BNP Paribas beefs up Asia credit derivatives team

French bank BNP Paribas is beefing up its credit derivatives team with new hires and transfers from its London office, according to Stéphane Delacote, head of Asian credit derivatives.

Cédric Podevin and Edouard Hervey will move to Hong Kong from London, starting in their new posts next week as head of ex-Japan Asia credit derivatives structuring and head of ex-Japan Asia plain vanilla trading flow, respectively.

Podevin previously structured credit derivatives for French clients in London, while Hervey traded East European credit derivatives.

Among the new hires, Patrick Meyrieux joined BNP Paribas in Tokyo last week, as head of Japan flow trading, from rival French bank Société Générale. Delacote said the bank is still seeking to hire one person to join its Asian exotic credit derivatives team, which is centralised in Tokyo and headed by Vincent Boyer, as well as one flow trader and two structurers in Hong Kong.

Delacote added that the bank’s push in credit derivatives in the region will be focused on specific products and markets, such as Hong Kong, Singapore, South Korea and Taiwan, rather than trying to develop the product range across the board with its still limited team.

Delacote reports to Brian Lazell, head of credit markets, Asia-Pacific, ex-Japan, who moved to Hong Kong from London in March to take up the new position.

Separately, Eric Raynaud, who was the Singapore-based head of Asia-Pacific fixed income and treasury, has transfered to Paris as the bank’s global head of fixed income. Hong Kong-based Eric Nicolas, who was deputy head of fixed income, Asia, has taken over Raynaud’s Asia-Pacific responsibilities.