SINGAPORE: Singapore’s largest lender DBS Group said on Friday (Feb 2) it will merge its equity capital markets, brokerage and digital exchange with its existing treasury markets business, with the new group renamed Global Financial Markets (GFM) effective Mar 1.
DBS, which is also the biggest bank in Southeast Asia by assets, said the consolidation was made following the announcement that its group head of capital markets, Eng-Kwok Seat Moey, will retire in March after 36 years with the lender.
“Seat’s retirement created an opportunity to merge various businesses including equity capital markets and DBS Vickers with treasury markets,” Piyush Gupta, DBS’ CEO, said in a statement.
“I am confident that this merger will provide for greater synergy and enable us to more holistically meet our customers’ needs,” he added.
Seat was instrumental in the development of the real estate investment trust (REIT) industry in Singapore and the region.
As part of the merger, Andrew Ng, head of treasury markets, will oversee the new enlarged group as group head of global financial markets, according to DBS.
Clifford Lee, group head of fixed income, will assume the expanded role of head of investment banking, which encompasses debt and equity capital markets, and brokerage DBS Vickers, DBS added.
Art Karoonyavanich will extend his existing role as head of capital markets in Singapore to include the region, while Kenneth Tang will continue his role as DBS Vickers Group CEO, DBS said.