Ernest Chew, who heads the British lender’s capital goods and automotive investment banking team in the region, will join Carro as its Chief Financial Officer in February, said people close to the matter. Chew is currently on gardening leave, they said.
Like their predecessors in the 1990s internet boom, Asia’s financiers are leaving top-tier firms to join startups focused on cryptocurrency, biotech and consumers in the hopes of hitting the stock-option jackpot. Brian Gu, JPMorgan Chase & Co.’s former Chairman of Asia Pacific investment banking, joined electric vehicle company Xpeng Motors last year after more than a decade at the U.S. bank.
Chew’s 14-year stint at HSBC included a period during which the lender acted as an adviser for Zhejiang Geely Holding Group on its acquisition of carmaker Proton Holdings Bhd and Lotus Cars. He will be replaced by Misi Tang, who is joining from rival Barclays Plc.
Carro Chief Executive Officer Aaron Tan declined to comment.
Carro, a Southeast Asian automotive marketplace founded in 2015, raised $30 million in August from investors including Softbank Ventures Asia and Singapore government-linked EDBI, the company said in a statement.
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