APAC Financial Institutions In-Focus
Impact on APAC banks from China reopening, consequences of Credit Suisse failure for AT1 securities, and other latest credit developments of APAC financial institutions
Join our analysts for an in-depth discussion on recent credit developments of APAC financial institutions. Moody’s analysts covering various APAC financial systems will be available to answer questions on latest credit developments and trends.
China's reopening will benefit only a few banking systems in Asia-Pacific:
- Which APAC banking systems will benefit from China reopening?
- What are the implications on banks with China exposures?
- Will China reopening be the major tailwind which lifts credit growths in the region?
The consequences of failing banks for Additional Tier 1 capital instruments:
- How are AT1s governed?
- How does Moody's capture the risks AT1s pose to investors?
- What are the implications of Credit Suisse failures for AT1 security investors and issuers?
The significant rating actions in last quarter, and open for questions:
- Moody's affirms ratings of Australia's four major banks; outlooks stable
- Moody's downgrades Huarong AMC to Baa3; outlook stable
- Moody's downgrades Vietnam Technological and Commercial Joint Stock Bank's ratings, changes outlook to negative
- Moody's affirms Daiwa's ratings; outlook stable
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SpeakersSally Yim Managing Director, Global Co-Head Banks and Insurance Ratings Moody's Ratings
Eugene Tarzimanov Senior Vice President, Financial Institutions Moody's Ratings
Tengfu Li Vice President – Senior Analyst, Financial Institutions Moody's Ratings
David Yin Vice President – Senior Credit Officer, Financial Institutions Moody’s Ratings
Frank Mirenzi Vice President - Senior Credit Officer, Financial Institutions Moody's Ratings
Nicholas Zhu Vice President - Senior Credit Officer, Financial Institutions Group Moody's Ratings
Tetsuya Yamamoto Vice President - Senior Credit Officer, Financial Institutions Moody's Ratings
Joseph Lin Vice President – Senior Analyst, Financial Institutions Moody's Ratings
Juwon Lee Vice President - Senior Analyst, Financial Institutions Group Moody's Ratings
Rebecca Tan Associate Managing Director, Financial Institutions Group Moody's Ratings
Joyce Ong Assistant Vice President - Analyst, Financial Institutions Group Moody's Investors Service
Kelvin Kwok AVP-Analyst, Financial Institutions Moody's Ratings
Helen Zhang Assistant Vice President-Analyst, Financial Institutions Moody's Ratings
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Sally Yim is a Managing Director in the Financial Institutions Group. Based in Hong Kong SAR, China, Sally is the Head of APAC Financial Institutions, responsible for Moody’s analytical teams covering ratings and research on APAC banks, insurance companies, and non-bank financial institutions such as securities and leasing companies. She is also a co-head of Moody’s Global Banking and Global Insurance & Asset Management rating franchises. In addition, Sally leads the Global Financial Institutions Group’s Environment, Social & Governance (ESG) efforts.
Sally joined Moody’s in February 2005 as an Associate Analyst in New York, covering property & casualty insurers. She transferred to Hong Kong in 2006 and completed a short stint in the Corporate Finance Group, supporting analysts in the
oil & gas, petrochemical and steel sectors. Sally rejoined the Financial Institutions Group as an Analyst in January 2007. Since then, Sally has covered various Asian financial institutions, including insurance companies, banks and securities firms and subsequently, became a manager overseeing various teams covering the ratings and research of Greater China and Korean financial institutions.
Prior to joining Moody’s, Sally worked as a Senior Auditor at Ernst & Young LLP in New York, specializing in private and public insurers. She also worked at Ernst & Young’s National Professional Practice, where she focused on technical accounting research, while assisting in accounting consultations.
Sally holds a Bachelor of Business Administration and Master of Accounting from the University of Michigan. She is a CFA charterholder and also a Certified Public Accountant.
Eugene Tarzimanov is a Senior Vice President in the Financial Institutions Group in Asia. Based in Singapore, he is the Lead Analyst for banks in Southeast Asia, including Singapore, Malaysia, Vietnam, Sri Lanka and Bangladesh.
Eugene is also responsible for coordinating banking research across Asia Pacific, and actively represents Moody’s to regulators, investors and the media on analytical and methodological views. Eugene moved to Singapore from Moody’s Moscow office, where he covered the largest banks in Russia, as well as financial institutions in Europe and the Middle East.
Before joining Moody’s in early 2009, Eugene held senior positions during his five years with Standard & Poor’s, where he was responsible for the analysis of banks in Europe and the Middle East. He has also worked at the CEO’s office of Bank VTB, where he was responsible for inhouse research.
Eugene holds an MBA in financial management from New York’s Pace University, and a BSc in international economics from Moscow’s Finance Academy.
Tengfu Li is an Assistant Vice President – Analyst with Moody’s Financial Institutions Group.
Based in Singapore, he is responsible for the credit ratings of financial institutions in Indonesia and Malaysia. Prior to Moody’s, Tengfu worked at OCBC Bank, where he developed credit risk models.
Tengfu holds a MSc in Accountancy from Nanyang Technological University, and a BEng in Electrical Engineering from the National University of Singapore.
David Yin is a Vice President – Senior Credit Officer with the Financial Institutions Group at Moody’s Investors Service Hong Kong Limited. David is covering a portfolio of banks and non-bank financial institutions in China.
Before joining Moody’s, David worked as equity research analyst for Standard Chartered Bank, covering Chinese banks and securities companies. Earlier, he had covered Chinese financial institutions in Bank of China International Securities (China). He had also worked in the ECM department of Goldman Sachs Gao Hua Securities.
David holds a MSc in management and a BA in Economics from Peking University.
Frank Mirenzi is a Vice President – Senior Credit Officer in Moody’s Financial Institutions Group in Sydney. Frank covers a number of Australian major and regional banks. He is also the lead analyst for the Australian insurance sector.
Prior to join Moody’s in October 2013, Frank worked as an analyst, most recently with Royal Bank of Scotland plc, covering Australian banks and insurance entities.
He holds a Bachelor of Economics from Macquarie University.
Based in Beijing, Nicholas supports cross-border rating activities of Chinese banks. Previously, he was Moody’s key point of contact on the Chinese regional and local government sector.
Prior to joining Moody’s, Nicholas advised the Asian Development Bank on various China banking initiatives. He has extensive credit experience, having worked at HSBC, Standard Chartered and ANZ on a range of sectors and issues related to risk assessment for Basel II and other regulatory frameworks. Earlier in his career he was a senior economist with the World Bank.
Nicholas holds a Ph. D. in International Finance and M.A. in Economics from Georgetown University, and a B.S. in Mathematical Statistics from Sichuan University. He is also a CFA charter-holder.
Tetsuya Yamamoto is a Vice President – Senior Credit Officer with the Financial Institutions Group of Moody’s Japan. He covers ratings across a portfolio of Japanese megabanks, major banks, regional banks, securities firms, government related financial institutions, and finance companies.
Prior to Moody’s, Tetsuya worked as a senior portfolio manager for Tokyo Star Bank. Prior to Tokyo Star Bank, Tetsuya worked for Sumitomo Mitsui Banking Corporation (formerly Sumitomo Bank) as a senior analyst at Corporate Research Department in Tokyo and Hong Kong, covering a wide range of sectors including food & beverage, retail & wholesale, telecommunications, steel, chemical and financial institutions.
Tetsuya holds a bachelor’s degree in economics from Kyoto University.
Joseph Lin is a VP – Senior Analyst in the Financial Institutions Group in Hong Kong, responsible for the coverage on Taiwan and Hong Kong banks as well as NBFIs in China.
Joe has extensive experience in debt capital markets and credit ratings. Joe joins Moody's from CLSA Hong Kong, where he was a Director in Rating Advisory from 2020 to 2022, and prior to that, he was a Director in Debt Capital Markets at CCB International Capital Ltd in Hong Kong from 2017 to 2020. As a rating advisor, his coverage included financial institutions and corporations in China and ASEAN, and he also acted as an ESG advisor.
Prior to his role in rating advisory, Joe was a credit rating analyst at Standard & Poor’s Global Ratings from 2007 to 2017 where he had diverse experience covering infrastructure issuers, leveraged finance transactions as well as acting as a trainer. He was based in New York, Taipei and Hong Kong.
Joe received his Bachelor of Science in Economics from Syracuse University, Master of Business Administration in Financial Management from Pace University and Master of Science in Management from New York University.
Juwon Lee is Vice President – Senior Analyst with Moody’s Ratings, Financial Institutions Group. Based in Hong Kong, she covers a portfolio of financial institutions in Korea and Mongolia.
Juwon newly joins from Australia and New Zealand Banking Group where she covered Korea financial institutions and Japan banks for seven years. Prior to ANZ, she spent six years at Macquarie Securities as an equity analyst covering Korea shipbuilding, machinery, and logistic companies. Juwon also held positions at MUFG Bank and Hyundai Oilbank.
Juwon holds a bachelor’s degree in Business Administration from Ewha Womans University.
Rebecca Tan is the Vice President of Strategy & Business Management for Moody’s Ratings (MR), based in Singapore.
In her role, Rebecca works closely with MR senior management to formulate strategic initiatives and facilitate the execution of MR’s global strategy across Asia Pacific.
Rebecca has more than 8 years of experience in rating and research of Asian Financial Institutions. Prior to joining the Regional Organization team, Rebecca was a Vice President and Senior Analyst at MR’s Financial Institutions Group (FIG).
In FIG, Rebecca’s role as lead analyst for banks and finance companies spanned across most of the key South and Southeast Asian economies. During her tenure in FIG, she authored numerous high-profile research reports and participated in media broadcast interviews and investor conferences across various South and Southeast Asian markets. She also established strong relationships with issuers, regulators, and investors across the region.
Prior to joining Moody’s, Rebecca worked as a banking regulator at the Monetary Authority of Singapore.
Rebecca holds a Bachelor in Accountancy (Hons) from Nanyang Technological University.
Joyce Ong is an Assistant Vice President within Moody’s Financial Institutions Group.
Based in Singapore, she is responsible for the analysis and credit ratings of financial institutions in Vietnam, the Philippines and Indonesia.
Prior to joining Moody’s in 2020, Joyce worked for Standard Chartered Bank in Hong Kong as a credit analyst covering banks and non-bank financial institutions in Greater China. She has also worked for Credit Suisse in Singapore as a credit risk analyst and at the Monetary Authority of Singapore as a banking regulator.
Joyce holds a Bachelor of Business Administration (Honours) from the National University of Singapore.
Kelvin Kwok is an AVP-Analyst with the Financial Institution Group. Based in Hong Kong, he covers insurance companies in the Asia Pacific region.
Before joining Moody’s, Kelvin worked for PricewaterhouseCoopers as a senior audit associate covering life and general insurance firms.
Kelvin holds a bachelor’s in Business Administration from the Hong Kong University of Science and Technology. He is also a Certified Public Accountant and Chartered Financial Analyst.
Helen Zhang is an Assistant Vice President-Analyst in the Financial Institutions Group of Moody's Investors Service based in Hong Kong. She is responsible for a portfolio of banks in Hong Kong, Macau and Taiwan. Previously, she supported credit ratings of banks in mainland China.
Helen joined Moody’s in 2017 as an Associate Analyst. Prior to that, Helen spent two years at Ernst & Young, where she was a senior audit accountant covering financial institutions.
Helen holds a Bachelor of Business Administration in Finance from the Chinese University of Hong Kong. She is also a CPA in Hong Kong.