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Tag: bank

  • Bitcoin Suisse Taps Ex-UBS Banker as CEO

    Bitcoin Suisse Taps Ex-UBS Banker as CEO

    The Swiss crypto broker’s CEO is stepping down after four years. His replacement is an ex-UBS banker well-known for his technology expertise.

    Arthur Vayloyan is stepping down as CEO of Bitcoin Suisse at the end of March, the Zug-based crypto firm said in a statement on Friday. He will be replaced by Dirk Klee, effective April 1. Vayloyan will remain one of five board members of the firm.

    Like Vayloyan, Klee comes from traditional financial services: he was the operating chief of UBS’ flagship wealth unit for five years before in 2018 taking the top job at Barclays for wealth management and investments in the U.K.

    Bitcoin Suisse didn’t provide a specific reason for the CEO change. The news comes one week after co-founder Niklas Nikolajsen relinquished the chair job to Luzius Meisser.

    The nine-year-old firm is coming off a turbulent 2021: it was forced to retreat on a Swiss banking license, after being told by regulator Finma that it hadn’t done enough to root out money laundering. This led Bitcoin Suisse to strengthen its ranks several months later.

    It remains wildly profitable: Niklajsen said Bitcoin Suisse is on its way to nearly doubling last year’s net profit of 24.1 million Swiss francs ($26.1 million), in a social media post last month.

    Klee, a German native, has made a career of innovating traditional financial services: he ran a large part of Blackrock’s exchange-traded funds business in Europe before moving to UBS in 2013.

    There, he was responsible for a $1 billion technology project to unify UBS’ disparate wealth platforms. Most recently, he oversaw the rollout of a digital tool for Barclays’ affluent U.K. clients.

  • Bitmex Announces CEO for Swiss Business

    Bitmex Announces CEO for Swiss Business

    After announcing plans to expand in Switzerland, the trading crypto exchange has now found someone to lead its Swiss business.

    Seychelles-based Bitmex is appointing Ivo Sauter as chief executive of Bitmex Link Switzerland, according to his Linkedin profile. Sauter joins the crypto trading exchange from Gazprombank where he worked as a chief digital, transformation, and strategy officer.

    Bitmex is a platform for crypto asset trading. Bitmex Link is the exchange’s digital trading asset service, which includes spot trading, brokerage, custody, information products and a so-called academy for digital asset and crypto trading training.

    The company announced its intention to launch a Swiss office last year, along with plans to apply for a Finma license.

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  • Swiss Bank Expands Presence in U.S.

    Swiss Bank Expands Presence in U.S.

    Bank Vontobel will open an office in Miami in coming months, in an expansion of its U.S. onshore presence.

    Zurich-based Vontobel will launch a wealth management office in Miami, its second in the U.S., CEO Zeno Staub said on Tuesday. The Swiss bank is the latest in a host of wealth managers to head for the Florida city, a hub for Latin American money.

    Vontobel has the local market in mind: Within the U.S., there is a migration of wealth from the North to the South, Staub said. More and more local wealth is going to Florida.

    East coast states like New Hampshire and Connecticut are traditionally havens of wealthy individuals, but that is changing. A shift on Wall Street, which began shifting towards Florida during the pandemic, may also be playing a role.

    Vontobel’s approach is asset-light, in that just as in Hong Kong, in Miami it will book its wealthy clients’ assets in Switzerland, the outlet reported. The bank follows the same approach in New York, where it opened an office four years ago.

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  • UBS Faces Tough Decision After Ruling

    UBS Faces Tough Decision After Ruling

    A French court’s ruling over money laundering in France puts UBS in front of a fundamental decision.

    Sometimes it pays to argue. A ruling after the first hearing over the solicitation of wealthy French clients in February 2019, threatened the bank with a record fine of 4.5 billion euros ($5.1 billion) including damages. Yesterday (Monday) an appeals court in Paris reduced this sum to 1.8 billion euros.

    UBS has a few days to decide whether it will accept the ruling or take the case to a high-instance court. The fine, which was cut by 2.7 billion euros, could be a strong incentive for the bank to give in and pay. However, it would also mean the bank admitting to having committed a criminal offense – which could also have consequences in other jurisdictions.

    The sentence that UBS received confirms the verdict from 2019 of illegal client solicitation and money laundering aggravated by tax fraud.

    UBS’ former CEO Sergio Ermotti upheld an uncompromising attitude in previous proceedings. The current CEO Ralph Hamers, however, might have a different view.

    Until now, the bank has always insisted that it had done nothing wrong legally. It rejected the accusation that it deliberately recruited rich customers in order to hide their money from the French tax authorities.

    It also argued that under the 2003 Savings Tax Agreement between the EU and Switzerland, it was not possible to prosecute for money laundering retroactively. A position that was sometimes perceived as arrogant in France.

    UBS softened its tone during the appeal compared to the first trial. Criminal law specialist Hervé Temime took over from Paris-based star lawyer Jean Veil. But this did not change the outcome significantly.

    Management’s duty to its shareholders to avert damages. This is a strong argument for the bank to continue litigating, to avoid a criminal conviction at all costs. It also means that legal costs are likely to pile up.

    The UBS tax case in France involves events that occurred years ago. They were set in motion by statements by former employee Stéphanie Gibaud and her book. Gibaud worked in communications and marketing at UBS in France from 1999 to 2012. In 2014, she published a book titled The woman who really knew too much in reference to the alleged tax fraud practices of the bank.

    The penalty reduction can be seen as a triumph for UBS. Although the verdicts suggest otherwise. The bank also lost an employment law case against the whistleblower Gibaud. The bank withdrew a lawsuit against her and her publisher for defamation. At the European Court of Justice in Strasbourg, UBS was also unsuccessful with a lawsuit against the security deposit of 1.3 billion euros demanded by France.

    In Belgium, UBS was able to settle a tax dispute without admitting guilt. It was ordered to pay a 49 million euro fine and charges of money laundering and of operating a criminal organization were dropped.

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  • UBS Extends Partnership With Private Equity Fintech

    UBS Extends Partnership With Private Equity Fintech

    Switzerland’s largest lender is expanding its partnership with the iCapital Network platform to serve wealthy clients in Switzerland and Asia.

    UBS global wealth management is strengthening its ties to iCapital Network to gain access to the technology company’s data and analytics platform for private markets, according to a statement Thursday.

    Details of the deal were not announced.

    The platform, which automates the lifecycle of private market investments, enables UBS wealth managers to access data related to private equity, private debt, and real assets.

    The two parties, engaged in a strategic partnership since 2017,  expect the appetite for the asset class among high net worth individuals to grow, the statement says.

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  • Chubb Appoints Singapore Country President

    Chubb Appoints Singapore Country President

    The property and casualty insurer has appointed a seasoned industry executive to lead its Singapore business.

    Chubb has appointed Kevin Bogardus as country president in Singapore, replacing Scott Simpson, who will become president for Chubb’s operations in Hong Kong and Macau, according to an announcement on Thursday.

    Bogardus, who brings more than 25 years of experience in the insurance industry, joined Chubb in 2009 as the chief advisor to Huatai Insurance, where Chubb is the largest shareholder. He helped grow Chubb’s footprint in China and expanded its business into new product lines becoming the market leader in Life Sciences, Financial Lines and Chinese multinational programs.

    In his new role, Bogardus will have overall responsibility for the growth and financial results of the operations across all lines of business and manage all affinity partnerships and drive efforts to deepen and grow them. Currently, the country president for Chubb in China but will relocate to Singapore for the role, which reports to Edward Ler, Chubb’s executive vice president and head of Southeast Asia.

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  • UBS Joins Hong Kong Covid Quarantine Payers

    UBS Joins Hong Kong Covid Quarantine Payers

    Swiss financial giant UBS is the latest bank to announce reimbursement plans for employees from Hong Kong’s strict 21-day quarantine for travelers.

    For full-time Hong Kong-based employees up to the executive director level, UBS will reimburse up to HK$2,000 ($256) per day to cover quarantine hotel expenses costs to «reunite with immediate family» outside of the city, according to an internal memo.

    The reimbursement can total up to HK$42,000 for a single trip only and is available until November 30 next year, barring an earlier relaxation of restrictions by the Hong Kong government.

    A spokesperson for the bank confirmed the continues of the memo.

    UBS and a number of other global financial institutions have offered financial support to withstand the effects of Hong Kong’s zero-Covid policy.

    At $5,384, UBS has taken a slight lead in single payout for quarantine costs, ahead of Morgan Stanley ($5,128), Goldman Sachs ($5,000), and J.P. Morgan ($5,000).

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  • Vietcombank Remittance Company bags two int’l awards

    Vietcombank Remittance Company bags two int’l awards

    Vietcombank Remittance Company was awarded the “Excellence Money Transfer Company” and “Best Home Payment Service Provider” titles by U.K.-based Global Banking and Finance Review magazine.

    Global Brands Magazine (GBM) is a prestigious U.K. online publication and forum for top brands of the global business community. The winners are selected based on commitments and efforts in the pursuit of outstanding values including: innovation, quality, increasing brand awareness, technology application, risk management, customer service, that promote the dynamic business environment of the remittance industry in Vietnam.

    To meet the above criteria, Vietcombank Remittance Company (VCBR) has remarkably improved its operational procedures, diversified its products, and enhanced its customer experience.

    Dao Minh Tuan, deputy CEO of Vietcombank, chairman of the VCBR Board of Directors, said the two awards obtained from GBM magazine are a significant affirmation and recognition of VCBR’s efforts and achievements in providing the best market service.

    “To record such great achievements, thanks to the steadfast effort of the entire VCBR team, in providing the best service experience, building solid trust with customers and partners. However, VCBR will encourage further innovation in its business operation to work toward the goal of becoming the number one remittance company in Vietnam,” he added.

    VCBR was established in 2017 with the task of facilitating remittances from abroad to Vietnam, supporting the ecosystem of Vietcombank’s products and services.

    Vietcombank has set its vision and strategic objectives toward 2025: Maintaining its position as the No. 1 retail bank in Vietnam and becoming one of the 100 largest banks in Asia; one of the 300 largest banking and financial groups in the world and finally one of the 1,000 largest listed companies in the world.

    The Covid-19 pandemic has had a dire impact on the global economy in the last two years. A huge number of companies have been forced into bankruptcy, and the unemployment rate has reached a record. The pandemic also had a serious impact on money transfer and remittance activities.

    In Vietnam, remittance companies constantly had to narrow the scope and scale of their operations. Under the circumstances, VCBR has proactively adapted to the chaos along with encouraging innovation, ensuring safe business performance, profitability and high efficiency.

    According to Nguyen Hoang Minh, Deputy Director of State Bank of Vietnam Ho Chi Minh Branch, the flow of remittance to Ho Chi Minh city By the end of November is about $6.2 billion, which has already surpassed the volume of 2020 at $6.1 billion. VCBR has achieved striking growth in terms of volumes with a forecast of an over 60 percent increase compared to 2020, ranking among the top 2 remittance companies in Vietnam.

  • UBS Asset Management Names Sustainability Head

    UBS Asset Management Names Sustainability Head

    Swiss bank UBS is hiring a sustainable expert for its asset management arm. The experienced banker used to manage the investments of an Australian state.

    UBS asset management is appointing Lucy Thomas as head of sustainable investing, the bank said in an emailed statement.

    Thomas will lead sustainability and impact strategy and report to Barry Gill, head of investments for UBS asset management.

    In her previous role, Thomas was head of investment stewardship at TCorp, the financial markets’ partner of the New South Wales government in Australia. Thomas will move from Sydney to Zurich for the position.

    Thomas brings extensive experience working with clients and leading the integration of sustainability factors into the investment process globally, Gill said in the statement.

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  • Chubb Appoints Division Head

    Chubb Appoints Division Head

    The property and casualty insurer is bolstering its International Personal Lines (IPL) division in Singapore.

    Chubb has appointed Tulio Puente as division head of IPL in Singapore, effective 22 November 2021, the firm announced on Thursday in a statement.

    Puente, a former economist for the Central Bank of Mexico and in the telecommunications industry in China, joined Chubb in 2014 and has held various roles at the company in Latin America and Asia Pacific, most recently underwriting for Speciality Personal Lines.

    In his new role, Puente will be responsible for the overall growth and management of Singapore’s IPL division, which includes personal risk services, residential insurance, and specialty coverage. He will also focus on growing the firm’s partnerships and driving multi-channel distribution opportunities. He reports to Scott Simpson, country president for Chubb in Singapore.

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  • Citi Posts Strong Institutional Business Growth in Taiwan

    Citi Posts Strong Institutional Business Growth in Taiwan

    Citi’s institutional business in Taiwan saw a significant acceleration in 2021 with numerous transactions across industries including technology, consumer, renewables, and financial services.

    Citi’s Taiwanese institutional clients have been ramping up their efforts to take advantage of the growth environment in areas such as supply chain diversification.

    Taiwan is home to many world-class companies and we are committed to supporting their ambitions, according to a statement citing Christie Chang, head of banking, capital markets, and advisory for Citi Taiwan and chair of APAC corporate banking.

    Within mergers and acquisitions, the American lender advised on five Taiwan-related deals in recent years, including three in 2021.

    The deals this year spanned across businesses related to semiconductor assembly and testing, renewable energy and retail food.

    Citi has also supported billions of dollars in fundraising for Taiwan corporates across local and global capital markets.

    Within equity capital markets, the bank supported fundraising that totaled nearly $1.5 billion in 2021 across businesses linked to financial services, semiconductors, and other electronics manufacturing. And within debt capital markets, it helped raise $8 billion, also for manufacturing-related businesses.

    According to Citi, some of its largest growth inflows this year originated from trade corridors involving Taiwan with a nearly 50 percent increase in Taiwan-to-India flows and around a 20 percent increase in Taiwan-to-ASEAN flows.

    The bank has also observed strong inbound flows into Taiwan, most notably from companies in Australia, India and Japan.

    There is a massive transformation happening across all industries and with a global network this has helped sharpen Citi’s dialogue with clients in Taiwan as they increasingly want a regional and global perspective, Chang added.

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  • Deutsche Adds Over a Dozen Private Bankers in India

    Deutsche Adds Over a Dozen Private Bankers in India

    Deutsche Bank Wealth Management has made a significant expansion in India with the hire of more than a dozen for the front office and product units.

    Deutsche Bank Wealth Management in India has made over 15 hires across relationship management and investment advisory join this year and early 2022, according to a statement.

    The business opportunity in India has become very compelling with the material wealth creation driven by entrepreneurial activity, said Amrit Singh, head of wealth management, global South Asia.

    We are now shifting gears and expanding our long-standing and established team as we seek to support our clients and reach new ones with our full suite of products and solutions.

    For the front office, the German private bank hired Rajasekar Ayyalu to join as a director in Chennai with a focus on expanding and deepening its presence in that region.

    Ayyalu was most recently with Julius Baer where he was an executive director for investments. Previously, he also worked at Merrill Lynch and Royal Bank of Scotland.

    The bank has also hired four vice presidents – Jai Bhatia, Sanyam Sharma, Anjali Vashisth and Manish Lalwani – to join as relationship managers in the Delhi and Mumbai offices.

    Deutsche Bank has also been bolstering its product capabilities in India, including the hire of Mayank Khemka as chief investment officer in December 2019 which subsequently led to the launch of a domestic discretionary portfolio management business.

    Adding to its existing shelf of equity multi-cap and multi-asset customized strategies, the bank introduced a fixed income strategy following the hire of Bhupendra Meel as a fixed income fund manager.

    We are delighted to bring on board some of the most promising talents in the private banking industry, said Atinkumar Saha, head of wealth management, Deutsche Bank, India.

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  • Morgan Stanley Follows Suit with Hong Kong Covid Reimbursement

    Morgan Stanley Follows Suit with Hong Kong Covid Reimbursement

    Morgan Stanley is the latest Wall Street lender to provide reimbursements for Hong Kong staff traveling to visit immediate family, outdoing J.P. Morgan’s recently announced Covid benefits by $100.

    Morgan Stanley will provide a one-time reimbursement to Hong Kong staff of up to HK$40,000 ($5,100) for quarantine stays when returning to the city, according to a report citing an internal memo.

    The reimbursement will apply to those returning from travels to see immediate family between December 1 this year and November 30 next year.

    The reimbursement plans come days after a similar move by Wall Street rival J.P. Morgan announced after a 32-hour visit to Hong Kong by chief executive Jamie Dimon which included a rare exemption from the city’s strict quarantine rules.

    We recognize that the costly quarantine measures in place in Hong Kong associated with Covid-19 have impacted many of you with respect to visiting family and loved ones overseas, according to a memo from J.P. Morgan which offered a one-time reimbursement of up to $4,000 – $100 less than Morgan Stanley.

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  • DLA Piper Hires New Partner in Hong Kong

    DLA Piper Hires New Partner in Hong Kong

    Over the past couple of years, DLA Piper has welcomed several new partners to its Asia Corporate practice. Now the firm announces another hire.

    Global law firm DLA Piper continues to strengthen Asia capital markets offering with new partner hire in Hong Kong, the firm announced Monday. George Wu was appointed as a capital markets partner in its corporate practice. He joins the firm from Herbert Smith Freehills in Hong Kong.

    He advises on corporate and securities transactions including IPOs, debt offerings, private equity, M&A, and compliance matters. He represents issuers of securities as well as investors, underwriters and placement agents for both public and private offerings.

    Wu has particular experience advising on initial public offerings, follow-on offerings in Hong Kong and U.S. capital markets, as well as debt offering transactions including investment-grade and high-yield bonds, convertible and exchangeable bonds, and medium-term note programs. He also brings in-depth industry knowledge to the table, having advised clients on dozens of corporate transactions in various sectors, including healthcare and life sciences, technology, and consumer goods, among others.

    A native Mandarin speaker, Wu is also fluent in Cantonese and English having lived and worked in Shanghai, New York, and Hong Kong.

    George Wu’s arrival closely follows that of capital markets partner Arthur Tso who joined the Hong Kong office in March 2021. Over the past couple of years, DLA Piper has welcomed several new partners to its Asia Corporate practice including Philip Lee and David Kuo in Singapore, and Samata Masagee in Bangkok.

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  • DBS Hit by Worst Outage in a Decade

    DBS Hit by Worst Outage in a Decade

    DBS faced two consecutive days of disruptions to its online banking services, marking the worst outage for the Singapore lender since its ATM glitch in 2010.

    DBS issued a social media post to address the recurring disruptions to its online banking services, including its payments app.

    Services were restored early this morning,» the bank said yesterday in a Facebook post. Unfortunately, yesterday’s digital banking issue has recurred and this has affected our services.

    The post attracted more than 2,500 comments, many of which expressed frustration about blocked access to banking accounts.

    Outages at DBS and its low-cost consumer banking unit POSB first occurred on Tuesday after reports first surfaced in the morning, according to Downdetector – a website that uses crowd-sourcing to track online outages. And just hours after resolving the issue yesterday morning, the outages continued at the bank.

    The inability to access an essential service over such an extended period of time is unacceptable and we deeply regret the inconvenience caused, DBS said in a separate social media post.

    This marks the worst outage experienced by the Singapore lender since 2010 when customers were unable to withdraw cash from ATMs for hours due to a major glitch which subsequently led to supervisory action by the city-state’s financial regulator.

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