Opportunities for insurers to cover risks from cyber attacks, natural disasters: Tharman
Deputy Prime Minister Tharman Shanmugaratnam cites growth areas in the region that insurers can tap, including providing insurance solutions for cyber and natural disaster risks as well as investing in infrastructure.
By Nicole Tan
Posted 13 Jun 2016 21:54 Updated 13 Jun 2016 22:06
SINGAPORE: There are opportunities for insurers in financing infrastructure and providing insurance for cyber attacks and natural disasters, despite the challenge of persistently low interest rates, said Deputy Prime Minister and Coordinating Minister for Economic and Social Policies Tharman Shanmugaratnam.
He was speaking at the International Insurance Society Global Insurance Forum on Monday (Jun 13).
Mr Tharman cited growth areas in the region that insurers can tap, including providing insurance solutions for cyber and natural disaster risks, as well as investing in infrastructure.
To enable long-term investments, such as for infrastructure, Mr Tharman said the Monetary Authority of Singapore is seeking to modify its risk-based capital framework for insurers. He said the next public consultation on this will be held at the end of the month.
Mr Tharman also noted that the economic cost of natural disasters is growing but that the take-up of catastrophe insurance in Asia has been "woefully low". The Deputy Prime Minister pointed to a data gap: "The industry needs good data on the frequency, location and economic impact of natural disasters, so that insurers and reinsurers can price risks adequately. So we have had a limited supply of insurance coverage, that has itself led to higher cost of protection, which in turn discourages demand for insurance against catastrophe risks."
Likewise, Mr Tharman noted that the data needed for the efficient underwriting of cyber risk is "weak". He said: "We need to strengthen collaboration between the industry, government and academia to build reliable databases and analytical tools to enable the efficient underwriting of cyber risk."
ACTIVE INVESTMENT MANAGEMENT 'NOT ALL IT HAS BEEN CRACKED UP TO BE'
As populations age, individuals need to save more for a longer retirement. Meanwhile, slower economic growth is weighing on investment. Mr Tharman said higher savings and lower investment suggest that long-term real interest rates are likely to stay low for quite some time to come. He added that this poses a challenge for insurance and pension funds.
He said: “It hits you on both your assets and your liabilities. It means a lower return on your assets. And it pushes up the value of liabilities because the discount rate has gone down. It is not a temporary challenge but a long-term challenge.
"As life expectancy goes up, liabilities will be pushed out further, and the gap in maturity between your liabilities and your assets is likely to grow. This mismatch in durations, together with low interest rates, means we have a growing problem."
Going forward, Mr Tharman said fundamental reforms are needed to address the challenges, such as making the workplace more attractive to older employees.
As for the finance industry, he said there should be a shift towards passive investment management, away from active management which has proven costly for ordinary savers.
Mr Tharman said: “Active management is not all it has been cracked up to be: it has not proven its worth for most ordinary savers preparing for their retirement. We do have to move towards a system, in a whole range of countries, of helping people save for the long term through passive investment funds, and pool savings to avoid fragmentation and excessive marketing costs.”
- CNA/ms
- wong chee tat :)
Showing posts with label assets. Show all posts
Showing posts with label assets. Show all posts
Monday, June 13, 2016
Monday, May 30, 2016
Resale prices of private homes up 0.3% in April: Property index
Resale prices of private homes up 0.3% in April: Property index
Prices of homes in the central region, excluding small units, went up 0.4 per cent from the previous month, according to flash estimates from the Singapore Residential Price Index.
Posted 30 May 2016 14:04 Updated 30 May 2016 18:25
SINGAPORE: Resale prices of private homes rose in April, according to flash estimates from the Singapore Residential Price Index (SRPI) released on Monday (May 30).
The SRPI, compiled by the National University of Singapore's Institute of Real Estate Studies, showed overall prices rose 0.3 per cent in April from the previous month. It had slid 1.1 per cent month-on-month in March.
Prices of homes in the central region, excluding small units went up 0.4 per cent from the previous month. In the non-central region, prices of homes, excluding small units, rose 0.2 per cent.
Prices of small units, which have a floor area of 506sqf or below, inched up 0.2 per cent in April compared to the previous month.
- CNA/kk
- wong chee tat :)
Prices of homes in the central region, excluding small units, went up 0.4 per cent from the previous month, according to flash estimates from the Singapore Residential Price Index.
Posted 30 May 2016 14:04 Updated 30 May 2016 18:25
SINGAPORE: Resale prices of private homes rose in April, according to flash estimates from the Singapore Residential Price Index (SRPI) released on Monday (May 30).
The SRPI, compiled by the National University of Singapore's Institute of Real Estate Studies, showed overall prices rose 0.3 per cent in April from the previous month. It had slid 1.1 per cent month-on-month in March.
Prices of homes in the central region, excluding small units went up 0.4 per cent from the previous month. In the non-central region, prices of homes, excluding small units, rose 0.2 per cent.
Prices of small units, which have a floor area of 506sqf or below, inched up 0.2 per cent in April compared to the previous month.
- CNA/kk
- wong chee tat :)
Monday, January 11, 2016
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 :)
Thursday, October 29, 2015
Deutsche Bank cutting 15,000 jobs as new CEO sets out strategy plan
Deutsche Bank cutting 15,000 jobs as new CEO sets out strategy plan
POSTED: 29 Oct 2015 18:10 UPDATED: 29 Oct 2015 18:15
FRANKFURT: Deutsche Bank is slashing 15,000 jobs and shedding assets in which some 20,000 staff are employed, as new Chief Executive John Cryan starts to implement a deep overhaul aiming to improve returns at Germany's biggest bank.
Cryan said the bank will sacrifice its 2015 and 2016 dividends as it seeks to bolster its finances and retain money to pay for sins of the past. "I do not think that 2016 and 2017 will be strong years," he told reporters on Thursday.
Shares in the bank were down 6 percent at 25.815 euros by 0850 GMT. "We still believe there are major risks here and therefore think a capital increase in 2016 is still highly probable," Citi analysts said in a note.
A trader said: "Investors are very disappointed. Two years of no dividends and CEO Cryan cautions 2016 and 2017 won’t be strong in terms of business either. That’s a long time and shareholders are wondering why they should stay invested."
Cryan is under pressure to overhaul Germany's biggest bank, with costly litigation from past scandals and fallout from a market rout in Asia pushing its valuation well below rivals.
"Deutsche Bank does not have a strategy problem. We know exactly where we want to go. But we have had a grave problem in implementing it," Cryan said, addressing reporters in German, in contrast to his predecessor Anshu Jain who regularly drew criticism for never mastering the language.
Cryan said staff will feel the pain. "I have said that it would not be all sweetness and light," he said, adding it would be unacceptable not to share some of the cost of the settlement of interest-rate rigging and consequences of poor past behavior.
In the context of the group making a 2015 loss, its supervisory board will discuss if it will be appropriate for the board to pay bonuses, he said.
Co-CEO Juergen Fitschen acknowledged the bank has not yet done enough in changing its behavioral culture. "Cultural change ... it needs to be filled with content. What we have brought about is only the beginning," Fitschen said.
The lender is to axe 9,000 full-time jobs and 6,000 external contractor positions. Three quarters of the other 20,000 jobs to go are at retail unit Postbank , which Deutsche Bank is spinning off.
"We were concerned that our shareholders thought cost-cut goals were not ambitious enough. We think they are realistic based on the need to remain competitive," Cryan said.
"We think we should retain capital in order to strengthen the company. Because we have to run business on the basis that we could encounter stress. We need to build a buffer above the minimum."
ELIMINATION OF DIVIDEND
Deutsche Bank said late the previous day it was targeting a reduction of its risk-weighted assets to about 320 billion euros (US$349 billion) by end-2018 from 416 billion at the end of June, towards the top end of analysts' expectations.
"The plan is based on the elimination of the Deutsche Bank common share dividend for the fiscal years 2015 and 2016," it said in a statement, adding it aimed to resume paying dividends thereafter.
Ever since its post-World War Two reestablishment in 1952, Deutsche Bank has always paid a dividend.
Earlier this month, the lender announced it would split its investment bank in two and part ways with three of its eight management board members.
The bank also said it was aiming to bring down adjusted non-interest expenses to less than 22 billion euros by 2018 from 23.8 billion in 2014, and to reduce its cost/income ratio to 70 percent in 2018 from 84.3 percent at the end of June.
By comparison, Barclays , Credit Suisse and UBS , which are also cutting costs and devising new strategies, currently only spend 64 to 77 cents to earn a euro.
Other major international banks such JP Morgan and UBS made swifter changes to address persistently low interest rates and tighter regulation after the financial crisis.
While Credit Suisse, which also intends to slim down its investment bank, plans to raise 6 billion Swiss francs (US$6 billion) from investors to bolster capital, Deutsche Bank has not so far signaled it is considering such a step.
Deutsche Bank also posted a 20 percent rise in revenue at its lucrative bond trading business in the third quarter, helping take the sting out of a record 6 billion euro group pretax loss.
Revenue at its Corporate Banking and Securities business rose 2 percent to 3.2 billion euros, helped by higher revenue in rates, credit and distressed and emerging markets.
Peers such as Morgan Stanley and Goldman Sachs reported steep declines in bond trading performance in the quarter.
The loss was caused by massive charges for goodwill and legal expenses at its investment bank and on assets earmarked for disposal, as well as higher litigation charges.
(Reporting by Arno Schuetze and Jonathan Gould; Editing by Georgina Prodhan and David Holmes)
- Reuters
- wong chee tat :)
POSTED: 29 Oct 2015 18:10 UPDATED: 29 Oct 2015 18:15
FRANKFURT: Deutsche Bank is slashing 15,000 jobs and shedding assets in which some 20,000 staff are employed, as new Chief Executive John Cryan starts to implement a deep overhaul aiming to improve returns at Germany's biggest bank.
Cryan said the bank will sacrifice its 2015 and 2016 dividends as it seeks to bolster its finances and retain money to pay for sins of the past. "I do not think that 2016 and 2017 will be strong years," he told reporters on Thursday.
Shares in the bank were down 6 percent at 25.815 euros by 0850 GMT. "We still believe there are major risks here and therefore think a capital increase in 2016 is still highly probable," Citi analysts said in a note.
A trader said: "Investors are very disappointed. Two years of no dividends and CEO Cryan cautions 2016 and 2017 won’t be strong in terms of business either. That’s a long time and shareholders are wondering why they should stay invested."
Cryan is under pressure to overhaul Germany's biggest bank, with costly litigation from past scandals and fallout from a market rout in Asia pushing its valuation well below rivals.
"Deutsche Bank does not have a strategy problem. We know exactly where we want to go. But we have had a grave problem in implementing it," Cryan said, addressing reporters in German, in contrast to his predecessor Anshu Jain who regularly drew criticism for never mastering the language.
Cryan said staff will feel the pain. "I have said that it would not be all sweetness and light," he said, adding it would be unacceptable not to share some of the cost of the settlement of interest-rate rigging and consequences of poor past behavior.
In the context of the group making a 2015 loss, its supervisory board will discuss if it will be appropriate for the board to pay bonuses, he said.
Co-CEO Juergen Fitschen acknowledged the bank has not yet done enough in changing its behavioral culture. "Cultural change ... it needs to be filled with content. What we have brought about is only the beginning," Fitschen said.
The lender is to axe 9,000 full-time jobs and 6,000 external contractor positions. Three quarters of the other 20,000 jobs to go are at retail unit Postbank , which Deutsche Bank is spinning off.
"We were concerned that our shareholders thought cost-cut goals were not ambitious enough. We think they are realistic based on the need to remain competitive," Cryan said.
"We think we should retain capital in order to strengthen the company. Because we have to run business on the basis that we could encounter stress. We need to build a buffer above the minimum."
ELIMINATION OF DIVIDEND
Deutsche Bank said late the previous day it was targeting a reduction of its risk-weighted assets to about 320 billion euros (US$349 billion) by end-2018 from 416 billion at the end of June, towards the top end of analysts' expectations.
"The plan is based on the elimination of the Deutsche Bank common share dividend for the fiscal years 2015 and 2016," it said in a statement, adding it aimed to resume paying dividends thereafter.
Ever since its post-World War Two reestablishment in 1952, Deutsche Bank has always paid a dividend.
Earlier this month, the lender announced it would split its investment bank in two and part ways with three of its eight management board members.
The bank also said it was aiming to bring down adjusted non-interest expenses to less than 22 billion euros by 2018 from 23.8 billion in 2014, and to reduce its cost/income ratio to 70 percent in 2018 from 84.3 percent at the end of June.
By comparison, Barclays , Credit Suisse and UBS , which are also cutting costs and devising new strategies, currently only spend 64 to 77 cents to earn a euro.
Other major international banks such JP Morgan and UBS made swifter changes to address persistently low interest rates and tighter regulation after the financial crisis.
While Credit Suisse, which also intends to slim down its investment bank, plans to raise 6 billion Swiss francs (US$6 billion) from investors to bolster capital, Deutsche Bank has not so far signaled it is considering such a step.
Deutsche Bank also posted a 20 percent rise in revenue at its lucrative bond trading business in the third quarter, helping take the sting out of a record 6 billion euro group pretax loss.
Revenue at its Corporate Banking and Securities business rose 2 percent to 3.2 billion euros, helped by higher revenue in rates, credit and distressed and emerging markets.
Peers such as Morgan Stanley and Goldman Sachs reported steep declines in bond trading performance in the quarter.
The loss was caused by massive charges for goodwill and legal expenses at its investment bank and on assets earmarked for disposal, as well as higher litigation charges.
(Reporting by Arno Schuetze and Jonathan Gould; Editing by Georgina Prodhan and David Holmes)
- Reuters
- wong chee tat :)
Sunday, December 7, 2014
Joint Press Release by URA & HDB - Government to release three sites with about 1,500 housing units in December 2014
Joint Press Release by URA & HDB - Government to release three sites with about 1,500 housing units in December 2014
URA Land SalesCustomer Service Centre
1st Storey, The URA Centre
45 Maxwell Road
Singapore 069118
1 As announced under the first half 2015 Government Land Sales (GLS) Programme on 4 December 2014
- wong chee tat :)
Date issued : 05 Dec 2014
To provide home buyers with more choices for private housing, the Urban Redevelopment Authority (URA) and Housing & Development Board (HDB), as the Government’s land sales agents, will be releasing three sites that can yield about 1,500 units for sale in December 2014 under the 2nd half 2014 (2H2014) Government Land Sales (GLS) Programme.
URA released a residential site at Jurong West Street 41 (Parcel B) for sale today, while HDB will launch an Executive Condominium site at Woodlands Avenue 12 for sale on 16 December 2014. Both sites are under the Confirmed List. URA also made available a commercial & residential site at Holland Road for sale on the Reserve List1 today. Please refer to Annex 1 
(PDF 11KB) for details on the land parcels andAnnex 2 (PDF 448KB) for the location plans.
(PDF 11KB) for details on the land parcels andAnnex 2 (PDF 448KB) for the location plans.
Commercial & Residential site at Holland Road
- First sale site under Holland Village Extension plans
Holland Village is one of Singapore’s most distinctive lifestyle destinations. Set amidst winding narrow lanes and low-rise shophouses, it has an urban village feel distinguished by its laid-back daytime allure contrasted with a vibrant dining scene at night. Residents and visitors mingle amidst the wide-ranging and eclectic mix of shops and restaurants in the area that contribute to Holland Village’s unique identity. Public transport access to the area has also improved with the opening of the Holland Village MRT station on the Circle Line.
Plans for the Holland Village Extension were first announced during the Master Plan 2014. URA is now offering a land parcel at Holland Road for sale to extend this Identity Node with a new, mixed-use, pedestrian-oriented development that would add to the vibrancy of Holland Village as a great place to live, work and play. This mixed-use development will offer more retail and dining options to enhance the area’s buzz and provide more residences for people who wish to live in the heart of Holland Village.
 |
The quality of the public realm is also central to the new extension of Holland Village. A network of pedestrianised streets and public spaces will connect seamlessly with the surrounding lorongs and the housing estate beyond. The new development will build on and reinforce the continued success of Holland Village while creating new community spaces for people to gather and interact.
 |
 |
Concept and Price Revenue tender system
As the design of the new development is critical to ensuring good integration with the existing context and setting Holland Village apart as a distinctive and endearing Identity Node, a Concept and Price Revenue tender system will be adopted to evaluate the tenders received for the commercial & residential site at Holland Road.
Under this system, tenderers are required to submit their concept proposals and tender prices in two separate envelopes. The concept proposals will be first evaluated against a set of criteria specified in the tender. Only tenders that meet the criteria will be considered for award. Refer to Annex 3 (PDF 163KB) for the evaluation criteria.
(PDF 163KB) for the evaluation criteria.
At the second stage, the price envelopes of the proposals with acceptable concepts will be opened for consideration. The site will then be awarded to the tenderer with the highest bid price among those with acceptable concept proposals.
Residential site at Jurong West Street 41 (Parcel B) and the Executive Condominium (EC) site at Woodlands Avenue 12
The two sites at Jurong West Street 41 (Parcel B) and Woodlands Avenue 12 (EC) are located within established residential estates. The tender closing dates for the land parcels at Woodlands Avenue 12 (EC) and Jurong West Street 41 (Parcel B) are as follows:
| Woodlands Avenue 12 (EC) | 12 February 2015 |
| Jurong West Street 41(Parcel B) | 10 March 2015 |
More details on the land parcels are available on the respective URA and HDB websites:
Holland Road
Jurong West Street 41 (Parcel B)
Developer's packets containing details and conditions of tender of the land parcels at Jurong West Street 41 (Parcel B) and Woodlands Avenue 12 (EC) are available at:
URA Land SalesCustomer Service Centre
1st Storey, The URA Centre
45 Maxwell Road
Singapore 069118
HDB Land SalesHDB’s Procurement Office
Basement 1, HDB Hub
480 Lorong 6 Toa Payoh
Singapore 310480
Basement 1, HDB Hub
480 Lorong 6 Toa Payoh
Singapore 310480
1 As announced under the first half 2015 Government Land Sales (GLS) Programme on 4 December 2014
- wong chee tat :)
Tuesday, October 7, 2014
DBS completes deal for Societe Generale's Asian private banking wing
DBS completes deal for Societe Generale's Asian private banking wing
With the acquisition, DBS said it now has S$88 billion in high net worth assets under management and S$129 billion in assets under management for all wealth customers.
SINGAPORE: DBS Bank has completed the acquisition of the Asian private banking business of Societe Generale in Singapore and Hong Kong, as well as selected parts of its trust business.
"DBS Private Bank and Societe Generale Private Banking Asia (SGPB Asia) are highly complementary in terms of clients, geographical coverage as well as product and service offerings. The completion of the acquisition significantly increases the scale of DBS’ wealth management business and strengthens the bank’s position as a leading wealth manager in Asia," DBS said in a press release on Monday (Oct 6).
With the acquisition, DBS said it now has S$88 billion in high net worth assets under management and S$129 billion in assets under management for all wealth customers.
According to the statement, DBS Private Bank and Societe Generale Private Banking have also entered into collaboration agreements, which will enable Societe Generale clients to have access to DBS Private Bank's offerings in Asia. DBS clients may meanwhile benefit from Societe Generale Private Banking's offerings in Europe as well as have access to a range of markets solutions designed by Societe Generale Corporate & Investment Banking.
Said Mr Piyush Gupta, CEO of DBS: “Wealth management is one of DBS’ key strategic priorities, and the completion of this transaction enables us to build on what is already a very solid platform, to further strengthen our competitive position in Asia. We are delighted that the businesses are being integrated from today, and that everything is on track per our original plans.”
Added Ms Tan Su Shan, Group Head of Consumer Banking & Wealth Management of DBS: “The growth of our wealth management business has been robust and sustainable, reflecting the confidence clients have in us. Today, we are already among the top ten private banks in Asia and the SGPB Asia acquisition further signifies our coming of age. With access to new clients and strong, experienced teams, this acquisition takes our business to the next level and will enable us to access products and capabilities beyond Asia.”
The majority of employees from SGPB Asia, including management and relationship managers, will be moving over to DBS. Mr Olivier Gougeon, formerly Regional Chief Executive Officer of SGPB Asia, will be joining DBS Private Bank as Head of Transformation, Integration & Ultra-High Net Worth Segment.
Said Mr Gougeon: “By having access to DBS’ universal banking platform including retail, corporate and investment banking, we are confident that clients will stand to benefit from an expanded suite of products and services. We also have a proven track record in structured products, derivatives and wealth planning, which will go a long way in serving the more sophisticated needs of all clients.”
- CNA/es
- wong chee tat :)
With the acquisition, DBS said it now has S$88 billion in high net worth assets under management and S$129 billion in assets under management for all wealth customers.
SINGAPORE: DBS Bank has completed the acquisition of the Asian private banking business of Societe Generale in Singapore and Hong Kong, as well as selected parts of its trust business.
"DBS Private Bank and Societe Generale Private Banking Asia (SGPB Asia) are highly complementary in terms of clients, geographical coverage as well as product and service offerings. The completion of the acquisition significantly increases the scale of DBS’ wealth management business and strengthens the bank’s position as a leading wealth manager in Asia," DBS said in a press release on Monday (Oct 6).
With the acquisition, DBS said it now has S$88 billion in high net worth assets under management and S$129 billion in assets under management for all wealth customers.
According to the statement, DBS Private Bank and Societe Generale Private Banking have also entered into collaboration agreements, which will enable Societe Generale clients to have access to DBS Private Bank's offerings in Asia. DBS clients may meanwhile benefit from Societe Generale Private Banking's offerings in Europe as well as have access to a range of markets solutions designed by Societe Generale Corporate & Investment Banking.
Said Mr Piyush Gupta, CEO of DBS: “Wealth management is one of DBS’ key strategic priorities, and the completion of this transaction enables us to build on what is already a very solid platform, to further strengthen our competitive position in Asia. We are delighted that the businesses are being integrated from today, and that everything is on track per our original plans.”
Added Ms Tan Su Shan, Group Head of Consumer Banking & Wealth Management of DBS: “The growth of our wealth management business has been robust and sustainable, reflecting the confidence clients have in us. Today, we are already among the top ten private banks in Asia and the SGPB Asia acquisition further signifies our coming of age. With access to new clients and strong, experienced teams, this acquisition takes our business to the next level and will enable us to access products and capabilities beyond Asia.”
The majority of employees from SGPB Asia, including management and relationship managers, will be moving over to DBS. Mr Olivier Gougeon, formerly Regional Chief Executive Officer of SGPB Asia, will be joining DBS Private Bank as Head of Transformation, Integration & Ultra-High Net Worth Segment.
Said Mr Gougeon: “By having access to DBS’ universal banking platform including retail, corporate and investment banking, we are confident that clients will stand to benefit from an expanded suite of products and services. We also have a proven track record in structured products, derivatives and wealth planning, which will go a long way in serving the more sophisticated needs of all clients.”
- CNA/es
- wong chee tat :)
Wednesday, March 26, 2014
Monday, December 23, 2013
Swiss banks sign up to reveal hidden accounts as US deadline looms
Swiss banks sign up to reveal hidden accounts as US deadline looms
POSTED: 22 Dec 2013 14:38
Swiss banks are scrambling ahead of a December 31 deadline to decide whether to join a US programme aimed at zooming in on lenders that helped Americans dodge taxes.
GENEVA: Swiss banks are scrambling ahead of a December 31 deadline to decide whether to join a US programme aimed at zooming in on lenders that helped Americans dodge taxes.
Around 40 of Switzerland's some 300 banks have already said publicly they will take part in a US programme set up to allow Swiss financial institutions to avoid US prosecution in exchange for coming clean and possibly paying steep fines.
"What are the others going to do? That is the very big question," Swiss business lawyer Douglas Hornung told AFP.
Washington alleges that Swiss banks have helped US citizens hide billions of dollars in assets from tax authorities, in a row that has soured relations between the two in recent years.
The two countries reached a deal in August aimed at ending the dispute, piercing a significant hole in the tradition of secrecy upon which the Swiss banking industry was built.
The banks have until the end of the year to decide whether to fess up to potential wrong-doing and hand over their files to US authorities, and thereby shield themselves from legal action, or take their chances outside the programme.
Picking the wrong option could saddle a bank with crippling fines, fees or a US indictment.
Banks that opened undeclared accounts for US clients -- especially the ones that actively wooed such clients -- definitely should join the programme, experts say.
Washington in 2009 fined Switzerland's biggest bank, UBS, $780 million for complicity in tax evasion.
"If one of the 10 to 15 banks the US Department of Justice already has in its files does not show up..., you can be sure there will be a BOOM in January," Hornung said.
Earlier this year, Switzerland's one-time oldest bank Wegelin & Co. discovered the price of not coming clean to US authorities when given the chance. Founded in 1741, the bank was pushed out of business after being slapped with a $74-million fine for helping wealthy clients avoid at least $20 million in taxes.
Fourteen banks, including Switzerland's second-biggest bank, Credit Suisse, are already officially under US investigation and will have no chance to skirt legal action.
The other banks can however opt in to the programme by determining which of the three remaining categories they belong in.
Most so far are signing up for category two and thereby acknowledging they may well have had US clients with undeclared accounts.
"More banks have said they will go for category two than would be expected," said Walter Boss, a tax lawyer with Poledna Boss Kurer AG in Zurich.
"Category three, reserved for banks that aim to prove their innocence, "won't be crowded, it looks like," he said.
Especially surprising perhaps is that a large majority of the publicly backed cantonal banks have opted for category two. These banks which are regionally based and have long insisted they never went after US clients.
Small banks could be forced out of business
All the banks rushing to the confession booth have not necessarily committed any misdeeds though, experts say.
A number of banks insist they have only had a few US clients and have never done anything to encourage tax evasion, but have chosen to initially join category two for fear that a single tax-dodging American, even unbeknownst to them, could land them in legal qualms.
"I think the fears in Switzerland are too big when it comes to the United States," said Peter Viktor Kunz, a business law professor at Bern University.
"I really hope that common sense prevails in the end," he said.
Switzerland's third-largest bank, Reiffeisen, and private bank Vontobel have for instance said they will opt for category three or four, reserved for local banks with no US clients at all, which should show some of the smaller banks with few US clients that the self-flagellating is unnecessary, Kunz said.
Banks in category two will face penalties equivalent to between 20 and 50 per cent of the value of undeclared accounts, depending on when they were opened, not to mention towering legal and translation fees.
"Many of the smaller banks simply will not be able to afford this," Hornung said, cautioning that a number of banks might go belly-up.
He urged banks that had done nothing wrong to opt out of the programme altogether, insisting that Washington was not interested in hunting down the minnows in the pond.
Regardless of how many banks decide to sign up by the December 31 deadline, observers warned that the programme was unlikely to provide much immediate relief to a Swiss banking sector desperate to shake off the uncertainty that has been dogging it throughout the dispute with Washington.
Confusion over how the US programme will be implemented means "the uncertainty is still there for many," Kunz said, adding: "So no happy new year for them."
- AFP/fa
- wong chee tat :)
POSTED: 22 Dec 2013 14:38
Swiss banks are scrambling ahead of a December 31 deadline to decide whether to join a US programme aimed at zooming in on lenders that helped Americans dodge taxes.
GENEVA: Swiss banks are scrambling ahead of a December 31 deadline to decide whether to join a US programme aimed at zooming in on lenders that helped Americans dodge taxes.
Around 40 of Switzerland's some 300 banks have already said publicly they will take part in a US programme set up to allow Swiss financial institutions to avoid US prosecution in exchange for coming clean and possibly paying steep fines.
"What are the others going to do? That is the very big question," Swiss business lawyer Douglas Hornung told AFP.
Washington alleges that Swiss banks have helped US citizens hide billions of dollars in assets from tax authorities, in a row that has soured relations between the two in recent years.
The two countries reached a deal in August aimed at ending the dispute, piercing a significant hole in the tradition of secrecy upon which the Swiss banking industry was built.
The banks have until the end of the year to decide whether to fess up to potential wrong-doing and hand over their files to US authorities, and thereby shield themselves from legal action, or take their chances outside the programme.
Picking the wrong option could saddle a bank with crippling fines, fees or a US indictment.
Banks that opened undeclared accounts for US clients -- especially the ones that actively wooed such clients -- definitely should join the programme, experts say.
Washington in 2009 fined Switzerland's biggest bank, UBS, $780 million for complicity in tax evasion.
"If one of the 10 to 15 banks the US Department of Justice already has in its files does not show up..., you can be sure there will be a BOOM in January," Hornung said.
Earlier this year, Switzerland's one-time oldest bank Wegelin & Co. discovered the price of not coming clean to US authorities when given the chance. Founded in 1741, the bank was pushed out of business after being slapped with a $74-million fine for helping wealthy clients avoid at least $20 million in taxes.
Fourteen banks, including Switzerland's second-biggest bank, Credit Suisse, are already officially under US investigation and will have no chance to skirt legal action.
The other banks can however opt in to the programme by determining which of the three remaining categories they belong in.
Most so far are signing up for category two and thereby acknowledging they may well have had US clients with undeclared accounts.
"More banks have said they will go for category two than would be expected," said Walter Boss, a tax lawyer with Poledna Boss Kurer AG in Zurich.
"Category three, reserved for banks that aim to prove their innocence, "won't be crowded, it looks like," he said.
Especially surprising perhaps is that a large majority of the publicly backed cantonal banks have opted for category two. These banks which are regionally based and have long insisted they never went after US clients.
Small banks could be forced out of business
All the banks rushing to the confession booth have not necessarily committed any misdeeds though, experts say.
A number of banks insist they have only had a few US clients and have never done anything to encourage tax evasion, but have chosen to initially join category two for fear that a single tax-dodging American, even unbeknownst to them, could land them in legal qualms.
"I think the fears in Switzerland are too big when it comes to the United States," said Peter Viktor Kunz, a business law professor at Bern University.
"I really hope that common sense prevails in the end," he said.
Switzerland's third-largest bank, Reiffeisen, and private bank Vontobel have for instance said they will opt for category three or four, reserved for local banks with no US clients at all, which should show some of the smaller banks with few US clients that the self-flagellating is unnecessary, Kunz said.
Banks in category two will face penalties equivalent to between 20 and 50 per cent of the value of undeclared accounts, depending on when they were opened, not to mention towering legal and translation fees.
"Many of the smaller banks simply will not be able to afford this," Hornung said, cautioning that a number of banks might go belly-up.
He urged banks that had done nothing wrong to opt out of the programme altogether, insisting that Washington was not interested in hunting down the minnows in the pond.
Regardless of how many banks decide to sign up by the December 31 deadline, observers warned that the programme was unlikely to provide much immediate relief to a Swiss banking sector desperate to shake off the uncertainty that has been dogging it throughout the dispute with Washington.
Confusion over how the US programme will be implemented means "the uncertainty is still there for many," Kunz said, adding: "So no happy new year for them."
- AFP/fa
- wong chee tat :)
Wednesday, October 23, 2013
ECB says stress tests of 124 eurozone banks begin next month
ECB says stress tests of 124 eurozone banks begin next month
POSTED: 23 Oct 2013 19:45
The European Central Bank said on Wednesday it will start next month to "stress-test" and examine the balance sheets of 124 eurozone banks in advance of assuming its supervisory role.
FRANKFURT: The European Central Bank said on Wednesday it will start next month to "stress-test" and examine the balance sheets of 124 eurozone banks in advance of assuming its supervisory role.
"The assessment will commence in November 2013 and will take 12 months to complete," the ECB said in a statement.
It will be carried out together with national authorities and supported by an external consulting firm, it said.
The "comprehensive assessment" will look at "key risks", review the quality of bank assets and include "a stress test to examine the resilience of banks' balance sheets to stress scenarios".
Aside from building transparency and taking any necessary corrective actions, the exercise aims at "confidence building" and "to assure all stakeholders that banks are fundamentally sound and trustworthy".
"A single comprehensive assessment, uniformly applied to all significant banks, accounting for about 85 percent of the euro area banking system, is an important step forward for Europe and for the future of the euro area economy," ECB president Mario Draghi said in a statement.
"Transparency will be its primary objective. We expect that this assessment will strengthen private sector confidence in the soundness of euro area banks and in the quality of their balance sheets."
This outcome will be published before the ECB assumes its supervisory role of eurozone banks in November 2014.
- AFP/al
- wong chee tat :)
POSTED: 23 Oct 2013 19:45
The European Central Bank said on Wednesday it will start next month to "stress-test" and examine the balance sheets of 124 eurozone banks in advance of assuming its supervisory role.
FRANKFURT: The European Central Bank said on Wednesday it will start next month to "stress-test" and examine the balance sheets of 124 eurozone banks in advance of assuming its supervisory role.
"The assessment will commence in November 2013 and will take 12 months to complete," the ECB said in a statement.
It will be carried out together with national authorities and supported by an external consulting firm, it said.
The "comprehensive assessment" will look at "key risks", review the quality of bank assets and include "a stress test to examine the resilience of banks' balance sheets to stress scenarios".
Aside from building transparency and taking any necessary corrective actions, the exercise aims at "confidence building" and "to assure all stakeholders that banks are fundamentally sound and trustworthy".
"A single comprehensive assessment, uniformly applied to all significant banks, accounting for about 85 percent of the euro area banking system, is an important step forward for Europe and for the future of the euro area economy," ECB president Mario Draghi said in a statement.
"Transparency will be its primary objective. We expect that this assessment will strengthen private sector confidence in the soundness of euro area banks and in the quality of their balance sheets."
This outcome will be published before the ECB assumes its supervisory role of eurozone banks in November 2014.
- AFP/al
- wong chee tat :)
Friday, October 11, 2013
Tuesday, August 6, 2013
Singapore companies rely heavily on estimates: KPMG study
Singapore companies rely heavily on estimates: KPMG study
By Toni Waterman
POSTED: 05 Aug 2013 8:25 PM
KPMG analysed the financial statements of 200 companies on the Singapore Exchange and found that 82 per cent of the total assets on their balance sheets are valued on estimates and some form of human judgement.
SINGAPORE: Eighty-two per cent of the total asset values on a typical balance sheet today are based on estimates, according to a KPMG study.
KPMG analysed the financial statements of 200 companies on the Singapore Exchange (SGX) and found that 82 per cent of the total assets on their balance sheets are valued on estimates and some form of human judgement.
KPMG's head of audit Ong Pang Thye, said: "The problem with having estimates in the books are the issues of comparability and consistency.
"The other issue that we are looking at is whether they are susceptible to human errors and are unintentional, or if they are subject to one form or another of human bias. This could be in the form of the more intentional ones."
The study shows that as little as a one per cent fluctuation in the total asset value can result in a 38 per cent change in net profit and up to a 50 per cent change in comprehensive income.
This means that even slight changes could turn a profit into a loss and vice versa.
Although fair value estimates for financial instruments were a key concern during the global financial crisis, it appears they are less of a concern for companies in Singapore as less than one per cent of total assets on average use unobservable inputs - known as "level three inputs" - and are subjected to level three fair value measurements.
Those who create financial statements said another problem with estimation is consistency.
BW Maritime's group CFO, Nicholas Gleeson, said: "The risk is that the shareholders become a little bit lost.
"They look at two sets of financial statements and think the companies are quite comparable but what they see flowing to the profit and loss in one (statement) is different from what is happening in the other (statement)."
The study shows that no sector is spared from the use of estimates and that some sectors like energy and telcos rely more heavily on estimation then others.
The study looked at 11 industries, including information technology, industrials, healthcare, real estate and energy.
Sam Ong, group senior executive vice president and group deputy CEO of Hyflux, said: "What I want to challenge the profession is that of all this volatility and accuracy that we are trying to derive, we have to make sure that we present it in such a way that is structured and as comparable as possible."
There is no expectation that estimation will stop being a part of financial reporting.
However, the study suggests that a robust process for deriving estimations and auditors with the right skill set to work with those estimates could make them more accurate and consistent.
Of the 200 companies analysed by KPMG, about 58 per cent were classified as small-cap, nine per cent as mid-cap and 33 per cent as large cap.
About 60 per cent of these companies are local and 40 per cent are foreign companies with significant presence in Singapore.
- CNA/fa
- wong chee tat :)
By Toni Waterman
POSTED: 05 Aug 2013 8:25 PM
KPMG analysed the financial statements of 200 companies on the Singapore Exchange and found that 82 per cent of the total assets on their balance sheets are valued on estimates and some form of human judgement.
SINGAPORE: Eighty-two per cent of the total asset values on a typical balance sheet today are based on estimates, according to a KPMG study.
KPMG analysed the financial statements of 200 companies on the Singapore Exchange (SGX) and found that 82 per cent of the total assets on their balance sheets are valued on estimates and some form of human judgement.
KPMG's head of audit Ong Pang Thye, said: "The problem with having estimates in the books are the issues of comparability and consistency.
"The other issue that we are looking at is whether they are susceptible to human errors and are unintentional, or if they are subject to one form or another of human bias. This could be in the form of the more intentional ones."
The study shows that as little as a one per cent fluctuation in the total asset value can result in a 38 per cent change in net profit and up to a 50 per cent change in comprehensive income.
This means that even slight changes could turn a profit into a loss and vice versa.
Although fair value estimates for financial instruments were a key concern during the global financial crisis, it appears they are less of a concern for companies in Singapore as less than one per cent of total assets on average use unobservable inputs - known as "level three inputs" - and are subjected to level three fair value measurements.
Those who create financial statements said another problem with estimation is consistency.
BW Maritime's group CFO, Nicholas Gleeson, said: "The risk is that the shareholders become a little bit lost.
"They look at two sets of financial statements and think the companies are quite comparable but what they see flowing to the profit and loss in one (statement) is different from what is happening in the other (statement)."
The study shows that no sector is spared from the use of estimates and that some sectors like energy and telcos rely more heavily on estimation then others.
The study looked at 11 industries, including information technology, industrials, healthcare, real estate and energy.
Sam Ong, group senior executive vice president and group deputy CEO of Hyflux, said: "What I want to challenge the profession is that of all this volatility and accuracy that we are trying to derive, we have to make sure that we present it in such a way that is structured and as comparable as possible."
There is no expectation that estimation will stop being a part of financial reporting.
However, the study suggests that a robust process for deriving estimations and auditors with the right skill set to work with those estimates could make them more accurate and consistent.
Of the 200 companies analysed by KPMG, about 58 per cent were classified as small-cap, nine per cent as mid-cap and 33 per cent as large cap.
About 60 per cent of these companies are local and 40 per cent are foreign companies with significant presence in Singapore.
- CNA/fa
- wong chee tat :)
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