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Tag: bank

  • Personal deposits down across banking sector

    Personal deposits down across banking sector

    Personal bank deposits were nearly VND5,292 trillion (some $230 billion) by late September, down roughly VND1.5 trillion against late August, according to the central bank.

    Since July, monthly bank deposits fell against previous months, the State Bank of Vietnam stated, noting deposits in August decreased by some VND1 trillion against July.

    From early January to late September, personal deposits hit VND150 trillion, a year-on-year decline of some 50 percent.

    Lower savings interest rates and more attractive stock market and cryptocurrency channels were blamed for falling deposits.

    Total trading value on Vietnam’s HSX, HNX and UPCoM stock markets reached a record high of VND56.337 trillion on Nov. 19, up from the previous record of VND52.145 trillion on Nov. 3.

    According to a survey conducted among over 70,000 people by VnExpress on July 22, real estate was the most popular investment channel (32 percent), ranking above gold and savings (7-10 percent).

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  • StanChart Hires Amazon Technologist

    StanChart Hires Amazon Technologist

    He relocates to Singapore from Sydney, where he spent four years as a senior manager, solution architecture, at Amazon Web Services (AWS).

    Standard Chartered has appointed technologist Brendan Royal as its global chief architect, according to a report on «eFinancialCareers.»

    Royal has over 20 years of experience in financial services across retail, wealth and corporate banking, specializing in large transformation programs with a deep focus on tech and building enduring teams, his LinkedIn profile says. Before joining Amazon in 2019, he was head of banking architecture at Nordea, divisional director for BFS Architecture at Macquarie, and worked for CBA between 1999 and 2013, latterly as head of retail and business banking architecture.

    The move follows the bank’s five-year strategic global agreement with AWS to drive its digital transformation and deliver new personalized banking services in the bank’s 60 markets worldwide, signed in November 2020.

    As banks partner up with cloud platforms like AWS, they are increasingly also hiring from these same providers, the report said, noting that StanChart hired Google’s Singapore-based cloud engineering lead, Carl Bachman Kharazmi, as managing director and global head of cloud engineering and platforms earlier this year.

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  • UBS Names Successor to Chairman Axel Weber

    UBS Names Successor to Chairman Axel Weber

    The Swiss bank’s board is nominating a veteran of Morgan Stanley as chairman. UBS will also elevate a Swiss stalwart as his deputy.

    Zurich-based UBS is nominating Colm Kelleher as its next chairman, it said in a statement on Saturday. The 64-year-old Irishman, who spent most of his career at Morgan Stanley in the U.S., is to replace Axel Weber, who will step down in April when he hits term limits.

    UBS will also propose Lukas Gaehwiler as vice-chairman, it said. The 56-year-old is a former corporate banker who ran the bank in Switzerland until 2017, and now chairs the same domestic unit.

    Kelleher in 2019 left Morgan Stanley, where he had overseen both institutional securities business as well as wealth management. He is battle-tested, having been finance chief and co-head of strategy at the U.S. bank during the 2008/09 financial crisis.

    Gaehwiler is to ensure a Swiss balance in its board, a person familiar with the matter said. The search to replace Weber involved both the outgoing chairman himself as well as CEO Ralph Hamers, UBS said in March.

    Kelleher’s nomination comes one year after that of António Horta-Osório at UBS’ crosstown rival Credit Suisse – and on the same day that Germany’s Deutsche Bank nominated Alex Wynaendts, a former insurance CEO who now sits on Citi’s board, as its new chairman.

    UBS considered candidates such as Roche’s overseer Christoph Franz, Swiss ex-central banker Philipp Hildebrand, and ex-Unicredit boss Jean-Pierre Mustier.

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  • Deutsche Bank Backs Nomination of Ex-Aegon Chief as Chairman

    Deutsche Bank Backs Nomination of Ex-Aegon Chief as Chairman

    Deutsche Bank’s supervisory board committee supported the nomination of a new chairman, formerly from Dutch insurance firm Aegon.

    The supervisory board committee fully backed the nomination of Alexander Wynaendts as the German lender’s new chairman and he now awaits the appointment to be confirmed by shareholder votes in May, according to a report citing an internal memo.

    If successful, Wynaendts will succeed current chairman Paul Achleitner, another former insurance executive from Allianz.

    Wynaendts has experience in the fields that always made Deutsche Bank stand out: strong expertise in retail, corporate, and capital markets business as well as in asset management – and a global network, said Deutsche Bank chief executive Christian Sewing in the memo.

    Wynaendts has over 30 years of experience in the financial sector, serving as CEO and chairman of Aegon from 2008 to 2020 after first joining the Hague-headquartered insurer in 1997.

    At Aegon, Wynaendts led the insurer through a 3 billion euro ($3.39 billion) state bailout and restructuring in the midst of the 2008 financial crisis.

    He began his financial services career with ABN AMRO in 1984, working in the Dutch lenders’ private banking and investment banking operations in Amsterdam and London.

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  • DBS Exec to Lead Carbon Credits Exchange

    DBS Exec to Lead Carbon Credits Exchange

    He was most recently DBS’ group chief sustainability officer, responsible for developing the bank’s sustainability framework and driving sustainability initiatives.

    Climate Impact X (CIX) has announced the appointment of Mikkel Larsen as chief executive officer, effective immediately, according to an announcement on Wednesday.

    Larsen has been interim CEO of the platform, a joint venture between DBS Bank, Singapore Exchange (SGX), Standard Chartered, and Temasek, since May 2021.

    Before his nine years at DBS, Larsen spent over seven years at UBS, leaving as CFO of Asia-Pacific, and previously held roles at Citibank in London, and KPMG.

    In his new role, Larsen will oversee all day-to-day operations for CIX, including collaborating with its ecosystem of technology partners to build up its Project Marketplace and Exchange platforms as well as curating a pipeline of high-quality carbon credit projects to feature on its platforms. He will also drive the company’s culture, values, and behavior while building up a high-performing team passionate about catalyzing scalable sustainable solutions.

    The carbon market is going through a transition. We have a unique opportunity to establish a trusted market that can both help preserve the crucially important existing carbon sinks whilst developing new ones, Larsen said.

    CIX said it completed a pilot auction in October of a curated portfolio of high-quality carbon credits, where it successfully cleared 170,000 tonnes of carbon credits from eight recognized NCS projects spanning across Africa, Asia, and Latin America.

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  • HSBC Reshuffles Commercial Bank

    HSBC Reshuffles Commercial Bank

    HSBC has reshuffled senior management at its commercial banking arm in Asia and the U.K. Amanda Murphy and Frank Fang have been named co-heads of the APAC commercial banking business, according to a statement, reporting to global commercial banking chief executive Barry O’Byrne.

    The current head of commercial banking for HSBC U.K., Murphy will relocate to Singapore to become head of commercial banking, South and Southeast Asia to oversee the local commercial banking franchises in India, Southeast Asia, Australia, and international markets.

    Frank Fang will maintain his role as head of commercial banking, Hong Kong and Macau.

    Murphy and Fang will also serve on the global and APAC commercial banking executive committees.

    Succeeding Murphy’s role as head of commercial banking for HSBC U.K. is Stuart Tait, subject to regulatory approval, who led the APAC commercial banking franchise since 2016.

    I would like to thank Tait for growing our business in Asia Pacific over the last five years – his customer-centricity will be equally instrumental in his new role, O’Byrne said.

    Focusing on Asia for growth, investment and capital deployment is a strategic priority for our global business. We aim to grow our market share in the Greater Bay Area, India and Southeast Asia, expanding our customer base and digitizing at scale to help our clients and business to capture global opportunities.

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  • OneDegree Offers Crypto-Linked Insurance

    OneDegree Offers Crypto-Linked Insurance

    Hong Kong-based OneDegree has launched a new insurance solution that provides digital asset protection for cryptocurrencies.

    Digital insurer OneDegree has partnered with crypto exchange Hong Kong Digital Asset Exchange (HKbitEX) to offer protection for digital currencies, according to a statement.

    In its bid to strengthen the exchange’s safety and security for institutional investors, OneDegree will offer up to $100 million in coverage to HKbitEX to cover covering losses from damage, hacking, and theft.

    In addition to private key loss, OneDegree will also cover misappropriation due to physical damage to wallets caused by natural events; cybersecurity threats and employee theft.

    We have witnessed a very strong inbound demand for insurance to protect against threats to digital assets, said OneDegree co-founder Alvin Kwock.

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  • UBS Asia Bond Manager Exits With Large Evergrande Exposure

    UBS Asia Bond Manager Exits With Large Evergrande Exposure

    The manager of a $3 billion Asia bond fund at UBS has reportedly left with sizeable year-to-date losses and significant holdings in China’s real estate sector including debt issued by Evergrande.

    Singapore-based Ross Dilkes has left UBS Asset Management after first joining 16 years ago, according to a report, though the Swiss firm did not provide a reason for the departure.

    Dilkes is the lead manager of the Asian High Yield fund, which was established around nine years ago.

    UBS’ head of global emerging markets and Asia Pacific fixed income Hayden Briscoe, who co-manages the fund, will take over as lead manager until a successor is found, according to fund analyst Morningstar.

    Currently, UBS is amongst the top five holders of Evergrande bonds at $274 million as of September 30, according to public data, which includes holdings invested client money like the Asian High Yield fund.

    The fund also has sizeable positions in other troubled developers like Sunac China and Kaisa Group.

    Year-to-date, Dilke’s fund has lost around 18 percent with approximately half of its holdings in real estate.

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  • HSBC Singapore Announces Lending Fund for Tech Firms

    HSBC Singapore Announces Lending Fund for Tech Firms

    The bank will support companies tapping opportunities within Asean’s growing digital economy in sectors such as e-commerce, AI and robotics, fintech, and payments platforms.

    HSBC Singapore has announced a S$200 million ($147.5 million) lending fund to support high-growth technology companies in Singapore that are looking to expand across Southeast Asia and further afield.

    The fund will provide loans to companies that have already received funding from strategic investors, including venture capital or private equity firms, and have surpassed the proof of concept phase, the announcement said. The bank will extend to them bespoke solutions, such as cross-border cash management and foreign exchange to accessing the private and public capital markets, typically available to higher revenue-generating firms.

    Singapore has a vibrant tech culture breeding firms that seek out digital gaps in the consumer and business markets. To succeed, these businesses need to scale quickly, often including customer reach, employees, and data capabilities, Regina Lee, HSBC Singapore head of commercial banking, said.

    Earlier this week, a joint report by Google, Bain, and Temasek noted that 60 million new digital consumers in Asean were added since the pandemic began, with 20 million of them coming in H1 2021.

    It said the region’s internet economy is growing faster than expected, estimating it will reach $360 billion by 2025.

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  • Trading Volume Surges on DBS Digital Exchange

    Trading Volume Surges on DBS Digital Exchange

    A shift to round-the-clock trading in August has seen trading volumes in the two months surpassing the total trading volume of the first eight months of the year by 40 percent.

    DBS has reported strong growth in its digital asset ecosystem, anchored by DDEx, or the DBS Digital Exchange, which now has over S$600 million in digital assets under custody as of end-October, triple the amount recorded in the previous month, according to the bank.

    The bank also said it is seeing a growing number of corporate and institutional customers among its participants, with other banks, a central bank and other digital asset exchanges among the 500 participants on the exchange.

    Becoming a participant of DDEx opens many gateways for our customers to access the burgeoning cryptocurrency and digital asset economy, Eng-Kwok Seat Moey, group head of capital markets and DDEx chair, said in a statement on Thursday.

    DDEx was launched in December 2020 with an initial offering that covered cryptocurrency trading. It has since issued a  bond through a security token offering (STO) on the exchange, and plans to list at least half a dozen security tokens by end-2022. The bank also launched a crypto trust offering that combined wealth planning services with emerging digital currencies, and its brokerage arm received formal approval from the Monetary Authority of Singapore (MAS) to provide digital payment token services.

    At the presentation of its third-quarter results last week, the bank’s chief executive Piyush Gupta said it is planning to open the crypto exchange to the broader retail market in 2022.

    DBS previously said it expects to double the number of participants on DDEx to 1,000 and to grow its base by 20-30 percent annually for the next three years, as investments in digital tokens gain greater acceptance.

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  • Citi Adds Prime Brokerage Duo in Hong Kong

    Citi Adds Prime Brokerage Duo in Hong Kong

    Citi has hired two new directors from BNP Paribas and Goldman Sachs for its prime brokerage unit in Hong Kong.

    Drew Kuech and Oliver Law join Citi as directors of the prime services sales trading team, according to a statement, reporting to APAC head of prime services sales trading Daniel Millwood.

    Kuech has 13 years of prime finance and delta one experience, most recently with BNP Paribas. Previously, he also worked for Societe Generale and Santa Fe-headquartered hedge fund Thornburg Investment Management.

    Law has 14 years of APAC prime finance and delta one experience and he joins from Goldman Sachs. Previously, he also worked for RBS and Credit Suisse.

    We are pleased to welcome two strong additions to our Prime Services trading team as we continue to focus on building out our hedge fund trading and client servicing areas, Millwood said in the statement.

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  • HSBC Mulls Private Banking Re-Entry in India

    HSBC Mulls Private Banking Re-Entry in India

    HSBC wealth and personal banking chief Nunos Matos reportedly shared that the British lender was eyeing a reentry into private banking in India, noting that the market demands a strategic decision this year.

    After exiting the Indian private banking business in 2015 as part of the group’s strategic rejig, HSBC is considering a re-entry into the onshore market in addition to serving the global segment out of hubs in Singapore, London and the Middle East.

    We want to bank mass affluent and high net worth customers. At this moment, the two major pillars we are expanding in India are insurance and asset management, said HSBC’s Nuno Matos.

    On the private banking side, we are not there yet and that’s something that demands a strategic decision this year.

    Elsewhere in the region, HSBC remains in growth mode with the China onshore private banking business expecting headcount to increase from 20 at the end of last year to 64 by 2021-end and doubling again by 2022-end.

    Matos also highlighted growth opportunities in Singapore, where it bought French insurer AXA’s assets for $575 million, and the broader Southeast Asia region.

    Asian wealth is expanding twice as fast as the rest of the world. This is a compelling opportunity for us, Matos added. I’m not going to redo now our goals but what I can say is that in 2021, we will over-deliver our goals on the wealth side.

  • DBS to Ramp Up Intelligent Banking Capabilities

    DBS to Ramp Up Intelligent Banking Capabilities

    The bank is setting aside more funds to bolster infrastructure, talent and technology to deliver hyper-personalized experiences to better serve wealthy and retail customers.

    DBS Bank aims to boost hyper-personalized experiences across its digital and physical touchpoints and will be investing S$300 million ($222 million) over the next year to boost its digital and intelligent banking capabilities.

    This investment represents a 14 percent year-on-year increase, and will go towards enhancing tech infrastructure and talent, embedding predictive technology in more financial solutions to better empower self-directed customers, and scaling the bank’s capabilities across both online and offline touchpoints across the region, DBS announced on Tuesday.

    According to the bank, its Intelligent Banking engine combines predictive analytics, artificial intelligence and machine learning technologies to transform raw data into personalized insights and nudges for every customer.

    This predictive technology is currently used in its «Client Connect» frontline advisory tool, and to generate smart insights and nudges for retail and wealth customers on its digibank platform. DBS said it plans to scale the use of Intelligent Banking across other key markets and extend it to the its PayLah! app.

    It’s still early days, but we are confident in the value-add that Intelligent Banking can bring to the banking industry, and we are in this for the long haul, Sim S. Lim, group head of consumer banking and wealth management, said.

  • StanChart Profits Surge on Lower Credit Impairments

    StanChart Profits Surge on Lower Credit Impairments

    Significantly lower credit impairments coupled with positive business momentum led to a surge in Standard Chartered’s pre-tax profits for the third quarter.

    Standard Chartered posted $1.075 billion in pre-tax profits for the third quarter, according to its latest results, marking a 44 percent year-on-year increase.

    Not unlike its regional peers throughout the year, the reduction of credit impairments – 70 percent to $107 million compared to $353 million in the same period last year – was a significant contributor to the improved bottom line.

    In addition to an improved balance sheet, the broader business experienced positive momentum with net interest income up 7 percent to $1.735 billion and other income also up 7 percent to $2.03 billion.

    We delivered a return to top-line growth in the third quarter and achieved further progress against our strategic priorities, with a strong performance in our Financial Markets and Trade businesses and ongoing positive momentum in Wealth Management, said Standard Chartered chief executive Bill Winters.

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  • HSBC Singapore Rolls Out Dart Platform for Corporates

    HSBC Singapore Rolls Out Dart Platform for Corporates

    The bank’s new online platform for corporate customers simplifies receivables collection and improves transparency and monitoring capabilities.

    HSBC Singapore is launching another digital solution for corporate customers – Dart, or the Digital Accounts Receivables Tool, which connects businesses to their customers by enabling the exchange of invoice and payment information, the bank said in a statement on Tuesday.

    According to the bank, receivables reconciliation remains a key challenge for treasury functions that receive and process large volumes of payments on a daily basis, particularly when identifying payers and matching with invoices.

    Supply chain resilience has become synonymous with digitization, and the receivables reconciliation process is a prime candidate for transformation, Winnie Yap, HSBC Singapore head of global liquidity and cash management, said.

    Digital Capabilities

    HSBC has rolled out a number of digitally-driven solutions for its corporate customers in recent months, including a multi-currency digital wallet for corporate customers, Omni Collect – a one-stop digital solution for all payment collections needs.

    The bank said it will progressively widen the capabilities available on Dart, as it optimizes its digital services to support customers.

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