SWFI First Read, November 30, 2016
Trump Selects Elaine Chao for Secretary of Transportation
U.S. President-Elect Donald J. Trump named Elaine L. Chao to be his choice to be the next U.S. Secretary of Transportation. Chao was the U.S. Secretary of Labor under U.S. President George W. Bush. Chao served as Deputy Transportation Secretary under U.S. President George H. W. Bush. She is a board member of News Corporation. Chao is a former Chair of the Pension Benefit Guaranty Corporation (PBGC). Before serving in the U.S. government, Chao was Vice President of Syndications at Bank of America Capital Markets Group and had a stint a Citigroup.
Saudi Hollandi Bank Gets Rebranded to Alawwal Bank
Saudi Hollandi Bank has rebranded itself as Alawwal Bank, which translates into “First Bank” in English. The bank was formed in 1926, originally a branch of the Netherlands Trading Society.
Ping An Invests in Series D Round in Innovent Biologics
Suzhou, China-based Innovent Biologics, a based biopharmaceutical company that develops monoclonal antibody products, raised US$ 260 million in a Series D round. Leading the round is Beijing-based SDIC Fund Management Co. Ltd through its fund vehicle Future Industry Investment Fund (FIIF). Other investors in the round include China Life Private Equity Limited, Milestone, Ping An and Taikang Insurance Group. In addition, Innovent’s existing investors, such as Legend Capital, Singapore’s Temasek Holdings and Hillhouse Capital, also participated in this Series D round.
APG and Piramal Enterprises Invest in ACME Cleantech Solutions to Support Acquisition Efforts
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