Top Headlines in the Last 7 Days
(13th – 19th Nov 2017)
No. 1 Global Wealth Grew 27% to $280 Trillion in 2017 – Credit Suisse Research Institute
Global wealth has grown by 27% to $280 trillion since the global financial crisis in 2007. The wealth held by an adult is $56,450, a new record high according the to Global Wealth Report 2017.
Global wealth should continue to grow in the range of 3.8 to 3.9%, albeit at a slower rate than the previously estimated 5.4%. Global wealth is also expected to grow from $280 trillion to $341 trillion, while merging economies is expected to represent 22% of global wealth by 2022. There are 36 million people today, and this will increase to to 44 million in 2022.
The 2017 Global Wealth Report, in its 8th edition, is published by Credit Suisse Research Institute. Learn More …
No. 2 AXA Appoints Gordon Watson as CEO of Asia & Japan
AXA has appointed Gordon Watson as CEO of Asia & Japan effective 1st January 2018. He will report to Thomas Buberl, CEO of AXA. He is also appointed a Member of the Management Committee of the AXA Group.
He replaces Mr Jean-Louis Laurent Josi as CEO, Asia, AXA. In June 2017, Jean-Louis had decided to step down from his executive responsibilities. The Interim CEO, Asia, AXA is Ms Doina Palici-Chehab. Learn More …
No. 3 Bank of China Private Banking Opens in London
Bank of China Private Banking has opened a Private Banking Service Center in London. It is the first ever overseas branch set up by a modern Chinese bank, marking the very first step of China’s financial sector expanding its operation internationally.
The Private Banking Service Center opening also marked the 88th anniversary of the Bank of China London Branch. Learn More …
No. 4 OCBC Successfully Acquired NAB Private Wealth in Singapore and Hong Kong
OCBC continues to expand its wealth business by completing the acquisition of National Australia Bank’s (NAB) Private Wealth business in Singapore and Hong Kong.
The announcement made on 11th May 2017, was to complete the acquisition by November 2017. NAB’s Private Wealth business in Singapore was completed on the 10th November 2017 while the Private Wealth business in Hong Kong is expected to complete on the 24th November 2017. In Hong Kong, the acquisition is done through its wholly-owned subsidiary, OCBC Wing Hang Bank. Learn more …
No. 5 SFC Bans Former Citibank Relationship Manager for 3 Years
The Securities and Futures Commission (SFC) has banned Yeung Leung Yuen, a former relationship manager of Citibank in Hong Kong from re-entering the industry for three years for conducting unauthorized transactions in a client’s securities account.
Between 30th March and 11st April 2016, the Citibank relationship manager had impersonated the client and placed orders of five unauthorized share purchase in the client’s securities account over phone via Citibank’s stock trading hotline.
The SFC is of the view that Yeung was guilty of misconduct which calls into question his fitness and properness to be a regulated person. The five unauthorized transactions were unwound by Citibank at a loss of $22,233, and absorbed by Citibank. Learn More …