Qatar sovereign wealth fund to buy Asia Square Tower 1 for record S$3.4b
The sale of the 43-storey office building to Qatar Investment Authority is the largest-ever single-tower real estate deal in the Asia-Pacific region.
Posted 06 Jun 2016 10:28 Updated 06 Jun 2016 12:05
SINGAPORE: BlackRock has agreed to sell a 43-storey office building in Singapore to Qatar Investment Authority, a sovereign wealth fund, for S$3.4 billion, in what the US firm said was the largest-ever single-tower real estate deal in the Asia-Pacific region.
Asia Square Tower 1, located along Marina View at Marina Bay, has more than 1.25 million square feet of net lettable area and has Citigroup as its anchor tenant, BlackRock and Qatar Investment Authority said in a joint statement.
BlackRock was advised by real estate consultant firms JLL and CBRE.
"Following this flagship transaction, we expect there will be increasing investor interest in Singapore prime office stock in the coming months," Greg Hyland, head of capital markets Singapore at JLL, said in a separate statement.
The sale comes as vacancy rates in Singapore's office property sector are nearing their highest level in almost a decade, with the supply of commercial space set to increase amid slowing economic growth.
Developers are set to add 4 million square feet of office space in Singapore this year and another 1.4 million next year, said Nicholas Mak, executive director at SLP International Property Consultants.
BlackRock also owns a second tower in the Asia Square development.
(Reporting by Aradhana Aravindan; Editing by Kenneth Maxwell and Edwina Gibbs)
- Reuters/cy
- wong chee tat :)
Showing posts with label Citibank. Show all posts
Showing posts with label Citibank. Show all posts
Monday, June 6, 2016
Wednesday, October 14, 2015
CapitaLand confirms talks to buy Asia Square Tower 1
CapitaLand confirms talks to buy Asia Square Tower 1
The deal involving the consortium of property developer CapitaLand and the Norwegian sovereign wealth fund could value Asia Square Tower 1 at more than S$3.5 billion, reports Bloomberg News.
POSTED: 14 Oct 2015 17:00
SINGAPORE: Southeast Asia's biggest property developer, CapitaLand, on Wednesday (14 Oct) confirmed news reports that it was involved in talks to buy the Asia Square Tower 1 office building.
Its statement to the stock exchange came a day after Bloomberg News said a consortium of Norway's sovereign wealth fund and CapitaLand has been chosen as the preferred bidder for the 43-storey office building in Singapore's central business district. Bloomberg said the deal could value Asia Square Tower 1 at more than S$3.5 billion.
CapitaLand said that as discussions are still ongoing, there is no certainty that a transaction will materialise.
Should the deal proceed, CapitaLand said it anticipates drawing upon internal sources of funds and available credit lines. As of Jun 30, 2015, CapitaLand had about S$3.5 billion in cash and cash equivalents and approximately S$3.1 billion in available undrawn credit facilities.
Asia Square Tower 1, which is owned by asset manager BlackRock, counts Citigroup and Swiss private bank Julius Baer among its main tenants.
- CNA/xq
- wong chee tat :)
The deal involving the consortium of property developer CapitaLand and the Norwegian sovereign wealth fund could value Asia Square Tower 1 at more than S$3.5 billion, reports Bloomberg News.
POSTED: 14 Oct 2015 17:00
SINGAPORE: Southeast Asia's biggest property developer, CapitaLand, on Wednesday (14 Oct) confirmed news reports that it was involved in talks to buy the Asia Square Tower 1 office building.
Its statement to the stock exchange came a day after Bloomberg News said a consortium of Norway's sovereign wealth fund and CapitaLand has been chosen as the preferred bidder for the 43-storey office building in Singapore's central business district. Bloomberg said the deal could value Asia Square Tower 1 at more than S$3.5 billion.
CapitaLand said that as discussions are still ongoing, there is no certainty that a transaction will materialise.
Should the deal proceed, CapitaLand said it anticipates drawing upon internal sources of funds and available credit lines. As of Jun 30, 2015, CapitaLand had about S$3.5 billion in cash and cash equivalents and approximately S$3.1 billion in available undrawn credit facilities.
Asia Square Tower 1, which is owned by asset manager BlackRock, counts Citigroup and Swiss private bank Julius Baer among its main tenants.
- CNA/xq
- wong chee tat :)
Friday, August 15, 2014
Singapore's CBD sees shifting mix of tenants: Jones Lang LaSalle
Singapore's CBD sees shifting mix of tenants: Jones Lang LaSalle
Tech companies such as Google and LinkedIn have been opening new offices or expanding existing ones in the city-state, Jones Lang LaSalle said in an article posted on its website.
SINGAPORE: Over the last three years, the global financial firms that dominated 60 per cent of office space in Singapore’s Central Business District (CBD) have given up 500,000 square feet (sq ft) in space. Taking their places are big names from the e-commerce, consumer products and insurance industries, according to real estate group Jones Lang LaSalle.
“Ten years ago all anyone wanted was financial houses because they saw them as a growing industry that had the ability to pay,” Mr Chris Archibold, Head of Markets for Jones Lang LaSalle in Singapore, said. “Now any intelligent asset manager wants a bit more of a mix.”
IT: THE NEW OFFICE SPACE GRABBERS
Tech companies like Twitter, Booking.com and eBay have been opening new offices or expanding existing ones in Singapore, Jones Lang LaSalle said in an article posted on its website. PayPal has placed its international headquarters in the city, while Facebook is looking to double its space and LinkedIn is taking up the 50,000 sq ft of space vacated by Barclays.
Google has expanded six times and its Asia-Pacific headquarters now span four floors at Asia Square in Marina Bay. The building, which also houses re-insurers such as Swiss Re and SCOR, has 400 bicycle racks and showers so staff of the search engine operator can bike to work.
“You have this very bizarre dichotomy of Citibank bankers in their shiny shoes and guys in flip flops and shorts in the same elevator,” said Mr Hugh Andrew, the head of asset management for Asia Pacific at BlackRock. BlackRock owns the building via one of its funds.
LIFESTYLE A DRAW
Singapore’s pleasant lifestyle has made it a draw for companies looking to attract top talent, according to Jones Lang LaSalle. For instance, cosmetics company L’Oreal moved many of its Asian operations from Shanghai to Singapore, one motive being the need to retain senior staff who demand higher standards of living and better education for their children.
Other companies which have moved to Singapore include General Motors, which moved its Asian headquarters from Shanghai, taking over 30,000 sq ft of space from the Bank of America Merrill Lynch. The insurer Aon is also building its Asia-Pacific hub in Singapore and toy-maker Lego is in the Marina Bay Financial Centre.
“For modern companies with young employees, they will want to know answers to questions such as ‘will I be working in a sustainable environment?’” Mr Andrew said. “Twenty years ago, people were just wondering how big their office was going to be, and if it came with a parking space?”
- CNA/cy
- wong chee tat :)
Tech companies such as Google and LinkedIn have been opening new offices or expanding existing ones in the city-state, Jones Lang LaSalle said in an article posted on its website.
SINGAPORE: Over the last three years, the global financial firms that dominated 60 per cent of office space in Singapore’s Central Business District (CBD) have given up 500,000 square feet (sq ft) in space. Taking their places are big names from the e-commerce, consumer products and insurance industries, according to real estate group Jones Lang LaSalle.
“Ten years ago all anyone wanted was financial houses because they saw them as a growing industry that had the ability to pay,” Mr Chris Archibold, Head of Markets for Jones Lang LaSalle in Singapore, said. “Now any intelligent asset manager wants a bit more of a mix.”
IT: THE NEW OFFICE SPACE GRABBERS
Tech companies like Twitter, Booking.com and eBay have been opening new offices or expanding existing ones in Singapore, Jones Lang LaSalle said in an article posted on its website. PayPal has placed its international headquarters in the city, while Facebook is looking to double its space and LinkedIn is taking up the 50,000 sq ft of space vacated by Barclays.
Google has expanded six times and its Asia-Pacific headquarters now span four floors at Asia Square in Marina Bay. The building, which also houses re-insurers such as Swiss Re and SCOR, has 400 bicycle racks and showers so staff of the search engine operator can bike to work.
“You have this very bizarre dichotomy of Citibank bankers in their shiny shoes and guys in flip flops and shorts in the same elevator,” said Mr Hugh Andrew, the head of asset management for Asia Pacific at BlackRock. BlackRock owns the building via one of its funds.
LIFESTYLE A DRAW
Singapore’s pleasant lifestyle has made it a draw for companies looking to attract top talent, according to Jones Lang LaSalle. For instance, cosmetics company L’Oreal moved many of its Asian operations from Shanghai to Singapore, one motive being the need to retain senior staff who demand higher standards of living and better education for their children.
Other companies which have moved to Singapore include General Motors, which moved its Asian headquarters from Shanghai, taking over 30,000 sq ft of space from the Bank of America Merrill Lynch. The insurer Aon is also building its Asia-Pacific hub in Singapore and toy-maker Lego is in the Marina Bay Financial Centre.
“For modern companies with young employees, they will want to know answers to questions such as ‘will I be working in a sustainable environment?’” Mr Andrew said. “Twenty years ago, people were just wondering how big their office was going to be, and if it came with a parking space?”
- CNA/cy
- wong chee tat :)
Monday, March 10, 2014
Faster interbank transfer service to start on March 17
Faster interbank transfer service to start on March 17
BY WONG WEI HAN
PUBLISHED: MARCH 10, 7:01 PM UPDATED: MARCH 10, 7:45 PM
SINGAPORE — A new electronic service that enables almost immediate funds transfer between banks based here, will be available from next Monday (March 17), the Association of Banks in Singapore (ABS) announced today.
With Fast And Secure Transfers (FAST), individuals and businesses can perform interbank fund transfers – capped at S$10,000 – between the current 14 participating banks almost instantaneously, shortening a process that can sometimes take up to three days. FAST is only usable for domestic Singapore Dollar transfers.
The participating banks are Australia and New Zealand Banking Group, CIMB, Citibank, DBS (including POSB), Deutsche Bank, Far Eastern Bank, the Hongkong and Shanghai Banking Corp, Maybank, Oversea-Chinese Banking Corp, RHB, The Royal Bank of Scotland, Standard Chartered, Sumitomo Mitsui Banking Corp and United Overseas Bank.
The charges and conditions applied differ between banks. For instance, DBS, OCBC and UOB said they will be making the service free for their retail customers. A sum will be charged to business banking customers, but some banks, such as OCBC and UOB, will waive off these charges for a limited period; DBS will instead offer preferential rates to business customers.
Among the foreign banks, Maybank, RHB and HSBC will similarly offer the service free for their retail customers.
FAST can be accessed through online or mobile banking around the clock. Several banks, such as OCBC and UOB, are also making it available on their ATMs.
- wong chee tat :)
BY WONG WEI HAN
PUBLISHED: MARCH 10, 7:01 PM UPDATED: MARCH 10, 7:45 PM
SINGAPORE — A new electronic service that enables almost immediate funds transfer between banks based here, will be available from next Monday (March 17), the Association of Banks in Singapore (ABS) announced today.
With Fast And Secure Transfers (FAST), individuals and businesses can perform interbank fund transfers – capped at S$10,000 – between the current 14 participating banks almost instantaneously, shortening a process that can sometimes take up to three days. FAST is only usable for domestic Singapore Dollar transfers.
The participating banks are Australia and New Zealand Banking Group, CIMB, Citibank, DBS (including POSB), Deutsche Bank, Far Eastern Bank, the Hongkong and Shanghai Banking Corp, Maybank, Oversea-Chinese Banking Corp, RHB, The Royal Bank of Scotland, Standard Chartered, Sumitomo Mitsui Banking Corp and United Overseas Bank.
The charges and conditions applied differ between banks. For instance, DBS, OCBC and UOB said they will be making the service free for their retail customers. A sum will be charged to business banking customers, but some banks, such as OCBC and UOB, will waive off these charges for a limited period; DBS will instead offer preferential rates to business customers.
Among the foreign banks, Maybank, RHB and HSBC will similarly offer the service free for their retail customers.
FAST can be accessed through online or mobile banking around the clock. Several banks, such as OCBC and UOB, are also making it available on their ATMs.
- wong chee tat :)
Friday, December 6, 2013
Singapore banks assure clients that data is safe
Singapore banks assure clients that data is safe
By Wong Siew Ying
POSTED: 06 Dec 2013 21:03
Several banks in Singapore have come out to assure clients that they have the measures and processes in place to protect customer information.
SINGAPORE: Several banks in Singapore have come out to assure clients that they have the measures and processes in place to protect customer information.
This comes after the theft of bank data of 647 clients of Standard Chartered (StanChart) Private Bank was reported on Thursday.
The theft occurred through StanChart's third party service provider, Fuji Xerox Singapore, which prints statements for the bank.
Responding to Channel NewsAsia, several banks say they have stringent measures in place to ensure data security.
In particular, three banks print their statements in-house.
Bank of Singapore said it does not outsource printing of any materials containing customer information, while UBS said all data remains within its own infrastructure and is not transferred to a third party vendor.
UBS added that it has clear policies and processes to safeguard data from its creation to storage and finally, to destruction of information.
And Credit Suisse, which also prints client statements in-house, has heightened monitoring activities.
Meanwhile, a few banks told Channel NewsAsia that while they do engage third party service providers, they retain oversight on information security.
DBS Bank said all its outsourcing arrangements are managed under stringent risk controls that are compliant with regulations and local laws.
The bank works closely with its vendors to review their security processes, and there is no indication that any customer data has been compromised.
Citibank Singapore said it has strict outsourcing policies, including close monitoring of procedures practised by their vendors, as well as regular physical onsite checks.
OCBC Bank, too, conducts regular security checks and audits to make sure its customers' data is secure.
And the outsourcing of its operations is done very selectively, with the bulk of them done internally.
Meanwhile, HSBC Singapore said it continually invests in systems and processes to strongly deter any criminal intentions against the bank.
Responding to Channel NewsAsia, the Association of Banks Singapore (ABS) said the association and its members are mindful of cyber threats and crime and are constantly vigilant in their efforts to combat them.
ABS added: "This recent incident of the theft of bank statements of private bank customers of Standard Chartered Bank is a stark reminder that it is imperative for all banks and financial institutions to be diligent in ensuring that their IT infrastructure and systems are robust and hardened, and to protect the confidentiality of clients data at all times.”
- CNA/gn
- wong chee tat :)
By Wong Siew Ying
POSTED: 06 Dec 2013 21:03
Several banks in Singapore have come out to assure clients that they have the measures and processes in place to protect customer information.
SINGAPORE: Several banks in Singapore have come out to assure clients that they have the measures and processes in place to protect customer information.
This comes after the theft of bank data of 647 clients of Standard Chartered (StanChart) Private Bank was reported on Thursday.
The theft occurred through StanChart's third party service provider, Fuji Xerox Singapore, which prints statements for the bank.
Responding to Channel NewsAsia, several banks say they have stringent measures in place to ensure data security.
In particular, three banks print their statements in-house.
Bank of Singapore said it does not outsource printing of any materials containing customer information, while UBS said all data remains within its own infrastructure and is not transferred to a third party vendor.
UBS added that it has clear policies and processes to safeguard data from its creation to storage and finally, to destruction of information.
And Credit Suisse, which also prints client statements in-house, has heightened monitoring activities.
Meanwhile, a few banks told Channel NewsAsia that while they do engage third party service providers, they retain oversight on information security.
DBS Bank said all its outsourcing arrangements are managed under stringent risk controls that are compliant with regulations and local laws.
The bank works closely with its vendors to review their security processes, and there is no indication that any customer data has been compromised.
Citibank Singapore said it has strict outsourcing policies, including close monitoring of procedures practised by their vendors, as well as regular physical onsite checks.
OCBC Bank, too, conducts regular security checks and audits to make sure its customers' data is secure.
And the outsourcing of its operations is done very selectively, with the bulk of them done internally.
Meanwhile, HSBC Singapore said it continually invests in systems and processes to strongly deter any criminal intentions against the bank.
Responding to Channel NewsAsia, the Association of Banks Singapore (ABS) said the association and its members are mindful of cyber threats and crime and are constantly vigilant in their efforts to combat them.
ABS added: "This recent incident of the theft of bank statements of private bank customers of Standard Chartered Bank is a stark reminder that it is imperative for all banks and financial institutions to be diligent in ensuring that their IT infrastructure and systems are robust and hardened, and to protect the confidentiality of clients data at all times.”
- CNA/gn
- wong chee tat :)
Thursday, January 24, 2013
Citibank launches new smart banking machine
Citibank launches new smart banking machine
By Brandon Tanoto | Posted: 23 January 2013 2017 hrs
SINGAPORE: Consumers will soon be able to access almost all branch banking services round-the-clock via a smart banking machine.
Citibank's customers can now open bank accounts and even apply for loans using the machine, which is located at Paragon Shopping Mall. In future, this machine can also instantly print and issue ATM, debit and credit cards.
For a personal touch, customers can also communicate with a bank officer via video conferencing.
Citibank said these banking machine will also be equipped with biometric capabilities for customer identity authentication.
The first Citibank Express machines were unveiled in both Singapore and Malaysia on Wednesday.
The smart banking machines will be rolled out at Citibank's nine instant banking centres in Singapore over the next three years. The bank is also looking to install these machines in shopping malls, neighbourhood hubs and commercial hubs to reach out to its customers.
CEO for Citi in the Asean region, Michael Zink, said: "This rollout across ASEAN underlines the importance of this region to Citi, both in Asia and globally.
"ASEAN is home to a fast-growing and dynamic consumer base who wants to bank with a partner that embraces high technology to meet the evolving needs of our customers."
Looking ahead, Citibank plans to add more locations for the new machine across Asia.
-CNA/ac
- wong chee tat :)
By Brandon Tanoto | Posted: 23 January 2013 2017 hrs
SINGAPORE: Consumers will soon be able to access almost all branch banking services round-the-clock via a smart banking machine.
Citibank's customers can now open bank accounts and even apply for loans using the machine, which is located at Paragon Shopping Mall. In future, this machine can also instantly print and issue ATM, debit and credit cards.
For a personal touch, customers can also communicate with a bank officer via video conferencing.
Citibank said these banking machine will also be equipped with biometric capabilities for customer identity authentication.
The first Citibank Express machines were unveiled in both Singapore and Malaysia on Wednesday.
The smart banking machines will be rolled out at Citibank's nine instant banking centres in Singapore over the next three years. The bank is also looking to install these machines in shopping malls, neighbourhood hubs and commercial hubs to reach out to its customers.
CEO for Citi in the Asean region, Michael Zink, said: "This rollout across ASEAN underlines the importance of this region to Citi, both in Asia and globally.
"ASEAN is home to a fast-growing and dynamic consumer base who wants to bank with a partner that embraces high technology to meet the evolving needs of our customers."
Looking ahead, Citibank plans to add more locations for the new machine across Asia.
-CNA/ac
- wong chee tat :)
Thursday, November 8, 2012
Banks expected to enhance e-banking experience with new gadgets
Banks expected to enhance e-banking experience with new gadgets
By Yvonne Chan | Posted: 07 November 2012 2317 hrs
SINGAPORE : Consumers may soon have more options for mobile banking and making online transactions.
This comes as Singapore banks are expected to come up with more innovative gadgets to boost the "e-banking" experience.
But industry watchers have said developments in cloud computing may provide significant challenges in this arena.
Banks are expected to set aside more money to ensure peace of mind for customers when carrying out online transactions.
This comes after industry-wide measures introduced by the Association of Banks in Singapore (ABS), which called for additional authentication features on a security token to maximise security for online and mobile banking transactions.
Next January, Standard Chartered Bank Singapore will be introducing a multi-function token card which combines both the security token and credit card features.
Subba Vaidyanathan, regional head of Retail Banking Segments (Singapore and South East Asia) at Standard Chartered Bank, said: "Our big focus is to keep building on the digital bank and provide that service, because that is where we see Singapore banks and Singaporeans moving.
"We have continued to have 30-40 per cent annualised growth on payments online and we want to sustain that pace."
So far, 170,000 Standard Chartered customers have opted for the card, and its rollout will start in January 2013.
The multi-function token acts as a debit, credit and ATM card. It also doubles up as a security token to facilitate online banking. And with banks projected to increase their spending on technology next year, analysts said customers can expect more innovations wrapped up in one device, such as being able to check one's bank account balance while on the go.
Meanwhile, Citibank has just launched a new service that allows its customers to pay their credit card bills via SMS on mobile phones.
Earlier, DBS Bank also introduced the DBS One.TAP, Singapore's first virtual credit card on a mobile phone.
But banks do have other kinds of competitors to contend with.
Edison Chen, investment analyst at DMG & Partners Research, said: "We do see the effect of cloud-based banking. There are third-party, non-bank parties that are offering financial services that bypass the banks in utilising the fact that cloud computing offers lower barriers of entry, and that is something that banks must watch out for.
"So they must constantly upgrade their facilities and offer the best of what customers really want. And we do see that happening, in terms of banks embracing social networking, having their Facebook closely linked with customers and analysing what customers want and need."
Some industry watchers said this may prompt banks to upgrade facilities and eventually utilise cloud computing elements.
- CNA/ms
- wong chee tat :)
By Yvonne Chan | Posted: 07 November 2012 2317 hrs
SINGAPORE : Consumers may soon have more options for mobile banking and making online transactions.
This comes as Singapore banks are expected to come up with more innovative gadgets to boost the "e-banking" experience.
But industry watchers have said developments in cloud computing may provide significant challenges in this arena.
Banks are expected to set aside more money to ensure peace of mind for customers when carrying out online transactions.
This comes after industry-wide measures introduced by the Association of Banks in Singapore (ABS), which called for additional authentication features on a security token to maximise security for online and mobile banking transactions.
Next January, Standard Chartered Bank Singapore will be introducing a multi-function token card which combines both the security token and credit card features.
Subba Vaidyanathan, regional head of Retail Banking Segments (Singapore and South East Asia) at Standard Chartered Bank, said: "Our big focus is to keep building on the digital bank and provide that service, because that is where we see Singapore banks and Singaporeans moving.
"We have continued to have 30-40 per cent annualised growth on payments online and we want to sustain that pace."
So far, 170,000 Standard Chartered customers have opted for the card, and its rollout will start in January 2013.
The multi-function token acts as a debit, credit and ATM card. It also doubles up as a security token to facilitate online banking. And with banks projected to increase their spending on technology next year, analysts said customers can expect more innovations wrapped up in one device, such as being able to check one's bank account balance while on the go.
Meanwhile, Citibank has just launched a new service that allows its customers to pay their credit card bills via SMS on mobile phones.
Earlier, DBS Bank also introduced the DBS One.TAP, Singapore's first virtual credit card on a mobile phone.
But banks do have other kinds of competitors to contend with.
Edison Chen, investment analyst at DMG & Partners Research, said: "We do see the effect of cloud-based banking. There are third-party, non-bank parties that are offering financial services that bypass the banks in utilising the fact that cloud computing offers lower barriers of entry, and that is something that banks must watch out for.
"So they must constantly upgrade their facilities and offer the best of what customers really want. And we do see that happening, in terms of banks embracing social networking, having their Facebook closely linked with customers and analysing what customers want and need."
Some industry watchers said this may prompt banks to upgrade facilities and eventually utilise cloud computing elements.
- CNA/ms
- wong chee tat :)
Wednesday, October 24, 2012
Ample room for private banking to grow in Asia
Ample room for private banking to grow in Asia
By Lynda Hong | Posted: 24 October 2012 2215 hrs
SINGAPORE: Citigroup has overtaken Swiss bank UBS to become the top private bank in Asia-Pacific last year.
And despite assets under management (AUM) in the region dipping slightly by 0.5 per cent to US$1.1 trillion in 2011, private bankers said there is still room to grow in Asia.
Less than 20 per cent of wealth owned by Asian of high net worth individuals are professionally managed by private bankers.
This means there is ample room for the industry to grow in Asia.
But experts said the lack of talent may stifle growth for some private banks.
Rajesh Malkani, who is the head of private bank (East Region) at Standard Chartered Private Bank, said: "We are finding more and more that we have to re-train people, whether we bring them from the external world or from the internal world, to really make them capable of dealing with all the changes that is happening in the industry. So it is not an easy industry, there is a lot of new regulation, there a lot of cost growth in our businesses."
The Private Banker International Asia-Pacific AuM Benchmark 2012, which ranks private banks according to the assets of high net worth individuals' funds they manage, placed Citigroup as the top private bank in Asia Pacific.
The US banking group has some US$193 billion under management in 2011.
It overtook UBS, which is now in second place. HSBC came in third in the survey.
JP Morgan Private Wealth Management Asia's chief executive officer, Peter Flavel, said: "Wealth in Asia is growing at low teens and we are expected to grow around that rate or even better over the next three to five years. And I see Asia as the most exciting place for wealth management globally."
The survey added that the drop in Asia Pacific's AUM last year was due to falling asset values caused by the global economic slowdown.
Most of the private wealth management in Asia Pacific were managed by banks that are not headquartered in Asia.
But the study added that universal banks with strong retail offerings have a stronger advantage to target high net worth individuals with assets valued between US$1 million and US$5 million. This is a core segment for Asian private banks.
Currently, foreign banks are taking a bigger slice of the private banking pie, but the four Asian banks in the survey are catching up fast with their combined AUM rising by seven per cent.
Eleven out of 16 of these foreign banks saw their AUM staying static or dipped in 2011.
Tan Su Shan, who is managing director and group head of wealth management at DBS Bank, said: "As interest rates in some local jurisdictions get higher - because of Basel Three or because banks are just shrinking their balance sheets - some of our clients do need liquidity to pump it back into the business to buy ships, to buy palm oil. So the competition for funding is really the business growth."
DBS is the highest ranked Asian headquartered private bank, managing US$39 billion last year.
This is followed by Standard Chartered Private Bank, Bank of Singapore and Hang Seng Bank.
- CNA/fa
- wong chee tat :)
By Lynda Hong | Posted: 24 October 2012 2215 hrs
SINGAPORE: Citigroup has overtaken Swiss bank UBS to become the top private bank in Asia-Pacific last year.
And despite assets under management (AUM) in the region dipping slightly by 0.5 per cent to US$1.1 trillion in 2011, private bankers said there is still room to grow in Asia.
Less than 20 per cent of wealth owned by Asian of high net worth individuals are professionally managed by private bankers.
This means there is ample room for the industry to grow in Asia.
But experts said the lack of talent may stifle growth for some private banks.
Rajesh Malkani, who is the head of private bank (East Region) at Standard Chartered Private Bank, said: "We are finding more and more that we have to re-train people, whether we bring them from the external world or from the internal world, to really make them capable of dealing with all the changes that is happening in the industry. So it is not an easy industry, there is a lot of new regulation, there a lot of cost growth in our businesses."
The Private Banker International Asia-Pacific AuM Benchmark 2012, which ranks private banks according to the assets of high net worth individuals' funds they manage, placed Citigroup as the top private bank in Asia Pacific.
The US banking group has some US$193 billion under management in 2011.
It overtook UBS, which is now in second place. HSBC came in third in the survey.
JP Morgan Private Wealth Management Asia's chief executive officer, Peter Flavel, said: "Wealth in Asia is growing at low teens and we are expected to grow around that rate or even better over the next three to five years. And I see Asia as the most exciting place for wealth management globally."
The survey added that the drop in Asia Pacific's AUM last year was due to falling asset values caused by the global economic slowdown.
Most of the private wealth management in Asia Pacific were managed by banks that are not headquartered in Asia.
But the study added that universal banks with strong retail offerings have a stronger advantage to target high net worth individuals with assets valued between US$1 million and US$5 million. This is a core segment for Asian private banks.
Currently, foreign banks are taking a bigger slice of the private banking pie, but the four Asian banks in the survey are catching up fast with their combined AUM rising by seven per cent.
Eleven out of 16 of these foreign banks saw their AUM staying static or dipped in 2011.
Tan Su Shan, who is managing director and group head of wealth management at DBS Bank, said: "As interest rates in some local jurisdictions get higher - because of Basel Three or because banks are just shrinking their balance sheets - some of our clients do need liquidity to pump it back into the business to buy ships, to buy palm oil. So the competition for funding is really the business growth."
DBS is the highest ranked Asian headquartered private bank, managing US$39 billion last year.
This is followed by Standard Chartered Private Bank, Bank of Singapore and Hang Seng Bank.
- CNA/fa
- wong chee tat :)
Thursday, June 30, 2011
62% of office space at Asia Square Tower 1 leased out
62% of office space at Asia Square Tower 1 leased out
By Jonathan Peeris | Posted: 28 June 2011 1837 hrs
SINGAPORE : Asia Square Tower 1, located at Shenton Way, has already leased out 62 per cent of its office space and pre-let more than half of the building.
The developers of the building, MGPA, gave the update after it was awarded its Temporary Occupation Permit (TOP) on June 21.
MGPA said it was awarded the land parcel in September 2007 and construction was completed in less than four years, making it the fastest development of this scale in Singapore to achieve completion within the time frame.
Asia Square Tower 1 comprises close to 1.3 million square feet of Grade A office space across 43 floors.
Among its future tenants are Google, Julius Baer, Lloyd's of London, Marsh & McLennan Companies and Citic Bank.
Its largest tenant, Citibank, will move in this September, with its retail branch operational by November.
Another important element of Asia Square is the food & beverage and retail space which is close to being fully leased out.
The Pure Fitness Centre will be the largest gym and fitness facility in the CBD, taking up 32,300 square feet of space, with the latest in fitness technology and training programmes.
Meanwhile, the fourth quarter of 2013 will see the completion of Asia Square Tower 2, which will add about 800,000 square feet of Grade A office space and a 305-room luxury five-star hotel under the Westin brand.
- CNA/al
- wong chee tat :)
By Jonathan Peeris | Posted: 28 June 2011 1837 hrs
SINGAPORE : Asia Square Tower 1, located at Shenton Way, has already leased out 62 per cent of its office space and pre-let more than half of the building.
The developers of the building, MGPA, gave the update after it was awarded its Temporary Occupation Permit (TOP) on June 21.
MGPA said it was awarded the land parcel in September 2007 and construction was completed in less than four years, making it the fastest development of this scale in Singapore to achieve completion within the time frame.
Asia Square Tower 1 comprises close to 1.3 million square feet of Grade A office space across 43 floors.
Among its future tenants are Google, Julius Baer, Lloyd's of London, Marsh & McLennan Companies and Citic Bank.
Its largest tenant, Citibank, will move in this September, with its retail branch operational by November.
Another important element of Asia Square is the food & beverage and retail space which is close to being fully leased out.
The Pure Fitness Centre will be the largest gym and fitness facility in the CBD, taking up 32,300 square feet of space, with the latest in fitness technology and training programmes.
Meanwhile, the fourth quarter of 2013 will see the completion of Asia Square Tower 2, which will add about 800,000 square feet of Grade A office space and a 305-room luxury five-star hotel under the Westin brand.
- CNA/al
- wong chee tat :)
Tuesday, April 12, 2011
Banks eye 'young professional' market
Banks eye 'young professional' market
By Jo-ann Huang | Posted: 11 April 2011 2230 hrs
SINGAPORE: More young professionals are climbing up the corporate ladder, and that emerging affluent market is a new consumer banking segment in Asia.
With as many as 500 million emerging affluent individuals in the region, banks are stepping up their efforts to capture this growing customer base.
Citibank is using customised banking to target the emerging affluent segment in Asia.
It has launched new services including a 24-hour online secure e-chat with customer service reps, free global fund transfers to other Citibank accounts, and dedicated personal bankers.
Catering to the needs of this segment is one way to retain customers in the long-run.
In the last three years, more than 50 per cent of customers from their Citigold banking segment, which comprises individuals with between S$200,000 to S$1 million in investible assets, have upgraded from the emerging affluent or the Personal Banking segment.
Citibank Singapore country marketing director Jacquelyn Tan said: "We've seen a lot of emerging trends where increasingly our customers within this segment are increasingly more mobile.
"Our customers as well in such a fast-paced environment demand.....a high responsiveness... accessibility as well as convenience and personalised services for their banking needs.
Citibank is targeting countries like China, India and Malaysia for their new emerging affluent services.
Other banks are also jumping in on this trend.
By targeting the emerging affluent segment, UOB for instance, expects profits from this segment as well as its high net worth individual market to reach 50 per cent from 35 per cent in four years.
Standard Chartered launched its preferred banking service for the region's emerging affluent individuals in August last year.
The bank is hiring 800 staff by early 2012 to cater to this growing customer base.
However, banks have differing standards and definitions for the mass affluent or the emerging affluent market.
Citibank considers individuals with a net worth of US$10,000 to US$100,000 to be "emerging affluent".
For Standard Chartered, emerging affluent individuals are required to have investible assets of US$100,000 and above.
For products and services, analysts said US and European banks currently dominate the Asian emerging affluent market.
Fitch Ratings director of Financial Institutions Alfred Chan said: "They have all kinds of sophisticated products; some risky, some are less risky as we have learned from this crisis, so asian banks really need to pick up".
Emerging affluent individuals make up one-third of Asia's consumer banking revenue,and banks forecast this figure to rise.
They project an eight to 15 per cent growth in revenue from Asia's emerging affluent segment annually for the next several years.
-CNA/wk
- wong chee tat :)
By Jo-ann Huang | Posted: 11 April 2011 2230 hrs
SINGAPORE: More young professionals are climbing up the corporate ladder, and that emerging affluent market is a new consumer banking segment in Asia.
With as many as 500 million emerging affluent individuals in the region, banks are stepping up their efforts to capture this growing customer base.
Citibank is using customised banking to target the emerging affluent segment in Asia.
It has launched new services including a 24-hour online secure e-chat with customer service reps, free global fund transfers to other Citibank accounts, and dedicated personal bankers.
Catering to the needs of this segment is one way to retain customers in the long-run.
In the last three years, more than 50 per cent of customers from their Citigold banking segment, which comprises individuals with between S$200,000 to S$1 million in investible assets, have upgraded from the emerging affluent or the Personal Banking segment.
Citibank Singapore country marketing director Jacquelyn Tan said: "We've seen a lot of emerging trends where increasingly our customers within this segment are increasingly more mobile.
"Our customers as well in such a fast-paced environment demand.....a high responsiveness... accessibility as well as convenience and personalised services for their banking needs.
Citibank is targeting countries like China, India and Malaysia for their new emerging affluent services.
Other banks are also jumping in on this trend.
By targeting the emerging affluent segment, UOB for instance, expects profits from this segment as well as its high net worth individual market to reach 50 per cent from 35 per cent in four years.
Standard Chartered launched its preferred banking service for the region's emerging affluent individuals in August last year.
The bank is hiring 800 staff by early 2012 to cater to this growing customer base.
However, banks have differing standards and definitions for the mass affluent or the emerging affluent market.
Citibank considers individuals with a net worth of US$10,000 to US$100,000 to be "emerging affluent".
For Standard Chartered, emerging affluent individuals are required to have investible assets of US$100,000 and above.
For products and services, analysts said US and European banks currently dominate the Asian emerging affluent market.
Fitch Ratings director of Financial Institutions Alfred Chan said: "They have all kinds of sophisticated products; some risky, some are less risky as we have learned from this crisis, so asian banks really need to pick up".
Emerging affluent individuals make up one-third of Asia's consumer banking revenue,and banks forecast this figure to rise.
They project an eight to 15 per cent growth in revenue from Asia's emerging affluent segment annually for the next several years.
-CNA/wk
- wong chee tat :)
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