April 26, 2018 / 4:58 AM / 3 months ago

CORRECTED-MOVES-Barclays resumes operations in Australia

(Corrects designation of office in first paragraph)

By Prakash Chakravarti and Sharon Klyne

HONG KONG/SYDNEY, April 26 (IFR) - British lender Barclays has reopened an office in Sydney, slightly over two years after it shuttered operations in Australia.

Paul Early and Richard Satchwell will jointly head the Australian office, which launched on Monday.

“Re-establishing our on-the-ground presence in Australia, the third largest financial market in Asia Pacific, is an important part of our strategy to grow our franchise,” said Tim Throsby, president of Barclays International and CEO of the corporate and investment bank, in a statement.

Early joined Barclays in 2007 in Sydney and led the mining and metals sector coverage for Australia. Since 2012 he was based in Hong Kong, leading the Asia Pacific natural resources coverage team.

Satchwell has been with Barclays since joining in London in 2005 and held leadership roles across the Australian financing and risk management businesses. He has also handled responsibility for the broader Asian acquisition and leverage finance teams and industry and advisory teams in Australia. He was most recently part of the Europe and Middle East leveraged finance team in London.

Satchwell had helped wind down the Australian operations in 2016 as part of the British lender’s retreat from investment banking in at least eight countries in Asia.

Following the exit in 2016, Barclays had continued to do deals in Australia but covered the country from Singapore. It has been particularly active in acquisition-related and term loan B financings for the likes of Ventia, the infrastructure services spin-off from Leighton Holdings, and US data management firm Iron Mountain. (Reporting By Prakash Chakravarti and Sharon Klyne for Thomson Reuters LPC; Editing by Steve Garton and Vincent Baby)

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