GLAS, an independent provider of finance administration services, has launched operations in Asia with a new Singapore office headed by former Standard Chartered heavyweight Paul Wilden.
In a statement release earlier today, GLAS announced that Wilden has been appointed to spearhead the Singapore-based operations. It is the firm’s third global office opening of the year following the recent launch its US and Australian operations, with more to come, according to the company’s chief executive Mia Drennan.
The firm says the move in Asia has been driven by the increased demand for alternative loan and paying agency, and escrow service providers as banks reduce their involvement in the market.
GLAS offers administration services to lenders, borrowers, issuers and advisers across the loan and debt markets, specialising in complex deals including loan and bond restructurings.
‘Regulation and compliance hurdles’
“The lack of independent agency services in Asia Pacific is impacting viable deals,” said Wilden. “Regulation and compliance hurdles are reducing the appetite of banks to operate in this area and as a consequence, firms are turning to agencies like GLAS.
“It has a broad skill set from lawyers to operations and I’m very excited to help grow this side of the business in Asia Pacific, especially across Singapore, Hong Kong, and Indonesia.”
Wilden has worked in Asia for 11 years. He moved with BNY Mellon to Asia from Europe in 2005 to head up the corporate trust office in the region, before joining Standard Chartered Bank as head of its corporate agency and trust business. He was also responsible for both the incorporation and set up of three Trustee subsidiaries in Hong Kong, Malaysia and Singapore, together with the consolidation and creation of the orporate Agency & Trust business.
During his time at Standard Chartered, Wilden was appointed to the board of directors of the three SCB Trustee subsidiary companies and also as chairman of the Philippines Trust Co. Outside of these roles, Wilden was also appointed as vice chairman of the International Capital Market Services Association.
Drennan, chief executive and co-founder of GLAS, said that Wilden was going to the firm during a “very exciting period” and added that he hoped to open more offices as the firm expands. “This is our third office opening of the year following the launch of our US and Australian operations and as demand for alternative providers continues, we hope to open more.”
GLAS’ Singapore offices will be located at UOB Plaza 1, 80 Raffles Places, Singapore 048624.