GLAS, the independent provider of finance administration services, has launched in Asia, with Paul Wilden appointed to spearhead the Singapore-based operations. This move 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 a wide range of administration services to lenders, borrowers, issuers and advisers across the loan and debt markets, specialising in complex deals including loan and bond restructurings. These services have been used by Atlas Iron, Consolidated Minerals and 3i Infotech limited since GLAS was established in Europe in 2011.
Paul Wilden commented: “The lack of independent agency services in Asia Pacific is impacting viable deals. Regulation and compliance hurdles are reducing the appetite of banks to operate in this area and as a consequence, firms are turning to nimble, independent agencies like GLAS. It has a uniquely commercial and proactive approach, offers a broad skill set from lawyers to operations, and its ability to get deals done sets it apart as the provider of choice. I’m very excited to help grow this side of the business in Asia Pacific, especially across Singapore, Hong Kong, and Indonesia.”
Paul 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. In 2011, Paul joined Standard Chartered Bank (SCB) as Head of its Corporate Agency and Trust business. He was 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 Corporate Agency & Trust business. During his time at SCB, he 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, Paul is also appointed as Vice Chairman of the International Capital Market Services Association.
Mia Drennan, CEO and co-founder, added: “His connections in the region, alongside his expertise at growing businesses, make Paul a perfect fit for Singapore and the clients we wish to serve. We’re at a very exciting period for GLAS. 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.”