DBS to form new group by merging various businesses

It will be named global financial markets, as bank aims to better meet clients’ needs

- Claire Huang

DBS Bank, Singapore and Southeast Asia's largest lender, said it will merge its equity capital markets, brokerage DBS Vickers and DBS Digital Exchange with its existing treasury markets business.

To take effect on March 1, the new merged group will be named global financial markets, the bank said on Feb 2.

The current head of treasury markets, Mr Andrew Ng, will helm the new enlarged group as group head of global financial markets.

Mr Clifford Lee, who is now group head of fixed income, will step into the expanded role of head of investment banking, comprising debt and equity capital markets, as well as DBS Vickers. Mr Lee will continue to report to Mr Ng.

DBS said Mr Art Karoonyavanich will remain as head of capital markets for Singapore but will now also oversee the region.

Mr Kenneth Tang will continue his role as group chief executive for DBS Vickers.

Both Mr Karoonyavanich and Mr Tang will report to Mr Lee.

When asked, Mr Ng said the consolidation of equity and debt capital markets and DBS Vickers into a collective investment banking unit will help better meet clients' needs, and is critical as financing requirements become increasingly complex due to macroeconomic developments and new global opportunities.