HSBC veteran in Hong Kong takes COO job at expanding rival

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Ashwin Chak Mizuho 

Mizuho has hired a 14-year HSBC veteran as a Hong Kong-based chief operating officer. Ashwin Chak has joined the Japanese firm at managing director level, having most recently spent three years as HSBC’s COO of fixed income for Asia Pacific, according to his online profile.

At HSBC, Chak was responsible for “developing and executing fixed income’s regional business and infrastructure strategy as well as managing delivery across business, internal control, cost and regulatory change verticals”.

Chak is one of several senior people whom Mizuho has recruited in Hong Kong in recent months as the bank expands in ex-Japan Asia amid a drive to increase its business with non-Japanese companies. Last August, it hired ex-Natixis banker John Wade as head of debt capital markets for Asia Pacific. Four months later, Vincent Wong, who ran Greater China DCM for ANZ, also joined Mizuho’s DCM team as an MD.

Chak started his career with a brief stint at KPMG in Mumbai in 2003, before moving to HSBC in 2004. He worked in global banking and markets audit for three years in Mumbai and for three years in London.

He then landed his first senior management job when he transferred to New York in 2010 as regional head of global banking and markets audit for the Americas. He was based back in London from 2012 to 2015, where he became global head of regulatory analysis and design for fixed income, global markets. Chak shifted to Hong Kong in March 2015 to take up his fixed income COO role.

His departure from HSBC comes as the bank reaffirms its status as a powerhouse in Asian fixed income sales and trading. HSBC ranked second, behind Citi, for total regional FICC revenues in 2017 and was rated among the top-two banks for FICC revenue growth compared with the previous year, according to data provider Coalition.

Image credit: fazon1, Getty

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