Liechtenstein headquartered LGT Bank has continued its hiring momentum in Asia with the appointment of an additional Equity Advisor to its Singapore business, finews.asia can reveal.
Pey Herng Yap joined the bank earlier this month as Director, Equity Advisor. Prior to joining LGT Yap was Director, Product Advisory and Structuring (Equities) with DBS Private Bank.
LGT Bank has been adding to its Asian units in Hong Kong and Singapore this year and recently recruited prominent former HSBC banker Michael Hua, as finews.asia reported.
New Asian Hires
LGT had a first-half profit of 124.4 million Swiss francs, 5 percent less than in the same period a year earlier, revenues rose however by 5 percent, to 576.3 million.
The main factor behind the decline in profitability at the Vaduz-based bank were higher costs. New staff hires in Asia and asset management led to a 5 percent increase in personnel costs, totaling 315.3 million in the first half. Business and office expenses rose 23 percent to 101.7 million, reflecting the bank's expansionary strategy.
