Singapore’s leading lender, DBS Group, revealed on Friday its plans to consolidate its equity capital markets, brokerage, and digital exchange with the existing treasury markets business. This move is part of a broader initiative, resulting in the formation of the new entity, Global Financial Markets, set to be effective from March 1.
The decision to merge these key business segments comes following the impending retirement of Eng-Kwok Seat Moey, DBS’ group head of capital markets, who has been with the bank for 36 years. DBS Group CEO, Piyush Gupta, stated that Seat’s retirement provided an opportune moment to streamline various business units, including equity capital markets and DBS Vickers, within the treasury markets.
“I am confident that this merger will provide for greater synergy and enable us to more holistically meet our customers’ needs,” said Gupta in an official statement.
As part of the restructuring, Andrew Ng, currently heading treasury markets, will assume the role of group head of global financial markets, overseeing the newly formed and expanded group.
Clifford Lee, group head of fixed income, will take on the expanded responsibility of heading investment banking, encompassing both debt and equity capital markets, as well as brokerage DBS Vickers.
Art Karoonyavanich will extend his role as the head of capital markets in Singapore to cover the wider region, while Kenneth Tang will continue as the CEO of DBS Vickers Group.
DBS Group’s strategic merger aims to enhance synergies across its financial services spectrum, positioning the bank to meet evolving customer needs more comprehensively. The move also reflects the bank’s commitment to adaptability and efficiency in the dynamic financial landscape.