Top Headlines in the Last 7 Days
(17th – 23rd Oct 2016)
No. 1 DZ Privatbank to Close its Branch in Singapore
DZ Privatbank Singapore (PBSG) will stop doing business in Singapore on 31st December 2016. The bank will be taken over by Bank of Singapore. The relationship managers at PBSG will switch to Bank of Singapore and be available for the clients.
PBSG will be the second takeover of a foreign bank by Bank of Singapore this year as they have also acquired Barclays Wealth. Learn More …
No. 2 Former UBS Banker to Take Over Thailand Market Group Head at Credit Suisse
Urs Grueter will be joining Credit Suisse as Managing Director and will be appointed as market Group head Thailand as of 1st January 2017. He joins from UBS Wealth Management where he was working for 17 years. He has covered Southeast Asian markets for most of his career.
The current Market Group Head of Thailand Christian Senn will be taking a leave of absence for up to 12 months from 1st January, 2017 to focus on family commitments. Learn More …
No. 3 JP Morgan Fined by SFC Hong Kong
The Securities and Futures Commission (SFC) has fined J.P Morgan Securities and J.P Morgan Chase Bank $3 million and $2.6 million respectively for regulatory breaches including disclosure failures in research reports and offering offshore listed index options without required licences.
J.P Morgan has since taken measures to rectify the problems in its securities position reporting system and stopped providing offshore listed index options. Learn More …
No. 4 Appointment of New Managing Director at Fidelity International
Fidelity International has appointed Daisy Ho as Managing Director, Asia ex-Japan. The role includes the Institutional, Intermediary and Defined Contribution business channels.
She has been with Fidelity since 200 and held roles of Head of Institutional Business, Asia ex Japan and Director, Head of Institutional Business Development Asia. Learn More …
No. 5 J.P. Morgan Opens Virtual Branch in Indonesia
J.P. Morgan has opened its virtual branch in Indonesia, the second location globally where it is rolled out. The first location was launched in India last December.
The virtual branch is a fully integrated platform that provides a comprehensive suite of banking services that can be securely accessed from desktops and mobile devices. Learn More …
No. 6 Goldman Sachs Asia Pacific Chairman to Leave
Mark Schwartz, chairman of Goldman Sachs Asia Pacific will be stepping down at the year end and be an adviser to the bank. He has worked in the firm for 27 years and is based in Beijing.
Schwartz joined Goldman Sachs in 1979 and rose through the ranks, founding the high-yield department in 1985, becoming partner in 1988 and running debt capital markets for a number of years in the 1990s. Learn More …
No. 7 Credit Suisse New Trading Desk in Hong Kong
Credit Suisse has hired Edwin Yeung as Director, U.S and European Credit Trading. He was with HSBC Hong Kong for ten years and has traded U.S Credits since 2010.
The new credit trading desk is to accommodate the demand for US & European investment grade credit product in Asia Pacific. Learn More …
No. 8 CIMB & China Galaxy Securities Negotiating Joint Venture
CIMB Group Holdings Berhad & China Galaxy Securities Co Ltd have signed a heads of terms to explore a strategic partnership in the stock broking business.
The business consists of institutional and retail brokerage, equities research and associated securities businesses (“stockbroking business”) and will identify further areas of co-operation in the relevant operating markets.
Both are negotiating a 50:50 joint venture in the stock broking business. Learn More …
No. 9 Westpac Set to Cut Jobs in Asia
The job cuts will most likely take place in Singapore where Westpac services businesses and individuals with links to Australia. However this will not impact Westpac’s trade finance operations in Asia. Westpac and the other rivals are cutting costs as earnings growth is lesser. Learn More …
No. 10 Manulife Promotes Senior Executive in Hong Kong
Manulife has promoted Wilton Kee as Chief Product Office for its individual financial products in Hong Kong. Wilton joined Manulife in 2013 as Assistant Vice President & Pricing Officer, Individual Financial Products. He has played an important role in building new bancassurance business in Hong Kong. Learn More …
Credits: Finews Asia, Bloomberg, CIMB Press Release, J.P Morgan Press Release, Australian Financial Review, SFC HK Press Release
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