Financial Institutions in Focus: APAC Q3 Update
APAC CRE Risk | Japan and Taiwan insurers’ hybrid issuance
1) APAC Commercial Real Estate (CRE): Pockets of risk for APAC financial institutions
- What key factors shape Moody's view on the asset quality of the property exposures of Singapore's Big Three banks?
- What unique factors could affect the asset quality of Hong Kong SAR’s small and medium-sized banks' CRE exposure?
- Could lingering property investment risks significantly impair insurers' profitability?
2) Japanese and Taiwanese insurers’ issuance of hybrid and subordinated bonds
- What are the credit implications of more hybrid issuances from Japanese insurers?
- How will regulatory widening of Taiwanese insurers’ capital replenishment channels for T-ICS adoption affect their credit quality?
3) Recent Key Rating Actions
4) Q&A with Moody’s Ratings' APAC analysts
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SpeakersSally Yim Managing Director, Financial Institutions Moody's Ratings
Eugene Tarzimanov Senior Vice President, Financial Institutions Moody's Ratings
Daniel Yu Vice President - Senior Credit Officer, Financial Institutions Moody's Ratings
Frank Mirenzi Vice President - Senior Credit Officer, Financial Institutions Moody's Ratings
Sean Hung Vice President – Senior Credit Officer, Financial Institutions Moody's Ratings
Soichiro Makimoto Vice President - Senior Credit Officer, Financial Institutions Moody's Ratings
Qian Zhu Vice President-Senior Credit Officer, Financial Insititutions 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
Tomoya Suzuki VP – Senior Analyst, Financial Institutions Moody's Ratings
Kelvin Kwok AVP-Analyst, Financial Institution Group Moody's Ratings
Gil Jo Analyst, Financial Institutions Group 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.
Daniel Yu is a VP-Sr Credit Officer in Moody’s Financial Institution Group, based in Sydney. His primary responsibilities include banks in Australia and New Zealand.
Prior to joining Moody’s in October 2006, Daniel worked as an analyst for the Australian Prudential Regulation Authority, focusing on authorised deposit taking institutions and general insurance entities.
He holds a Bachelor of Mathematics and Finance degree from the University of Technology, Sydney. He is also a CFA charterholder and a member of the CFA Society of Sydney.
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.
Sean Hung is a Vice President – Senior Credit Officer with the Financial Institutions Group at Moody’s Investors Service Hong Kong Limited. Sean is covering a portfolio of banks and non-bank financial institutions in China.
Before joining Moody’s, Sean worked in Hong Kong as an equity research analyst for Barclays Capital Asia Limited, specializing in Chinese banks and payment companies. He had also worked in credit analysis and risk management in Visa Hong Kong, specializing in settlement risk of the financial institutions in North Asia.
Sean has a BA in Financial Services from Hong Kong Polytechnic University and an MSc in Financial Engineering from City University of Hong Kong. He is also a CFA and FRM.
Soichiro Makimoto is a Vice President and Senior Credit Officer with Moody’s Japan K.K.
He covers Japanese insurance companies and banks.
Soichiro has around 20 years of analytical experience and expertise in a variety of
areas in the financial services industry.
Before joining Moody’s, he worked as a consultant on the insurance and banking
industries for PwC, Willis Towers Watson, and Aon, providing services related to
M&A strategy, regulatory and rating agency advisory, risk/profit management,
auditing and assurance, financial product development and sales strategy, and
reinsurance strategy. Soichiro has also worked as an actuary team leader.
Soichiro holds a Master’s in physics from the University of Tokyo. He is a CFA
charterholder and also a Fellow of the Institute of Actuaries of Japan.
Qian Zhu is a Senior Credit Officer in Moody’s Financial Institutions Group in Shanghai, where she covers a portfolio of Asian insurance companies.
Qian transferred to Shanghai in February 2016 after spending over 10 years in Moody’s Structured Finance Group in both New York and London, covering various securitization products, including catastrophe bonds. In addition, Qian was seconded to CCXI, Moody’s joint venture company in China, as Chief Technical Advisor in CCXI’s Structured Finance Department from February to June 2014.
Prior to joining Moody’s, Qian worked as a senior actuarial analyst with Towers Watson in New York, specializing in pension and retirement medical plan valuation.
Qian received her Bachelor of Economics and Master of Operations Management from Shanghai Jiao Tong University, and a Master of Environmental Management from Yale University. She holds both a CFA charter and an ASA designation.
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.
Tomoya Suzuki is a Vice President – Senior Analyst with Moody’s Financial Institutions Group in Tokyo.
He covers ratings across a portfolio of Japanese banks and property and casualty insurers.
Before joining Moody’s, Tomoya worked in credit risk management at Credit Suisse in Tokyo and previously in credit investment at a Japanese bank.
Tomoya holds a Bachelor of Arts degree in Finance and International Business from the University of South Carolina.
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.
Gil Jo is an Analyst with Moody’s Ratings' Financial Institutions Group.Based in Hong Kong, he is responsible for the ratings and research on insurance companies and non-bank financial institutions in Korea.Gil first joined Moody's in 2019 as an Associate Analyst, supporting the coverage of insurance companies and non-bank financial institutions in Korea. Prior to joining Moody’s, Gil spent two years at Goldman Sachs in Hong Kong, where he was an internal auditor assessing the firm’s securities division, and also at Ernst &Young for a year, where he was a junior consultant under the risk advisory team.Gil is a CFA charterholder and holds a B.A. in Economics from New York University.