NEW YORK, June 8 (LPC) - MUFG said it promoted Bill Davidson to lead the new global technology sector within the bank's global corporate and investment banking group, according to a statement obtained by Thomson Reuters LPC.
As global head of technology banking, a role that took effect on June 1, Davidson, a managing director, will focus on deepening existing relationships and increasing MUFG's client roster. The bank now has 175 technology clients globally, with about two-thirds based in the US.
Davidson, based in San Francisco, is also maintaining his role as head of the US technology banking team within MUFG's US wholesale and investment banking group.
Davidson reports to Randall Chafetz, managing executive officer of the global corporate and investment banking group, and to Kevin Cronin, head of the US wholesale and investment banking group.
“Bill’s leadership capabilities and accomplishments while managing the US technology banking group make him a natural choice to lead MUFG’s effort to expand and enhance this critical sector on a global basis,” Cronin said in the statement.
More than US$95bn of US technology loans were issued so far this year, the vast majority in the leveraged loan market, according to LPC.
Among recent leveraged loan transactions, MUFG was lead left bookrunner, joint lead arranger and administrative agent for a US$3.1bn senior secured credit facility for Perspecta Inc’s debut financing. MUFG was also lead left bookrunner and lead arranger for a US$3.5bn senior secured credit facility for information technology services firm CSRA Inc.
Perspecta is the US public sector business spun out of DXC Technology, which itself was formed when Computer Sciences Corp and the enterprise services division of Hewlett Packard Enterprise merged last year.
“MUFG is well-positioned to meet the increasingly advanced global banking and financing needs of its technology industry clients,” Davidson said in the statement.
Davidson earned a B.A. from Dartmouth College, and an MBA from the Fuqua School of Business at Duke University. (Reporting by Lynn Adler; Editing By Jon Methven)