Mauricio Noé, formerly head of covered bonds at Deutsche Bank and ABN Amro, has resurfaced two years after leaving the German bank to head a push into Europe by Kroll Bond Rating Agency (KBRA).

The rating agency was established in the US in 2010 and is expanding into Europe, having been certified by the European Securities & Markets Authority (ESMA) in 2013, and is now establishing a regulated European subsidiary.

Noé was global head of covered bonds at ABN Amro and head of covered bonds at Deutsche Bank, but also worked more broadly in FIG as well as the sovereign, supranational and agency sector.

“KBRA is pleased to welcome Mauricio as an addition to our experienced team,” said James Nadler, president and COO of KBRA. “We look forward to leveraging and utilizing Mauricio’s expertise as KBRA expands our ratings practice globally and continues to be a leader in the ratings market.”

Kroll’s move into Europe comes after DBRS made a similar transatlantic expansion to compete with Moody’s, Standard & Poor’s and Fitch, while Scope Ratings, headquartered in Germany, is seeking to grow its business into areas such as covered bonds.

Noé told The Covered Bond Report that Kroll is seeking to be a full service rating agency in Europe. It will initially target areas in which it has a stronger track record in the US – where it has worked on areas such as private placements and project finance with European clients – but ultimately expand across a wide range of products, including covered bonds.