DBS is merging equity capital markets, brokerage DBS Vickers and DBS Digital Exchange (DDEX) with its existing Treasury Markets business, effective March 1.
The new group will be renamed Global Financial Markets (GFM). Andrew Ng, who is currently the head of Treasury Markets, will oversee the new enlarged group as group head of GFM.
Current group head of fixed income Clifford Lee will assume the expanded role of head of investment banking, which encompasses debt and equity capital markets as well as DBS Vickers. He will continue to report to Ng.
Art Karoonyavanich will extend his existing role as head of capital markets (Singapore) to include the region. Kenneth Tang will continue his role as group CEO for DBS Vickers. Both Karoonyavanich and Tang will report to Lee.
These changes are being made with the retirement of group head of capital markets Eng-Kwok Seat Moey, who is stepping down in March after 36 years with the bank. Eng-Kwok joined DBS in 1998 when the bank acquired POSB, subsequently taking over the role of group head of capital markets in 2014.
“I would like to thank Seat for her immense contributions to DBS, and to wish her well in the next chapter of her life,” says DBS CEO Piyush Gupta.
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“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,” he adds.
Shares in DBS closed flat at $31.80 on Feb 1.
