Bloomberg News

Portigon Said to Move Moat to Asia to Close WestLB Business

July 06, 2012

Portigon AG, formerly known as WestLB AG, has transferred Louise Moat to Hong Kong as general manager and co-head of the Asia-Pacific region, according to two people familiar with the plan.

Moat will oversee the closing of WestLB’s operations in the region and the establishment of a new service and portfolio management unit for Portigon in Hong Kong, the people said, asking not to be identified because the details are private.

Portigon’s Hong Kong unit will manage assets on behalf of third parties, and manage the assets of the former WestLB entities in Asia-Pacific, the people said.

WestLB, the 180-year-old German state-owned lender that gained notoriety by trying and failing to make it as a global investment bank, ceased operations on June 29. The bank closed as part of European Union conditions tied to a 17 billion-euro ($21 billion) bailout following the 2008 financial crisis.

Dusseldorf-based WestLB changed its name and is becoming an internationally operating service and portfolio management provider to the bad bank, and to third parties. Its corporate loan portfolio will be transferred to Landesbank Hessen- Thueringen Girozentrale and all other units will be wound down.

Moat, who will be co-head with Terence Mark, was previously a London-based member of the executive committee of structured finance for WestLB, responsible for corporate acquisition finance and the bank’s branches in Russia, the Middle East, Turkey and Asia-Pacific, one of the people said.

Her transfer was effective July 1, both of the people said.

To contact the reporter on this story: Katrina Nicholas in Singapore at knicholas2@bloomberg.net

To contact the editor responsible for this story: Shelley Smith at ssmith118@bloomberg.net


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