Top Headlines in the Last 7 Days
(30th May – 5th Jun 2016)
No. 1 Pictet Names New Singapore CEO
Pictet has split the roles of Hong Kong and Asia CEO and has now replaced its new Singapore CEO. Dominique Jooris will be lined up to be the CEO for Pictet Bank in Singapore. He is a veteran of U.S investment bank Goldman Sachs where he was most recently head of capital markets in Asia.
No. 2 Credit Suisse to Close Panama Private Banking Office
Credit Suisse has confirmed that it will be closing its private banking operations in Panama. The news comes one month after the Panama Papers controversy. The Credit Suisse spokesperson said the closure of the bank’s Panama operations was a “streamlining” of activities in Latin America.
The Swiss bank wants to strengthen its presence in other Latin America countries such as Brazil and Mexico.
No. 3 RBC Wealth Management Asia Head Steps Down
Barend Janssens will step down as head of RBC Wealth Management Asia on 10th June 2016. He will be succeeded by Peter Corry, who is vice president of strategic initiatives and change management, finance. He will be based in Singapore and report to Stuart Rutledge, head of wealth management international.
RBC has also announced that its Asia wealth management business will be led overall by Stuart Rutledge.
No. 4 CTBC Private Bank Expands Team in Singapore
CTBC Private Bank has hired three relationship managers in Singapore ever since the start of this year. In May, the Taiwan based bank hired Richard Cheong from UOB Private Bank as a relationship manager.
Between March and April, the private bank also hired Cheng Xiufen, an investment consultant from Bank J Safra Sarasin and Jacky Poh, formerly with CIC, as relationship managers.
No. 5 UBP Investment Chief Leaves
Union Bancaire Privee’s investment chief in private bank is leaving the Swiss bank. Jean-Sylvain Perrig had been in the role for roughly two and a half years and has been with UBP since 2000. He will be replaced by Norman Villamin, currently Head of Investment Services and Treasury & Trading teams in Zurich.
No. 6 Former Singapore Government Official Joins Asian Family Office
Fusang, an Asian Family office has announced that Chan Heng Weng will be joining its board of directors. Chan is currently senior advisor in Singapore’s Ministry of Foreign Affairs and non resident High Commissioner to the People’s Republic of Bangladesh
Chan was previously managing director of international relations at Temasek International in Singapore and chief representative in China for Temasek Holdings.
No. 7 UBS Wealth Names New Chief Economist
UBS Wealth Management has announced that Paul Donovan will join its chief investment office as global chief economist. He comes from UBS Investment Bank, where he was the acting co head of UBS Investment Bank Economics.
He will coordinate the chief investment office’s regional economic views, take responsibility for its global economic views, and continue as a member of UBS WM’s global investment committee.
No. 8 Falcon Private Bank Elects New Member to its Board of Directors
Falcon Private Bank has elected H.E Khaled Balama AlTameemi as a new member of the Board of Directors, effective immediately.
Al Tameemi is executive director of the Real Estate Department at Abu Dhabi Investment Council and on the board of a number of entities, including the UAE central bank since 2008. His experience is expected to add emerging markets expertise to the bank.
No. 9 DBS Vickers Names New CEO to its Hong Kong Operations
Josephine Lam has been appointed to the role of CEO of DBS Vickers (Hong Kong). She succeeds Kevin Leung and will report to Sebastian Paredes, CEO of DBS Bank (Hong Kong) In the new role, Lam will oversee DBS Vickers’ corporate and retail sales business in Hong Kong, with responsibility for its strategic planning and overall development.
She was previously General Manager of Guoco Capital, where she helped revamp its brokerage platform for stocks, futures, structured products, fixed income and bullion.
No. 10 Bank of East Asia Exits Securities Business
The complete retail business of the bank’s East Asia Securities (EAS), a wholly owned subsidiary of BEA will close by 8th July 2016. This closure will result in approximately 180 redundancies.
Due to the increasing popularity of electronic and phone trading, which currently facilitates over 90 percent of EAS’s transactions, maintaining retail outlets to provide counter trading services has become very costly for EAS.