Multiple global private banks have recently unveiled new organizational structures and leadership. Within Asia, there is increasing emphasis on the south and southeast regions.
Leadership focus in the private banking industry continues to further shift towards South and Southeast Asia, evidenced by newly formed structures at several major players.
UBS, for example, appointed the leadership team in Asia for the post-takeover wealth arm of Credit Suisse in July. Of the five senior executives named, three were overseeing the two sub-regions, including Puneet Matta in India as well as Dominique Boer and Keng Cheong Lock in Singapore, with the latter focusing on the growing Greater China market in the city-state.
According to chairman Colm Kelleher, UBS is the «undisputed number one» in certain sub-regions in Asia following the Credit Suisse acquisition, including South Asia Pacific.
Bank of Singapore, Barclays
Similarly, Bank of Singapore also rejigged its leadership recently with three executives overseeing APAC, including Teresa Lee as head of Hong Kong alongside Robin Heng and Rodney Sin as co-heads of Singapore and ASEAN. In response to a finews.asia inquiry, CEO Jason Moo said that the structure was made to meet client needs and would ensure «stronger governance and better synergies across our markets».
At Barclays, its private banking arm made a relatively unique move to double down on India, using Mumbai as the base for its Asia business and regional head Nitin Singh who started his role earlier this month.
In the case of Citi, even the structure for its overall global business has a dedicated focus on the south. It recently announced a reorganization with a North America and international structure, on a geographic basis. Within the latter, there were seven clusters including three in Asia: North Asia and Australia, South Asia as well as Japan.
Macro Drivers
In addition to individual business considerations, there are macro factors at play that are driving the shift in focus. China slowdown worries have been repeatedly headlined with some banks retreating from the market, most notably American players.
«It will be a longer journey than we would wish to gradually build up scale and reputation to do business,» JPMorgan China CEO Mark Leung previously said.
And at the same time, the macro outlook is positive for South and Southeast Asia. There are prospects of continued momentum from economic growth, demographic tailwinds, wealth creation and a relatively stable geopolitical environment.
