Tag: Banking

  • UBS Misses Mark With Coffee-Coded Survey

    UBS Misses Mark With Coffee-Coded Survey

    The Swiss bank wants its domestic employees to talk about their ethnicity – coming uncomfortably close to long-held stereotypes in the process.

    Zurich-based UBS asked its 21,598 Swiss-based employees to fill out a survey describing their ethnicity, telling them ethnic diversity is a key pillar in achieving its strategic goals.

    The survey – ethnic diversity is important to us – is illustrated with eight espresso cups of varying shades from black to milky white. UBS is asking its employees to categorize their ethnicity as Asian, Black, Hispanic, or White.

    Other options include two or more ethnic groups and other ethnic groups. Employees also have the option of demurring on disclosing their ethnic heritage or presumably not filling out the survey at all.

    UBS’ intentions in the survey are commendable: it can only reach its diversity goals if it tackles the issue of discrimination internally. And of course, to do so, it needs data.

    The way UBS – which employs 73,000 people in more than 50 countries – is gathering this data is inept and eerily reminiscent of colonial-era stereotypes. The bank’s human resources officers seem to believe that the global population can be grouped into four ethnicities. Modern ethnology has identified more than 1,300 ethnicities worldwide.

    UBS has chosen to group ethnicities along geographies – Asia, Latin America – and along with race: white, black. It avoided stumbling identifying all four of the survey’s ethnicities with a race, but it isn’t clear why it views white and black alone as ethnicities.

    The link between ethnic identity and skin color is rooted in a racially tinged stereotype popularized by Carl Linnaeus, a Swedish botanist. In the 18th century, Linnaeus divided humans according to race: white, black, red, and yellow.

    He also baked in how he perceived social and emotional features, a view that favored white Europeans like him. Linnaeus’ views took root during the Enlightenment and established themselves for some years afterward. Immanuel Kant and other enlightenment thinkers viewed dark skin as inferior to white.

    UBS’ likening race to espresso cups also leans hard into stereotypes prevalent in advertising, where black skin was frequently used to sell products like chocolate or coffee. Using imagery of black people, advertisers attempted to portray these consumer goods as something exotic or wild.

    The advertising industry has largely abandoned this practice. One would have wished for a similar light-bulb moment of age-old stereotypes from UBS’ diversity team.

  • Vietcombank gets new chairman

    Vietcombank gets new chairman

    Vietnam’s biggest state-owned lender, Vietcombank, has named Pham Quang Dung as its new chairman until 2023.

    Dung, 48, has been its CEO and a member of the board since 2014.

    Nguyen Thanh Tung, deputy director, temporarily takes over as CEO until a new person is appointed.

    Dung has 27 years’ experience in the financial and banking industry.

    He joined Vietcombank in 1994, and has served in various positions including deputy director of a financial division in Hong Kong and deputy director of the bank.

    The previous chairman of the bank, Nghiem Xuan Thanh, was appointed the Secretary of the Party Committee of Hau Giang Province in early July.

    Vietcombank is 74.8 percent owned by the government, 15 percent by Japan’s Mizuho Corporate Bank and the rest by other shareholders.

  • UBS Replaces Veteran Intermediaries Head

    UBS Replaces Veteran Intermediaries Head

    The Swiss wealth manager is replacing the head of its business with financial intermediaries, after a 40-year veteran of the bank retires.

    Zurich-based UBS is appointing Thomas Frauenlob as the head of its business with other financial institutions such as independent asset managers, effective October 1, according to a memo seen by finews.com. The Swiss banker replaces Stefano Veri, who has overseen the so-called FIM business globally since 2015 and is retiring.

    Veri is uniquely heavyweight: he is a 40-year veteran of UBS’ private bank and part of a cadre of elite managing directors. A UBS spokesman confirmed the Ticino native’s retirement. Late last year, Veri was forced to postpone a push in Miami with intermediaries which is led by Mariana Gregori, who is responsible for international business.

    Frauenlob, Veri’s successor, is a former equities banker who moved into the wealth arm in 2016 when he was tasked with UBS’ business with Switzerland’s wealthy and family offices. The role was reduced to family office responsibilities in a restructuring 20 months ago. Frauenlob will be replaced by Josef «Joe» Stadler in this role, a spokesman said.

    In the wider FIM team, Andreas Moser last September replaced Severin Rupp in overseeing institutional intermediaries. Rupp defected to Vontobel, where he runs business with external asset managers.

    UBS’ remaining FIM management team besides Gregori is Claudio Scarfone for Switzerland, Beat Bachmann for Europe, and Hugo Kattendijke for Asia-Pacific.

    Frauenlob, who moves to the FIM business on Wednesday before taking over fully in October, will report to Anton Simonet, UBS head of wealth management in Switzerland as well as the FIM business, and to Iqbal Khan, who co-runs the wider wealth management unit together with Tom Naratil.

  • UOB Shuffles Board

    UOB Shuffles Board

    UOB has announced changes to its board, including the addition of a 40-year banking veteran as its new independent director.

    Tracey Woon joins UOB as an independent director as well as a member of its audit committee and board risk management committee, according to a statement, effective September 1.

    Woon, 65, is currently a director at Singapore Press Holdings, a member of the Securities Industry Council and the Listings Advisory Committee of the Singapore Exchange amongst other roles.

    Woon is a 40-year banking veteran in the region and was previously UBS’ APAC global wealth management vice-chair from 2016 until her retirement in 2020 and Citibank’s ASEAN corporate and investment banking vice-chair and UBS’ APAC global wealth management vice-chair.

    Other changes to UOB’s board include the addition of Dinh Ba Thanh and the exit of James Koh, 75, who will step down effective August 31 after nine years as an independent director since 2012.

    Thanh, 64, is the founder and chief executive of Vietnam’s largest integrated media tech group DatVietVAC Group Holdings, which was established in 1993 as the country’s first privately-owned advertising and media company. Thanh currently also serves on the board of trustees at the Asia Business Council and is also a member of the World Economic Forum.

    The appointment of the two new directors will further enhance the diversity of the board,» said UOB chairman Wong Kan Seng. In guiding the group in its regional strategy, the board will benefit from Tracey’s extensive background in banking across the region and Thanh’s insights in transforming his business into a successful media entertainment technology company in Vietnam.

  • UBS Poaches Middle East Team From Rival

    UBS Poaches Middle East Team From Rival

    The Swiss wealth giant nabbed five wealth managers from Credit Suisse in the United Arab Emirates.

    Zurich-based UBS is expanding in the Middle East by hiring Georges El Khoury, currently country head in the U.A.E. for Credit Suisse. El Khoury will report to Ali Janoudi, an influential UBS group managing director who oversees the Middle East and Africa private bank, and to Niels Zilkens, the Dubai head.

    The region is both a boon for private banks as well as – reportedly – a source of huge staffing tension. The U.S. outlet five weeks ago published a blistering report about Credit Suisse’s Middle East boss Bruno Daher.

    El Khoury is walking from Credit Suisse to UBS with four staff including Raoul Rahme, another managing director, and Iyad Tamim Jundi, Abdullatif Karami, and Sarika Chandwani.

    A Credit Suisse spokesman said the bank had promoted Saad Osseiran as head of wealth management in the U.A.E. and in Oman, and Fahad Al-Ebrahim as market leader for Kuwait as a result of the team leaving.

  • Indonesia’s Bank Central Asia Targets Digital Growth

    Indonesia’s Bank Central Asia Targets Digital Growth

    Banks are playing catch-up to technology players in one of the world’s largest unbanked markets.

    Bank Central Asia (BCA) is boosting its digital capabilities amid increased competition from tech players in the banking space, according to a report on Wednesday.

    Indonesia’s biggest lender by market value will be investing $200 million to help its month-old digital unit Blu to increase market share ahead of an initial public offering in two years’ time. Blu currently has about 110,000 customers.

    BCA is targeting a fourfold increase in its capital, to four trillion rupiah (S$376.5 million), and is focused on gaining more customers, partners and merchants on its digital platform before the IPO, BCA president director Jahja Setiaatmadja told the publication.

    The country has an unbanked market of 83 million people, or about one-third of the population, and while traditional players have found it tough to expand across the archipelago nation, technology players have an advantage in their ease of scaling operations to meet this demand.

    Indonesia-headquartered super-app Gojek increased its stake in Bank Jago in December 2020 as part of its bid to accelerate financial inclusion in Asia, while Singapore-based e-commerce and gaming company Sea, which recently won a licence to run a digital bank in Singapore, bought unlisted lender Bank Kesejahteraan Ekonomi in January.

  • StanChart Exec Joins Blockchain Startup

    StanChart Exec Joins Blockchain Startup

    Taipei-headquartered XREX has named a managing director in Singapore as it sets its sights on expanding its platform in the region.

    Taipei-headquartered XREX has appointed Christopher Chye as managing director of XREX Singapore and director of product. In this dual role, he will oversee XREX’s businesses and operations in Singapore and play an instrumental role in bringing new value propositions to XREX’s clients, the startup said on Tuesday.

    Chye joins from Standard Chartered Bank, where he held roles in commercial banking, consumer banking, wealth management, and financial crime compliance. He was also a pioneer of Standard Chartered’s digital bank venture in Singapore, where he led the bancassurance, rewards, and loyalty, and brand and marketing pillars, and was executive director at its regional CEO office. He was previously a  management consultant with KPMG.

    In a separate announcement, XREX said it raised $17 million in pre-Series A funding led by CDIB Capital Group. The funds will be used to apply for financial licenses in Singapore, Hong Kong, and South Africa, and partner with banks and financial institutions, like payment gateways.

    Many of our team members are from or have lived in the markets where we serve. We keenly understand the struggles faced by many cross-border merchants who lack safe access to US dollar liquidity,» XREX CEO and cofounder Wayne Huang, said.

    XREX was launched in 2018 to drive financial inclusion in emerging markets by leveraging blockchain technology.

    The company uses blockchain technology to solve dollar liquidity shortage issues in emerging markets and has products like a payment escrow service and crypto-fiat exchange platform.

  • Indonesia’s Bank Central Asia Targets Digital Growth

    Indonesia’s Bank Central Asia Targets Digital Growth

    Banks are playing catch-up to technology players in one of the world’s largest unbanked markets.

    Bank Central Asia (BCA) is boosting its digital capabilities amid increased competition from tech players in the banking space, according to a «Bloomberg» report on Wednesday.

    Indonesia’s biggest lender by market value will be investing $200 million to help its month-old digital unit Blu to increase market share ahead of an initial public offering in two years’ time. Blu currently has about 110,000 customers.

    BCA is targeting a fourfold increase in its capital, to four trillion rupiah (S$376.5 million), and is focused on gaining more customers, partners and merchants on its digital platform before the IPO, BCA president director Jahja Setiaatmadja told the publication.

    The country has an unbanked market of 83 million people, or about one-third of the population, and while traditional players have found it tough to expand across the archipelago nation, technology players have an advantage in their ease of scaling operations to meet this demand.

    Indonesia-headquartered super-app Gojek increased its stake in Bank Jago in December 2020 as part of its bid to accelerate financial inclusion in Asia, while Singapore-based e-commerce and gaming company Sea, which recently won a licence to run a digital bank in Singapore, bought unlisted lender Bank Kesejahteraan Ekonomi in January.

  • Deutsche Expands Wealth Unit in Southeast Asia

    Deutsche Expands Wealth Unit in Southeast Asia

    Deutsche Bank continues to expand its wealth business in the region, particularly in southeast Asia where it hired a new investment management team head.

    Alania Concepcion joins Deutsche Bank Wealth Management as a director and investment management team head, according to a statement, reporting to managing director and head of Southeast Asia investment management Coo-Way Law.

    Based in Singapore, Concepcion will work closely with clients and relationship managers from the southeast Asia market which is headed by Shang-Wei Chow.

    Concepcion returns to Singapore after over four years running her own firm and pursuing ESG and fintech-related interests in Europe. Previously, she also worked for Credit Suisse, Barclays and Merrill Lynch.

    This year, Deutsche Bank Wealth Management has been rapidly expanding in the region with a flurry of new hires, particularly with a focus on southeast Asia.

    Last week, it reportedly hired former Pictet Singapore chief executive Domonique Jooris days after announcing the hire of ex-Credit Suisse southeast Asia trio Urs Brudermann, Shawn Ngoh and Pichaya Prawanmeet.

    To capture the opportunities in the fast-growing Southeast Asia region, we are focused to grow and develop our team, said Chow. The recent appointments in southeast Asia show our commitment to the business. We will continue to hire the best talent in the region to support our growth.

  • Hang Seng Replaces Ailing Chief

    Hang Seng Replaces Ailing Chief

    Major local lender Hang Seng Bank has named a new chief executive to replace Louisa Cheang, who will extend her leave of absence over medical reasons.

    Diana Cesar has been appointed chief executive at Hang Seng, according to a statement, effective September 1.

    Cesar joins from HSBC – Hang Seng’s top shareholder and parent – where she is currently its Hong Kong CEO. She first joined HSBC in 1999 and has since held various senior roles before she was named Hong Kong CEO in 2015.

    Cesar is the right person to build on Cheang’s record and take Hang Seng to the next level, said HSBC’s APAC co-CEO David Liao in a statement. Hong Kong has a bright future, and under Diana’s direction, Hang Seng will be there to help our customers make the most of new opportunities.

    Cesar replaces Louisa Cheang Wai-wan who was in the midst of a three-month medical break announced in May.

    Cheang was made CEO at Hang Seng in 2017, also joining from parent group HSBC where she held senior roles like group general manager and group head of retail banking. She first joined HSBC in its credit card department in 1999.

    At HSBC, Hong Kong chief operating officer Luanne Lim – who also first joined the British lender in 1999 – will step in to serve as interim Hong Kong CEO until a successor is appointed.

    Liao will become a non-executive director of Hang Seng Bank, effective September 1, replacing Peter Wong who retired from his role as APAC CEO and has become a non-executive chairman at HSBC.

  • Standard Chartered Adds ASEAN Private Banker

    Standard Chartered Adds ASEAN Private Banker

    Standard Chartered added a private banker focused on the south and southeast Asia market, joining most recently from Bank of Singapore.

    Standard Chartered Private Bank appoints Lawrence Goh as managing director and deputy market head for ASEAN and South Asia, according to a statement.

    Based in Singapore, Goh reports to Cedric Lizin, regional head, private banking ASEAN & South Asia and global head of global South Asian community.

    Goh has 20 years of experience in the financial sector including five in asset management and the last fifteen in private wealth management, specifically in the ASEAN region. He was most recently at Bank of Singapore where he spent 12 years covering various southeast Asia markets. Previously, he also worked for Citi Private Bank covering ultra-high net worth individuals and families in Singapore, Malaysia, Brunei and Australia.

  • Thai Central Bank to Trial Retail Digital Currency

    Thai Central Bank to Trial Retail Digital Currency

    The pilot will initially be conducted on a limited group under the BOT before it is expanded to the public, retail stores, banks and non-banking facilities.

    The Bank of Thailand is set to begin testing a retail central bank digital currency (CBDC) in the second quarter of 2022, the central bank said in a statement on Thursday.

    The BOT will assess all results and associated risks from the Pilot Test, to ensure that Retail CBDC is beneficial to the public, business sector, and country as a whole, and does not undermine economic and financial stability in the future, Vachira Arromdee, BOT assistant governor, said in the statement.

    BOT said public demand for retail CBDC will gradually rise over time and that CBDC could become an alternative payment option in the future.

    It cited a public survey and focus group discussions conducted in April 2021, in which most respondents agreed with the BOT’s approach to retail CBDC development and viewed the currency as a beneficial infrastructure open to access and competition, with the potential to foster greater development of a safe financial innovation in the future.

    Respondents also agreed that the CBDC design guidelines can help mitigate any negative impacts on the Thai financial sector.

  • UOB Investment Banker Joins Chinese Brokerage

    UOB Investment Banker Joins Chinese Brokerage

    The experienced equity brokerage and investment banker will head up Haitong Securities’ corporate finance team in Singapore.

    UOB’s former head of equity capital markets (ECM) Jack Kang has joined Haitong International Securities (Singapore) as an executive director.

    Kang, who moved to Haitong in July, spent 11 years at UOB. He was previously ECM vice president at CIMB Securities, and ECM head at Phillip Securities.

    The publication noted the demand for investment bankers in Singapore, especially those with experience in the tech sector, amid a surge in deals, as well as a rapid expansion of Chinese firms in the city-state.

    We are expanding cautiously in line with business needs, Kang said.

  • HSBC Launches Portfolio-Based Advisory for HNW Clients

    HSBC Launches Portfolio-Based Advisory for HNW Clients

    HSBC continues expanding its wealth management offering with the latest addition of a portfolio-based advisory solution.

    HSBC has launched its portfolio-based advisory solution Wealth Portfolio Plus (WPP) targeting its Hong Kong-based Jade segment – clients with $1 million or more in investable assets.

    Previously, HSBC Jade clients could only select individual products that are aligned to their risk profiles but the new offering will enable them to review investment portfolios holistically and grant access to a wider range of products.

    We’re thrilled to bring portfolio-based advisory services to customers for the first time outside of a private bank through Wealth Portfolio Plus, powered by BlackRock’s Aladdin Wealth technology, said Sami Abouzahr HSBC’s head of customer wealth, wealth, and personal banking, Hong Kong. Since WPP provides portfolio-level rather than transactional-level analysis, new investment options can then become available to customers that fit their needs.

    The WPP offering follows the launch of risk management solution Wealth Portfolio Intelligence Service (WPIS) last year which targets high net worth and affluent banking clients.

    Thus far, WPIS has generated over 130,000 risk assessment reports and contributed nearly HK$30 billion ($3.86 billion) in net sales growth from more than 70,000 cases of investment portfolio rebalancing.

    HSBC continues to expand its offering as part of its broader ambitions to become a leading wealth manager in Asia by 2025.

    In June, the private bank launched online trading in Asia. And in April, it rolled out institutional services for single-family offices in the region.

  • OCBC Deputy President Retires

    OCBC Deputy President Retires

    OCBC’s deputy president will retire after 22 years with the Singaporean bank. OCBC deputy president Ching Wei Hong will retire at the end of September, according to an exchange filing.

    Ching first joined OCBC in November 1999 as head of transaction banking and has since held various senior roles including chief financial officer, chief operating officer and chairman of Bank of Singapore before being named deputy president in early 2020.

    I am deeply grateful to Wei Hong for building a strong foundation upon which our wealth management and consumer banking businesses will grow from strength to strength. Please join me in wishing him a healthy and happy retirement, according to a report citing an email from chief executive Helen Wong.

    Separately, the bank has appointed Sunny Quek as acting head of global consumer financial services, effective October 1, as well as director of OCBC Securities, subject to regulatory approval.

    Quek will report to Wong and Bank of Singapore CEO Bahren Shaari. Quek is currently OCBC’s head of consumer financial services in Singapore.