990-2008 (Asiamoney, 2008)• Best Equity House in Hong Kong (FinanceAsia, 2008)

IN THE NEWS

April 2009: Good morning, Vietnam

A memorandum of understanding was signed in April 2009 between SHKF and the Bank for Investment and Development of Vietnam, markingthe company’s further expansion in the Asia Pacific region. The two financial firms plan to establish a two-way investment joint venture inwhich capital, networking opportunities and market information, will be mutually shared.

February 2009: Over the hill

Sun Hung Kai Financial celebrated its 40th anniversary by opening a new wealth management center. Located in Causeway Bay, one of HongKong’s key business districts, the flagship location centralized SHKF’s investment management operations under one roof, including financialproducts services and strategic wealth management consulting. In March 2009, SHKF unveiled a promotional offer attached to the new centerin which new accounts were eligible to receive a waiver of up to HK$400,000 in brokerage commission fees.

January 2009: The big buyback

The global financial crisis was devastating for many private investors, including some who invested in Lehman Brothers Minibonds purchasedthrough SHKF. After a public outcry over the purportedly misleading sales tactics banks in the territory used to sell the Minibonds, SHKFannounced in January 2009 that it would repurchase up to HK$85 million in the troublesome bonds from some of its retail customers. SinceLehman Brothers collapsed, triggering a domino effect in the global financial landscape, SHKF worked in cooperation with a number ofgovernment agencies (both in Hong Kong and in the U.S.) to devise a solution for salvaging its customers’ savings.

June 2008: Ambitious ventures

In June 2008, SHKF formed a joint venture pioneering venture capital fund with Shenzhen Oriental Fortune Capital (SOFC), a mainland China-based venture capital investment firm. The partnership entity, named Shenzhen Oriental Venture Capital Management (SOVCM), launchedwith an initial capital amount of RMB 900 million. The fund will look for investment opportunities in Shenzhen in growing sectors such asinformation technology, biological technology and new forms of energy.

May 2008: Earthquake recovery

Immediately after the catastrophic May 2008 earthquake in Sichuan Province, SHKF mobilized an appeal for staff donations that would bematched dollar-for-dollar by the company. By June 2008, SHKF managed to raise approximately HK$2.5 million, all of which was donated tothe Hong Kong Red Cross’ China Relief Fund to support victims of the disaster.




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GETTING HIRED

Explore opportunities

At SHKF's careers page at www.shkco.com/en/careers/main.html, you can explore a list of the company's current job opportunities, which spanall the firm's divisions. If you find a position that you think you'd be suited for, send your resume, "present and expected salary" and contactinformation to Sun Hung Kai's human resources department at [email protected].





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TAIFOOK SECURITIES GROUP

25th Floor, New World Tower

16-18 Queen’s Road Central

Central, Hong Kong

Phone: +852-2848-4333

Fax: +852-2845-0537

www.taifook.com/english


China

Hong Kong

Macau

DEPARTMENTS

Asset Management

Capital Markets

Securities Brokerage Services

THE STATS

Employer Type: Public Company (and subsidiary of Haitong

Securities)


CEO & Managing Director: Shiu Hoi Wong

Net Revenue: HK$730.2 million (FYE 12/08)

No. of Employees: 997

No. of Offices: 20

KEY COMPETITORS

BOC International

CITIC Securities


EMPLOYMENT CONTACT

www.taifook.com/english/aboutus/jobs.jsp (English)

www.taifook.com/chi/aboutus/jobs.jsp (Chinese)

THE SCOOP

Brokering across Hong Kong and mainland China

Taifook Securities Group (formerly known as simply Tai Fook) is one of Hong Kong's leading brokerage firms and offers a range of services,including capital markets, asset management and securities brokerage services. The firm’s clients include a large number of institutional andcorporate investors as well as over 120,000 individual investors. Taifook Securities employs close to 1000 people, and is majority owned byNWS Holdings Limited, a Hong Kong-based investment holding company.

Established in 1973, Taifook Securities has been listed on the Hong Kong Stock Exchange since 1996. The firm has 12 branches in HongKong and Macau, and six investment consultancy centers in mainland China in Beijing, Shanghai, Guangzhou, Shenzhen, Hangzhou andXiamen. The firm has underwritten or placed shares for over 200 companies in Hong Kong on IPOs and secondary placements, and has alsoadvised on more than 250 mergers and acquisitions, asset exchange and debt restructuring transactions. In December 2009, Taifook becamea subsidiary of China’s Haitong Securities, which purchased a 53 percent stake in Taifook for HK$1.82 billion. Haitong is the second-largestMainland China bank (by assets). The deal marked the first time a Mainland bank took over a brokerage firm in Hong Kong.

Six pack of services

Taifook Securities operates in six main areas. Its broking segment engages in securities, futures, options and gold bullion contracts brokingand dealing. Margin and other financing handles margin financing, as well as personal and commercial loans to individuals and corporations.Corporate advisory offers placement and underwriting services. The trading and investment segment engages in investment holding in additionto trading of securities, futures, options and bullion contracts. Taifook Securities also offers financial planning and advisory services, as wellas fund management, custodian and handling services, and leveraged foreign exchange trading. In March 2007, Taifook Securities expandedits asset management business with the acquisition of Kingsway Fund Management Limited.

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True believer

Demonstrating its belief that Taifook Securities is a promising player in the Hong Kong and mainland China markets, NWS Holdings increasedits stake in the brokerage to over 60 percent in June 2007. NWS had previously held 21.5 percent of Taifook Securities since 2003 and hadbeen its largest shareholder. NWS paid US$77 million for another 41 percent of Taifook Securities, which brought its total stake to 62.5percent.

Awards and rankings

• Best Equity Pension Fund Over Three Years and Five Years: Taifook Investment Managers (Lipper Fund Awards Hong Kong, 2006-2009)

• Best Equity House in Hong Kong (FinanceAsia, 2004-2008)

• Best Domestic Equity House in Hong Kong (Asiamoney, 2008)

• Best Brokerage Company (Capital magazine, 2007)

IN THE NEWS

November 2009: Getting a new parent

Taifook Securities Group Limited agreed to sell a 53 percent stake in itself to Haitong Securities, which will pay NWS Holdings Ltd.—TaifookSecurities’ parent company—HK$1.82 billion for the stake. The deal closed the following month, in December 2009.

March 2009: Financial crisis lays waste to revenue

Like many financial institutions around the world, the global financial crisis has hit Taifook Securities like a brick dropped out of a plane. Thegroup released an interim report in March 2009 noting that total revenue dropped by 50 percent to HK$730.2 million in 2008. Even worsefor the company was the fact that 63 percent of this revenue came from the first half of 2008. Translation: Taifook Securities made less moneyin the second half of 2008 than some people make betting on the Cubs to win the World Series every year. A significant part of the decreasein revenue was attributed to investment losses as a result of floundering worldwide markets in the second half of 2008.

February 2009: Cookie monster

Not every financial services firm appreciates baked goods, but Taifook Securities is cookie crazy. The firm has sponsored a charity programcalled the Helping Hand Cookie Campaign for four consecutive years as of February 2009. The program involves company volunteers selling“Helping Hand Wing Wah Cookies” and “Love Panda Key Chains,” internally in support of elderly care services. All of the proceeds from thesales then go to the Helping Hand Homes charity, which provides living quarters for elderly citizens afflicted with dementia.

July 2008: Happy 35

Taifook Securities celebrated its 35th anniversary in July 2008, hosting a commemorative event at the Renaissance Harbour View Hotel inHong Kong. Since the firm’s humble beginnings in 1973 when it had only 3000 clients, the company has since expanded to serve roughly120,000 investors.

GETTING HIRED

Give Tai a try

Taifook Securities' English careers site is located at www.taifook.com/english/aboutus/jobs.jsp., where candidates can peruse open positions.Interested candidates can send their resume or CV with a cover letter and "current and expected salary (a must)" to [email protected] or byfax to +852-2537-5431. Be sure to cite the job's reference number. Alternately, resumes or CVs with a cover letter can be sent via snail mailto the Human Resources Department, Taifook Securities Group Ltd., 25/F New World Tower I, 16-18 Queen's Road Central, Central, HongKong. The firm also notes that there are more opportunities available on its Chinese site, located at www.taifook.com/chi/aboutus/jobs.jsp.





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UNITED OVERSEAS BANK LIMITED CO.

80 Raffles Place

UOB Plaza

Singapore, 048624

Phone: +65-6533-9898

Fax: +65-6534-2334

www.uobgroup.com


Australia • Brunei • China • Hong Kong • Indonesia • Japan •

Malaysia • Myanmar • Philippines • South Korea • Taiwan •


DEPARTMENTS

Asset Management • Corporate Banking • Insurance •

Personal Banking • Private Banking • Trust Services •

Venture Capital

THE STATS


Ticker Symbol: UOB (SES)

Chairman: Wee Cho-Yaw

CEO: Wee Ee-Cheong

Net Income: SG$3.6 billion (FYE 12/08)


No. of Offices: 500

KEY COMPETITORS

DBS Group Holdings

OCBC Bank

EMPLOYMENT CONTACT

Click the “Careers” link at the bottom of the firm’s home page

at www.uobgroup.com

Or send resumes to: 80 Raffles Pl., UOB Plaza Singapore,

048624 Fax: +65-6534-2334

THE SCOOP

Expanding across Asia Pacific

Over the past 74 years, United Overseas Bank (UOB) has grown into one of Singapore's leading financial institutions. The firm, founded byDatuk Wee Kheng Chiang, was incorporated in August 1935 as the United Chinese Bank and catered in its early years to the Fujian community.UOB officially changed its name to its current moniker in 1965. Today, UOB employs over 22,000 people and has a network of over 500offices in 18 countries and territories in the Asia Pacific region, Western Europe and North America. The firm's subsidiaries include Far EasternBank in Singapore, United Overseas Bank Malaysia, United Overseas Bank Thai, PT Bank UOB Indonesia, PT Bank UOB Buana (also inIndonesia), United Overseas Bank China and United Overseas Bank Philippines.

UOB provides a wide range of financial services, including personal banking, private banking, trust services, corporate banking, treasuryservices, asset management and venture capital. In addition, UOB is Singapore's market leader in the private residential home loan business,and with over 1.5 million cardholders, UOB is the country's leading credit and debit card company. It is also a dominant player in loans tosmall-and-medium-sized enterprises. UOB's fund management arm, UOB Asset Management, is one of Singapore's most-awarded fundmanagers.

Taking over for dad

In April 2007, Wee Ee-Cheong succeeded his father, Wee Cho Yaw, as CEO of UOB. Wee Cho Yaw, 78, the son of founder Datuk Wee KhengChiang, had held the CEO post for 30 years. Wee Cho Yaw retained his title as chairman. The 54-year-old grandson of Datuk Wee KhengChiang, Wee Ee-Cheong has been with UOB for almost as long as his dad was CEO, and was most recently deputy chairman and president.UOB began searching for a new CEO over three years prior to the younger Wee taking over, but most considered the son a shoo-in for the role.

In accepting his new job, Wee Ee-Cheong announced that he did not plan to make any major changes to management, but noted plans tofurther build UOB's presence in Southeast Asian markets such as Thailand, Malaysia and Vietnam, as well as placing more emphasis on China.

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Trying to double down in Vietnam

One example of UOB's expanded focus in Vietnam is its effort to double its holding in the country’s Southern Commercial Bank. In December2007, UOB finalized a deal to buy 10 percent of the Vietnamese bank—a share worth about US$30 million—and filed an application with theState Bank of Vietnam asking for permission to raise its investment in the bank to 20 percent. According to a report by Reuters, “Vietnamlimits total foreign ownership in domestic banks to 30 percent, with a 10 percent cap for any individual investor. But the government has saidthat in exceptional cases it would allow a foreign strategic investor to own 20 percent."

In October 2008, the State Bank of Vietnam granted UOB’s wish—almost. The Vietnamese bank issued a ruling permitting UOB to increaseits share in Southern Commercial Bank to 15 percent, rather than the requested 20 percent.

Awards and rankings

• Best Bank in Singapore (Global Finance, Best Developed Market Banks, 2009)

• The Best of Asia (Corporate Governance Asia, 5th Corporate Governance Asia Recognition Awards, 2009)

• Best SME Bank in Asia Pacific (Asian Banking and Finance Retail Banking Award, 2009)

• QFC-Asian Banker Achievement Award for Risk Management Excellence in Credit Card Management in Asia (The Asian Banker, 2009)

• Best Overall Fund Group (The Edge-Lipper Singapore Fund Awards, 2008 and 2009)

• Best Domestic Bank in Singapore (Asiamoney Awards, 2008 and 2009)

• Net Profit Excellence, Finance Category (DP Information Group, Singapore 1000 Rankings, 2008)

• Grand Prix for Best Overall Investor Relations - Large Cap (IR Magazine, South East Asia Awards, 2008)

• The Best of Asia (Corporate Governance Asia, 4th Corporate Governance Asia Recognition Awards, 2008)

• Best Domestic Provider of FX Services in Singapore, Best Local Cash Management Bank in Singapore, Best Local Currency CashManagement Services in Singapore (Asiamoney Awards, 2008)

• Silver Award for Best Contact Centre of the Year for Outbound Campaign Programme Category (Contact Centre Association ofSingapore, 2008)

• “Top Rated” status for excellence in providing custody services (Global Custodian, 2008)

• Best Domestic Bank in Singapore (The Asset, 2008)

• Leading HR Practices in Leading and Human Capital Development Award (Singapore Human Resources Institute, 2008)

• Distinguished Patron of the Arts Award (National Arts Council, 2008)

IN THE NEWS

October 2009: Good quarter, good year (so far)

Fort the third quarter 2009, UOB booked operating profit of S$812 million, a 14.6 percent rise versus the profit it recorded for the same perioda year earlier. And for the first nine months of 2009, UOB booked operating profit of S$2.64 billion, 10.9 percent higher than the profit it madea year earlier for the same period.

April 2009: Restructuring on the horizon

With the global economic downturn still raging during the first half of 2009, many companies continued cutting costs in an effort to staycompetitive. In April 2009, UOB’s annual report stated that the bank is planning a restructuring process that will reduce operating costs.Though UOB remained vague on what the restructuring will actually entail, the bank said it did not plan on initially cutting jobs as a solution,and that it will pursue a “cautious course” through the “turbulent environment.”


United Overseas Bank Limited Co.



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April 2009: Trouble in Indonesia

UOB’s Indonesian operations faced mounting pressure from thousands of angry employees demanding pay rises and annual bonus paymentsin early April 2009. Roughly 4000 workers from 23 branch offices launched a three-day strike in the country, disrupting the bank’s operationsnot only locally, but internationally as well.

The strike prompted UOB to offer the disgruntled workers a total of RP 5 billion, an offer that proved too low from the RP 12.5 billion demandedby the strikers, and was ultimately rejected. UOB cited the global economic crisis as the major reason for not meeting its employees’ demands,though the banks latest financial results have shown strong profit growth since the previous year. As of August 2009, no additional updateshad been reported.

March 2009: Anything you can do …

In a bold move that surprised many, UOB bravely waded into the thick of Singapore’s mass-market mortgages—a sector already dominatedby powerhouse rivals OCBC Bank and DBS Group Holdings. In March 2009, UOB signed an exclusive deal with SingPost to sell and distributeHDB home loans for five years or longer. HDB flats were introduced to Singapore in the 1960s to quell the number of its residents living insquatter settlements. Currently, 80 to 90 percent of Singapore’s population lives in such high-density housing blocks. UOB stated that theyhope the move will bring an added convenience to customers and further extend the bank’s distribution network. The bank plans to have 24post office branches set up by end of 2009 that will be able to handle such loans.

August 2008: Share and share alike

Following similar moves by some of its rivals, UOB announced in August 2008 that it also would be issuing preferred shares. The bank statedthat it would sell SG$1 billion in preferred shares, with SG$800 million worth of the sales being offered to institutional investors.

January–June 2008: Assets in China

One month after the Southern Commercial Bank announcement, Wee Ee-Cheong's plan to boost UOB's presence in China proved true as well.In January 2008, China Daily reported in that UOB Asset Management, Singapore's largest asset manager, was planning a joint venture fundmanagement company with Ping An Securities, the securities arm of Ping An Insurance Co., China's second-largest insurer.

Though it was initially unclear what the exact nature of UOB Asset Management's relationship with Ping An Securities would be, by thefollowing June the two companies had won approval to set up a fund management joint venture. The new firm, situated in Shenzhen, hassince begun hiring staff in areas such as marketing, auditing and risk management.

GETTING HIRED

Watch the video

Settle in and watch UOB's recruitment video, learn about the perks the bank offers or just browse job listings at the "Careers" link at the bottomof www.uobgroup.com. The firm also offers a graduate careers section for students explaining their options when it comes graduate programs,as well as sections devoted to program tracks for management associates, personal banking associates and business development associates."Outstanding performers" within the graduate program "will be rewarded with an accelerated career development path and attractiveremuneration package," the firm says. To apply for any job on the site, or to submit a general application based on your area of interest, justcreate an account and send in your resume or CV.


United Overseas Bank Limited Co.


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THE WESTPAC GROUP

Level 20, Westpac Place

275 Kent St.

Sydney, 2000; Australia

Phone: +61-2-300-130-548

Fax: +61-8253-1888

www.westpac.com.au

Head Asia Office

77 Robinson Road

Level 19, Robinson 77

Singapore 068896

Phone: +65-6530-9898


Australia • China • Hong Kong • India • Indonesia • New

Zealand • Pacific Islands • Singapore

DEPARTMENTS

Bank SA • BT Financial Group • RAMS Home Lending •

St.George Bank • Westpac Institutional Bank • Westpac New

Zealand Westpac Pacific Banking • Westpac Retail and

Business Banking

THE STATS


Ticker Symbol: WBS (ASX), WBK (NYSE)

CEO: Gail Kelly




No. of Offices: 200

KEY COMPETITORS

Australia & New Zealand Bank (ANZ)

Commonwealth Bank (CBA)

National Australia Bank (NAB)

EMPLOYMENT CONTACT

Phone: +61-2-300-130-548

The Westpac Group, Westpac & RAMSwww.westpac.com.au/careers

St.George & BankSAwww.st.george.com.au/careers

BT Financial Groupwww.bt.com.au/careers

THE SCOOP

Supporting Australia around the globe

Through more than 200 offices and 1,200 branches, The Westpac Group's some 34,000 employees offer retail banking, investment servicesand corporate financial services to about 10 million customers throughout Australia, New Zealand, Asia and the neighboring Pacific islands.After acquiring Australia's fifth-largest bank, St.George Bank, in December 2008 for about AU$16 billion, The Westpac Group has grown byleaps and bounds with five major financial services brands—Westpac, St.George, BankSA, RAMS and BT. The Westpac Group has nowbecome the second largest of the four major Australian banking groups by assets, just behind National Australia Bank (NAB) and ahead ofCommonwealth Bank (CBA) and Australia & New Zealand Bank (ANZ).

Pre-acquisition, as of the end of Westpac's fiscal year in September 2008, the firm had global assets of AU$439 billion and was ranked in thetop five among listed companies by market capitalization on the Australian Securities Exchange. (With the acquisition of St.George Bank,assets had skyrocketed to over AU$594 billion as of March 2009.) For the 2008 fiscal year, Westpac recorded cash earnings of AU$3.93billion, which surpassed its 2007 results of AU$3.51 billion. Net profit was on an upward trend as well, surpassing the record-setting AU$3.45billion in 2007 to a new record of AU$3.85 billion in fiscal 2008.

The Westpac Group’s Asian strategy is to support Australian and New Zealand customers in Asia with the Westpac brand, and to provide agateway for Asian firms and nationals interested in investing in Australasia. The firm's Singapore office, the main regional office in Asia, hasbeen in operation since 1984. Westpac has also had a branch office in Hong Kong since 1986 and recently, in 2008, opened an office inShanghai. Westpac has had representative offices in Jakarta since 1972, in Beijing since 1982, and in Mumbai since 2007. The firm's Pacificbanking operations extend to the Cook Islands, Fiji, Papua New Guinea, Samoa, the Solomon Islands, Tonga and Vanuatu.

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Striking gold

Established in 1817 as the Bank of New South Wales, Westpac is Australia's first bank as well as the country's first public company. When thebank first opened its doors, it operated from small premises leased from an ex-convict turned businesswoman. It was a challenging time ofgrowth for the nation, and for the bank.

Westpac's major expansion began after gold was discovered in New South Wales and Victoria. In 1850, it opened its very first branch outsideNSW at Moreton Bay in Brisbane, and as the branches expanded, some were set up where no town yet existed. But even a branch as primitiveas a tent lent stability to the rough-and-ready gold fields, and earned the respect of the hardened community. As they flourished, tents andbark huts eventually gave way to impressive, architecturally designed premises, with their solid respectability reflecting that of the bank.

The name Westpac Bank was adopted in 1982, following a merger with the Victorian-based Commercial Bank of Australia Ltd. By itsconsolidation, Westpac became Australia's biggest banking group at the time.

Reorganized, merged

In July 2008, Westpac reorganized into four key customer-facing divisions: Westpac Retail and Business Banking (WRBB) including RAMS,BT Financial Group Australia (BTFG), Westpac Institutional Bank (WIB), and Westpac New Zealand Banking. Then, after the big December2008 merger was completed, St.George Bank including BankSA became the fifth key division.

WRBB is responsible for sales and services for consumer and business customers across Australia. Representation extends to branches, callcenters, business banking centers, management of third-party distribution, automatic teller machines and online and regional banking. WRBBalso manages the retail branch operations in Hong Kong and Singapore. In January 2008, Westpac acquired the RAMS Home Loans brandand distribution network. WRBB operates the RAMS distribution business separately from the existing Westpac channel and under the RAMSbrand.

WIB provides financial services to corporate and institutional customers through: corporate and institutional banking (including relationshipmanagement, research analysis and a global transactional banking group that provides cash management and transaction services solutions);debt markets (covering capital markets, credit portfolio management, debt capital markets and economics); foreign exchange and globalenergy and commodity derivatives; Hastings Funds Management Limited (for alternative asset investments, including property, economic andsocial infrastructure, private equity, commodities and high yield debt); equities (including equity lending, broking and equity derivatives);treasury and structured finance; finance; WIB Risk (risk management and compliance); and technology. WIB is represented across Europeand the Americas by about 65 employees in London and approximately 35 in New York. WIB has a long history in the U.K. and NorthAmerica—the London branch celebrated 150 years in the city in 2007 and is the oldest surviving foreign bank in the United Kingdom.

BT Financial Group (BTFG) takes care of asset accumulation, investment management, life insurance and general insurance in Australia.Wealth management designs, manufactures and services financial products to enable customers to build, manage and protect their wealth.BTFG encompasses distribution and service points including Westpac Private Bank, financial planning and wireless router applicationplatforms (WRAPs).

Westpac New Zealand Banking provides a full range of retail and commercial services to customers throughout New Zealand. It is the leadingprovider of banking services for small- to medium-sized businesses and is the banker of the New Zealand government. Meanwhile, in thenearby Pacific islands, Westpac Pacific Banking provides a full range of deposit, loan, transaction account and international trade facilities topersonal and business customers.

Committed to China

One way The Westpac Group plans to grow in the region is through an expanded presence in Asia. In January 2008, the firm opened aWestpac branch in Shanghai, its first full-service overseas office in 15 years, signifying the importance of the Chinese market. The openingcame after the China Banking Regulatory Commission approved The Westpac Group’s application for a financial license. The Shanghai officewill cater to small- and medium-sized enterprises through services such as import and export settlement. The office, which started with a full-time staff of 15, is led by Andrew Whitford, country head of China operations.

The Westpac Group’s general manager of the Asia region, Yogan Rasanayakam, explained that the new office marks a significant milestonefor the bank. "Given the deep trading links between China, Australia and New Zealand, it makes good business sense for Westpac to establisha branch in the financial capital of China," said Rasanayakam. "In particular, it will assist customers who are benefiting from China's demandfor Australia's resources and New Zealand's agricultural products. China is now the world's growth engine and this new branch providesWestpac with a stronger capability to assist Australian, New Zealand and Chinese customers who are doing business in the region."


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Awards and rankings

• (Westpac) Bank of the Year (Money Magazine, 2009)• (Westpac) Business Bank of the Year (Money Magazine, 2009)• (Westpac) Best Value Small Business Banking Award (Canstar Cannex, 2009)• (St.George) Bank Home Lender of the Year (Money Magazine, 2009)• (St.George) Bank of the Year (Financial Review, Smart Investor, 2009)• (RAMS) Best Non-Bank Lender of the Year (Money Magazine, 2009)• Strongest Bank in Australia (Asian Banker, 2009)• Best Domestic Provider of FX Services in Australia (Asia Money, 2009)• Best for Currency Strategy (Asia Money, 2009)• Best Investment Platform: BT (AFR Smart Investor Blue Ribbon Awards, 2009)• Gail Kelly: No. 6 among the Top 50 Women Business Leaders Around the World (Financial Times, 2009)

IN THE NEWS

September 2009: Ascalon is on

After taking on a 50 percent stake in Ascalon Capital Managers through the St.George Bank merger, The Westpac Group went ahead andbought the remaining 50 percent from Kaplan Equity in September 2009. Financial terms of the deal weren't disclosed, but the move will helpThe Westpac Group push further into the wealth management sector, as Ascalon, which was established by St.George in the year 2000,provides incubation support for emerging boutique funds management firms. Rob Coombe, the chief executive of The Westpac Group’s wealthmanagement division, BT Financial Group, commented, "Ascalon has a compelling business model, a very capable CEO, and a demonstratedtrack record of identifying talented managers who have set up a boutique business and have the potential to develop into significantparticipants in the Australian funds management industry."

June 2009: New head of WIB

After 27 years with Westpac, Phil Chronican, the group executive for Westpac Institutional Bank (WIB), announced his decision to leave theorganization in late June 2009. Formerly serving as The Westpac Group’s chief financial officer, Chronican landed a top position at rival ANZin September 2009, and now serves as the chief executive for ANZ's Australian operations.

Chronican was replaced effective July 2009 by another long-term Westpac Group executive, Rob Whitfield, who had been serving as the firm'sgroup executive for risk management. Whitfield joined the firm in 1986, and aside from broad WIB experience, he was also heavily involvedin the St.George merger. The Westpac Group CEO Gail Kelly remarked, "Rob is very well placed to take on the leadership of WestpacInstitutional Bank, with his in-depth understanding and knowledge of both The Westpac Group and the Institutional Bank. His recentexperience as Group Executive, Risk Management, complements his 18 years' prior experience in the Institutional Bank, culminating in therole of Group Treasurer. I look forward to working with him in his new role."

May 2009: The big freeze

In a move following other banks in the region such as ANZ and CBA’s New Zealand subsidiary ASB, an internal memo circulated throughWestpac New Zealand in May 2009 that employees making more than NZ$70,000 a year would not be receiving any salary raises in the nearfuture. As reported in New Zealand's The National Business Review, the memo explained the decision related to "challenges of our businessperformance and the consequences of our recent half year results, where we reported a 15 percent fall in cash earnings." Westpac NewZealand's chief executive, George Frazis, remarked that the pay limitations will "unquestionably" help protect jobs at the bank. Despitedifficulties faced by many financial institutions in the market downturn, The Westpac Group posted overall net profits of over AU$2.2 billionfor the half year leading up to March 2009.

April 2009: A shining ethics example

The Westpac Group earned honors for a second consecutive year in April 2009 by the Ethisphere Institute’s annual list of most ethicalcompanies in the world. The only Australian company to make the list this time around, Ethisphere is a New York-based think tank involved


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in the promotion of corporate responsibility, ethical business practices and industry and public leadership. Many of the companies makingthe cross-industry list are large multinational corporations leading their respective sectors, including Nike, Unilever and IKEA.

March 2009: Strong backing

With the support of a November 2008 deposit guarantee initiative launched by the Australian government to strengthen the financial sectorduring the downturn, The Westpac Group issued AU$3.06 billion in three-year bonds in March 2009. This was one of the largest single bondoffers in the history of the Australian dollar, with many prominent fund managers joining the purchase frenzy.

December 2008: New guy in New Zealand

After Brad Cooper, Westpac New Zealand's chief executive, was appointed to lead the integration process for the St.George merger, TheWestpac Group underwent a search for new leadership in New Zealand. The firm found its man in George Frazis, who had been serving asthe executive general manager for development and new business at National Australia Bank (NAB). Prior to NAB, Frazis had served at CBA,and as a partner at The Boston Consulting Group. During the international search, Bruce McLachlan had been serving as the firm's actingchief executive since June 2008; he returned to his role as general manager of the consumer banking business in New Zealand.

December 2008: Saint comes marching in

In her new position, CEO Gail Kelly has been moving at lightning speed. In the largest deal to date between two Australian-based companies,Kelly's former firm, St.George Bank—the fifth-largest bank in Australia—joined forces with new beau Westpac in an all-stock deal initiallyvalued at a whopping AU$18.5 billion. Shareholders of St.George were offered 1.31 Westpac shares for each St.George share, as well as afinal dividend for the 2008 fiscal year.

The merger, announced in May 2008, was successfully completed in December 2008, creating The Westpac Group. The final deal valuelanded at about AU$16 billion. Integration is being led by Brad Cooper, who was appointed to the post of Group Chief Transformation Officerin June 2008 after serving as Westpac New Zealand's chief executive for a little over a year.

March 2008: Ushering in a new era

New Westpac Group CEO Gail Kelly made the first major personnel change at the firm. She hired her former right-hand man at St.GeorgeBank, Peter Clare, to lead the Consumer Financial Services division, The Westpac Group’s second-biggest moneymaker. In July 2008, Clareswitched departments, becoming the Group Executive for Product and Operations.

February 2008: History-making CEO

In August 2007, Westpac announced that Gail Kelly, the CEO of fellow Aussie bank St.George Bank, would succeed David Morgan as Westpac'sCEO. The appointment makes Kelly the first female CEO of a Big Four bank in Australia. Kelly, a native South African and former teacher,had been appointed CEO of St.George in December 2001 and became a managing director in January 2002. Under Kelly's reign, St.Georgemore than doubled its total assets and its profits. Prior to St.George, Kelly also served in executive positions at Commonwealth Bank. Kellytook over as The Westpac Group’s CEO in February 2008.

GETTING HIRED

Can-do!

The Westpac Group looks for "people with a can-do attitude, who are energetic, passionate, optimistic and innovative." The firm's careers website at www.westpac.com.au/careers has a wealth of information about what it's like to be a part of the team, and what it takes to get there.The Westpac Group also has a site dedicated to St.George careers at www.stgeorge.com.au/careers.

The Westpac Group hosts graduate programs for both Westpac and St.George. At Westpac, there are two types of programs for graduates.The generalist program gives participants a taste of several business areas. At the end of the program, graduates decide where they'd like tofocus their careers. Generalist programs are available in business and consumer banking, and enterprise business services, as well as theWestpac Institutional Bank. The specialist program allows graduates to focus on a chosen field, sampling different departments during the


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time of placement. Specialist programs are available in accounting, agribusiness, financial markets, information technology, legal, operations,human resources and risk. The Westpac Group also operates a network for alumni who have taken part in graduate programs. At St.George,graduates take part in rotations in sales, lending, risk, and compliance and credit.


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WOORI FINANCIAL GROUP

20F 203 Hoehyeon-dong 1-ga

Jung-gu Seoul 100-792 Korea

Phone: 82-2-2125-2000

Fax: 82-2-2125-2291-4

www.woorifg.com


China • South Korea • Hong Kong • Japan • India • Indonesia

• Malaysia • Singapore • Vietnam

DEPARTMENTS

Asset Management • Bancassurance • Capital Markets •

Commercial Banking • Credit Card Services • Investment

Banking • Lease Services • Security Brokerage

THE STATS


Ticker Symbol: WF (NYSE)

Chairman & CEO: Pal-Seung Lee



KEY COMPETITORS


KB Financial Group (formerly known as Kookmin Bank)

THE SCOOP

Bank number won

Set up in 2001, Woori Financial Group (WFG) became South Korea’s first financial holding company. The group operates eight subsidiaries,which were brought into the fold through a series of mergers and acquisitions. In the commercial banking sector, these subsidiaries includeWoori Bank, the second-largest commercial bank in South Korea, Kwangju Bank and Kyongnam Bank. WFG also operates in the areas ofsecurities, life insurance, asset management, financial information and private equity. The company employs 23,000 people and serves anetwork of 17 million commercial and retail customers in 1,322 locations across the globe.

An integrated platform

After WFG was officially launched in April 2001, the company integrated a number of key components during its first three years of operation;these included the incorporation of Woori Financial Information System, Woori Financial Asset Management, Woori Securities and HanaroInvestment Bank, which was soon renamed Woori Investment Bank. At the end of 2001, the company also launched the first Woori CreditCard. WFG was listed on the New York Stock Exchange (NYSE) in 2003, which led to management restructuring the following year.

The second phase of WFG’s development saw the company acquire a number of local businesses, along with the formation of newpartnerships. Among the purchases during this period of growth were LG Investment Securities and LG Investment Trust, the latter of whichwas merged with the group’s asset management wing in 2005. In 2006, WFG reached an agreement with Credit Suisse to build a joint-ventureasset management entity. Since 2007, the company has also branched into the insurance business by acquiring LIG Life Insurance.

IN THE NEWS

April 2009: Hey big lender

Woori Bank announced that it had borrowed a total of US$300 million from JP Morgan Chase & Co. and Deutsche Bank AG in two long-termlending contracts. These actions, made without a payment guarantee from the South Korean government, reflected investor confidence in the

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bank. Previously, in February 2009, when Woori Bank did not redeem US$400 million in bonds due to mature in 2014, the bank underwenta sell-off in its debt.

March 2009: Funding the development of South Korea

Seoul’s Economy Ministry confirmed in March 2009 that Australian investment bank Macquarie would team up with Woori Bank to create aUS$1 billion fund aimed at investing in renewable energy and infrastructure in South Korea. Macquarie, which has been investing in propertyand assets in South Korea in recent years, contributed US$300 million to the fund in addition to the US$200 million which Woori Bank willraise. The companies aim to reach their fiscal target for the fund by 2012.

May 2008: A classical appointment

The firm’s CEO recommendation committee of WFG nominated Pal-Seung Lee, the CEO of the Seoul Philharmonic Orchestra, to succeed PakByeong-won as the Chairman and CEO of WFG. The latter had handed in his resignation after the South Korean government decreed a changein the top management of state-owned firms to bring about greater privatization. After the appointment was made, Lee announced in a pressconference that, in addition to working to speed up the process of privatizing WFG, the non-banking divisions of the company, such assecurities and insurance, would receive greater attention. Lee was previously a banker at Hanil Bank for 38 years before leading WooriSecurities and Investments from 1994 to 1999, after which he took up the Philharmonic Orchestra post.

GETTING HIRED

Send it in

The firm’s website doesn’t host a careers section, so interested candidates should contact the firm about jobs—and perhaps include yourresume when sending inquiries—via mail (20F 203 Hoehyeon-dong 1-ga/Jung-gu Seoul 100-792 Korea), phone (82 2 2125 2000), fax (82 22125 2291) or email ([email protected]).


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About the EditorDerek Loosvelt has a BS in economics from the Wharton School at the University of Pennsylvania and an MFA in creative writing from The New School.He is a writer and editor, and has worked for Brill’s Content and Inside.com. Previously, he worked in investment banking at CIBC and Duff & Phelps.

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Documents

Guide to the Top Banking Employers, Asia Pacific Edition