Local currency guarantee provider GuarantCo is to expand to Asia with the opening of an office in Singapore.

Funded by the governments of Australia, the Netherlands, Sweden, Switzerland and the UK and owned by the Private Infrastructure Development Group (PIDG), an organisation that stimulates private financing in emerging market projects, GuarantCo provides guarantees for local currency loans in frontier markets.

Its Singapore office will add to the branches it has in London and Nairobi and the expansion also comes with changes to the management board.

CEO Chris Vermont has retired and will be replaced by Lasitha Perera, who was previously the chief investment officer. Vermont had been at the helm since 2007 and, according to a statement, helped GuarantCo grow “from a small start-up into a leading development finance institution focused on mobilising private sector investment from local capital markets with an investment capacity of US$1bn”.

Perera will be joined on the management team by Douglas Bennet and Dale Petrie, who are chief operating officer and head of finance, respectively.

“I am delighted that I leave GuarantCo in such capable hands. GuarantCo has developed a problem-solving and entrepreneurial style which helps projects solve immediate problems, also transforming markets in the longer term. I would like to thank the team for their dedication and the GuarantCo Board for their consistent support and advice over the years.” Vermont says.

“The board and I are delighted to see Lasitha, Douglas and Dale step up to lead the business in its next phase of growth. The ability to make such appointments from existing management provides great continuity, as well as showing the strength in depth that Chris has built,” adds Andrew Bainbridge, chairman of GuarantCo.