Top Headlines in the Last 7 Days
(28th Nov – 4th Dec 2016)
No. 1 Bank of Singapore Completes Acquisition of Barclays Singapore & Hong Kong
Bank of Singapore has completed the acquisition of the wealth and investment management of Barclays business in Singapore & Hong Kong (Barclays WIM Singapore and Hong Kong).
US$13 billion of AUM has been passed to Bank of Singapore. Hence the purchase price will be at $227.5 million, which is 1.75% of the AUM transferred. Learn More …
No. 2 Senior Departs at Nomura Wealth Management
Amanda Chen, Deputy Head of Wealth Management Division for Asia ex- Japan has left the business. Due to her departure, Johnny Heng who joined from Coutts in 2015 will take on the role of Head of Relationship Management for Asia ex Japan.
Amanda was previously the Head of Strategic Transaction Group at Morgan Stanley Private Wealth Management where she delivered integrated services to key clients in Asia. Learn More …
No. 3 Standard Chartered Regional CEO Steps Down
Ajay Kanwal will step down from his role as Regional CEO, Asean and South Asia of Standard Chartered with immediate effect. Anna Marrs will take up the role of Regional CEO, ASA in addition to her role as CEO, Commercial and Private Banking. This is subject to regulatory approval.
Anna joined the bank in 2012 and has held a number of roles including Group head of Strategy and Corporate development. Learn More …
No. 4 Deutsche Senior Banker Departs
Marco Bizzozero, Head of Wealth Management Operations in Europe, Middle East and Africa will be leaving and replaced by Peter Hinder.
Peter is currently the chief of staff for Deutsche’s private client, wealth management and commercial arm. He has spent the last 1 year helping to shape Deutsche’s strategy for private banking. Learn More …
No. 5 Deutsche Bank Appoints New Wealth Management Head from Within
Deutsche Bank has appointed Kansas Chan as Head of North Asia Wealth Management. This will be made effective on 5th December 2016.
She has over 20 years of industry experience and joined Deutsche’s Wealth Management arm in 2007 as Head of Fixed Income. She was also Head of Capital Markets Asia Pacific since 2013. Learn More …
No. 6 MAS Fine Standard Chartered Bank and Coutts for 1MDB Related AML Breaches
The Monetary Authority of Singapore (MAS) has implemented penalties of S$5.2 million and S$2.4 million on Standard Chartered, Singapore Branch and Coutts & Co, Singapore Branch for anti money laundering (AML) breaches. This is related to the 1MDB related flows through the banks.
MAS has served a notice of its intention to issue a Prohibition Order agasint Tim Leissner, a former director of Goldman Sachs (Singapore). Learn More …
No. 7 Deutsche Wealth Hires from UBS
Terry Tung joins Deutsche Bank from UBS with immediate effect. He joins the bank as Managing Director and will be based in Hong Kong. He is the Team Head and is in charge of providing wealth management client coverage in Greater China.
He has covered Ultra High Net Worth clients in the Greater China region at UBS. Prior to UBS, he also covered China in HSBC Private Bank, out of Hong Kong. Learn More …
No. 8 UBS Hong Kong Announces Internal Move
UBS Hong Kong has announced that Michael Christo will be joining the Hong Kong Domestic Kowloon Team as Desk Head with effect from 1st Jan 2017.
He was the Head of Portfolio Specialist Team and was in charge of marketing Investment Products and Services Platform to UBS clients to Greater China. Learn More …
No. 9 ANZ Axed 2016 Staff Share Bonus
ANZ has scrapped its usual A$1,000 share bonus for staff this year amid cost cutting drive. The bonus cost the bank A$17.3 million in the most recent financial year.
Higher funding costs, narrow margins and rising bad debt charges are taking a hit on ANZ’s profit, with the bank reporting its lowest full year earnings since 2011. Learn More …
No. 10 DBS Cuts a Dozen Jobs at Brokerage Unit
DBS cut at least 12 jobs across Asia at its brokerage unit as the volume of shares traded has declined. The average daily value of shares traded in Singapore dropped to S$1.06 billion this year, a 24% decline from 2013.
DBS Vickers is looking to enhance its effectiveness, efficiency and productivity including reviewing the systems and processes. According to the brokerage, affected employees will have the opportunity to be redeployed within the bank. Learn More …
Credits: Finews Asia, Barclays Press Release, Standard Chartered Press Release, Bloomberg, MAS Press Release
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