Top Headlines in the Last 7 Days
(5th – 11th Dec 2016)
No. 1 LGT Buys ABN Amro’s Asian Private Banking Business
LGT has bought ABN Amro’s private banking business in Asia and Middle East for an undisclosed amount. LGT will expect to see its assets under management (AUM) increase to over $US40 billion and US$160 billion overall.
The employees from ABN Amro will be transferred to LGT’s regional entities in Hong Kong, Singapore and Dubai respectively and will look after their clients. Learn More …
No. 2 Amundi to Buy Pioneer Global Asset Management
Amundi SA is one of the leading investment firms to buy Pioneer Global Asset Management SpA from UniCredit SpA. Amundi is set to pay more than 3 billion Euros for Pioneer.
This would be the biggest acquisition for Amundi and launch it into the top global money manager. Learn More …
No. 3 Credit Suisse Reduces APAC Target for Markets & Trading
Credit Suisse is confirming its medium term 2018 PTI target for Swiss market and Wealth Management targets both in emerging markets of Asia Pacific and other emerging economies.
In the face of challenging market conditions, Credit Suisse will be adjusting down the targets related to markets and trading activities in APAC and to Asset Management activities in IWM. Learn More …
No. 4 Ex-Head of ABN Amro Private Banking Joins EFG
EFG Singapore has hired Lee Chang Tze as Deputy CEO & Co Head of Private Bank. Chang Tze was the ex ABN Amro’s Head of Private Banking for Southeast Asia.
He was also ABN Amro’s location Head for Singapore where he was in charge of products, solutions team and took charge of credit risk management, compliance and human resources. Learn More …
No. 5 Private Bank Edmond de Rothschild Exits Hong Kong
Swiss private bank Edmond de Rothschild is exiting Hong Kong, more than two decades after it opened in Hong Kong. This is due to the escalating costs in the wealth management industry.
The bank which has 167 billion Swiss francs of assets under management as of end June 2016 has gave up its China operating license and will run its Japan and Korea operations through its Swiss head office. Learn More …
No. 6 EFG to Implement Cost Cutting Measures
EFG International has lifted its cost cutting target for BSI from 185 million to 240 million Swiss francs annually. From next year onwards, the newly merged bank will cut up to 150 jobs every year.
The cuts will be focused in Switzerland, Zurich, Lugano. It also plans to cut its spending through disposals and closing booking centres such as a BSI branch in Panama. Learn More …
No. 7 SGX Appoints New Head of Fixed Income Business
SGX has appointed Michael Luk as the new Head of Fixed Income Origination and Sales with effect from 1st January 2017. He will be in charge of increasing the growth of SGX’s fixed income businesses through deeper and broader relationships with market participants.
Mr Luk has more than 18 years experience in debt capital markets covering all fixed income debt financing products. Learn More …
No. 8 Julius Baer Hires Private Bankers in Bahrain
Julius Baer has hired four new private bankers in Bahrain to increase its market share. It has hired Ahmed Mukhtar as a relationship manager and was joined by team leader David Singh, Kamran Naqvi and Natalia Zhelyesnyak in September.
Julius Baer reorganised its regions in September and replaced its Middle East Head. Learn More …
No. 9 Peter Chan to Succeed Terry King as ANZ CEO Taiwan
ANZ has announced that Peter Chan will succeed Terry King as CEO Taiwan. This is after Mr King’s decision to retire after a 36 career in banking.
Mr Chan is currently CEO Philippines and has held senior institution roles in Australia, Hong Kong and Greater China region, including Head of Institutional Banking in Taiwan. Learn More …
No. 10 Hong Kong Regulator Express Concerns Over DBS Arrests
The Hong Kong Monetary Authority expressed concern after a news paper said DBS Group Holdings staff were arrested due to their connection to an alleged leak of customer data.
Glendy Chu, a marketing and communications executive for DBS Hong Kong said the bank had alerted authorities after internal monitoring showed irregularities. Learn More …
Credits: Finews Asia, Reuters, Credit Suisse Press Release, SGX Press Release, South China Morning Post, Bloomberg
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