Top Headlines in the Last 7 Days
(21st – 27th March 2016)
No. 1 Standard Chartered Bank Targets China
Mary Huen Wai-yi, the regional head of retail banking for Greater China & North Asia said Hong Kong will be used as a hub to attract HNW individuals from mainland to bring growth in retail banking income.
After opening a wealth management centre at Forum in Central, Huen said another one will be set up at Sheng Shui this year.
No. 2 DBS & OCBC left in bid for Barclays HK & Singapore wealth units
According to sources, Singapore’s DBS Group Holdings is seen leading the race to buy Barclays’s Hong Kong & Singapore private wealth units.
The other bidder left is Oversea-Chinese Banking Corp, the sources added. However, they cautioned that no final deal has been agreed. If DBS wins, this would help strengthen its lead in wealth management among Singapore’s three listed banks, while a victory for OCBC would help to overtake DBS.
No. 3 RBC Wealth Management hires Head for Southeast Asia
RBC Wealth Management has filled the position left vacant by the departure of Grace Barki last year.
Tho Gea Hong will be named as the new Head of Wealth Management, Southeast Asia. She has held previous roles with DBS and Merrill Lynch International Bank and joins RBC Wealth Management from EFG Bank.
No. 4 Credit Suisse to Expedite Job Cuts
CEO Tidjane Thiam has announced further austerity measures in restructuring of Credit Suisse and will accelerate planned job cuts. Credit Suisse plans to achieve 1.7 billion francs in cost savings for 2016.
The bank has announced a headcount reduction of 6,000, an increase of 2,000 on original number. Every division will be expected to contribute to the cost savings and headcount reductions over the coming quarters.
No. 5 HSBC begins search for new Chairman
Europe’s biggest bank HSBC has begun the search for a successor to its Chairman Douglas Flint and seeks to nominate a candidate in 2017.
Flint said in a letter to shareholders that the Board aims to nominate a successor during 2017 but the exact timing is clearly dependent upon identifying and securing the appropriate candidate.
No. 6 ASX CEO resigns
ASX Chief Executive Elmer Funke Kupper has resigned effective immediately amidst allegations of foreign bribery during his team has head of gaming company, Tabcorp.
Mr Funke Kupper has served as a non executive director for Tabcorp since mid 2012 and was CEO of the company from September 2007 to Jun 2011.
No. 7 Rockefeller Family Fund to divest from fossil fuels, hits Exxon
The Rockefeller Family Fund said it would divest from fossil fuels as quickly as possible and “eliminate holdings” of Exxon Mobil Corp, saying the oil company associated with the family fortune has misled the public about climate change risks.
The move is notable because a century ago John D. Rockefeller Sr. made a fortune running Standard Oil, a precursor to Exxon Mobil.
Credits: The Standard, Reuters, Bloomberg, The Australian Business Review, Credit Suisse