SINGAPORE: DBS’s plans to merge various businesses are set to take effect on March 1. DBS is consolidating its equity capital markets, brokerage DBS Vickers, and DBS Digital Exchange (DDEX) with the existing Treasury Markets business.
This move will give birth to a brand-new “crew” known as Global Financial Markets (GFM), The Edge Singapore reports. Heading the reins will be Andrew Ng, the current head of Treasury Markets, who will take on the role of group head of GFM.
Simultaneously, the current group head of fixed income, Clifford Lee, is set to broaden his responsibilities, stepping into the position of head of investment banking. This role includes overseeing both debt and equity capital markets, as well as DBS Vickers. Lee will continue to report directly to Andrew Ng.
Art Karoonyavanich, currently serving as the head of capital markets in Singapore, will see an expansion of his responsibilities to cover the wider region. He will play a pivotal role within GFM, and both he and Kenneth Tang, the group CEO for DBS Vickers, will report to Clifford Lee.
All these changes are happening because Eng-Kwok Seat Moey, the group head of capital markets, will step down in March after an impressive 36-year tenure with the bank. Eng-Kwok, who assumed the role in 2014, has been instrumental in DBS’s growth since the bank acquired POSB in 1998.
DBS CEO Piyush Gupta gave a big shout-out to Seat, saying, “I would like to thank Seat for her immense contributions to DBS, and to wish her well in the next chapter of her life”
He added, “Seat’s retirement created an opportunity to merge various businesses including equity capital markets and DBS Vickers with Treasury Markets. I am confident that this merger will provide for greater synergy and enable us to more holistically meet our customers’ needs.”
DBS shares closed at S$31.80 on Feb 1. /TISG
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