Top Hong Kong ship financier to join Chinese bank.
HONG Kong ship finance veteran Paul Chang is set to join a leading mainland Chinese bank next month after being recruited from Germany"s HSH Nordbank.
Insiders said the move marks the latest foray by major Chinese ship finance houses to boost their lending profile in the international stage.
Mr Chang is chief representative and HSH Nordbank"s head of shipping in Asia and is based in Hong Kong.
He was specifically recruited by HSH Nordbank in early 2006 to head what was then the bank"s newly established ship finance business in Asia and was responsible for managing financing activities through the Hong Kong and Singapore offices.
Mr Chang told Lloyd"s List that he would be leaving the European lender at the end of this week. He planned to take around two week"s holiday and planned to join his new employer ?sometime in March?.
He declined to name the new Chinese bank pending a formal announcement, although he indicated he would move from Hong Kong to China but would remain internationally active.
Insiders suggested Mr Chang would move to Beijing-headquartered China Construction Bank, rather than rival Industrial and Commercial Bank of China.
?It's a bitter blow for HSH Nordbank and a major coup for his new employer,? one source said. ?Paul is a very well respected and well liked ship finance professional who has an encyclopedic knowledge of the industry. He is a stalwart, speaking at many ship finance conferences in the Asia region where his sage like advice is warmly received.?
Hong Kong-based law firms have seen a surge in ship finance deals involving mainland Chinese banks and foreign owners although there has been a continuing preference to support Chinese or Hong Kong shipowners ordering ships at Chinese shipyards.
Before joining HSH Nordbank, Mr Chang was general manager and senior vice-president at DVB Bank in Hong Kong where he was responsible for handling ship finance customers in Hong Kong, China, Taiwan, Japan and South Korea.