Top Headlines in the Last 7 Days
(31st Oct – 6th Nov 2016)
No. 1 DBS to Acquire ANZ’s Asia Wealth Management and Retail Banking Business
DBS Bank Ltd (DBS) announced that it has agreed to acquire the wealth management and retail banking business of ANZ in five markets for roughly SGD 110 million above book value. With this acquisition, DBS will add SGD 23 billion in wealth AUM, with high net worth clients accounting for SGD 6 billion.
This will take DBS’ high net worth AUM and total wealth AUM to SGD 115 billion and SGD 182 billion respectively. Learn More …
No. 2 ANZ to Focus on Institution Banking
ANZ would strengthen its focus on institutional banking in Asia after it agreed to sell its Retail & Wealth business in Singapore, Hong Kong, China, Taiwan and Indonesia to DBS.
The Retail and Wealth business being sold includes roughly $11 billion in gross lending assets, $7 billion in credit risk weighted assets and $17 billion in deposits. Learn More …
No. 3 DBS Appoints Head of International Private Bank
DBS has appointed Rob Ioannou as Head of International Private Bank. His responsibilities include Global South Asia, Non Resident Indian teams, Europe, Middle East and Africa regions.
No. 4 EFG International Announces Successful Acquisition of BSI
EFG International has completed the acquisition of BSI for a preliminary price of CHF 1,060 million. This will make EFG one of the largest private banks in Switzerland with about CHF148 billion in Assets Under Management and just over 700 Client Relationship Officers.
No. 5 EFG International Appoints New CEO at BSI
EFG International has hired Thomas Mueller as the new CEO at BSI. He will be replacing Roberto Isolani immediately.
Prior to this, Mueller was the group CFO at J. Safra Saracen for six years. Previously, he was the Head of Finance and Risk at Swiss Life and at Banca del Gottardo in Lugano. Learn More …
No. 6 Compliance Cited as Reason to Grow OCBC Private Bank
OCBC CEO Samuel Tsien said that increasing compliance costs is one factor to expand the wealth management business.
The costs of complying with anti money laundering, tax and other regulatory requirements has risen by 35% annually and this needs to be spread out across fee generating clients. Learn More …
No. 7 Ex-UBS Personnel Joins HSBC Private Bank
Shang-Wei Chow has been appointed as Market Head, Domestic (Singapore) team at HSBC Private Bank with effect from 3rd November 2016.
He has about 15 years of experience managing client relationships and wealth portfolios in Southeast Asia. He will be in charge of new business development and managing existing client relationships. He was previously the Executive Director, Wealth Management at UBS Singapore. Learn More …
No. 8 UBS to Cut Several Dozen Wealth Management Jobs
UBS will cut several dozen jobs at part of its private bank. The Swiss bank told staff in May it was reshuffling its flagship wealth management business as part of efforts to cut costs.
At the end of September, UBS’s wealth management division had 9,918 full-time employees, down from 10,135 three months earlier. Learn More …
No. 9 ANZ Considers Sale of Local Wealth Management Business
ANZ is considering to sell parts of its wealth management business after a review of the business revealed returns below its group wide targets.
ANZ said that it was open to selling a range of wealth businesses covering financial advice, insurance and superannuation. Learn More …
No. 10 Bank of Singapore Enters Referral Agreement with DZ Privatbank Singapore
Bank of Singapore has signed a referral agreement with DZ Privatbank which gives clients the option to move their assets to the Bank of Singapore. This is also due to closure of DZ Privatbank Singapore.
Some DZ PrivatBank Singapore relationship managers have been offered the option of working in Bank of Singapore to continue serving their clients. Learn More …