In a bid to capitalize on the potential of China's expanding capital markets - including securitization - Cadwalader, Wickersham & Taft LLP has hired Charlie Wang as a partner in its Washington office. Wang, who rejoins the firm after a stint at Wiley Rein and Fielding, is originally from Mainland China, where he served as a judge in the commercial division of the Chinese District Court.
There is a real sense among many ABS professionals that the potential for securitization in China will soon be realized after numerous false dawns. In May, Industrial Bank of China (ICBC) closed a Rmb820 million (US$99 million) deal backed by non-performing loans (See ASR 4/19). Credit Suisse First Boston arranged the transaction - rated triple-A by local agencies - while Citic Securities marketed the deal.