Top Headlines in the Last 7 Days
(25th Apr – 1st May 2016)
No. 1 EFG Buys Luxembourg Private Bank of UBI Banca
EFG International AG, has agreed to buy the Luxembourg-based private banking activities of UBI Banca International SA with 3.6 billion euros ($4.1 billion) of client assets.
EFG didn’t disclose the price of the latest acquisition, a cash deal is expected to be completed in the first half of 2017. It said bank’s capital position won’t be affected.
No. 2 UBS Wealth Management to Double Head Count in Hong Kong Office
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UBS Wealth Management is set to double the headcount of its Kowloon office. The office at One Peking Road in Kowloon, Hong Kong, will offer wealth management services to entrepreneurs and other client segments in Kowloon and the New Territories.
The current staff strength is 50, a group spokesperson said. A company statement said that UBS WM expects to increase the team’s strength to 100 by year-end.
No. 3 Julius Baer to Hire Bankers in Asia
Julius Baer has launched a recruitment spree aggressively targeting growth in Asia. Chief Executive Boris Collardi has revealed that they will be hiring over 100 relationship managers, net and over half of that will be in Asia.
Mr Collardi said Julius Baer had already begun hiring. Torsten Linke, Credit Suisse’s former Indonesia market leader, was appointed head of private banking for South East Asia and Singapore manager in January. Mr Collardi’s bank made another big acquisition in April, appointing Credit Suisse’s former market leader for China and Taiwan, David Shick, as its new head of private banking for greater China.
No. 4 BSI Interim Chief Executive Officer Leaves
BSI has announced the departure of its interim CEO in Singapore. This will be the third CEO this year for the bank. Raj Sriram who moved to BSI from RBS Coutts in 2009 will leave the bank to take a break from his professional career.
Renato John who has been a member of the group executive board of BSI and head of ultra high net worth development since September 2015 will now take over as acting chief executive for BSI Singapore.
No. 5 Ex-BSI Private Banker Faces 2 More Charges
Singapore charged a former wealth manager at Swiss-based private bank BSI with cheating and obstructing justice on Thursday in a case related to a money laundering investigation linked to Malaysia’s embattled 1MDB investment fund.
The prosecutor charged Yeo Jiawei with cheating BSI by concealing from his former employer that he would be receiving $1.6 million a year from Brazen Sky Ltd, a financial vehicle owned by 1MDB and was holding fund units at an account with BSI Singapore.
No. 6 Societe Generale Names Asian Market Head
Yann Garnier has been appointed as Head of Global Markets for Societe Generale Corporate & Investment Banking in Asia Pacific. He was previously the Deputy Head of Global Markets Asia Pacific, as well as holding the Head of Global Market Sales, Asia Pacific role.
Garnier is based in Hong Kong and reports functionally to Frank Drouet as well as locally to Hikaru Ogata, CEO of Societe Generale Global Banking & Investor Solutions in Asia Pacific
No. 7 HSBC Private Bank Appoints New Market Head for Malaysia
HSBC Private Bank has announced the appointment of new Market Head for Malaysia, Global Private Banking, South East Asia.
The new Malaysian Market Head is Chris Harwood who has 15 years of experience with the HSBC Group. Prior to his appointment as Market Head for Malaysia, Harwood was leading the Bank’s Intra Group Business Development and Private Wealth Entrepreneurs (PWE) teams in South East Asia. Based in Singapore, He will report to Sandeep Sharma, Head of Global Private Banking, South East Asia.
No. 8 Citi Appoints New Country Officer for Singapore and Head of ASEAN
Citi has appointed a new country officer for Singapore and Head of ASEAN.
Amol Gupte will relocate from Hong Kong to Singapore to take up the new role. He is an almost 30 year veteran of Citi. He will continue to report to Asia Pacific CEO Franciso Aristeguieta.
As Citi Country Officer (CCO), he will be the main regulatory representative for Citi in Singapore and responsible for all businesses. This includes developing and implementing the business strategy in Singapore and fostering successful client relationships at all levels of the organisation, managing risk and controls, and protecting and enhancing Citi’s reputation in Singapore.
No. 9 Standard Chartered Profits Down 64% Year on Year
Standard Chartered said Tuesday first quarter profits slumped 64 per cent year-on-year as revenue for the period also plunged, following a turbulent 2015 in which the troubled bank announced it would axe thousands of jobs.
The bank said profits for the first three months fell to US$539 million from US$1.49 billion in the same period last year.
No. 10 OCBC’s Profit Drops 14%
Oversea-Chinese Banking Corp., Singapore’s second-largest bank, said first-quarter profit dropped 14 percent, as provisions for bad loans more than doubled and the contributions from its insurance unit declined.
Net income fell to S$856 million in the three months ended March 31 from S$993 million a year earlier, the company said Friday in a statement. OCBC joined United Overseas Bank, in reporting lower income.
Credits: Business Times, Bloomberg, Reuters, Citywire, Financial Times