Singapore’s DBS has announced a major merger involving its treasury markets business following the retirement of 36-year veteran Eng-Kwok Seat Moey.
DBS will merge equity capital markets, brokerage DBS Vickers and DBS Digital Exchange with its existing treasury markets business, according to a statement, effective March 1. Following the merger, the enlarged group will be renamed global financial markets (GFM).
«I am confident that this merger will provide for greater synergy and enable us to more holistically meet our customers’ needs,» said DBS CEO Piyush Gupta.
Leadership Reshuffle
As a result of the merger, current head of treasury markets Andrew Ng will oversee the unit as group head of GFM. Group head of fixed income Clifford Lee will take on the expanded role of head of investment banking, which encompasses debt and equity capital markets as well as DBS Vickers. In the role, Lee will continue to report to Ng.
Art Karoonyavanich will extend his existing role as head of capital markets (Singapore) to include the broader region. Kenneth Tang will continue his role as DBS Vickers group CEO. Karoonyavanich and Tang will report to Lee.
36-Year Veteran
The changes follow the retirement of Eng-Kwok Seat Moey, group head of capital markets, who is stepping down in March after working at DBS for 26 years.
«DBS is synonymous with equity capital markets in Singapore, and much of this can be credited to Seat who has been pivotal in pioneering many industry-firsts. This includes the development of the REITs industry in Singapore and the region,» Gupta commented. «Seat’s retirement created an opportunity to merge various businesses including equity capital markets and DBS Vickers with treasury markets.»
