EY Conversations

Amol Gupte, Head of Asean and

CEO of Citi Singapore on Belt Road
Initiative and how it is making inroads
into the rest of Asean
 Table of content
Foreword 1

Overview 2

EY on BRI 14

EY on COIN 15

Acknowledgements 16

Contacts 17

B | EY Conversations
Foreword
I
n this edition of EY Conversations, we are excited to share some of
the latest thinking on the opportunities arising from China’s Belt
Road Initiative (BRI). China has seen a dramatic rise in terms of its
domestic economy and also its impact on the global economy. With
the BRI, China is demonstrating its ability to coordinate investment
and cooperation with the 68 countries in order to drive economic
development and stability across a large section of the world. This
will undoubtedly drive new opportunities both for Chinese and foreign
firms in a range of impacted industries. As an example, we have seen
an increase of nearly 50% in Chinese foreign direct investment (FDI)
into ASEAN between 2015 and 2016.
While we expect that the main impact from BRI will be in the traditional areas of infrastructure
and development, we also recognize the emergence of China as a technology leader. We would
therefore expect that new opportunities in technology, and in particular, FinTech will emerge -
especially including advances in artificial intelligence, blockchain and analytics.
Finally, while we expect that the BRI will bring opportunities and economic growth, we also
recognize that the global economic situation is still uncertain and that challenges may arise
due to differences in regulation, culture, transparency and even language in many of these
markets. Investors will need to exercise prudence in their evaluation of the opportunities
and in many cases, need to take a long-term view. Additionally, competition for merger and
acquisition (M&A) targets will likely intensify in these markets leading to increases in valuation.

Dustin Ball
Partner, Asia Pacific Insurance Transactions Leader

Citi’s Amol Gupte on the Belt Road Initiative | 1

 Overview
The ‘Belt Road Initiative’
(BRI) is development
strategy that underline
China’s push to boost
its global presence and
influence. China is betting
on a massive infrastructure
and cross-border trade
initiative to cushion the
economy as it transitions
to a period of slower, more
sustainable growth.
1
Source: Bloomberg
2 | EY Conversations
The BRI initiative is composed of two primary projects: the “Silk Road Economic
Belt” (or “the Belt”) and “21st Century Maritime Silk Road,” (or “the Road”) a
network of road, rail and port routes that will connect China to Central Asia,
South Asia, the Middle East, and Europe. Neither the belt nor the road follows
any clear line geographically speaking — they serve more as a roadmap for how
China wants to further integrate itself into the world economy and strengthen its
influence in these regions.
The initiative was first unveiled in 2013 consists of 6 economic corridors and
spans 68 countries representing more than 60% of the global population and
around 40% of global GDP. During 2017 “Belt and Road Forum for International
Cooperation”, China signed economic and trade cooperation agreements with
more than 30 countries along the Belt and Road. To date China has spent or
committed more than US$500bn1 via its state funds and banks to finance
projects in the BRI.
Some countries traversed by the BRI pose greater operational risks that have
to be cautiously observed. However, from industry perspective some markets
such as Saudi Arabia, Russia, and Indonesia still offer greater investment
opportunities at a more reasonable risks.
Lowest risk Highest risk
Lowest risk Highest risk

Russia
Russia

Belarus
Poland Belarus
Germany Poland
Germany Ukraine
Ukraine Kazakhstan
Kazakhstan Mongolia
Romania Mongolia
Romania
Bulgaria
Bulgaria
Italy
Italy Uzbekistan
Uzbekistan
Greece
Greece
Turkey
Turkey

China
China
Iran
Iran
Pakistan
Pakistan
Algeria
Algeria Libya
Libya
Egypt
Egypt
Saudi
Saudi Silk
Silk Road
Road Economic
Economic BeltBelt
Arabia
Arabia
India
India 21st Century
21st Maritime
Century SilkSilk
Maritime Road Road
Oman
Oman
Sudan Yemen
Yemen
Sudan Vietnam
Vietnam
Djibouti
Djibouti
Ethiopia
Ethiopia SriLanka
Sri Lanka Malaysia
Malaysia
Kenya
Kenya

Tanzania Indonesia
Tanzania Indonesia

Overall country operational risk on BRI

Of the 68 nations China lists as partners in its BRI, the sovereign debt
of 27 are rated as junk, or below investment grade, by the top three
international rating firms. Another 14, including Afghanistan, Iran and
Syria, are either not rated or have withdrawn their requests for ratings.
Although the risk is high, the investments could have long-term benefits
for China if they succeed and provide means to utilize China’s excess
industrial capacity.

Citi’s Amol Gupte on the Belt Road Initiative | 3

 Amol Gupte, Head of ASEAN and CEO
of Citi Singapore speaks to Michael
McGauran of EY Asia-Pacific, about
the impact and implications of the
Belt Road Initiative on business and
governments in ASEAN.
Michael: It has taken some time for the market to understand
the scale and impact of the BRI, which will create an economic
boost to more than 65 countries that represent 70% of the
global population, more than half of global GDP and a quarter
of all global trade. It is hard not to contrast the way China is
asserting itself internationally with the way the United States
appears to be withdrawing towards a more domestic policy
focus—it’s also hard not to notice that the American continent
is entirely absent from the BRI initiative.
Are Asian countries best advised
to fundamentally rethink their
commercial strategies and pivot
towards China?
Amol: Since China adopted an open-door policy more than
three decades ago, its economy has risen by almost 2600%
in real terms since 1980. While China is fast catching up, the
U.S., which started emerging as an economic superpower
some 150 years ago, remains a dominant player in the world
economy. It is also worth remembering that the U.S. is not just
the largest economy in the world but it is also still growing.
China’s rise, coupled with rapid digitalization and globalization
in the last few decades, has brought forth a new era of global
economic growth that is no longer dominated by a single
major power but rather one that is multipolar in nature with
several players, interacting in a highly interconnected and
interdependent manner.
Against this backdrop, rather than pivoting to any one
single power, it is in the interests of businesses to hold a
long-term view, cultivating good relations with all powers
and collaborating across different platforms to capitalize
on emerging opportunities.

Belt Road Policy coordination: Facilities connectivity:

Initiative Details • By the end of Sep 2017, China has
signed B&R cooperation documents with
more than 74 countries, regions and
international organizations
• Heads of state and government from
29 countries, along with 1,600
delegates from over 140 countries
and 80 international organizations,
attended the irst Belt and Road Forum
for International Cooperation
• By the end of Nov 2017, more than
50 service lines and 6,000 China-
Europe freight trains have shuttled
between China and over 30 cities in
12 European countries
• Since 2015, the total value of
Engineering, Procurement and
Construction (EPC) contracts signed
by China along the B&R has exceeded
US$320 billion

4 | EY Conversations
 GDP China vs. US (US$ trillion) 19
19
18
17
17
16
16
15
14 15 14
14
13
12 12
12 11 11
11 11 11
10
10 10
9 9
9
8
8 8
7
7
7
6 6 6
6
5 5
5 5 5
4
4 3
4
3 3
3 2
2
1 2
1 1 1
1 1 1 1
0 0 1 1 1
0 0 0 0 0 0 0 0 0 0 0

1980 1985 1990 1995 2000 2005 2010 2015

China United States

Source: IMF

Unimpeded trade: Financial integration: People-to-people bond:

• In 2016, the total trade volume • Since 2014, Chinese enterprises’ • Turnover generated by tourism in
between China and the B&R non- inancial direct investment along B&R regions accounted for over 70%
countries was close to US$1 trillion, the B&R has exceeded US$60 billion of total global tourism turnover
representing 25.7% of China’s
• The Asian Infrastructure Investment • The Ministry of Education of China
foreign trade volume3
Bank (AIIB) and the Silk Road Fund is pushing forward the Silk Road
• China has developed 75 overseas have approved US$9 billion to inance education program. In 2016, 226
economic and trade cooperation more than 30 projects researchers on country and regional
zones in 24 B&R countries; 3,412 studies were selected for further
• In 2016, cross-border capital
companies settling in the zones have study in 34 countries
investments between China and B&R
paid US$2.2 billion in taxes to the
countries reached US$178.4 billion, • The Chinese government’s Silk
host countries and generated
up 95% from 2013 Road Scholarship Program offers
210,000 new job opportunities
scholarships to an additional 3,000
or more new entrants from B&R
countries each year

Citi’s Amol Gupte on the Belt Road Initiative | 5

 Michael: The BRI has been received with a wide range of
reactions: from confusion to cynicism, but also genuine
enthusiasm and support.
What’s the right attitude for
businesses and governments
in ASEAN?
Amol: Countries have long recognized the importance
of connectivity for economic growth. To this end, some
may argue that China’s concept of BRI is not entirely
new. However, BRI is much more than the sum of its
parts and having China’s lead and commitment at a time
when protectionist sentiments are on the rise ushers new
opportunities and optimism. My view is that BRI could
potentially serve as an important engine of regional
and global economic growth in the coming years. If the
opportunities that arise are seized widely, BRI has the
potential to reshape the global value chain, spur wealth
creation and eventually, narrow the income gap.
ASEAN, which is an important cog in the wheel along
the Belt and Road corridor, is strategically important to
the success of the initiative, signaling opportunities for
businesses and governments in the region. Infrastructure
is clearly an area that will benefit from BRI. Citi Research
estimates ASEAN’s annual infrastructure needs to exceed
US$100bn in the next 10-15 years.
BRI will help the bloc achieve its vision of a seamlessly
connected ASEAN, as laid out in the ASEAN Master Plan
for Connectivity 2025 (AMPC). Both plans are highly

ASEAN Connectivity 2025

Vision

ASEAN To achieve a seamlessly and comprehensively connected and integrated ASEAN that
Connectivity 2025 will promote competitiveness, inclusiveness, and a greater sense of Community

Physical connectivity Institutional connectivity People-to-people connectivity

Strategic objectives
Strategies

Sustainable • Increase public and private infrastructure investment in each ASEAN Member State, as needed
infrastructure • Significantly enhance the evaluation and sharing of best practices on infrastructure
productivity in ASEAN
• Increase the deployment of smart urbanisation models across ASEAN

Digital • Support the adoption of technology by micro, small and medium enterprises (MSMEs)
innovation • Support financial access through digital technologies
• Improve open data use in ASEAN Member States
• Support enhanced data management in ASEAN Member States

Seamless • Lower supply chain costs in each ASEAN Member State

logistics • Improve speed and reliability of supply chains in each ASEAN Member State

Regulatory • Harmonise or mutually recognise standards, conformance, and technical regulations for
excellence products in key sectors
• Reduce number of trade-distorting non-tariff measures across ASEAN Member States

People • Support ease of travel throughout ASEAN

mobility • Reduce the gaps between vocational skills demand and supply across ASEAN
• Increase the number of intra-ASEAN international students

Source: ASEAN — Masterplan on ASEAN Connectivity 2025

6 | EY Conversations
“ Citi Research estimates ASEAN’s
annual infrastructure needs to exceed
US$100b in the next 10-15 years.”

convergent in their interests of developing transport different stages of development. There is much for
connectivity, and facilitating better access for trade, companies and governments alike in this part of the
capital flows, tourism and human capital exchanges. world to cheer about.
As BRI is a mammoth project, China knows it cannot
accomplish the BRI alone despite its vast capacity
and resources as the world’s second-largest economy.
This perspective is a key reason why China is seeking
cooperation across the BRI’s geographical spread of over
65 countries. My advice to our clients in ASEAN is to tap
on the BRI opportunity by forming strategic alliances with
the right partners to navigate the many uncertainties and
overcome the risks that lie ahead. At its core, the strategy
should be about creating win-win situations.
In summary, BRI is set to power the wheels of long term
economic growth in ASEAN and the wider region as it
presents multifaceted opportunities for countries in

Top 5 Chinese Outbound M&A Destinations Funding for BRI by Source

Outstanding loans or equity
investment at end-2016 (US$b)
H1 2016 H1 2017

1
22
Switzerland US$48.8b* UK US$15.5b
4
20

2 USA US$34.2b Australia US$14.7b

3 Germany US$10.4b USA US$7.5b Total

110 US$292b 150

4 Finland US$8.9b Singapore US$4.1b

5 UK US$3.6b Germany US$2.7b

* Include the deal that ChemChina acquired Swiss Syngenta for US$43b Big 4 state-owned commercial bank
Source: Mergermarket, including data for Hong Kong, Macau and Taiwan
China Development bank
Export-Import Bank of China
Silk Road Fund
Asia Infrastructure Investment Bank
New Develpment Bank
(aka Brics bank)

Source: Company statements; Oxford Economics; FT estimates

Citi’s Amol Gupte on the Belt Road Initiative | 7

 “ The good news is that Chinese companies
already have a high degree of comfort
investing into ASEAN.”

Michael: The funding of BRI has been dominated so far

by Chinese institutions such as China Development Bank,
New Development Bank, and the Asian Infrastructure
Investment Bank.
Aside from intermediating capital,
what is the role of commercial banks
in this initiative?
Amol: Commercial banks play an important role in helping
its clients and the countries realize the potential of BRI.
Other than project financing, the role of commercial banks
like Citi is to complement policy banks such as the Asian
Infrastructure Investment Bank to support companies with
BRI ambitions in the areas of trade financing, hedging,
FX solutions, and the understanding of local operating
and regulatory environments in BRI countries.
As a company, we are excited by the opportunities that BRI
offers as it plays to the core strengths of what Citi is about
as a bank — supporting clients with their institutional and
commercial banking needs in multiple jurisdictions across
our unique global network. Today, Citi conducts business in
58 of the over 65 Belt & Road countries — the most of any
bank globally. Our deep roots operating in the countries
along the BRI routes go back as early as 1902 across
Singapore, the Philippines and China to name a few
Asia Pacific BRI countries.
How do your clients perceive BRI —
as opportunity or disruptive risk?
How is Citi preparing its clients
for BRI?
Amol: Our clients doing business in ASEAN are optimistic
about the prospects of BRI and the opportunities it presents.
While Chinese companies and financial institutions will likely
be at the forefront, there will be immense opportunities
for non-Chinese companies especially if they are able to
transfer their technology know-how, products and advisory
services to Chinese firms working on BRI projects.
The good news is that Chinese companies already have
a high degree of comfort investing into ASEAN; China’s
foreign direct investment into ASEAN stood at about
US$6.5 Billion in 2015 and grew to over US$9 Billion in
2016. The pace will only accelerate more with BRI and
ASEAN stands to gain substantially.
At Citi, to support Chinese companies with ambitions to
invest in ASEAN, we have set up a regional China desk based
in Singapore as many of them have their regional treasury
centers based here. We also have a number of established
China desks across the world connecting our clients to our
local network along the Belt and Road route. Just recently,
we concluded a very successful Belt and Road Forum in
Beijing for over 200 global clients to share our insights on
BRI opportunities.

China’s outward FDI flows from 2007 to H1 2017 (US$b)

200 183.2
In H1 2017, China has
been steadily boosting its 150
145.7
investments along the Belt 123.1
107.8
and Road, with newly signed 88.9
100 87.8
engineering, procurement 68.8 74.7
and construction (EPC) deals 55.9 56.5 48.2
amounting to US$71.4b, a 50
26.5
YoY increase of 39%

Note: Data of H1 2016 and H1 2017 are non-financial outward of FDI flows
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Souce: MOFCOM

8 | EY Conversations
 Geographical distribution of Chinese enterprises’ overseas M&As
(proportion of value, US$ bn) and key investment destinations in 2016

North
America Europe Asia

33% 42% 14%

US and Canada Switzerland, Germany Isreal, Singapore
and UK and japan

Latin
America Africa Oceania
7% 2% 2%
Brazil Congo and Australia and
South Africa New Zealand

In 2017, Chinese enterprises are

tending to make more rational
overseas investment decisions.
China’s outbound M&As announced
during H1 2017 totaled US$65.7b
a YoY decrease of 51%*

* Source Mergermarket, including data for Hong Kong, Macau and Taiwan

Citi’s Amol Gupte on the Belt Road Initiative | 9

 Beyond political and diplomatic
engagement, how should
governments in ASEAN respond?
Amol: The large scale and international nature of BRI are
two sides of the same coin; it presents both opportunities
and risks.
The management and governance of cross-border projects
can be challenging. To this end, there is a need for
governments in ASEAN to mitigate the risks by creating an
open and transparent regulatory regime and setting up a
clear dispute resolution mechanism. Another challenge of
cross-border infrastructure projects is that cost allocation
and benefit distribution tend to be asymmetrical among
the countries involved. Ideally, there should be a mutually
acceptable framework to share costs and benefits.
Governments in ASEAN should also look beyond the horizon
as continued investments will bring in new opportunities
beyond infrastructure development. In the short run, as BRI
countries are mostly developing, their immediate needs will
usher in significant infrastructure investments. In the longer
term, BRI will lead to greater innovation while expanding
value-added manufacturing capabilities and inviting further
capital flows. Trade will also have the potential to be
more seamless and custom processes more streamlined.
BRI is expected to boost trade flows between China and
participating countries: 26% of China’s total trade volumes
are currently with Belt & Road countries, forecast to increase
to 40% by 2025.

ASEAN Connectivity 2025

Infrastructure Quality Quality of Quality Quality of Quality of Mobile phone

ranking of roads railroad of port air transport electricity subscriptions
supply

Singapore 2 2 5 2 1 2 24
Malaysia 24 20 15 17 20 39 27
Russian 35 123 25 72 65 62 13
Federation
China 42 39 14 43 49 56 105
Thailand 49 60 77 65 42 61 55
Indonesia 60 75 39 75 62 89 38
India 68 51 23 48 63 88 123
Brunei 78 41 na 87 84 52 85
Vietnam 79 89 52 77 86 85 40
Philippines 95 106 89 113 116 94 65
Cambodia 106 93 98 76 99 106 35
Lao PDR 108 91 na 132 100 77 131
Mongolia 110 109 69 137 124 97 93
Pakistan 116 77 53 84 91 121 130

Source: ASEAN — Masterplan on ASEAN Connectivity 2025

10 | EY Conversations
Michael: Singapore has taken a public stance on the BRI — The surge in BRI momentum is also timely. As the
Home Affairs and Law Minister K. Shanmugam recently gave chairman of ASEAN in 2018, Singapore will have the
a wide ranging speech indicating strong support for the opportunity to advance BRI initiatives in the region
initiative but also pointing out risks. for shared economic benefits.

What does the BRI mean to the

Singapore economy and for global
businesses operating from here?

Amol: Singapore’s BRI value proposition arises from a number

of factors.
The city-state’s strategic location enables it to be the gateway
for BRI investments from Chinese firms into ASEAN for
infrastructure projects in the short term. As trade becomes
more seamless due to better connectivity, the initiative would
allow Singapore to capture trade flows in the long term. At
the same time, Singapore is also positioned to intermediate
capital injection from ASEAN into the enormous Chinese
market though government-to-government projects such
as the Chongqing Connectivity Initiative, which is aimed at Key Statistics for Singapore
boosting growth in the less-developed western regions of role in BRI
China in support of BRI.

33%
The Monetary Authority of Singapore Managing Director,
Ravi Menon, recently shared that annual direct investment
between Singapore and Chongqing stands at 22.2 billion
yuan, which is up from 7.4 billion yuan five years ago. As of all outward investments related to the
at end 2016, through the Chongqing Connectivity Initiative BRI flows through Singapore
project, Chongqing corporates have raised 22 billion yuan in
offshore financing from Singapore-based financial institutions.
Underpinning Singapore’s unique geographical location is its
strong ecosystem of financial institutions and professional
services providers, an established capital market, its status
85%
of inbound investments for BRI initiative
as one of the largest offshore renminbi centres and the makes it way into China through Singapore
important role that it plays managing FX risks for companies.
Against this backdrop, without a doubt, BRI is opening up
significant opportunities for companies, large and small,
operating in this part of the world to leverage Singapore’s
strengths. In addition, the positive domino effect on the
Top 10
economy, although not immediate, cannot be underestimated. largest BRI trade partners with China
The Singapore government has already openly signaled its (total trade): Vietnam, Thailand,
support for BRI and that should translate to better facilitation Singapore, UAE, Russia, Indonesia,
and support for companies investing into the BRI corridor. Philippines, India, Malaysia, Saudi Arabia

Citi’s Amol Gupte on the Belt Road Initiative | 11

 Much of BRI focuses on creating
basic infrastructure: power
generation, ports, road — Is there
a role for technology to play a part
in shaping BRI and the resulting
opportunities?

Amol: The ancient Silk Road was a network of physical trade

routes established during China’s Han Dynasty. The new Silk
Road connects China by land and sea to Southeast Asia,
Pakistan and Central Asia, and beyond to the Middle East,
Europe and Africa. Beyond physical connectivity, BRI is very
much about digital connectivity.
Already, we have seen an Internet of Things (IoT) network
being launched through an agreement between Xi’an Beilin
District Science and Technology Bureau, Shaanxi Radio
and Television Network Group and ThingPark China. Going
forward, we will be seeing more and more use cases in the
way technology unlocks the growth potential of BRI.
The physical and virtual connectivity that we will see
develop along the BRI corridor raises many opportunities
for companies, both big and small, through the supply chain
linkage, bringing benefits for all stakeholders. Importantly,
China’s willingness to put its money where its mouth is acts
as a catalyst for other countries and companies to follow suit,
thereby bringing the growth agenda to the forefront. This
perspective underlies my optimism that we are going to see
a new era of growth in this region and beyond.

12 | EY Conversations
“ We should pursue innovation-driven development and
intensify cooperation in frontier areas such as digital
economy, artificial intelligence, nanotechnology and
quantum computing, and advance the development
of big data, cloud computing and smart cities so as to

turn them into a digital silk road of the 21st century.”
President Xi Jingping at the opening of the Belt and Road Forum for International Cooperation in May 2017

Citi’s Amol Gupte on the Belt Road Initiative | 13

 EY on BRI
Just because the impact of the BRI will be measured over
generations, doesn’t mean the drivers are necessarily
complicated: the reasons for BRI are rational, and the
opportunities and risks it creates real. Companies should
consider taking a holistic and long-term perspective:

14 | EY Conversations
Key Perspective Reviews

How companies should brace Strategic Plan

themselves for BRI?
Straightforward — Markets:
the confusion is down to the How will BRI reshape
difference in the oriental and the demand for your
occidental perception of time business?

Culture:
Do you have the global
talent to manage this
opportunity?

Network
Risk:
Is your risk culture
and mechanism fit
Will your customers
for purpose?
or supply chains be
reconfigured by BRI?
Social responsibility:
Can you align
Are they taking the right opportunity and
steps to capitalize on the responsibility?
opportunity and mitigate
the risks?
Partners:
Which institutions can
enable you?
Review your portfolio:
which markets, segments
and channels will grow Governance:
asymmetrically as a Is decision making sound
result of BRI over the and transparent?
next decade—how you
might reconfigure your
Capital:
portfolio, and invest or
Are your financing
divest in order to position
sources sufficient
yourself optimally?
and diversified?

Citi’s Amol Gupte on the Belt Road Initiative | 15

 Acknowledgements
Amol Gupte
Head of ASEAN and CEO of Citi Singapore
Based in Singapore, Amol is responsible for the leadership
of Citi’s ASEAN markets of Singapore, Indonesia, Malaysia,
Philippines, Vietnam and Thailand. As CEO for Singapore,
he is responsible for all of Citi’s businesses and operations
in the country.
Amol is a 28-year Citi veteran, and has held a number of
senior positions in London, New York, India and Hong Kong.
Prior to moving to Singapore from Hong Kong, he was the
Region Head for the Treasury and Trade Solutions (TTS)
business in Asia Pacific from 2012-16.
Amol holds a Master’s of Business Administration from
Bombay University.
16 | EY Conversations
Michael McGauran
EY Asia-Pacific Banking & Capital Markets Strategy Leader
Michael is a partner for the EY-Parthenon practice of
Ernst & Young Solutions LLP, where he leads banking
and capital markets transactions across Asia-Pacific.
Michael has 20 years of experience in strategy consulting,
private equity, banking and technology in Europe, the
Middle East and Asia, where he has been based for
10 years.
Michael serves financial services clients on topics such as
corporate strategy, transactions and M&A, partnerships,
organization, governance, transformation, sales
productivity, analytics and risk. Michael’s most recent
engagements include segment strategy, bancassurance
transaction and implementation, negotiation support,
partnership formation and organizational design. His clients
include global and regional financial services institutions,
principal investors and local Asian banks and insurers.
Prior to joining EY in 2014, Michael held senior private
equity and strategy roles at CIMB Group and was
board director and investment committee member of
several private equity funds, infrastructure funds, fund
management companies and portfolio entities. Previously,
he was a strategy consultant at McKinsey & Company in
Singapore, and he served as an emerging markets strategy
manager at Barclays Bank based in Dubai. He started
his career as a banking and capital markets technology
architect at Accenture in London, Frankfurt, Dublin and
Bangalore. Michael holds an MBA from INSEAD .
Contact

Area Leaders Asia Pacific COIN Network

Jan Bellens Loletta Chow
EY Global Deputy Sector Leader for Global Leader
Banking & Capital Markets China Overseas Investment Network (COIN)
Singapore Hong Kong
jan.bellens@sg.ey.com loletta.chow@hk.ey.com
+65 6309 6888 +852 2629 3133

Charlie Alexander John Li

EY Asia-Pacific Transaction Advisory Services Leader Oceania Area COIN Leader
Hong Kong Sydney, Australia
charlie.alexander@hk.ey.com john.li@au.ey.com
+44 20 7951 4420 +61 2 9248 5008

Liew Nam Soon

EY ASEAN Markets Leader
Singapore
nam-soon.liew@sg.ey.com
+65 6309 8092

Brian Thung
EY ASEAN Financial Services Leader
Singapore
brian.thung@sg.ey.com
+65 6309 6227

Dustin Ball
Asia Pacific Insurance Transactions Leader
Partner
Hong Kong
dustin.ball@hk.ey.com
+852 2675 2838

Michael McGauran
EY Asia-Pacific Banking & Capital Markets
Transactions & Strategy Leader
Singapore
michael.mcgauran@sg.ey.com
+65 6309 6048

Stuart Last
EY Transaction Advisory Services
Partner
Singapore
stuart.last@ey.com
+65 6309 8012

Citi’s Amol Gupte on the Belt Road Initiative | 17

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