DBS Plans Major Restructuring with Creation of ‘Global Financial Markets’ Divisionby Fintech News Singapore February 5, 2024
DBS Bank revealed plans to consolidate its equity capital markets, its brokerage arm DBS Vickers, and the DBS Digital Exchange (DDEX) with its Treasury Markets division.
The newly formed entity will be named Global Financial Markets (GFM), effective from 1 March 2024.
The restructuring initiative will see Andrew Ng, the current head of Treasury Markets, leading the expanded GFM division as its Group Head.
Meanwhile, Clifford Lee will take on a broader role as Head of Investment Banking, overseeing debt and equity capital markets as well as DBS Vickers, directly reporting to Ng.
DBS also announced that Art Karoonyavanich will broaden his responsibilities to include regional aspects as Head of Capital Markets (Singapore), and Kenneth Tang will maintain his position as Group CEO for DBS Vickers, both reporting to Lee.
This organizational shift comes in the wake of Eng-Kwok Seat Moey’s retirement in March, after a 36-year tenure at DBS.
Eng-Kwok has been a pivotal figure in the bank’s capital markets division since 1998, contributing significantly to the development of the REITs industry in Singapore and the region, as well as establishing the DBS Digital Asset Ecosystem (DAE) and founding DDEX.
Piyush Gupta, CEO of DBS said,
“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. I would like to thank Seat for her immense contributions to DBS, and to wish her well in the next chapter of her life.
Seat’s retirement created an opportunity to merge various businesses including equity capital markets and DBS Vickers with Treasury Markets. I am confident that this merger will provide for greater synergy and enable us to more holistically meet our customers’ needs.”