Top Headlines in the Last 7 Days
(10th – 16th Oct 2016)
No. 1 Falcon Private Bank Shut Down in Singapore
The Monetary Authority of Singapore has closed Falcon Private Bank, citing poor controls and conduct related to 1MDB. The bank will also have to pay a penalty of 4.3 million Singapore dollars for 14 breaches.
Falcon is the second bank to lose its license in connection with investigations into Malaysia’s 1MDB fund. Learn More …
No. 2 ABN AMRO Contemplating Sale of its Asia Private Banking Business
ABN AMRO NV is exploring the sale of its Asia Private Banking Business. This is according to several sources in the bank who said the bank has reached out to potential buyers to gauge interest.
ABN AMRO is enforcing 200 million euros of cost cuts as competition, regulatory pressures and low interest rates have caused earnings to decline since the bank returned to the stock market. Learn More …
No. 3 Head of Deutsche Wealth Management Leaves
Ravi Raju, the Hong Kong based Head of Deutsche Bank Wealth Management APAC has left for another bank. Raju was previously with Citi and has been with Deutsche since 2007.
He is believed to have good loyalty with his senior management team and relationship managers. Learn More …
No. 4 Two Ex-BSI Bankers Criminally Charged
The two ex-BSI SA bankers have been charged in Singapore. Yak Yew Chew, a former private banker for 1MDB and Low Taek Jho faces seven charges including forgery. Yak’s former subordinate Yvonne Seah Yew Foong was also charged.
The two were among six members of BSI Bank’s senior management and staff that the central bank said in May it had referred to the public prosecutor to evaluate whether they had committed criminal offences. Learn More …
No. 5 DBS & UBS Fined by MAS
MAS has imposed penalties amounting to S$1 million on DBS for 10 breaches and S$1.3 million on UBS for 13 breaches. The lapses in these banks are related to specific bank officers who did not carry out their duties well.
MAS has informed the management to investigate the problems and take appropriate actions against the staff who were involved. Learn More …
No. 6 Ex Credit Suisse Bankers Move to Julius Baer
Three former Credit Suisse bankers have moved to Julius Baer.
Pradinan Arkarachinores has been appointed Team Head for the Thai Market, based in Hong Kong. Agatha Chan is appointed Team Head for the Philippines market, and will also be based in Hong Kong. Tisha Mellado has joined Julius Baer as a senior RM in the Philippines team, based in Singapore. Learn More …
No. 7 Deutsche Bank Appoints Stand In for Asia Wealth Management
Deutsche Bank has appointed a stand in for Ravi Raju. Lok Yim will take over as the Head of Deutsche’s wealth management activities in Asia, effective immediately.
Yim has been the head of Deutsche’s private bank in North Asia since 2009. Prior to this, he spent 11 years at Citigroup in private banking and investment banking. Learn More …
No. 8 Standard Life Investments Appoints New Team
Standard Life Investments has appointed a new team and CEO in Singapore. The team consists of Choon Wah Wong as CEO & Head of Asia Pacific Real Estate, Ted Roy Deputy Fund Manager, Jason Lam, Associate Investment Director, Asia Wholesale Sales and Tervinder Chal, Head of Asia Pacific Real Estate Finance and Operations. Learn More …
No. 9 Asia Creates a New Billionaire Every Three Days
113 Asian entrepreneurs achieved the billionaire status during the year 2015, accounting for more than half of 2015’s world total.This represents a new billionaire is created in Asia almost every three days. China accounted for 80 of the new billionaire entrepreneurs in Asia, which has an average age of 53.
Half of these came from technology (19%), consumer & retail (15%) and real estate (15%). Learn More …
No. 10 New Chairman at Commonwealth Bank of Australia
Catherine Livingstone will succeed David Turner as its Chairman of Commonwealth Bank of Australia. She is the current Non Executive Director since March 2016 and was formerly Chairman of Telstra Corporation.
She is currently President of Business Council of Australia and will retire from the role in November 2016. The appointment as Chairman of CBA will be effective from 1st January 2017. Learn More …
Credits: Finews Asia, Reuters, Bloomberg, Standard Life Investments Press Release, Billionaire Report 2016, The Wealth Insider
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