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Tag: Banking

  • UBS Issues First Green Bonds

    UBS Issues First Green Bonds

    UBS has issued its first green bonds which it will use to finance mortgages for low-energy buildings.

    Major Swiss bank UBS Tuesday issued its first «green bonds»

    They are in two tranches, one of 500 million euros ($595 million) with a five-year maturity and a seven-year one of 250 million francs ($272 million), the bank said in a press release.

    UBS said the bonds were issued under its Green Funding Framework which is based on international rules. The framework defines green investments in the form of mortgages on Swiss buildings which meet the Minergie standard for low-energy buildings. The bank intends to expand the pool of suitable assets continually.

    The bonds will help UBS kill several birds with one stone. It will be keeping its promise to achieve net-zero greenhouse gas emissions across its entire business by 2050 as well as helping its clients with sustainability.

    The «green bonds» will also bolster its balance sheet by helping refinance its mortgage book on a broader basis.

    Environmental Balance Sheet

    They will also help its environmental balance sheet. A recent study showed 35 percent, or $13.4 billion, of UBS’ loans book’s exposure to what the bank terms climate-sensitive industries was in real estate.

    Reducing high-carbon positions on the balance sheet is more important than simply cutting exposure to climate-sensitive sectors such as real estate. We don’t serve the community better by reducing real estate lending, rather, by making real estate lending greener.

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  • DBS Launches Digital Bond Marketplace

    DBS Launches Digital Bond Marketplace

    The bank is launching a marketplace that for issuers to directly issue their own bonds connect with investors.

    DBS is launching the Fixed Income Exchange (FIX) to digitalize and make the bond issuance process more efficient, the bank announced on Tuesday in a statement.

    FIX allows issuers to directly issue bonds to the marketplace, and fully digitalizes and automates issuance-related documentation. It also supports issuers in generating digital bond-ready transactions, which can be listed and traded on the DBS Digital Exchange (DDEx).

    Keppel Corporation is the first corporate issuer on the platform, with a $1 billion Euro-Commercial Paper Programme.

    With FIX, DBS said it hopes to make capital markets access more time and cost-efficient, while also developing the breadth and depth of Asian bond markets at a faster pace.

    The time is ripe for traditional ways of bond origination to make way for a more digital approach, to do what has been aspired for so long – by taking the first step towards the creation of an independent platform that allows bond issuers efficient and effective direct access to the market place and bond investors, Clifford Lee, global head of fixed income at DBS, said in the announcement.

    Just last week, domestic rival UOB piloted the digital issuance of its latest bond offering on exchange-operated digital asset issuance platform Marketnode, a joint venture between Singapore Exchange and Temasek.

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  • Vietnam’s credit growth doubles

    Vietnam’s credit growth doubles

    Bank credit growth from January 1 to June 15 was 5.1 percent, double the rate recorded in the same period last year.

    The jump came despite the fourth wave of Covid-19 because the State Bank of Vietnam made monetary policy more flexible and directed banks to focus on funding manufacturing and reduce lending to sectors with high risks, its deputy governor, Dao Minh Tu, said Monday.

    Average loan interests in April fell by 0.3 percentage points from December, he added.

    The central bank has also directed banks to delay debt payment or lower or scrap interests on customers affected by the Covid-19 pandemic to help their business recovery.

    Nearly 676,700 customers have seen the interests of their debts removed or reduced with a total outstanding loan of nearly VND1,278 trillion.

    The bank will continue to pursue a flexible monetary policy until the end of the year keep inflation under control and support an economic recovery.

    The pandemic has boosted demand for online payment. In the first four months, internet payment value surged 31 percent year-on-year.

  • OCBC Appoints Group COO

    OCBC Appoints Group COO

    OCBC has appointed a new group chief operating officer in an effort to drive and accelerate transformation at the Singapore-based bank.

    Lim Khiang Tong has been named group COO – a newly created role – according to a statement, effective June 21 this year. Lim will report to recently appointed group chief executive Helen Wong.

    Lim has 30 years of management experience in strategic tech development, information technology, process reengineering, project management, and banking operations. He joined OCBC’s IT management team in 2000 before being appointed to lead the unit in 2002. In 2007, he was named head of group IT and in 2010, he assumed the role of head of group operations and technology.

    Lim will take on the expanded role in an effort to «optimize and intensify» investments across tech, product processes, and people.

    Lim has been instrumental in building our operational and technology capabilities and in driving our digital transformation efforts, Wong said. He is highly regarded by colleagues, business partners and industry peers. It is only fitting that he assumes this new role.

    Lim has already made various efforts to bolster the bank’s tech capabilities including the development of the first technology command center monitoring and managing both cybersecurity and daily operations – the OCBC Regional Data Center.

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  • HSBC Private Banking Launches Online Trading in Asia

    HSBC Private Banking Launches Online Trading in Asia

    HSBC has opened access to online trading for private banking clients in Asia as part of $100 million of investment in its core banking and digital platforms in the coming two years.

    HSBC Private Banking has launched its online trading platform in Asia, according to a statement, opening access to 10 financial markets including Hong Kong, mainland China, Singapore, Japan, the Philippines, Australia, U.K., U.S., Germany, and France.

    Technology is redefining wealth management, giving greater access, flexibility, and control over the management of investments globally,» said APAC regional head of HSBC Private Banking Siew Meng Tan.

    The current offering will include cash equities and exchange-traded funds before expanding to listed warrants and callable bull bear contracts (CBBC), FX spot and forwards, structured notes, non-complex funds, dual currency instruments, and fixed income by 2022.

    Clients can buy and sell securities during market hours with a maximum trade of $2 million per transaction and $10 million per day.

    A dedicated support team will provide coverage of 20 hours per day across each market’s opening hours.

    According to Tan, the private bank will look to invest $100 million over the next two years to build and innovate its core banking and digital platforms.

    Earlier this year, HSBC announced that it planned to invest over $3.5 billion in the next five years in its wealth and personal banking unit which includes private banking.

    HSBC Private Banking has already made various upgrades over the last two years including a new internet banking application; integrated and direct client communications; an investment and research platform with personalized alerts; and instant messaging.

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  • Technology Banker Returns to UBS

    Technology Banker Returns to UBS

    Swiss bank UBS enticed a key technology banker back, after a six-month stint at Wells Fargo.

    UBS is hiring Paul McEwen as its head of technology services. McEwen had previously overseen the Swiss bank’s cloud services before leaving six months ago for Wells Fargo, which hired him as head of the infrastructure.

    He will be back at UBS next month, the newswire reported, and report to Mike Dargan, who was recently elevated into UBS’ top management.

    Dargan now oversees technology as well as UBS’s group corporate services. CEO Ralph Hamers has called the new job crucial in differentiating UBS.

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  • Citi to End Small Biz Banking in Singapore

    Citi to End Small Biz Banking in Singapore

    The bank will shut its consumer unit serving small businesses in Singapore in mid-August.

    Citibank has decided to close its Citibusiness unit, which will affect some 2,000 customers, following an ongoing strategic review of the business.

    About 20 to 30 staff will be affected by the changes, saying that Citi would be re-allocating its resources and our people to support other growth areas and sharpen its client focus.

    Citibusiness, which serves small-sized businesses, is part of its consumer banking division. The bank will continue to serve small and medium-sized enterprise (SME) clients through Citi Commercial Bank.

    Singapore is a priority market for Citi. We continue to invest and focus on growth areas of the bank including the SME and commercial banking business,» the spokesperson said.

    Citi recently announced that it is considering downsizing its consumer business worldwide, with an eye on selling some of its businesses in the Asia Pacific region.

    At the same time, the U.S.-headquartered bank has placed its bets on four wealth hubs, which includes Singapore, as it consolidates its operations globally.

    It aims to double its wealth management market share in Singapore from the current 5 percent and triple the number of clients by 2025. To achieve this, it is looking to hire over 330 relationship managers.

  • UBS Remains in Race for Dutch Asset Manager

    UBS Remains in Race for Dutch Asset Manager

    The Swiss bank is among the suitors remaining for Dutch asset manager NN. The competition for NN is strong – but UBS may have an ace up its sleeve.

    The sale of Dutch money manager NN is entering the next round with UBS, DWS, Prudential, and U.S.-based Nuveen submitting bids. None of the reported suitors nor the target commented.

    The potential acquirers are in the midst of due diligence, according to the newswire, though the deadline to place bids for the 300 million euro ($363 million) asset manager is July 1. The other firms which had expressed interest in buying – including Allianz, Generali, and The Royal London Group – have retreated.

    NN aims to take in as much as 1.6 billion euros by selling. UBS has somewhat of an inside track on NN because ING spun it off in 2014 – under then-CEO Ralph Hamers, who moved to the UBS top job last November.

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  • Citi to End Small Biz Banking in Singapore

    Citi to End Small Biz Banking in Singapore

    The bank will shut its consumer unit serving small businesses in Singapore in mid-August.

    Citibank has decided to close its Citibusiness unit, which will affect some 2,000 customers, following an ongoing strategic review of the business.

    About 20 to 30 staff will be affected by the changes, a bank spokesperson said, saying that Citi would be re-allocating its resources and our people to support other growth areas and sharpen its client focus.

    Citibusiness, which serves small-sized businesses, is part of its consumer banking division. The bank will continue to serve small and medium-sized enterprise (SME) clients through Citi Commercial Bank.

    Singapore is a priority market for Citi. We continue to invest and focus on growth areas of the bank including the SME and commercial banking business, the spokesperson said.

    Citi recently announced that it is considering downsizing its consumer business worldwide, with an eye on selling some of its businesses in the Asia Pacific region.

    At the same time, the U.S.-headquartered bank has placed its bets on four wealth hubs, which includes Singapore, as it consolidates its operations globally.

    It aims to double its wealth management market share in Singapore from the current 5 percent, and triple the number of clients by 2025. To achieve this, it is looking to hire over 330 relationship managers.

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  • Bank of Singapore Loses Russian Heavyweight

    Bank of Singapore Loses Russian Heavyweight

    A key private banker covering the Russian market has left Bank of Singapore.

    Vadim Bondarev, head for Russia and Eastern Europe, is leaving Bank of Singapore (BoS), sources familiar with his exit said.

    A spokesperson from the bank confirmed this information.

    Bondarev joined BoS in 2014 and was responsible for covering ultra-high-net-worth clients from Russia and CIS. He lately relocated from Singapore to build up the European headquarters of BoS in Luxembourg.

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  • Bank of Singapore Nets Ex-UBS Wealth Planning Veteran

    Bank of Singapore Nets Ex-UBS Wealth Planning Veteran

    Bank of Singapore bolsters its business with the hire of a 30-year wealth planning veteran from UBS.

    Bank of Singapore hires Paul Chua as its global head of wealth planning, according to a statement, effective June 28 this year.

    In his Singapore-based role, Chua reports to global head of products Lim Leong Guan.

    Chua succeeds Tariq Salem who remains with the bank to focus exclusively on his role as head of structured solutions group.

    Chua has over 30 years of tax and wealth planning experience in advising ultrahigh net worth and multi-generational families on the structuring of their estate, succession, and wealth transfer strategies.

    He was most recently with UBS where he spent 19 years, last as its Singapore head of wealth planning.

    Aside from exemplary leadership qualities, Chua is known as an industry veteran who extends a personal touch when dealing with clients, said Lim, who also joined Bank of Singapore from UBS last year. We are confident that he will be a key addition to our wealth planning team to help develop deeper and more meaningful relationships with our clients.

    At a minimum net worth of $250 million, Bank of Singapore is increasingly focused on the family office segment which has seen clients onboarded triple in 2020 compared to 2019.

    The bank also hired Carrie Ng as head of single-family office advisory – a newly created role – in March this year and Joanna Ho as the Greater China and North Asia head of wealth planning last year.

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  • Ex-J.P. Morgan Exec Joins UBS Private Markets Unit

    Ex-J.P. Morgan Exec Joins UBS Private Markets Unit

    UBS Global Wealth Management has hired a former J.P. Morgan executive to join its direct investment group.

    Edith Chan joins UBS Global Wealth Management as its Greater China head of direct investment group distribution, according to an internal memo effective June 21. A spokesperson for the bank confirmed the hire.

    Chan rejoins the Swiss bank after previously serving in a similar role as its Greater China head of private markets distribution. She was most recently with J.P. Morgan where she also focused on private markets between 2018 and 2020. She previously worked with various private banks and asset managers including HSBC Private Bank and Deutsche Bank.

    UBS’ direct investment group focuses on investing in private companies via direct participation in primary and secondary equity share placements.

    It is also active in private debt and credit placements as well as real estate and infrastructure funds.

    UBS sources such deals globally from its investment bank, asset manager, and network of blue-chip financial sponsors.

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  • Hong Kong Explores Central Bank Digital Currency

    Hong Kong Explores Central Bank Digital Currency

    The Hong Kong Monetary Authority is exploring the feasibility of issuing a digital currency for the city, joining central banking efforts worldwide to create electronic money.

    A paper exploring the feasibility of issuing a retail-focused central bank digital currency (CBDC) will be delivered within 12 months, according to the HKMA at a recent media briefing.

    Issues that will be considered in the paper include potential use cases, data privacy, anti-money laundering standards, and more.

    In addition, HKMA officials also announced a new trial to explore how Hong Kong residents can top up a digital yuan wallet using the city’s local payment system.

    People are now a lot more used to digital payments and if other central banks are exploring possible use cases for CBDCs you have to try out to see whether you can make it successful, said HKMA chief executive Eddie Yue at the briefing.

    This marks the second stage of e-CNY trials in Hong Kong following a smaller scale trial also focused on the usage of digital yuan wallets in Hong Kong.

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  • DBS Kicks Off Business at Chinese Securities JV

    DBS Kicks Off Business at Chinese Securities JV

    DBS’ securities joint venture in China will officially commence business operations after receiving its license from the mainland regulator.

    Securities joint venture DBS Securities (China) will kick off operations, according to a statement, effective immediately after receiving its securities business license from the China Securities and Regulatory Commission.

    The joint venture will operate brokerage, securities investment consulting, securities underwriting and sponsorships, as well as proprietary trading.

    DBS joins other global banks to capitalize on China’s market-opening especially with regards to the securities business where the likes of J.P. Morgan and Goldman Sachs are seeking to obtain full ownership of their joint ventures.

    Today, DBS Securities is honored to become the first Sino-Singapore securities joint venture, said DBS group chief executive Piyush Gupta. We hope to continue to facilitate China’s economic growth and look forward to contributing to its ‘Dual Circulation’ strategy.

    DBS Securities currently has a registered capital of 1.5 billion yuan ($230 million) and is majority-owned by DBS (51 percent). Other shareholders include Donghao Lansheng Investment Management (24.67 percent), Shanghai Huangpu Investment Holding (13.33 percent), Shanghai Huiyang Asset Management (6.5 percent) and Shanghai Huangpu Guidance Fund Equity Investment (4.5 percent).

  • Standard Chartered Private Bank Loses Managing Director

    Standard Chartered Private Bank Loses Managing Director

    Standard Chartered has lost a managing director and senior private banker in Hong Kong.

    Phoebe Chow has left Standard Chartered Private Bank, sources said after more than four years with the British lender.

    When contacted, a spokesperson for the bank declined to comment on the exit.

    Chow joined Standard Chartered Private Bank in 2017 to oversee various client markets including the Philippines and Taiwan. Previously, she was a Singapore-based team leader at Credit Suisse where she worked for more than eight years.

    Standard Chartered’s private banking arm has effectively fallen under a new structure this year after it merged with retail banking and wealth management into a single consumer, private and business banking (CPBB) unit.

    Standard Chartered Private Bank was under the watch of CPBB chief executive Judy Hsu after its former head Dider von Daeniken left last year until the recent replacement hire of ex-UBS banker Raymond Ang two months ago.

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