HDB Issues Rated Fixed Rate Notes
HDB Issues Rated Fixed Rate Notes
Published Date: 16 Sep 2016
The Housing & Development Board ("HDB") has issued S$600 million, 10-year Fixed Rate Notes (the “Notes”) under its S$32 billion Multicurrency Medium Term Note ("MTN") Programme.
2 The Notes have a coupon of 2.035% per annum payable semi-annually in arrear. The Notes were issued on 16 September 2016 and will mature on 16 September 2026. The Notes are rated Aaa by Moody’s Investors Service.
3 The Notes are in denominations of S$250,000 and were offered by way of placement to investors who fall within Sections 274 and/or 275 of the Securities and Futures Act, Chapter 289 of Singapore. Approval in principle for the listing of the Notes on the Singapore Exchange Securities Trading Limited (“SGX-ST”) has been obtained. Admission of the Notes to the Official List of the SGX-ST is not to be taken as an indication of the merits of HDB, its subsidiaries or the Notes. The Notes are cleared through The Central Depository (Pte) Limited.
4 The Joint Lead Managers are CIMB Bank Berhad, RHB Securities Singapore Pte. Ltd. and Standard Chartered Bank.
5 Under HDB's MTN programme, HDB may from time to time, issue bonds (or notes) to finance its development programmes and working capital requirements as well as to refinance the existing borrowings.
6 HDB was set up as a statutory board on 1 February 1960. HDB houses over 80% of Singapore's resident population, with more than 9 in 10 HDB dwellers owning the flats they live in. This has made Singapore one of the highest home ownership nations in the world. Providing affordable and quality housing, creating vibrant and sustainable towns, and promoting active and cohesive communities, will remain the focus for HDB.
NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR TO U.S. PERSONS
This announcement is not an offer for sale of securities in the United States. The Notes have not been and will not be registered under the U.S. Securities Act of 1933 (as amended), and may not be offered or sold in the United States or to U.S. persons absent registration under, or an applicable exemption from, the registration requirements of the U.S. securities laws. No public offering of securities is being made in the United States or in any other jurisdiction where such an offering is restricted or prohibited. A rating is not a recommendation to buy, sell or hold any securities and may be subject to suspension, reduction or withdrawal at any time by the rating agencies.
- wong chee tat :)
Showing posts with label Standard Chartered. Show all posts
Showing posts with label Standard Chartered. Show all posts
Sunday, October 30, 2016
HDB Issues Rated Fixed Rate Notes
HDB Issues Rated Fixed Rate Notes
HDB Issues Rated Fixed Rate Notes
Published Date: 19 Jul 2016
The Housing & Development Board ("HDB") has issued S$700 million, 5-year Fixed Rate Notes (the “Notes”) under its S$32 billion Multicurrency Medium Term Note ("MTN") Programme.
2 The Notes have a coupon of 1.47% per annum payable semi-annually in arrear. The Notes were issued on 19 July 2016 and will mature on 19 July 2021. The Notes are rated Aaa by Moody’s Investors Service.
3 The Notes are in denominations of S$250,000 and were offered by way of placement to investors who fall within Sections 274 and/or 275 of the Securities and Futures Act, Chapter 289 of Singapore. Approval in principle for the listing of the Notes on the Singapore Exchange Securities Trading Limited (SGX-ST) has been obtained. Admission of the Notes to the Official List of the SGX-ST is not to be taken as an indication of the merits of HDB, its subsidiaries or the Notes. The Notes are cleared through The Central Depository (Pte) Limited.
4 The Joint Lead Managers are Australia and New Zealand Banking Group Limited, Deutsche Bank AG, Singapore Branch and Standard Chartered Bank.
5 Under HDB's MTN programme, HDB may from time to time, issue bonds (or notes) to finance its development programmes and working capital requirements as well as to refinance the existing borrowings.
6 HDB was set up as a statutory board on 1 February 1960. HDB houses over 80% of Singapore's resident population, with more than 9 in 10 HDB dwellers owning the flats they live in. This has made Singapore one of the highest home ownership nations in the world. Providing affordable and quality housing, creating vibrant and sustainable towns, and promoting active and cohesive communities, will remain the focus for HDB.
NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR TO U.S. PERSONS
This announcement is not an offer for sale of securities in the United States. The Notes have not been and will not be registered under the U.S. Securities Act of 1933 (as amended), and may not be offered or sold in the United States or to U.S. persons absent registration under, or an applicable exemption from, the registration requirements of the U.S. securities laws. No public offering of securities is being made in the United States or in any other jurisdiction where such an offering is restricted or prohibited. A rating is not a recommendation to buy, sell or hold any securities and may be subject to suspension, reduction or withdrawal at any time by the rating agencies.
- wong chee tat :)
HDB Issues Rated Fixed Rate Notes
Published Date: 19 Jul 2016
The Housing & Development Board ("HDB") has issued S$700 million, 5-year Fixed Rate Notes (the “Notes”) under its S$32 billion Multicurrency Medium Term Note ("MTN") Programme.
2 The Notes have a coupon of 1.47% per annum payable semi-annually in arrear. The Notes were issued on 19 July 2016 and will mature on 19 July 2021. The Notes are rated Aaa by Moody’s Investors Service.
3 The Notes are in denominations of S$250,000 and were offered by way of placement to investors who fall within Sections 274 and/or 275 of the Securities and Futures Act, Chapter 289 of Singapore. Approval in principle for the listing of the Notes on the Singapore Exchange Securities Trading Limited (SGX-ST) has been obtained. Admission of the Notes to the Official List of the SGX-ST is not to be taken as an indication of the merits of HDB, its subsidiaries or the Notes. The Notes are cleared through The Central Depository (Pte) Limited.
4 The Joint Lead Managers are Australia and New Zealand Banking Group Limited, Deutsche Bank AG, Singapore Branch and Standard Chartered Bank.
5 Under HDB's MTN programme, HDB may from time to time, issue bonds (or notes) to finance its development programmes and working capital requirements as well as to refinance the existing borrowings.
6 HDB was set up as a statutory board on 1 February 1960. HDB houses over 80% of Singapore's resident population, with more than 9 in 10 HDB dwellers owning the flats they live in. This has made Singapore one of the highest home ownership nations in the world. Providing affordable and quality housing, creating vibrant and sustainable towns, and promoting active and cohesive communities, will remain the focus for HDB.
NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR TO U.S. PERSONS
This announcement is not an offer for sale of securities in the United States. The Notes have not been and will not be registered under the U.S. Securities Act of 1933 (as amended), and may not be offered or sold in the United States or to U.S. persons absent registration under, or an applicable exemption from, the registration requirements of the U.S. securities laws. No public offering of securities is being made in the United States or in any other jurisdiction where such an offering is restricted or prohibited. A rating is not a recommendation to buy, sell or hold any securities and may be subject to suspension, reduction or withdrawal at any time by the rating agencies.
- wong chee tat :)
Friday, May 20, 2016
Financial institutions need 'strong IT controls' following SWIFT attacks: MAS
Financial institutions need 'strong IT controls' following SWIFT attacks: MAS
After a series of cyber attacks on financial institutions worldwide, the Monetary Authority of Singapore says that it will continue to monitor the security landscape and provide guidance where necessary.
By Melissa Zhu
Posted 16 May 2016 17:22 Updated 16 May 2016 23:07
SINGAPORE: The Monetary Authority of Singapore (MAS) "expects financial institutions to implement strong controls in their IT systems", after recent cyber attacks using the Society for Worldwide Interbank Financial Telecommunication (SWIFT) financial messaging system.
The regulator told Channel NewsAsia on Monday (May 16) that these controls included maintaining a high level of security for critical IT systems such as SWIFT. "MAS will continue to monitor the security landscape and threats faced by the financial industry and provide guidance where necessary," a spokesperson said.
MAS' comments come in the wake of a number of cyber attacks on banks worldwide through SWIFT's system - a network that allows institutions to carry out financial transactions by sending out messages through a secured global communications network.
In February, hackers broke into the computer systems of the Bangladesh Central Bank, stealing credentials for payment transfers worth US$81 million out of a Federal Reserve Bank of New York account held by the Central Bank using fraudulent SWIFT messages. Last Thursday, SWIFT announced that a second bank had been hit by a similar malware attack. A spokesperson said it was not immediately clear how much money, if any, was stolen from the unnamed commercial bank.
After this case, SWIFT confirmed that malicious attackers had submitted SWIFT messages from financial institutions' back-offices, PCs or workstations connected to their local interface to the SWIFT network.
It added that after hackers submitted fraudulent instructions on SWIFT by impersonating the banks' operators, they used malware to target a PDF reader application used for reports of payment confirmations, to remove traces of the fraudulent messages.
"This malware only targets the PDF reader in affected institutions’ local environments and has no impact on SWIFT’s network, interface software or core messaging services," it said.
On Sunday, Vietnam's Tien Phong Bank said it interrupted an attempted cyber heist using SWIFT messages to transfer more than 1 million euros (US$1.1 million) in funds.
SWIFT, a Belgian co-operative owned by member banks and used by 11,000 financial institutions globally, had said forensic experts believe the second case showed that the Bangladesh heist "was not a single occurrence, but part of a wider and highly adaptive campaign targeting banks".
The chain of related attacks has put the linchpin for the financial messaging industry under intense scrutiny. The organisation has said that banks are responsible for securing computers used to send messages over its network, but a Bangladeshi-government appointed panel later blamed the cyber theft on "a number of errors" committed by the messaging network.
In a statement last Friday, SWIFT also said that "the SWIFT network, core messaging services and software have not been compromised".
"The security and integrity of our messaging services are not in question as a result of the incidents," it reiterated.
CYBER THREATS TAKEN "VERY SERIOUSLY": LOCAL BANKS
While there are no known cases of related attacks on banks in Singapore so far, financial institutions told Channel NewsAsia that they are taking cyber security "very seriously".
United Overseas Bank's managing director and head of group technology, Susan Hwee, said the bank deploys "multiple layers of security, and constantly monitors developments and enhances our systems to ensure that we manage technology risks in a systematic and consistent manner".
"The bank adheres to strict security standards which are aligned to industry best practices and regulatory guidelines to maintain a secure banking environment for all our customers,” added Ms Hwee.
Mr Patrick Chew, head of operational risk management at Oversea-Chinese Banking Corporation (OCBC), likewise said the bank took a serious view on cyber threats.
"The modus operandi of cybercriminals morphs frequently. We therefore maintain a high level of vigilance over new or emerging cyber threats," he said, adding that this entails adopting a "proactive and multi-dimensional approach" that includes close monitoring, investing in IT infrastructure, regular reviews of operation processes, employee training and the issuance of advisories to customers.
OCBC also has a cyber security operations centre that monitors the bank’s IT and cyber security systems round the clock, and works closely with national agencies and industry bodies to safeguard the bank against increasingly sophisticated cyber threats, said Mr Chew.
"These collaborations allow us to constantly keep abreast of cyber security developments while facilitating collective efforts by the industry to confront and mitigate against such risks," he elaborated.
As lenders globally step up efforts to step up cybersecurity, Standard Chartered said it hired a new chief information security officer, former Symantec executive Cheri McGuire, on Wednesday. The bank's Singapore branch said that it has not been targeted by such cyber attacks so far.
- CNA/mz
- wong chee tat :)
After a series of cyber attacks on financial institutions worldwide, the Monetary Authority of Singapore says that it will continue to monitor the security landscape and provide guidance where necessary.
By Melissa Zhu
Posted 16 May 2016 17:22 Updated 16 May 2016 23:07
SINGAPORE: The Monetary Authority of Singapore (MAS) "expects financial institutions to implement strong controls in their IT systems", after recent cyber attacks using the Society for Worldwide Interbank Financial Telecommunication (SWIFT) financial messaging system.
The regulator told Channel NewsAsia on Monday (May 16) that these controls included maintaining a high level of security for critical IT systems such as SWIFT. "MAS will continue to monitor the security landscape and threats faced by the financial industry and provide guidance where necessary," a spokesperson said.
MAS' comments come in the wake of a number of cyber attacks on banks worldwide through SWIFT's system - a network that allows institutions to carry out financial transactions by sending out messages through a secured global communications network.
In February, hackers broke into the computer systems of the Bangladesh Central Bank, stealing credentials for payment transfers worth US$81 million out of a Federal Reserve Bank of New York account held by the Central Bank using fraudulent SWIFT messages. Last Thursday, SWIFT announced that a second bank had been hit by a similar malware attack. A spokesperson said it was not immediately clear how much money, if any, was stolen from the unnamed commercial bank.
After this case, SWIFT confirmed that malicious attackers had submitted SWIFT messages from financial institutions' back-offices, PCs or workstations connected to their local interface to the SWIFT network.
It added that after hackers submitted fraudulent instructions on SWIFT by impersonating the banks' operators, they used malware to target a PDF reader application used for reports of payment confirmations, to remove traces of the fraudulent messages.
"This malware only targets the PDF reader in affected institutions’ local environments and has no impact on SWIFT’s network, interface software or core messaging services," it said.
On Sunday, Vietnam's Tien Phong Bank said it interrupted an attempted cyber heist using SWIFT messages to transfer more than 1 million euros (US$1.1 million) in funds.
SWIFT, a Belgian co-operative owned by member banks and used by 11,000 financial institutions globally, had said forensic experts believe the second case showed that the Bangladesh heist "was not a single occurrence, but part of a wider and highly adaptive campaign targeting banks".
The chain of related attacks has put the linchpin for the financial messaging industry under intense scrutiny. The organisation has said that banks are responsible for securing computers used to send messages over its network, but a Bangladeshi-government appointed panel later blamed the cyber theft on "a number of errors" committed by the messaging network.
In a statement last Friday, SWIFT also said that "the SWIFT network, core messaging services and software have not been compromised".
"The security and integrity of our messaging services are not in question as a result of the incidents," it reiterated.
CYBER THREATS TAKEN "VERY SERIOUSLY": LOCAL BANKS
While there are no known cases of related attacks on banks in Singapore so far, financial institutions told Channel NewsAsia that they are taking cyber security "very seriously".
United Overseas Bank's managing director and head of group technology, Susan Hwee, said the bank deploys "multiple layers of security, and constantly monitors developments and enhances our systems to ensure that we manage technology risks in a systematic and consistent manner".
"The bank adheres to strict security standards which are aligned to industry best practices and regulatory guidelines to maintain a secure banking environment for all our customers,” added Ms Hwee.
Mr Patrick Chew, head of operational risk management at Oversea-Chinese Banking Corporation (OCBC), likewise said the bank took a serious view on cyber threats.
"The modus operandi of cybercriminals morphs frequently. We therefore maintain a high level of vigilance over new or emerging cyber threats," he said, adding that this entails adopting a "proactive and multi-dimensional approach" that includes close monitoring, investing in IT infrastructure, regular reviews of operation processes, employee training and the issuance of advisories to customers.
OCBC also has a cyber security operations centre that monitors the bank’s IT and cyber security systems round the clock, and works closely with national agencies and industry bodies to safeguard the bank against increasingly sophisticated cyber threats, said Mr Chew.
"These collaborations allow us to constantly keep abreast of cyber security developments while facilitating collective efforts by the industry to confront and mitigate against such risks," he elaborated.
As lenders globally step up efforts to step up cybersecurity, Standard Chartered said it hired a new chief information security officer, former Symantec executive Cheri McGuire, on Wednesday. The bank's Singapore branch said that it has not been targeted by such cyber attacks so far.
- CNA/mz
- wong chee tat :)
Friday, April 29, 2016
HDB Issues Rated Fixed Rate Notes
HDB Issues Rated Fixed Rate Notes
Published Date: 26 Apr 2016
The Housing & Development Board ("HDB") has issued S$675 million, 5-year Fixed Rate Notes (the “Notes”) under its S$32 billion Multicurrency Medium Term Note ("MTN") Programme.
2 The Notes have a coupon of 1.75% per annum payable semi-annually in arrear. The Notes were issued on 26 April 2016 and will mature on 26 April 2021. The Notes are rated Aaa by Moody’s Investors Service.
3 The Notes are in denominations of S$250,000 and were offered by way of placement to investors who fall within Sections 274 and/or 275 of the Securities and Futures Act, Chapter 289 of Singapore. Approval in principle for the listing of the Notes on the Singapore Exchange Securities Trading Limited ("SGX-ST") has been obtained. Admission of the Notes to the Official List of the SGX-ST is not to be taken as an indication of the merits of HDB, its subsidiaries or the Notes. The Notes are cleared through The Central Depository (Pte) Limited.
4 The Joint Lead Managers are DBS Bank Ltd., Industrial and Commercial Bank of China, Singapore Branch and Standard Chartered Bank.
5 Under HDB's MTN programme, HDB may from time to time, issue bonds (or notes) to finance its development programmes and working capital requirements as well as to refinance the existing borrowings.
6 HDB was set up as a statutory board on 1 February 1960. HDB houses over 80% of Singapore's resident population, with more than 9 in 10 HDB dwellers owning the flats they live in. This has made Singapore one of the highest home ownership nations in the world. Providing affordable and quality housing, creating vibrant and sustainable towns, and promoting active and cohesive communities, will remain the focus for HDB.
NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR TO U.S. PERSONS
This announcement is not an offer for sale of securities in the United States. The Notes have not been and will not be registered under the U.S. Securities Act of 1933 (as amended), and may not be offered or sold in the United States or to U.S. persons absent registration under, or an applicable exemption from, the registration requirements of the U.S. securities laws. No public offering of securities is being made in the United States or in any other jurisdiction where such an offering is restricted or prohibited. A rating is not a recommendation to buy, sell or hold any securities and may be subject to suspension, reduction or withdrawal at any time by the rating agencies.
- wong chee tat :)
Published Date: 26 Apr 2016
The Housing & Development Board ("HDB") has issued S$675 million, 5-year Fixed Rate Notes (the “Notes”) under its S$32 billion Multicurrency Medium Term Note ("MTN") Programme.
2 The Notes have a coupon of 1.75% per annum payable semi-annually in arrear. The Notes were issued on 26 April 2016 and will mature on 26 April 2021. The Notes are rated Aaa by Moody’s Investors Service.
3 The Notes are in denominations of S$250,000 and were offered by way of placement to investors who fall within Sections 274 and/or 275 of the Securities and Futures Act, Chapter 289 of Singapore. Approval in principle for the listing of the Notes on the Singapore Exchange Securities Trading Limited ("SGX-ST") has been obtained. Admission of the Notes to the Official List of the SGX-ST is not to be taken as an indication of the merits of HDB, its subsidiaries or the Notes. The Notes are cleared through The Central Depository (Pte) Limited.
4 The Joint Lead Managers are DBS Bank Ltd., Industrial and Commercial Bank of China, Singapore Branch and Standard Chartered Bank.
5 Under HDB's MTN programme, HDB may from time to time, issue bonds (or notes) to finance its development programmes and working capital requirements as well as to refinance the existing borrowings.
6 HDB was set up as a statutory board on 1 February 1960. HDB houses over 80% of Singapore's resident population, with more than 9 in 10 HDB dwellers owning the flats they live in. This has made Singapore one of the highest home ownership nations in the world. Providing affordable and quality housing, creating vibrant and sustainable towns, and promoting active and cohesive communities, will remain the focus for HDB.
NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR TO U.S. PERSONS
This announcement is not an offer for sale of securities in the United States. The Notes have not been and will not be registered under the U.S. Securities Act of 1933 (as amended), and may not be offered or sold in the United States or to U.S. persons absent registration under, or an applicable exemption from, the registration requirements of the U.S. securities laws. No public offering of securities is being made in the United States or in any other jurisdiction where such an offering is restricted or prohibited. A rating is not a recommendation to buy, sell or hold any securities and may be subject to suspension, reduction or withdrawal at any time by the rating agencies.
- wong chee tat :)
Tuesday, December 29, 2015
Bank jobs in Singapore under pressure
Bank jobs in Singapore under pressure
Banks are seeing their margins squeezed by a weak macroeconomy and some like Barclays and Standard Chartered have initiated job cuts globally. Singapore, being a key financial centre in Asia, is not immune to these layoffs.
By Linette Lim
Posted 28 Dec 2015 17:41 Updated 28 Dec 2015 23:28
SINGAPORE: The financial sector is a key source of jobs in Singapore, employing more than 200,000 people as of September, according to data from the Ministry of Manpower (MOM). It also contributes to more than 12 per cent of the gross domestic product (GDP).
While latest MOM statistics have showed that there is still overall job growth in the sector - with 2,600 jobs added in the third quarter - some areas, from support functions to equities-related and investment banking roles, have come under pressure.
Global banks are seeing their margins squeezed by a weak macroeconomy and higher costs arising from tighter regulatory oversight. Additionally, across the sector worldwide, nearly 100,000 banking jobs were estimated to have been cut in 2015, according to an estimate by the Financial Times.
Major banks like Standard Chartered, Barclays, and Deutsche Bank have initiated job cuts globally and as Singapore is a key financial centre in Asia, it is not immune from these layoffs.
"We have seen a lot of offshoring happening, not just this year, but in 2014 as well," said Robert Walters Southeast Asia's managing director, Mr Toby Fowlston. "We've seen areas like product control downsize in a number of banking businesses, and also some of the back-office functions as well, where we've seen that shipped to cheaper cost locations."
But the concern is more than just over jobs being moved to lower-cost jurisdictions. Trading and deal-making is drying up amid a more uncertain macro environment and this is threatening equities-related and investment banking jobs. At the same time, new business models are disrupting traditional banking - a point underscored by Prime Minister Lee Hsien Loong in a speech last month.
"Digitisation, fintech - those are challenges to the traditional bank model," said Mr Ho Kok Yong, Financial Services Industry leader at Deloitte Singapore. "I think with digitisation, online banking, there's even greater reason for banks to actually cut headcount. So I would say that in the next one or two years, we will see a lot of this happening.
On the other hand, there are areas that will be in need of headcount, with vacancies exceeding the number of applicants.
Said Adecco Singapore's country manager Femke Hellemons: "The increasing emphasis on corporate governance, risk management, also drives the demand for compliance, risk management, and operations professionals. At the same time, we see a strong demand for IT finance engineers, and also relationship managers, as banks are looking to market customised solutions for their corporate clients."
As banks reorganise their business to cope with a changing business environment, recruitment consultancies have said they see hiring managers in banks here adopt a wait-and-see approach. According to Robert Walters, this has given rise to a greater use of contracting, with staff coming in on six- to 12-month fixed term contracts.
- CNA/hs
- wong chee tat :)
Banks are seeing their margins squeezed by a weak macroeconomy and some like Barclays and Standard Chartered have initiated job cuts globally. Singapore, being a key financial centre in Asia, is not immune to these layoffs.
By Linette Lim
Posted 28 Dec 2015 17:41 Updated 28 Dec 2015 23:28
SINGAPORE: The financial sector is a key source of jobs in Singapore, employing more than 200,000 people as of September, according to data from the Ministry of Manpower (MOM). It also contributes to more than 12 per cent of the gross domestic product (GDP).
While latest MOM statistics have showed that there is still overall job growth in the sector - with 2,600 jobs added in the third quarter - some areas, from support functions to equities-related and investment banking roles, have come under pressure.
Global banks are seeing their margins squeezed by a weak macroeconomy and higher costs arising from tighter regulatory oversight. Additionally, across the sector worldwide, nearly 100,000 banking jobs were estimated to have been cut in 2015, according to an estimate by the Financial Times.
Major banks like Standard Chartered, Barclays, and Deutsche Bank have initiated job cuts globally and as Singapore is a key financial centre in Asia, it is not immune from these layoffs.
"We have seen a lot of offshoring happening, not just this year, but in 2014 as well," said Robert Walters Southeast Asia's managing director, Mr Toby Fowlston. "We've seen areas like product control downsize in a number of banking businesses, and also some of the back-office functions as well, where we've seen that shipped to cheaper cost locations."
But the concern is more than just over jobs being moved to lower-cost jurisdictions. Trading and deal-making is drying up amid a more uncertain macro environment and this is threatening equities-related and investment banking jobs. At the same time, new business models are disrupting traditional banking - a point underscored by Prime Minister Lee Hsien Loong in a speech last month.
"Digitisation, fintech - those are challenges to the traditional bank model," said Mr Ho Kok Yong, Financial Services Industry leader at Deloitte Singapore. "I think with digitisation, online banking, there's even greater reason for banks to actually cut headcount. So I would say that in the next one or two years, we will see a lot of this happening.
On the other hand, there are areas that will be in need of headcount, with vacancies exceeding the number of applicants.
Said Adecco Singapore's country manager Femke Hellemons: "The increasing emphasis on corporate governance, risk management, also drives the demand for compliance, risk management, and operations professionals. At the same time, we see a strong demand for IT finance engineers, and also relationship managers, as banks are looking to market customised solutions for their corporate clients."
As banks reorganise their business to cope with a changing business environment, recruitment consultancies have said they see hiring managers in banks here adopt a wait-and-see approach. According to Robert Walters, this has given rise to a greater use of contracting, with staff coming in on six- to 12-month fixed term contracts.
- CNA/hs
- wong chee tat :)
Saturday, November 7, 2015
Standard Chartered job cuts to hit Singapore: Source
Standard Chartered job cuts to hit Singapore: Source
Technology and Operations is an area in Singapore targeted for job cuts, according to a source close to Standard Chartered.
POSTED: 06 Nov 2015 23:45
SINGAPORE: Following Standard Chartered’s announcement that it will axe 15,000 jobs globally, the bank has declined to reveal how many of these job losses will come from Singapore.
However, recent high-profile departures are said to include the bank's global head of FX research Callum Henderson and global head of aviation finance Simon Perkins.
A source familiar with the Asia-focused British lender told Channel NewsAsia on condition of anonymity that Technology and Operations is an area in Singapore targeted for cuts.
When contacted by Channel NewsAsia on Friday (Nov 6), a StanChart spokesperson said a large number of the total headcount reductions will be through attrition. The spokesperson said the bank was unable to provide further details at this point in time.
Standard Chartered currently employs around 7,000 people in Singapore.
The bank on Tuesday said it will cut 15,000 of 86,000 jobs around the world, meaning that nearly one in five employees will lose their jobs.
- CNA/xq
- wong chee tat :)
Technology and Operations is an area in Singapore targeted for job cuts, according to a source close to Standard Chartered.
POSTED: 06 Nov 2015 23:45
SINGAPORE: Following Standard Chartered’s announcement that it will axe 15,000 jobs globally, the bank has declined to reveal how many of these job losses will come from Singapore.
However, recent high-profile departures are said to include the bank's global head of FX research Callum Henderson and global head of aviation finance Simon Perkins.
A source familiar with the Asia-focused British lender told Channel NewsAsia on condition of anonymity that Technology and Operations is an area in Singapore targeted for cuts.
When contacted by Channel NewsAsia on Friday (Nov 6), a StanChart spokesperson said a large number of the total headcount reductions will be through attrition. The spokesperson said the bank was unable to provide further details at this point in time.
Standard Chartered currently employs around 7,000 people in Singapore.
The bank on Tuesday said it will cut 15,000 of 86,000 jobs around the world, meaning that nearly one in five employees will lose their jobs.
- CNA/xq
- wong chee tat :)
Thursday, November 5, 2015
Gloom at StanChart S’pore as bank announced 15,000 job cuts globally
Gloom at StanChart S’pore as bank announced 15,000 job cuts globally
TODAY reports: Several StanChart employees said they were not so much shocked - as the job cuts have been in the offing for a while now - but they remained in an immense state of stress.
By Rumi Hardasmalani, TODAY
POSTED: 04 Nov 2015 09:39
SINGAPORE: The mood is sombre at Standard Chartered’s Singapore offices after the Asia-focused British lender announced on Tuesday (Nov 3) plans to cut 15,000 jobs from its 86,000 global workforce by 2018, while seeking to raise more than US$5 billion (S$7 billion) in new capital.
StanChart Singapore, which employs about 7,000 people and appointed Canadian Judy Hsu as its new CEO as recently as September, declined to comment on the number of jobs that will be cut here.
However, it did say that the bank has substantially completed 1,000 senior staff exits globally, while other positions will be whittled down through attrition.
Several of the bank’s employees, who TODAY spoke to on condition of anonymity, reflected the uncertainty that looms large over their future.
They said they were not so much shocked - as the job cuts have been in the offing for a while now - but they remained in an immense state of stress.
“We are indeed distracted and confused about what we should do next. We are certainly not in a position to negotiate better salaries with other potential employers. The uncertainty is quite scary. We are neither in a position to pick up nor refuse the not-so-attractive job offers in our hands,” said a senior-level StanChart Singapore staffer.
Another senior-level bank employee also noted the gloomy sentiment, but added: “The positive thing is that we are getting regular strategy updates from the CEO’s office these days.”
The senior-level and front-office employees are at a higher risk of being retrenched, with surplus talent in these segments of the market, recruiters told TODAY.
However, those in business-critical roles such as revenue-generation as well as risk-related, compliance and internal audit positions are relatively safe and are not likely to face the axe, they said.
“Even companies that are cutting costs would prioritise hires for these job functions,” said Ms Lynne Roeder, managing director of leading headhunter Hays Singapore.
Besides the global job cuts, London-based StanChart is also raising US$5.1 billion through a two-for-seven rights issue.
The rights shares will be priced at £4.65 (S$10.02) each, or a 35 per cent discount from the last traded price in London.
Singapore investment company Temasek Holdings, StanChart’s largest shareholder with a 15.8 per cent stake, will take up its full allocation.
“We are confirming our participation in the rights issue in proportion to our current holding in the bank,” Mr Stephen Forshaw, managing director Strategic & Public Affairs at Temasek, said in an email response.
According to StanChart, the capital raising is aimed at financing a planned US$3 billion investment over three years into strategic opportunities, technology and upgrading regulatory and compliance systems, besides strengthening balance sheets.
The latest revamp comes as StanChart reported a third-quarter operating loss of US$139 million, swinging from a US$1.5 billion profit in the previous corresponding period, owing to growing regulatory costs and rising loan impairments in India.
The bank said on Monday it targeted savings of US$2.9 billion by 2018 and will restructure or exit US$100 billion of risk-weighted assets after its expansion strategy in emerging markets such as India had backfired, leaving the bank saddled with huge debts.
China’s growth slowdown and sagging global commodity prices had also weighed on the bank’s performance.
StanChart CEO Bill Winters, who took the helm in June, said on Teusday: “The business environment in our markets remains challenging and our recent performance is disappointing. We will execute as quickly as possible to get through this transition phase. These actions will result in a lean, focused and well-capitalised bank, poised for growth.”
After the restructuring and earnings news, StanChart shares plunged 8.9 per cent to 649.80 pence at noon today in London.
- wong chee tat ):
TODAY reports: Several StanChart employees said they were not so much shocked - as the job cuts have been in the offing for a while now - but they remained in an immense state of stress.
By Rumi Hardasmalani, TODAY
POSTED: 04 Nov 2015 09:39
SINGAPORE: The mood is sombre at Standard Chartered’s Singapore offices after the Asia-focused British lender announced on Tuesday (Nov 3) plans to cut 15,000 jobs from its 86,000 global workforce by 2018, while seeking to raise more than US$5 billion (S$7 billion) in new capital.
StanChart Singapore, which employs about 7,000 people and appointed Canadian Judy Hsu as its new CEO as recently as September, declined to comment on the number of jobs that will be cut here.
However, it did say that the bank has substantially completed 1,000 senior staff exits globally, while other positions will be whittled down through attrition.
Several of the bank’s employees, who TODAY spoke to on condition of anonymity, reflected the uncertainty that looms large over their future.
They said they were not so much shocked - as the job cuts have been in the offing for a while now - but they remained in an immense state of stress.
“We are indeed distracted and confused about what we should do next. We are certainly not in a position to negotiate better salaries with other potential employers. The uncertainty is quite scary. We are neither in a position to pick up nor refuse the not-so-attractive job offers in our hands,” said a senior-level StanChart Singapore staffer.
Another senior-level bank employee also noted the gloomy sentiment, but added: “The positive thing is that we are getting regular strategy updates from the CEO’s office these days.”
The senior-level and front-office employees are at a higher risk of being retrenched, with surplus talent in these segments of the market, recruiters told TODAY.
However, those in business-critical roles such as revenue-generation as well as risk-related, compliance and internal audit positions are relatively safe and are not likely to face the axe, they said.
“Even companies that are cutting costs would prioritise hires for these job functions,” said Ms Lynne Roeder, managing director of leading headhunter Hays Singapore.
Besides the global job cuts, London-based StanChart is also raising US$5.1 billion through a two-for-seven rights issue.
The rights shares will be priced at £4.65 (S$10.02) each, or a 35 per cent discount from the last traded price in London.
Singapore investment company Temasek Holdings, StanChart’s largest shareholder with a 15.8 per cent stake, will take up its full allocation.
“We are confirming our participation in the rights issue in proportion to our current holding in the bank,” Mr Stephen Forshaw, managing director Strategic & Public Affairs at Temasek, said in an email response.
According to StanChart, the capital raising is aimed at financing a planned US$3 billion investment over three years into strategic opportunities, technology and upgrading regulatory and compliance systems, besides strengthening balance sheets.
The latest revamp comes as StanChart reported a third-quarter operating loss of US$139 million, swinging from a US$1.5 billion profit in the previous corresponding period, owing to growing regulatory costs and rising loan impairments in India.
The bank said on Monday it targeted savings of US$2.9 billion by 2018 and will restructure or exit US$100 billion of risk-weighted assets after its expansion strategy in emerging markets such as India had backfired, leaving the bank saddled with huge debts.
China’s growth slowdown and sagging global commodity prices had also weighed on the bank’s performance.
StanChart CEO Bill Winters, who took the helm in June, said on Teusday: “The business environment in our markets remains challenging and our recent performance is disappointing. We will execute as quickly as possible to get through this transition phase. These actions will result in a lean, focused and well-capitalised bank, poised for growth.”
After the restructuring and earnings news, StanChart shares plunged 8.9 per cent to 649.80 pence at noon today in London.
- wong chee tat ):
Tuesday, November 3, 2015
Standard Chartered axes 15,000 jobs, announces US$5.1b capital raise
Standard Chartered axes 15,000 jobs, announces US$5.1b capital raise
The job losses are part of a major restructuring that will cost around US$3 billion, the bank said.
POSTED: 03 Nov 2015 16:52 UPDATED: 03 Nov 2015 23:39
HONG KONG: Asia-focused British bank Standard Chartered said on Tuesday (Nov 3) it would axe 15,000 jobs and raise US$5.1 billion in capital after posting a "disappointing" third-quarter loss as it struggles to return to growth.
The job losses are part of a major restructuring that will cost around US$3 billion, the bank said. A Standard Chartered spokeswoman said she could not give any further details of the job cuts.
When contacted, a spokesperson from StanChart Singapore declined to say if the job cuts would affect Singapore operations.
More than half of the restructuring costs would come from potential losses on liquidating assets and businesses, the bank said in a statement.
The remaining charges would be from "potential redundancy costs" of a planned headcount reduction of 15,000, as well as goodwill write-downs, it added.
The bank reported an unexpected pre-tax quarterly loss of US$139 million compared with a US$1.53 billion profit a year earlier, in a performance described as "disappointing" by group chief executive Bill Winters.
Revenue was down 18.4 per cent to US$3.68 billion and impairment losses increased from US$536 million to US$1.23 billion for the quarter.
Shares in the bank plunged as much as 6.2 per cent on the Hong Kong stock exchange in the wake of the results and closed down nearly 3 per cent - its stock value has fallen around 30 per cent in the past year.
"I know a lot of people losing their jobs is not good, (but) from a business point of view, that's what they have to do," Hong Kong-based financial analyst Jackson Wong told AFP.
Wong said loan losses were the main reason the bank swung to a pre-tax loss, adding that it needed to "control costs and try to remodel (its) business".
RIGHTS ISSUE
Standard Chartered announced a plan to raise US$5.1 billion in capital through a rights issue, and a strategic review that raised its cost-cutting target to US$2.9 billion between 2015 and 2018.
It added it was refocusing on "affluent retail clients" rather than corporate and institutional banking businesses and would exit or restructure US$100 billion of assets.
"The business environment in our markets remains challenging and our recent performance is disappointing," Winters said in a statement filed to the Hong Kong bourse.
"The plans we have outlined today significantly reallocate resources to change fundamentally the mix of the group towards more profitable and less capital-intensive business," Winters said in a separate statement detailing the strategic plan.
Winters, former co-head of JP Morgan, took the reins from Peter Sands in June after shareholder calls for a boardroom cull following profit warnings.
The bank said in January it would axe 2,000 jobs around the world in 2015 in an attempt to make savings of US$400 million in a structural overhaul.
It had already shed 2,000 jobs in the three months before January.
Standard Chartered saw its profits plunge in the first half of this year, with net profit slumping 36.7 per cent in the six months to June compared to the period in 2014.
Bosses at the bank gave up their bonuses after profits fell by more than a third in 2014, sliding 37 per cent to US$2.51 billion.
- AFP/CNA/ec
- wong chee tat :)
The job losses are part of a major restructuring that will cost around US$3 billion, the bank said.
POSTED: 03 Nov 2015 16:52 UPDATED: 03 Nov 2015 23:39
HONG KONG: Asia-focused British bank Standard Chartered said on Tuesday (Nov 3) it would axe 15,000 jobs and raise US$5.1 billion in capital after posting a "disappointing" third-quarter loss as it struggles to return to growth.
The job losses are part of a major restructuring that will cost around US$3 billion, the bank said. A Standard Chartered spokeswoman said she could not give any further details of the job cuts.
When contacted, a spokesperson from StanChart Singapore declined to say if the job cuts would affect Singapore operations.
More than half of the restructuring costs would come from potential losses on liquidating assets and businesses, the bank said in a statement.
The remaining charges would be from "potential redundancy costs" of a planned headcount reduction of 15,000, as well as goodwill write-downs, it added.
The bank reported an unexpected pre-tax quarterly loss of US$139 million compared with a US$1.53 billion profit a year earlier, in a performance described as "disappointing" by group chief executive Bill Winters.
Revenue was down 18.4 per cent to US$3.68 billion and impairment losses increased from US$536 million to US$1.23 billion for the quarter.
Shares in the bank plunged as much as 6.2 per cent on the Hong Kong stock exchange in the wake of the results and closed down nearly 3 per cent - its stock value has fallen around 30 per cent in the past year.
"I know a lot of people losing their jobs is not good, (but) from a business point of view, that's what they have to do," Hong Kong-based financial analyst Jackson Wong told AFP.
Wong said loan losses were the main reason the bank swung to a pre-tax loss, adding that it needed to "control costs and try to remodel (its) business".
RIGHTS ISSUE
Standard Chartered announced a plan to raise US$5.1 billion in capital through a rights issue, and a strategic review that raised its cost-cutting target to US$2.9 billion between 2015 and 2018.
It added it was refocusing on "affluent retail clients" rather than corporate and institutional banking businesses and would exit or restructure US$100 billion of assets.
"The business environment in our markets remains challenging and our recent performance is disappointing," Winters said in a statement filed to the Hong Kong bourse.
"The plans we have outlined today significantly reallocate resources to change fundamentally the mix of the group towards more profitable and less capital-intensive business," Winters said in a separate statement detailing the strategic plan.
Winters, former co-head of JP Morgan, took the reins from Peter Sands in June after shareholder calls for a boardroom cull following profit warnings.
The bank said in January it would axe 2,000 jobs around the world in 2015 in an attempt to make savings of US$400 million in a structural overhaul.
It had already shed 2,000 jobs in the three months before January.
Standard Chartered saw its profits plunge in the first half of this year, with net profit slumping 36.7 per cent in the six months to June compared to the period in 2014.
Bosses at the bank gave up their bonuses after profits fell by more than a third in 2014, sliding 37 per cent to US$2.51 billion.
- AFP/CNA/ec
- wong chee tat :)
Friday, September 19, 2014
HDB Issues Fixed Rate Notes
HDB Issues Fixed Rate Notes
Date issued : 19 Sep 2014
The Housing and Development Board ("HDB") has issued S$500 million, 5-year Fixed Rate Notes (the “Notes”) under its S$32 billion Multicurrency Medium Term Note ("MTN") Programme.
2The Notes have a coupon of 2.288% per annum payable semi-annually in arrear. The Notes were issued on 19 September 2014 and will mature on 19 September 2019.
3The Notes are in denominations of S$250,000 and were offered by way of placement to investors who fall within Sections 274 and/or 275 of the Securities and Futures Act, Chapter 289 of Singapore. Approval in principle for the listing of the Notes on the Singapore Exchange Securities Trading Limited (SGX-ST) has been obtained. Admission of the Notes to the Official List of the SGX-ST is not to be taken as an indication of the merits of HDB, its subsidiaries or the Notes. The Notes are cleared through The Central Depository (Pte) Limited.
4The Lead Manager is Standard Chartered Bank.
5Under HDB's MTN programme, HDB may from time to time, issue bonds (or notes) to finance its development programmes and working capital requirements as well as to refinance the existing borrowings.
6HDB was set up as a statutory board on 1 February 1960. HDB houses over 80% of Singapore's resident population and enables about 80% of them to be homeowners. This has made Singapore one of the highest home ownership nations in the world. The provision of quality housing and related services, and the renewal of the older HDB estates, will remain the focus for HDB.
NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR TO U.S. PERSONS
This announcement is not an offer for sale of securities in the United States. The Notes have not been and will not be registered under the U.S. Securities Act of 1933 (as amended), and may not be offered or sold in the United States or to U.S. persons absent registration under, or an applicable exemption from, the registration requirements of the U.S. securities laws. No public offering of securities is being made in the United States or in any other jurisdiction where such an offering is restricted or prohibited.
- wong chee tat :)
Date issued : 19 Sep 2014
The Housing and Development Board ("HDB") has issued S$500 million, 5-year Fixed Rate Notes (the “Notes”) under its S$32 billion Multicurrency Medium Term Note ("MTN") Programme.
2The Notes have a coupon of 2.288% per annum payable semi-annually in arrear. The Notes were issued on 19 September 2014 and will mature on 19 September 2019.
3The Notes are in denominations of S$250,000 and were offered by way of placement to investors who fall within Sections 274 and/or 275 of the Securities and Futures Act, Chapter 289 of Singapore. Approval in principle for the listing of the Notes on the Singapore Exchange Securities Trading Limited (SGX-ST) has been obtained. Admission of the Notes to the Official List of the SGX-ST is not to be taken as an indication of the merits of HDB, its subsidiaries or the Notes. The Notes are cleared through The Central Depository (Pte) Limited.
4The Lead Manager is Standard Chartered Bank.
5Under HDB's MTN programme, HDB may from time to time, issue bonds (or notes) to finance its development programmes and working capital requirements as well as to refinance the existing borrowings.
6HDB was set up as a statutory board on 1 February 1960. HDB houses over 80% of Singapore's resident population and enables about 80% of them to be homeowners. This has made Singapore one of the highest home ownership nations in the world. The provision of quality housing and related services, and the renewal of the older HDB estates, will remain the focus for HDB.
NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR TO U.S. PERSONS
This announcement is not an offer for sale of securities in the United States. The Notes have not been and will not be registered under the U.S. Securities Act of 1933 (as amended), and may not be offered or sold in the United States or to U.S. persons absent registration under, or an applicable exemption from, the registration requirements of the U.S. securities laws. No public offering of securities is being made in the United States or in any other jurisdiction where such an offering is restricted or prohibited.
- wong chee tat :)
Wednesday, March 26, 2014
HDB Issues Fixed Rate Notes
HDB Issues Fixed Rate Notes
Date issued : 26 Mar 2014
The Housing and Development Board ("HDB") has issued S$750 million, 7-year Fixed Rate Notes (the “Notes”) under its S$22 billion Multicurrency Medium Term Note ("MTN") Programme.
2The Notes have a coupon of 3.008% per annum payable semi-annually in arrear. The Notes were issued on 26 March 2014 and will mature on 26 March 2021.
3The Notes are in denominations of S$250,000 and were offered by way of placement to investors who fall within Sections 274 and/or 275 of the Securities and Futures Act, Chapter 289 of Singapore. Approval in principle for the listing of the Notes on the Singapore Exchange Securities Trading Limited (SGX-ST) has been obtained. Admission of the Notes to the Official List of the SGX-ST is not to be taken as an indication of the merits of HDB, its subsidiaries or the Notes. The Notes are cleared through The Central Depository (Pte) Limited.
4The Joint Lead Managers are Australia and New Zealand Banking Group Limited, CIMB Bank Berhad, Deutsche Bank AG, Singapore Branch, Maybank Kim Eng Securities Pte. Ltd. and Standard Chartered Bank.
5Under HDB's MTN programme, HDB may from time to time, issue bonds (or notes) to finance its development programmes and working capital requirements as well as to refinance the existing borrowings.
6HDB was set up as a statutory board on 1 February 1960. HDB houses over 80% of Singapore's resident population and enables more than nine out of ten of them to be homeowners. This has made Singapore one of the highest home ownership nations in the world. The provision of quality housing and related services, and the renewal of the older HDB estates, will remain the focus for HDB.
NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR TO U.S. PERSONS
This announcement is not an offer for sale of securities in the United States. The Notes have not been and will not be registered under the U.S. Securities Act of 1933 (as amended), and may not be offered or sold in the United States or to U.S. persons absent registration under, or an applicable exemption from, the registration requirements of the U.S. securities laws. No public offering of securities is being made in the United States or in any other jurisdiction where such an offering is restricted or prohibited.
- wong chee tat :)
- wong chee tat :)
Date issued : 26 Mar 2014
The Housing and Development Board ("HDB") has issued S$750 million, 7-year Fixed Rate Notes (the “Notes”) under its S$22 billion Multicurrency Medium Term Note ("MTN") Programme.
2The Notes have a coupon of 3.008% per annum payable semi-annually in arrear. The Notes were issued on 26 March 2014 and will mature on 26 March 2021.
3The Notes are in denominations of S$250,000 and were offered by way of placement to investors who fall within Sections 274 and/or 275 of the Securities and Futures Act, Chapter 289 of Singapore. Approval in principle for the listing of the Notes on the Singapore Exchange Securities Trading Limited (SGX-ST) has been obtained. Admission of the Notes to the Official List of the SGX-ST is not to be taken as an indication of the merits of HDB, its subsidiaries or the Notes. The Notes are cleared through The Central Depository (Pte) Limited.
4The Joint Lead Managers are Australia and New Zealand Banking Group Limited, CIMB Bank Berhad, Deutsche Bank AG, Singapore Branch, Maybank Kim Eng Securities Pte. Ltd. and Standard Chartered Bank.
5Under HDB's MTN programme, HDB may from time to time, issue bonds (or notes) to finance its development programmes and working capital requirements as well as to refinance the existing borrowings.
6HDB was set up as a statutory board on 1 February 1960. HDB houses over 80% of Singapore's resident population and enables more than nine out of ten of them to be homeowners. This has made Singapore one of the highest home ownership nations in the world. The provision of quality housing and related services, and the renewal of the older HDB estates, will remain the focus for HDB.
NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR TO U.S. PERSONS
This announcement is not an offer for sale of securities in the United States. The Notes have not been and will not be registered under the U.S. Securities Act of 1933 (as amended), and may not be offered or sold in the United States or to U.S. persons absent registration under, or an applicable exemption from, the registration requirements of the U.S. securities laws. No public offering of securities is being made in the United States or in any other jurisdiction where such an offering is restricted or prohibited.
- wong chee tat :)
- 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 :)
Sunday, March 2, 2014
Bank of China issues RMB 3 billion yuan Lion City bonds
2014-02-25
25 February 2014, Singapore - Bank of China Singapore branch (BOC) today issued Renmimbi (RMB) 3 billion ‘Lion City’ bonds, the largest Chinese yuan bond issuance in Singapore. The bonds will be listed on the Singapore Exchange.
With strong support from local and international institutional investors, the issuance was 2.96 times oversubscribed. The geographical composition of investors shows 52% coming from Singapore, 25% from rest of Asia and 23% from Europe. It was priced at 3.30% for the two-year bonds, 4% for the five-year bonds. Bank of China, DBS Bank, OCBC Bank Singapore and Standard Chartered Bank are joint book runners, with the Agricultural Bank of China Singapore Branch being co-manager.
BOC Singapore General Manager Mr. Zhang Qingsong said: “Bank of China’s ‘Lion City’ issuance reflects the continued internationalisation of RMB as a leading currency and Singapore’s increasing maturity as an offshore renminbi centre.
“As China’s most international bank with the largest renminbi cross-border transactions business, this issuance demonstrates BOC’s continued support for Singapore’s rapid development as an offshore renminbi centre.”
This is BOC’s third RMB bond issuance within its USD10 billion Medium-Term Note programme (MTN) which was assigned ‘A’ by Fitch Ratings and ‘A1’ by Moody's Investors Service. BOC released its first 2 billion RMB “Formosa Bonds” in Taiwan in December 2013 and 2.5 billion RMB offshore bonds in London in January 2014.
Operating under a Qualifying Full Bank License (QFB), BOC Singapore branch provides a wide range of services including deposit and loan banking, commodity financing, wealth management and credit cards.
Bank of China launched the BOC Cross-border Renminbi Index (CRI) in September 2013. The Index reached a historic high of 228 points at the fourth quarter last year, showing that RMB internationalisation process continues to accelerate.
- wong chee tat :)
Friday, December 6, 2013
StanChart reports theft of 647 private bank clients' statements
StanChart reports theft of 647 private bank clients' statements
By Wong Siew Ying and Kimberly Spykerman
POSTED: 05 Dec 2013 20:11
UPDATED: 05 Dec 2013 23:09
Standard Chartered Bank said it has been notified by the police of the theft of 647 of its private bank clients' monthly bank statements.
SINGAPORE: Standard Chartered Bank Singapore (StanChart) said it has been notified by the police of the theft of 647 of its private bank clients' monthly bank statements for February 2013.
But the bank assured clients that it has not found any unauthorised transactions resulting from the incident.
Banking regulator the Monetary Authority of Singapore (MAS) said on Thursday it would consider if regulatory action against StanChart is warranted.
StanChart Private Bank caters to high net worth individuals with investable assets of over US$2 million.
The bank said on Thursday there was a theft of monthly statements for February this year for 647 of its clients.
It said the theft occurred through a server of a third-party service provider, Fuji Xerox Singapore, which prints statements for its private bank clients.
It is understood that Fuji Xerox acts for only one other non-bank financial institution in Singapore.
In a statement, StanChart's CEO Ray Ferguson said the confidentiality and privacy of its clients are of paramount importance, and it takes the incident very seriously.
The bank also confirmed that its IT and data security systems were not compromised, based on investigations to-date.
In response to Channel NewsAsia queries, StanChart said it has currently suspended Fuji Xerox's services for the purpose of ongoing investigations.
The bank said it has taken immediate steps to further enhance its data security and procedures, including a full review of the security controls of relevant outsourcing relationships.
As a precaution, StanChart said it is contacting private banking clients who have been affected.
It stressed that all of its wholesale banking clients, small and medium enterprises (SMEs) and retail customers are not affected in the incident.
Meanwhile, a forensic team is conducting a review at Fuji Xerox.
The company said there was unauthorised access to a server dedicated to StanChart Private Bank in a standalone printing facility.
But there was no impact on the data of customers on any other systems.
MAS said the incident is an isolated case, but it underscores the need for financial institutions to be more vigilant, including "close management of risks relating to service providers".
In a strongly-worded statement, the central bank said it will review StanChart's investigation report and consider if regulatory action is warranted against the bank.
The regulator added that it is paying "special supervisory attention to financial institutions' compliance with MAS' requirements for IT outsourcing".
The incident is now under police investigation.
Singapore Police said in a statement on Thursday evening that in the course of investigations, police discovered that files containing data on StanChart bank clients were found in a laptop seized from James Raj Arokiasamy.
Police confirm that StanChart had lodged a report on Monday, December 2.
A cybersecurity expert that Channel NewsAsia spoke to said the breach could have been the result of a service lapse.
Anthony Lim, member of the Application Security Advisory Board, said: "Typically when a highly sensitive organisation like a bank outsources such services, especially highly sensitive data like private bank records to a service provider, there is something known as a service level agreement, or SLA, which obliges the third party service provider to maintain the same level of security that the bank should have.
“The parties involved are big names, so I'm sure the SLA was in place. So somewhere along the way there must have been a service lapse -- somebody must have slipped or forgotten something, allowing the breach or compromise."
Mr Lim said he was certain that consumer confidence would not be affected by the incident.
But he added: “By tomorrow, all the banks in the country will be looking at their SLAs and upgrading their SLAs and calling third party service providers for meetings to ensure such things don't happen and that any service lapses, protocol lapses are fixed immediately.”
- CNA/gn
- wong chee tat :)
By Wong Siew Ying and Kimberly Spykerman
POSTED: 05 Dec 2013 20:11
UPDATED: 05 Dec 2013 23:09
Standard Chartered Bank said it has been notified by the police of the theft of 647 of its private bank clients' monthly bank statements.
SINGAPORE: Standard Chartered Bank Singapore (StanChart) said it has been notified by the police of the theft of 647 of its private bank clients' monthly bank statements for February 2013.
But the bank assured clients that it has not found any unauthorised transactions resulting from the incident.
Banking regulator the Monetary Authority of Singapore (MAS) said on Thursday it would consider if regulatory action against StanChart is warranted.
StanChart Private Bank caters to high net worth individuals with investable assets of over US$2 million.
The bank said on Thursday there was a theft of monthly statements for February this year for 647 of its clients.
It said the theft occurred through a server of a third-party service provider, Fuji Xerox Singapore, which prints statements for its private bank clients.
It is understood that Fuji Xerox acts for only one other non-bank financial institution in Singapore.
In a statement, StanChart's CEO Ray Ferguson said the confidentiality and privacy of its clients are of paramount importance, and it takes the incident very seriously.
The bank also confirmed that its IT and data security systems were not compromised, based on investigations to-date.
In response to Channel NewsAsia queries, StanChart said it has currently suspended Fuji Xerox's services for the purpose of ongoing investigations.
The bank said it has taken immediate steps to further enhance its data security and procedures, including a full review of the security controls of relevant outsourcing relationships.
As a precaution, StanChart said it is contacting private banking clients who have been affected.
It stressed that all of its wholesale banking clients, small and medium enterprises (SMEs) and retail customers are not affected in the incident.
Meanwhile, a forensic team is conducting a review at Fuji Xerox.
The company said there was unauthorised access to a server dedicated to StanChart Private Bank in a standalone printing facility.
But there was no impact on the data of customers on any other systems.
MAS said the incident is an isolated case, but it underscores the need for financial institutions to be more vigilant, including "close management of risks relating to service providers".
In a strongly-worded statement, the central bank said it will review StanChart's investigation report and consider if regulatory action is warranted against the bank.
The regulator added that it is paying "special supervisory attention to financial institutions' compliance with MAS' requirements for IT outsourcing".
The incident is now under police investigation.
Singapore Police said in a statement on Thursday evening that in the course of investigations, police discovered that files containing data on StanChart bank clients were found in a laptop seized from James Raj Arokiasamy.
Police confirm that StanChart had lodged a report on Monday, December 2.
A cybersecurity expert that Channel NewsAsia spoke to said the breach could have been the result of a service lapse.
Anthony Lim, member of the Application Security Advisory Board, said: "Typically when a highly sensitive organisation like a bank outsources such services, especially highly sensitive data like private bank records to a service provider, there is something known as a service level agreement, or SLA, which obliges the third party service provider to maintain the same level of security that the bank should have.
“The parties involved are big names, so I'm sure the SLA was in place. So somewhere along the way there must have been a service lapse -- somebody must have slipped or forgotten something, allowing the breach or compromise."
Mr Lim said he was certain that consumer confidence would not be affected by the incident.
But he added: “By tomorrow, all the banks in the country will be looking at their SLAs and upgrading their SLAs and calling third party service providers for meetings to ensure such things don't happen and that any service lapses, protocol lapses are fixed immediately.”
- CNA/gn
- wong chee tat :)
Fuji Xerox server, desktop seized for StanChart data theft investigations
Fuji Xerox server, desktop seized for StanChart data theft investigations
By Kimberly Spykerman
POSTED: 06 Dec 2013 19:23
Singapore Police have seized a server and desktop dedicated to Standard Chartered Private Bank from an offsite printing facility of Fuji Xerox Singapore.
SINGAPORE: Singapore Police have seized a server and desktop dedicated to Standard Chartered Private Bank from an offsite printing facility of Fuji Xerox Singapore.
Fuji Xerox said the police visited its facility on Thursday, December 5.
It was announced on Thursday that 647 monthly bank statements belonging to Standard Chartered Private Bank's clients were stolen from Fuji Xerox's server.
In response to queries from Channel NewsAsia, Fuji Xerox said police had "made a request" to visit the standalone printing facility where the statements for the private bank clients are printed.
Fuji Xerox added it is working closely with the police.
Police said they are unable to provide further details as investigations are ongoing.
- CNA/gn
- wong chee tat :)
By Kimberly Spykerman
POSTED: 06 Dec 2013 19:23
Singapore Police have seized a server and desktop dedicated to Standard Chartered Private Bank from an offsite printing facility of Fuji Xerox Singapore.
SINGAPORE: Singapore Police have seized a server and desktop dedicated to Standard Chartered Private Bank from an offsite printing facility of Fuji Xerox Singapore.
Fuji Xerox said the police visited its facility on Thursday, December 5.
It was announced on Thursday that 647 monthly bank statements belonging to Standard Chartered Private Bank's clients were stolen from Fuji Xerox's server.
In response to queries from Channel NewsAsia, Fuji Xerox said police had "made a request" to visit the standalone printing facility where the statements for the private bank clients are printed.
Fuji Xerox added it is working closely with the police.
Police said they are unable to provide further details as investigations are ongoing.
- CNA/gn
- wong chee tat :)
Int'l media say data theft may hurt Singapore's private banking hub reputation
Int'l media say data theft may hurt Singapore's private banking hub reputation
By Kimberly Spykerman
POSTED: 06 Dec 2013 19:53
Some reports by international media say Standard Chartered Bank’s security breach threatens to undermine Singapore's reputation as a private banking hub for Asia. The theft of 647 wealthy clients' monthly bank statements from Standard Chartered Bank Singapore has made global headlines.
SINGAPORE: Some reports by international media say Standard Chartered Bank’s security breach threatens to undermine Singapore's reputation as a private banking hub for Asia.
The theft of 647 wealthy clients' monthly bank statements from Standard Chartered Bank Singapore has made global headlines.
The theft occurred from one of the servers of a third-party service provider - Fuji Xerox - which prints statements for StanChart.
The data was discovered in a laptop seized from alleged hacker James Raj Arokiasamy - who goes by the moniker The Messiah - in the course of police investigations.
Media reports have reported that the theft is the latest in a series of troubles to hit UK-based StanChart in recent months.
The Wall Street Journal said that the bank recently warned its operating profit would drop this year for the first time in a decade.
Industry experts quoted by Bloomberg also said the theft of client information will raise questions about StanChart's ability to deal with client data.
The Financial Times added that the incident comes as a blow to the bank in Asia - its largest market with confidentiality being a cornerstone of a private bank's ability to compete for business.
Reuters noted that theft of such client data has become more common, with several banks in Switzerland having had data stolen over the past five years.
Experts warn that more of such thefts could take place globally over the next couple of years as hackers see potential profit in accessing bank data and selling it.
But one concern raised is whether the security breach will threaten Singapore's reputation as a private banking hub for Asia.
Bloomberg reported that Singapore hosts about S$800 billion in offshore assets, and is Asia's largest wealth management centre.
StanChart emphasised on Thursday that no unauthorised transactions resulted from the latest incident.
The Monetary Authority of Singapore (MAS) said this is an isolated incident. It will review the bank's investigation report and consider if regulatory action is warranted against it.
MAS also said the incident underscores the need for financial institutions to be more vigilant.
- CNA/xq
- wong chee tat :)
By Kimberly Spykerman
POSTED: 06 Dec 2013 19:53
Some reports by international media say Standard Chartered Bank’s security breach threatens to undermine Singapore's reputation as a private banking hub for Asia. The theft of 647 wealthy clients' monthly bank statements from Standard Chartered Bank Singapore has made global headlines.
SINGAPORE: Some reports by international media say Standard Chartered Bank’s security breach threatens to undermine Singapore's reputation as a private banking hub for Asia.
The theft of 647 wealthy clients' monthly bank statements from Standard Chartered Bank Singapore has made global headlines.
The theft occurred from one of the servers of a third-party service provider - Fuji Xerox - which prints statements for StanChart.
The data was discovered in a laptop seized from alleged hacker James Raj Arokiasamy - who goes by the moniker The Messiah - in the course of police investigations.
Media reports have reported that the theft is the latest in a series of troubles to hit UK-based StanChart in recent months.
The Wall Street Journal said that the bank recently warned its operating profit would drop this year for the first time in a decade.
Industry experts quoted by Bloomberg also said the theft of client information will raise questions about StanChart's ability to deal with client data.
The Financial Times added that the incident comes as a blow to the bank in Asia - its largest market with confidentiality being a cornerstone of a private bank's ability to compete for business.
Reuters noted that theft of such client data has become more common, with several banks in Switzerland having had data stolen over the past five years.
Experts warn that more of such thefts could take place globally over the next couple of years as hackers see potential profit in accessing bank data and selling it.
But one concern raised is whether the security breach will threaten Singapore's reputation as a private banking hub for Asia.
Bloomberg reported that Singapore hosts about S$800 billion in offshore assets, and is Asia's largest wealth management centre.
StanChart emphasised on Thursday that no unauthorised transactions resulted from the latest incident.
The Monetary Authority of Singapore (MAS) said this is an isolated incident. It will review the bank's investigation report and consider if regulatory action is warranted against it.
MAS also said the incident underscores the need for financial institutions to be more vigilant.
- CNA/xq
- wong chee tat :)
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 :)
Wednesday, November 13, 2013
HDB Issues Fixed Rate Notes
HDB Issues Fixed Rate Notes
NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR TO U.S. PERSONS
This announcement is not an offer for sale of securities in the United States. The Notes have not been and will not be registered under the U.S. Securities Act of 1933 (as amended), and may not be offered or sold in the United States or to U.S. persons absent registration under, or an applicable exemption from, the registration requirements of the U.S. securities laws. No public offering of securities is being made in the United States or in any other jurisdiction where such an offering is restricted or prohibited.
- wong chee tat :)
Date issued : 13 Nov 2013
The Housing and Development Board ("HDB") has issued S$1.5 billion, 4-year Fixed Rate Notes (the “Notes”) under its S$22 billion Multicurrency Medium Term Note ("MTN") Programme.
2The Notes have a coupon of 1.875% per annum payable semi-annually in arrear. The Notes were issued on 13 November 2013 and will mature on 13 November 2017.
3The Notes are in denominations of S$250,000 and were offered by way of placement to investors who fall within Sections 274 and/or 275 of the Securities and Futures Act, Chapter 289 of Singapore. Approval in principle for the listing of the Notes on the Singapore Exchange Securities Trading Limited (SGX-ST) has been obtained. Admission of the Notes to the Official List of the SGX-ST is not to be taken as an indication of the merits of HDB, its subsidiaries or the Notes. The Notes are cleared through The Central Depository (Pte) Limited.
4The Joint Lead Managers are BNP Paribas, Singapore Branch, DBS Bank Ltd., Deutsche Bank AG, Singapore Branch, DMG & Partners Securities Pte Ltd, The Hongkong and Shanghai Banking Corporation Limited, Oversea-Chinese Banking Corporation Limited, Standard Chartered Bank and United Overseas Bank Limited.
5Under HDB's MTN programme, HDB may from time to time, issue bonds (or notes) to finance its development programmes and working capital requirements as well as to refinance the existing borrowings.
6HDB was set up as a statutory board on 1 February 1960. Today, it houses more than 80% of Singapore's resident population and has enabled more than nine out of ten of them to be homeowners. This has made Singapore one of the highest home ownership nations in the world. The provision of quality housing and related services, and the renewal of the older HDB estates, will remain the focus for HDB.
NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR TO U.S. PERSONS
This announcement is not an offer for sale of securities in the United States. The Notes have not been and will not be registered under the U.S. Securities Act of 1933 (as amended), and may not be offered or sold in the United States or to U.S. persons absent registration under, or an applicable exemption from, the registration requirements of the U.S. securities laws. No public offering of securities is being made in the United States or in any other jurisdiction where such an offering is restricted or prohibited.
- wong chee tat :)
Monday, May 27, 2013
Dim Sum bonds issued in Singapore
Dim Sum bonds issued in Singapore
POSTED: 27 May 2013 10:48 PM
Standard Chartered Bank and HSBC are issuing yuan-denominated (Dim Sum) bonds for the first time in Singapore.
SINGAPORE: Standard Chartered Bank and HSBC are issuing yuan-denominated (Dim Sum) bonds for the first time in Singapore.
The announcement came as the Singapore Exchange launched its own yuan-clearing system on Monday.
Both banks are also known to be among the most aggressive players in the offshore yuan market.
Standard Chartered's offshore renminbi-denominated Senior Unsecured Notes are the first RMB bond deposited with SGX.
The timing of the bonds issuance coincides with the start of offshore yuan-clearing services by the Industrial and Commercial Bank of China (ICBC) on Monday.
This could help free up trade in the currency and make Singapore an offshore hub for Dim Sum debt.
HSBC Singapore has issued a two-year yuan bond at a yield of about 2.25%. The notes will raise 500 million yuan.
Matthew Cannon, the head of Global Markets at HSBC in Singapore, said in a statement that the issuance shows HSBC's commitment to further develop the offshore RMB market.
He added: "The funds will be used to finance the bank's expansion of RMB-based lending assets.
"This issuance will help open the market to other issuers looking to fund themselves internationally in RMB, offer new investment opportunities to the substantial pool of wealth managed in Singapore and assist in funding the rapidly growing RMB denominated trade business in Asia."
Standard Chartered raised 1 billion yuan through its 3-year note issuance with a yield of 2.625% after generating over 3 billion yuan in orders from 75 investors across Asia.
With settlement of the bond set for 31 May, Standard Chartered said it would be the first offshore yuan bond that is listed, cleared and settled in Singapore.
Standard Chartered's CEO Ray Ferguson said in a statement that he sees this as another step in Singapore's development as an offshore RMB hub.
"Singapore already leads as a regional treasury centre; is a springboard to Southeast Asia along the key trade corridor with China and provides a hub for Asian wealth management and commodities trading. Singapore's contribution to the development of the RMB is further enhanced by this issuance," he added.
The sales will be cleared through SGX's Central Depository, which provides clearing and settlement services for securities in Singapore.
Will Hedden, IG Market's senior sales trader, said: "There's a lot of money here from China that would be looking for somewhere to go, in that respect in the fixed income space. And these banks are really there to capitalize on it.
"It's another kind of sign that perhaps people are moving away from dollars and yen and euros and other what we would consider major reserve currencies around the world and looking to get exposure into China."
Previously, most of the trading was handled through mainland China or Hong Kong-based banks.
Singapore is set to compete with other trading hubs such as Taipei, Tokyo, Kuala Lumpur, London and Luxembourg in a market estimated to worth up to 360 billion yuan, or US$59 billion.
SGX's depository service adds to the exchange's current offering of listing, quotation, trading, clearing and settlement of RMB-denominated securities and listing of offshore RMB bonds.
Magnus Bocker, CEO of SGX, said in a statement: "Our enhanced RMB capabilities support customers interested in the internationalization of the RMB and the growth of the Chinese economy.
"It will also complement the Industrial and Commercial Bank of China's yuan-clearing service to participating banks, which starts today (Monday).
"As Singapore's role as an international offshore RMB centre becomes increasingly important, customers coming to SGX can be assured of our commitment to keep growing and enhancing our suite of RMB and China-related products and services."
HSBC and Standard Chartered said they would manage their own sales.
Last week, DBS Group said it wants to issue yuan-denominated bonds to be cleared out of Singapore too.
- CNA/al
- wong chee tat :)
POSTED: 27 May 2013 10:48 PM
Standard Chartered Bank and HSBC are issuing yuan-denominated (Dim Sum) bonds for the first time in Singapore.
SINGAPORE: Standard Chartered Bank and HSBC are issuing yuan-denominated (Dim Sum) bonds for the first time in Singapore.
The announcement came as the Singapore Exchange launched its own yuan-clearing system on Monday.
Both banks are also known to be among the most aggressive players in the offshore yuan market.
Standard Chartered's offshore renminbi-denominated Senior Unsecured Notes are the first RMB bond deposited with SGX.
The timing of the bonds issuance coincides with the start of offshore yuan-clearing services by the Industrial and Commercial Bank of China (ICBC) on Monday.
This could help free up trade in the currency and make Singapore an offshore hub for Dim Sum debt.
HSBC Singapore has issued a two-year yuan bond at a yield of about 2.25%. The notes will raise 500 million yuan.
Matthew Cannon, the head of Global Markets at HSBC in Singapore, said in a statement that the issuance shows HSBC's commitment to further develop the offshore RMB market.
He added: "The funds will be used to finance the bank's expansion of RMB-based lending assets.
"This issuance will help open the market to other issuers looking to fund themselves internationally in RMB, offer new investment opportunities to the substantial pool of wealth managed in Singapore and assist in funding the rapidly growing RMB denominated trade business in Asia."
Standard Chartered raised 1 billion yuan through its 3-year note issuance with a yield of 2.625% after generating over 3 billion yuan in orders from 75 investors across Asia.
With settlement of the bond set for 31 May, Standard Chartered said it would be the first offshore yuan bond that is listed, cleared and settled in Singapore.
Standard Chartered's CEO Ray Ferguson said in a statement that he sees this as another step in Singapore's development as an offshore RMB hub.
"Singapore already leads as a regional treasury centre; is a springboard to Southeast Asia along the key trade corridor with China and provides a hub for Asian wealth management and commodities trading. Singapore's contribution to the development of the RMB is further enhanced by this issuance," he added.
The sales will be cleared through SGX's Central Depository, which provides clearing and settlement services for securities in Singapore.
Will Hedden, IG Market's senior sales trader, said: "There's a lot of money here from China that would be looking for somewhere to go, in that respect in the fixed income space. And these banks are really there to capitalize on it.
"It's another kind of sign that perhaps people are moving away from dollars and yen and euros and other what we would consider major reserve currencies around the world and looking to get exposure into China."
Previously, most of the trading was handled through mainland China or Hong Kong-based banks.
Singapore is set to compete with other trading hubs such as Taipei, Tokyo, Kuala Lumpur, London and Luxembourg in a market estimated to worth up to 360 billion yuan, or US$59 billion.
SGX's depository service adds to the exchange's current offering of listing, quotation, trading, clearing and settlement of RMB-denominated securities and listing of offshore RMB bonds.
Magnus Bocker, CEO of SGX, said in a statement: "Our enhanced RMB capabilities support customers interested in the internationalization of the RMB and the growth of the Chinese economy.
"It will also complement the Industrial and Commercial Bank of China's yuan-clearing service to participating banks, which starts today (Monday).
"As Singapore's role as an international offshore RMB centre becomes increasingly important, customers coming to SGX can be assured of our commitment to keep growing and enhancing our suite of RMB and China-related products and services."
HSBC and Standard Chartered said they would manage their own sales.
Last week, DBS Group said it wants to issue yuan-denominated bonds to be cleared out of Singapore too.
- 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 :)
Subscribe to:
Comments (Atom)