Promontory, a global financial services consulting firm, has announced the appointment of Frank Newman, former chairman and CEO of the Shenzhen Development Bank and former deputy US Treasury secretary as non-executive chairman of its China practice. Newman joins Ronald Gould, previously chief executive of Chi-X Asia-Pacific, who was appointed as managing director earlier this year.
With the opening of an office in Hong Kong, Promontory has launched a Greater China practice to deliver strategies and solutions for regulatory requirements, corporate governance, risk, and compliance to financial companies in mainland China, Hong Kong, and Taiwan.
“Asia continues to emerge as an engine for global growth and we have focused on its vibrant markets since the establishment of our first international office in Tokyo in 2004 and subsequent offices in Singapore and Sydney,” said Eugene A. Ludwig, Promontory’s founder and chief executive officer.
“Our new Hong Kong office will draw on the resources of the entire Promontory Group to serve the growing demand for cross-border regulatory expertise by large financial institutions in Asia. Hong Kong will serve as Promontory’s entry point to provide experienced and useful advice for China’s burgeoning financial markets,” added Newman.