HDB Issues Rated Fixed Rate Notes
HDB Issues Rated Fixed Rate Notes
Published Date: 10 Aug 2016
The Housing & Development Board ("HDB") has issued S$700 million, 7-year Fixed Rate Notes (the “Notes”) under its S$32 billion Multicurrency Medium Term Note ("MTN") Programme.
2 The Notes have a coupon of 1.910% per annum payable semi-annually in arrear. The Notes were issued on 10 August 2016 and will mature on 10 August 2023. 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., Maybank Kim Eng Securities Pte. Ltd., Oversea-Chinese Banking Corporation Limited, United Overseas Bank Limited and The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch.
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 hsbc. Show all posts
Showing posts with label hsbc. Show all posts
Sunday, October 30, 2016
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 :)
Thursday, July 24, 2014
HDB Issues Fixed Rate Notes
HDB Issues Fixed Rate Notes
Date issued : 24 Jul 2014
The Housing and Development Board ("HDB") has issued S$900 million, 10-year Fixed Rate Notes (the “Notes”) under its S$32 billion Multicurrency Medium Term Note ("MTN") Programme
2The Notes have a coupon of 3.1% per annum payable semi-annually in arrear. The Notes were issued on 24 Jul 2014 and will mature on 24 Jul 2024.
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 CIMB Bank Berhad, DBS Bank Ltd., The Hongkong and Shanghai Banking Corporation Limited, Oversea-Chinese Banking Corporation Limited 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. 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.
Thursday, May 29, 2014
HDB Issues Fixed Rate Notes
ShareDate issued : 28 May 2014
The Housing & Development Board ("HDB") has issued S$675 million, 5-year Fixed Rate Notes (the “Notes”) under its S$22 billion Multicurrency Medium Term Note ("MTN") Programme.
2The Notes have a coupon of 2.223% per annum payable semi-annually in arrear. The Notes were issued on 28 May 2014 and will mature on 28 May 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 Joint Lead Managers are DBS Bank Ltd., DMG &; Partners Securities Pte Ltd, The Hongkong and Shanghai Banking Corporation Limited, Oversea-Chinese Banking Corporation Limited 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. 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 :)
Monday, March 10, 2014
Faster interbank transfer service to start on March 17
Faster interbank transfer service to start on March 17
BY WONG WEI HAN
PUBLISHED: MARCH 10, 7:01 PM UPDATED: MARCH 10, 7:45 PM
SINGAPORE — A new electronic service that enables almost immediate funds transfer between banks based here, will be available from next Monday (March 17), the Association of Banks in Singapore (ABS) announced today.
With Fast And Secure Transfers (FAST), individuals and businesses can perform interbank fund transfers – capped at S$10,000 – between the current 14 participating banks almost instantaneously, shortening a process that can sometimes take up to three days. FAST is only usable for domestic Singapore Dollar transfers.
The participating banks are Australia and New Zealand Banking Group, CIMB, Citibank, DBS (including POSB), Deutsche Bank, Far Eastern Bank, the Hongkong and Shanghai Banking Corp, Maybank, Oversea-Chinese Banking Corp, RHB, The Royal Bank of Scotland, Standard Chartered, Sumitomo Mitsui Banking Corp and United Overseas Bank.
The charges and conditions applied differ between banks. For instance, DBS, OCBC and UOB said they will be making the service free for their retail customers. A sum will be charged to business banking customers, but some banks, such as OCBC and UOB, will waive off these charges for a limited period; DBS will instead offer preferential rates to business customers.
Among the foreign banks, Maybank, RHB and HSBC will similarly offer the service free for their retail customers.
FAST can be accessed through online or mobile banking around the clock. Several banks, such as OCBC and UOB, are also making it available on their ATMs.
- wong chee tat :)
BY WONG WEI HAN
PUBLISHED: MARCH 10, 7:01 PM UPDATED: MARCH 10, 7:45 PM
SINGAPORE — A new electronic service that enables almost immediate funds transfer between banks based here, will be available from next Monday (March 17), the Association of Banks in Singapore (ABS) announced today.
With Fast And Secure Transfers (FAST), individuals and businesses can perform interbank fund transfers – capped at S$10,000 – between the current 14 participating banks almost instantaneously, shortening a process that can sometimes take up to three days. FAST is only usable for domestic Singapore Dollar transfers.
The participating banks are Australia and New Zealand Banking Group, CIMB, Citibank, DBS (including POSB), Deutsche Bank, Far Eastern Bank, the Hongkong and Shanghai Banking Corp, Maybank, Oversea-Chinese Banking Corp, RHB, The Royal Bank of Scotland, Standard Chartered, Sumitomo Mitsui Banking Corp and United Overseas Bank.
The charges and conditions applied differ between banks. For instance, DBS, OCBC and UOB said they will be making the service free for their retail customers. A sum will be charged to business banking customers, but some banks, such as OCBC and UOB, will waive off these charges for a limited period; DBS will instead offer preferential rates to business customers.
Among the foreign banks, Maybank, RHB and HSBC will similarly offer the service free for their retail customers.
FAST can be accessed through online or mobile banking around the clock. Several banks, such as OCBC and UOB, are also making it available on their ATMs.
- wong chee tat :)
Friday, December 6, 2013
Singapore banks assure clients that data is safe
Singapore banks assure clients that data is safe
By Wong Siew Ying
POSTED: 06 Dec 2013 21:03
Several banks in Singapore have come out to assure clients that they have the measures and processes in place to protect customer information.
SINGAPORE: Several banks in Singapore have come out to assure clients that they have the measures and processes in place to protect customer information.
This comes after the theft of bank data of 647 clients of Standard Chartered (StanChart) Private Bank was reported on Thursday.
The theft occurred through StanChart's third party service provider, Fuji Xerox Singapore, which prints statements for the bank.
Responding to Channel NewsAsia, several banks say they have stringent measures in place to ensure data security.
In particular, three banks print their statements in-house.
Bank of Singapore said it does not outsource printing of any materials containing customer information, while UBS said all data remains within its own infrastructure and is not transferred to a third party vendor.
UBS added that it has clear policies and processes to safeguard data from its creation to storage and finally, to destruction of information.
And Credit Suisse, which also prints client statements in-house, has heightened monitoring activities.
Meanwhile, a few banks told Channel NewsAsia that while they do engage third party service providers, they retain oversight on information security.
DBS Bank said all its outsourcing arrangements are managed under stringent risk controls that are compliant with regulations and local laws.
The bank works closely with its vendors to review their security processes, and there is no indication that any customer data has been compromised.
Citibank Singapore said it has strict outsourcing policies, including close monitoring of procedures practised by their vendors, as well as regular physical onsite checks.
OCBC Bank, too, conducts regular security checks and audits to make sure its customers' data is secure.
And the outsourcing of its operations is done very selectively, with the bulk of them done internally.
Meanwhile, HSBC Singapore said it continually invests in systems and processes to strongly deter any criminal intentions against the bank.
Responding to Channel NewsAsia, the Association of Banks Singapore (ABS) said the association and its members are mindful of cyber threats and crime and are constantly vigilant in their efforts to combat them.
ABS added: "This recent incident of the theft of bank statements of private bank customers of Standard Chartered Bank is a stark reminder that it is imperative for all banks and financial institutions to be diligent in ensuring that their IT infrastructure and systems are robust and hardened, and to protect the confidentiality of clients data at all times.”
- CNA/gn
- wong chee tat :)
By Wong Siew Ying
POSTED: 06 Dec 2013 21:03
Several banks in Singapore have come out to assure clients that they have the measures and processes in place to protect customer information.
SINGAPORE: Several banks in Singapore have come out to assure clients that they have the measures and processes in place to protect customer information.
This comes after the theft of bank data of 647 clients of Standard Chartered (StanChart) Private Bank was reported on Thursday.
The theft occurred through StanChart's third party service provider, Fuji Xerox Singapore, which prints statements for the bank.
Responding to Channel NewsAsia, several banks say they have stringent measures in place to ensure data security.
In particular, three banks print their statements in-house.
Bank of Singapore said it does not outsource printing of any materials containing customer information, while UBS said all data remains within its own infrastructure and is not transferred to a third party vendor.
UBS added that it has clear policies and processes to safeguard data from its creation to storage and finally, to destruction of information.
And Credit Suisse, which also prints client statements in-house, has heightened monitoring activities.
Meanwhile, a few banks told Channel NewsAsia that while they do engage third party service providers, they retain oversight on information security.
DBS Bank said all its outsourcing arrangements are managed under stringent risk controls that are compliant with regulations and local laws.
The bank works closely with its vendors to review their security processes, and there is no indication that any customer data has been compromised.
Citibank Singapore said it has strict outsourcing policies, including close monitoring of procedures practised by their vendors, as well as regular physical onsite checks.
OCBC Bank, too, conducts regular security checks and audits to make sure its customers' data is secure.
And the outsourcing of its operations is done very selectively, with the bulk of them done internally.
Meanwhile, HSBC Singapore said it continually invests in systems and processes to strongly deter any criminal intentions against the bank.
Responding to Channel NewsAsia, the Association of Banks Singapore (ABS) said the association and its members are mindful of cyber threats and crime and are constantly vigilant in their efforts to combat them.
ABS added: "This recent incident of the theft of bank statements of private bank customers of Standard Chartered Bank is a stark reminder that it is imperative for all banks and financial institutions to be diligent in ensuring that their IT infrastructure and systems are robust and hardened, and to protect the confidentiality of clients data at all times.”
- CNA/gn
- wong chee tat :)
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 :)
Saturday, August 10, 2013
Royal Bank of Scotland sells India businesses
Royal Bank of Scotland sells India businesses
POSTED: 10 Aug 2013 8:48 PM
TREND
The Royal Bank of Scotland Group has said it plans to sell some of its Indian assets, including its credit card and mortgage business, to a domestic bank as it disposes of more of its once sprawling empire.
NEW DELHI: The Royal Bank of Scotland Group has said it plans to sell some of its Indian assets, including its credit card and mortgage business, to a domestic bank as it disposes of more of its once sprawling empire.
RBS, now more than 80 per cent owned by the British government following the 2008 global financial crisis, plans to sell its business banking, credit card business and mortgage loan portfolio to India's Ratnakar Bank, the two banks said.
Ratnakar Bank is one of India's smallest commercial banks but has fared well in recent years by selling stock to private equity funds.
The banks gave no value for the deal, which is subject to approval by India's competition regulator, in a joint statement late Friday.
"RBS had built an extremely high quality business in India which is rich in current accounts and it will be our endeavour to ensure we not only maintain the existing customer proposition, but enhance it," Rajeev Ahuja, head of strategy and markets at Ratnakar Bank, said in the statement.
RBS was bailed out by the British government after the financial crisis and has been disposing of non-core assets.
RBS first signed an agreement in 2010 with Hong Kong & Shanghai Banking Corp to sell its India retail assets but that agreement collapsed late last year.
The latest agreement involves the transfer of some of RBS' employees as well as over 120,000 customers to Ratnakar Bank.
The Edinburgh-based RBS will keep a retail presence in 10 places in India -- including Mumbai, Kolkata, New Delhi, Bangalore and Pune -- but will close 21 other branches.
It will continue to offer financing, risk management, wholesale and investment banking, and wealth management advice to customers.
RBS has shed many investment banking jobs in Britain and in the past year has sold or shut down several other divisions.
The European Union has insisted that RBS sell hundreds of local branches under the terms of its 45-billion-pound (US$70-million) bailout in 2008.
- AFP/nd
- wong chee tat :)
POSTED: 10 Aug 2013 8:48 PM
TREND
The Royal Bank of Scotland Group has said it plans to sell some of its Indian assets, including its credit card and mortgage business, to a domestic bank as it disposes of more of its once sprawling empire.
NEW DELHI: The Royal Bank of Scotland Group has said it plans to sell some of its Indian assets, including its credit card and mortgage business, to a domestic bank as it disposes of more of its once sprawling empire.
RBS, now more than 80 per cent owned by the British government following the 2008 global financial crisis, plans to sell its business banking, credit card business and mortgage loan portfolio to India's Ratnakar Bank, the two banks said.
Ratnakar Bank is one of India's smallest commercial banks but has fared well in recent years by selling stock to private equity funds.
The banks gave no value for the deal, which is subject to approval by India's competition regulator, in a joint statement late Friday.
"RBS had built an extremely high quality business in India which is rich in current accounts and it will be our endeavour to ensure we not only maintain the existing customer proposition, but enhance it," Rajeev Ahuja, head of strategy and markets at Ratnakar Bank, said in the statement.
RBS was bailed out by the British government after the financial crisis and has been disposing of non-core assets.
RBS first signed an agreement in 2010 with Hong Kong & Shanghai Banking Corp to sell its India retail assets but that agreement collapsed late last year.
The latest agreement involves the transfer of some of RBS' employees as well as over 120,000 customers to Ratnakar Bank.
The Edinburgh-based RBS will keep a retail presence in 10 places in India -- including Mumbai, Kolkata, New Delhi, Bangalore and Pune -- but will close 21 other branches.
It will continue to offer financing, risk management, wholesale and investment banking, and wealth management advice to customers.
RBS has shed many investment banking jobs in Britain and in the past year has sold or shut down several other divisions.
The European Union has insisted that RBS sell hundreds of local branches under the terms of its 45-billion-pound (US$70-million) bailout in 2008.
- AFP/nd
- wong chee tat :)
Wednesday, July 17, 2013
1 in 10 S'pore companies now use RMB to settle trade transactions
1 in 10 S'pore companies now use RMB to settle trade transactions
POSTED: 17 Jul 2013 9:32 PM
Eleven per cent of Singapore companies are now using the Renminbi (RMB) to settle their cross border transactions with China.
SINGAPORE: Eleven per cent of Singapore companies are now using the Renminbi (RMB) to settle their cross border transactions with China.
This is according to a study by banking group HSBC which comes amid China's push to internationalise the currency.
The survey also found that 53 per cent of Chinese businesses would offer discounts of up to five per cent for transactions settled in RMB.
Joseph Arena, head of global trade and receivables finance from HSBC, remarked that these potential cost savings were appealing to Singapore firms as they grapple with escalating fixed and labour costs.
While the RMB has yet to catch on with more Singapore firms, 31 per cent of companies surveyed did foresee themselves picking up the currency in the next five years to mitigate foreign exchange risk and benefit from better prices.
The appointment of the Industrial and Commercial Bank of China (ICBC) as RMB clearing bank in Singapore last year will help Singapore develop as an offshore RMB market.
HSBC's survey covers over 850 companies that conduct international business in China.
- CNA/fa
- wong chee tat :)
POSTED: 17 Jul 2013 9:32 PM
Eleven per cent of Singapore companies are now using the Renminbi (RMB) to settle their cross border transactions with China.
SINGAPORE: Eleven per cent of Singapore companies are now using the Renminbi (RMB) to settle their cross border transactions with China.
This is according to a study by banking group HSBC which comes amid China's push to internationalise the currency.
The survey also found that 53 per cent of Chinese businesses would offer discounts of up to five per cent for transactions settled in RMB.
Joseph Arena, head of global trade and receivables finance from HSBC, remarked that these potential cost savings were appealing to Singapore firms as they grapple with escalating fixed and labour costs.
While the RMB has yet to catch on with more Singapore firms, 31 per cent of companies surveyed did foresee themselves picking up the currency in the next five years to mitigate foreign exchange risk and benefit from better prices.
The appointment of the Industrial and Commercial Bank of China (ICBC) as RMB clearing bank in Singapore last year will help Singapore develop as an offshore RMB market.
HSBC's survey covers over 850 companies that conduct international business in China.
- CNA/fa
- wong chee tat :)
Monday, July 1, 2013
EU investigators accuse 13 banks in derivatives probe
EU investigators accuse 13 banks in derivatives probe
POSTED: 01 Jul 2013 10:00 PM
EU investigators accused 13 top banks including Barclays, Deutsche Bank and Goldman Sachs on Monday of colluding over derivatives trading, in a new move to tighten banking standards.
BRUSSELS: EU investigators accused 13 top banks including Barclays, Deutsche Bank and Goldman Sachs on Monday of colluding over derivatives trading, in a new move to tighten banking standards.
A preliminary investigation by the Commission showed that banks worked together to exclude exchanges from the derivatives market.
This was allegedly because they feared involvement by the exchanges would cut into their huge profits from over-the-counter trading.
Some aspects of derivatives trading have been blamed for exacerbating the financial crisis.
The EU's Competition Commissioner Joaquin Almunia said that the banks now had the chance to respond to the detailed accusations.
He said that they could face fines if the charges were confirmed once the investigation had been completed.
"If it is confirmed that banks collectively blocked exchanges from the derivatives market, the Commission could decide to impose sanctions," Almunia said at a press briefing.
"Exchange trading of credit derivatives improves market transparency and stability," he said.
Collusion between banks to prevent this type of trading would be "a serious breach of our competition rules", he said.
Almunia declined to give an estimate of the size of possible fines on the banks but he said the CDS market at the moment was worth about 10 trillion euros ($13 trillion).
The collapse of US investment bank Lehman Brothers in 2008 "showed how derivatives trading is able to destabilise the entire financial system," Almunia said.
The EU investigation began in 2011 and has focused on claims that the Deutsche Boerse stock market and the Chicago Mercantile Exchange were excluded from the derivatives market between 2006 and 2009 when the crisis reached its peak.
It said the two exchanges decided to turn to the International Swaps and Derivatives Association (ISDA) and data service provider Markit to obtain the necessary licences but were turned down because the banks had prevented them from doing so.
The 13 European and US banks targeted are: Bank of America Merrill Lynch, Barclays, Bear Stearns, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley, Royal Bank of Scotland and UBS.
Four other banks that had been involved in the investigation -- Commerzbank, Societe Generale, Credit Agricole and Wells Fargo -- have been excluded because of a lack of evidence.
In May, a US pension fund for Cleveland metal workers initiated legal proceedings against some of the banks identified by the European Commission saying it had suffered financial losses because of "an illegal cartel".
The fund said the number of victims of the alleged cartel could reach "tens of thousands", and claimed the derivatives market had been heavily distorted by those who controlled it.
The European Commission has worked to take on a stronger role in policing the financial markets in the wake of the global financial crisis and the eurozone sovereign debt crisis.
Last month, it said it was preparing a set of proposals to tighten up oversight of key market benchmarks, especially of interest rates, after recent rigging scandals in London.
These could include moving LIBOR, a global interest rate indicator, from London to Paris where it would be supervised by the European Securities and Markets Authority.
Such a move would very likely anger the British government which jealously guards the City of London, home to one of the world's largest financial markets.
LIBOR, or London Interbank Offered Rate, is a flagship reference instrument used all over the world, affecting what banks, businesses and individuals pay to borrow money.
London's role has been undermined by revelations that major banks, among them Barclays, Royal Bank of Scotland and UBS, have manipulated LIBOR to their advantage, especially during the turmoil and aftermath of the 2008 crisis.
British regulators have laid out plans for a new system combining survey-based rates and objective data to replace the current system, hoping to head off EU efforts to take overall control of such a key financial market instrument.
- AFP/al
- wong chee tat :)
POSTED: 01 Jul 2013 10:00 PM
EU investigators accused 13 top banks including Barclays, Deutsche Bank and Goldman Sachs on Monday of colluding over derivatives trading, in a new move to tighten banking standards.
BRUSSELS: EU investigators accused 13 top banks including Barclays, Deutsche Bank and Goldman Sachs on Monday of colluding over derivatives trading, in a new move to tighten banking standards.
A preliminary investigation by the Commission showed that banks worked together to exclude exchanges from the derivatives market.
This was allegedly because they feared involvement by the exchanges would cut into their huge profits from over-the-counter trading.
Some aspects of derivatives trading have been blamed for exacerbating the financial crisis.
The EU's Competition Commissioner Joaquin Almunia said that the banks now had the chance to respond to the detailed accusations.
He said that they could face fines if the charges were confirmed once the investigation had been completed.
"If it is confirmed that banks collectively blocked exchanges from the derivatives market, the Commission could decide to impose sanctions," Almunia said at a press briefing.
"Exchange trading of credit derivatives improves market transparency and stability," he said.
Collusion between banks to prevent this type of trading would be "a serious breach of our competition rules", he said.
Almunia declined to give an estimate of the size of possible fines on the banks but he said the CDS market at the moment was worth about 10 trillion euros ($13 trillion).
The collapse of US investment bank Lehman Brothers in 2008 "showed how derivatives trading is able to destabilise the entire financial system," Almunia said.
The EU investigation began in 2011 and has focused on claims that the Deutsche Boerse stock market and the Chicago Mercantile Exchange were excluded from the derivatives market between 2006 and 2009 when the crisis reached its peak.
It said the two exchanges decided to turn to the International Swaps and Derivatives Association (ISDA) and data service provider Markit to obtain the necessary licences but were turned down because the banks had prevented them from doing so.
The 13 European and US banks targeted are: Bank of America Merrill Lynch, Barclays, Bear Stearns, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley, Royal Bank of Scotland and UBS.
Four other banks that had been involved in the investigation -- Commerzbank, Societe Generale, Credit Agricole and Wells Fargo -- have been excluded because of a lack of evidence.
In May, a US pension fund for Cleveland metal workers initiated legal proceedings against some of the banks identified by the European Commission saying it had suffered financial losses because of "an illegal cartel".
The fund said the number of victims of the alleged cartel could reach "tens of thousands", and claimed the derivatives market had been heavily distorted by those who controlled it.
The European Commission has worked to take on a stronger role in policing the financial markets in the wake of the global financial crisis and the eurozone sovereign debt crisis.
Last month, it said it was preparing a set of proposals to tighten up oversight of key market benchmarks, especially of interest rates, after recent rigging scandals in London.
These could include moving LIBOR, a global interest rate indicator, from London to Paris where it would be supervised by the European Securities and Markets Authority.
Such a move would very likely anger the British government which jealously guards the City of London, home to one of the world's largest financial markets.
LIBOR, or London Interbank Offered Rate, is a flagship reference instrument used all over the world, affecting what banks, businesses and individuals pay to borrow money.
London's role has been undermined by revelations that major banks, among them Barclays, Royal Bank of Scotland and UBS, have manipulated LIBOR to their advantage, especially during the turmoil and aftermath of the 2008 crisis.
British regulators have laid out plans for a new system combining survey-based rates and objective data to replace the current system, hoping to head off EU efforts to take overall control of such a key financial market instrument.
- AFP/al
- 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 :)
Wednesday, April 24, 2013
HSBC to cut headcount by over 1,000
HSBC to cut headcount by over 1,000
POSTED: 23 Apr 2013 10:47 PM
HSBC on Tuesday said it planned a net reduction of 1,149 British jobs under a shake-up of the global bank's division that deals with high-depositing investors.
LONDON - HSBC on Tuesday said it planned a net reduction of 1,149 British jobs under a shake-up of the global bank's division that deals with high-depositing investors.
"HSBC is today proposing changes within its UK business which will lead to a potential reduction of 1,149 roles," the British bank said in a statement.
"The changes reflect the changing nature of customer behaviour and regulation. A total of 3,166 employees will be impacted. However, the bank is creating 2,017 new roles and it is expected that the majority of these roles will be filled by displaced employees," it said.
The lender, which is Europe's biggest bank by market value, added: "Wealth remains a strategic business for HSBC.
"The proposed changes will ensure for the first time that all UK Premier customers who already hold over £50,000 ($76,000, 59,000 euros) of savings and investments with the bank, will have a relationship manager qualified to give financial advice as a single contact point for both their banking and wealth management needs."
Britain is tightening regulation surrounding financial advisors in the wake of the global economic crisis.
"Better serving our customers, particularly for their wealth management needs, is essential if we are to fulfil our aspiration of becoming the world's leading international bank," HSBC deputy chief executive Antonio Simoes said in Tuesday's statement.
"These proposals, together with the recent removal of all sales targets for our employees and the complete decoupling of incentives from those sales, mean our customers can expect us to fully focus on serving their needs and do the right thing.
"Evolving and improving our culture will take time but the changes announced today are another step in the right direction," he added.
HSBC employs 52,000 across Britain and a total of 261,000 worldwide. In March, HSBC announced that it had exceeded its target of saving up to $3.5 billion over two years -- after axing 30,000 jobs globally.
At the same time, it said that group net profit sank 16.5 percent to $14.03 billion in 2012, hit by US money-laundering fines, mis-selling scandals, rising tax costs and a huge accounting charge.
Founded in Hong Kong, HSBC currently sees Asia as its main market.
- AFP/al
- wong chee tat :)
POSTED: 23 Apr 2013 10:47 PM
HSBC on Tuesday said it planned a net reduction of 1,149 British jobs under a shake-up of the global bank's division that deals with high-depositing investors.
LONDON - HSBC on Tuesday said it planned a net reduction of 1,149 British jobs under a shake-up of the global bank's division that deals with high-depositing investors.
"HSBC is today proposing changes within its UK business which will lead to a potential reduction of 1,149 roles," the British bank said in a statement.
"The changes reflect the changing nature of customer behaviour and regulation. A total of 3,166 employees will be impacted. However, the bank is creating 2,017 new roles and it is expected that the majority of these roles will be filled by displaced employees," it said.
The lender, which is Europe's biggest bank by market value, added: "Wealth remains a strategic business for HSBC.
"The proposed changes will ensure for the first time that all UK Premier customers who already hold over £50,000 ($76,000, 59,000 euros) of savings and investments with the bank, will have a relationship manager qualified to give financial advice as a single contact point for both their banking and wealth management needs."
Britain is tightening regulation surrounding financial advisors in the wake of the global economic crisis.
"Better serving our customers, particularly for their wealth management needs, is essential if we are to fulfil our aspiration of becoming the world's leading international bank," HSBC deputy chief executive Antonio Simoes said in Tuesday's statement.
"These proposals, together with the recent removal of all sales targets for our employees and the complete decoupling of incentives from those sales, mean our customers can expect us to fully focus on serving their needs and do the right thing.
"Evolving and improving our culture will take time but the changes announced today are another step in the right direction," he added.
HSBC employs 52,000 across Britain and a total of 261,000 worldwide. In March, HSBC announced that it had exceeded its target of saving up to $3.5 billion over two years -- after axing 30,000 jobs globally.
At the same time, it said that group net profit sank 16.5 percent to $14.03 billion in 2012, hit by US money-laundering fines, mis-selling scandals, rising tax costs and a huge accounting charge.
Founded in Hong Kong, HSBC currently sees Asia as its main market.
- AFP/al
- wong chee tat :)
Wednesday, October 24, 2012
Ample room for private banking to grow in Asia
Ample room for private banking to grow in Asia
By Lynda Hong | Posted: 24 October 2012 2215 hrs
SINGAPORE: Citigroup has overtaken Swiss bank UBS to become the top private bank in Asia-Pacific last year.
And despite assets under management (AUM) in the region dipping slightly by 0.5 per cent to US$1.1 trillion in 2011, private bankers said there is still room to grow in Asia.
Less than 20 per cent of wealth owned by Asian of high net worth individuals are professionally managed by private bankers.
This means there is ample room for the industry to grow in Asia.
But experts said the lack of talent may stifle growth for some private banks.
Rajesh Malkani, who is the head of private bank (East Region) at Standard Chartered Private Bank, said: "We are finding more and more that we have to re-train people, whether we bring them from the external world or from the internal world, to really make them capable of dealing with all the changes that is happening in the industry. So it is not an easy industry, there is a lot of new regulation, there a lot of cost growth in our businesses."
The Private Banker International Asia-Pacific AuM Benchmark 2012, which ranks private banks according to the assets of high net worth individuals' funds they manage, placed Citigroup as the top private bank in Asia Pacific.
The US banking group has some US$193 billion under management in 2011.
It overtook UBS, which is now in second place. HSBC came in third in the survey.
JP Morgan Private Wealth Management Asia's chief executive officer, Peter Flavel, said: "Wealth in Asia is growing at low teens and we are expected to grow around that rate or even better over the next three to five years. And I see Asia as the most exciting place for wealth management globally."
The survey added that the drop in Asia Pacific's AUM last year was due to falling asset values caused by the global economic slowdown.
Most of the private wealth management in Asia Pacific were managed by banks that are not headquartered in Asia.
But the study added that universal banks with strong retail offerings have a stronger advantage to target high net worth individuals with assets valued between US$1 million and US$5 million. This is a core segment for Asian private banks.
Currently, foreign banks are taking a bigger slice of the private banking pie, but the four Asian banks in the survey are catching up fast with their combined AUM rising by seven per cent.
Eleven out of 16 of these foreign banks saw their AUM staying static or dipped in 2011.
Tan Su Shan, who is managing director and group head of wealth management at DBS Bank, said: "As interest rates in some local jurisdictions get higher - because of Basel Three or because banks are just shrinking their balance sheets - some of our clients do need liquidity to pump it back into the business to buy ships, to buy palm oil. So the competition for funding is really the business growth."
DBS is the highest ranked Asian headquartered private bank, managing US$39 billion last year.
This is followed by Standard Chartered Private Bank, Bank of Singapore and Hang Seng Bank.
- CNA/fa
- wong chee tat :)
By Lynda Hong | Posted: 24 October 2012 2215 hrs
SINGAPORE: Citigroup has overtaken Swiss bank UBS to become the top private bank in Asia-Pacific last year.
And despite assets under management (AUM) in the region dipping slightly by 0.5 per cent to US$1.1 trillion in 2011, private bankers said there is still room to grow in Asia.
Less than 20 per cent of wealth owned by Asian of high net worth individuals are professionally managed by private bankers.
This means there is ample room for the industry to grow in Asia.
But experts said the lack of talent may stifle growth for some private banks.
Rajesh Malkani, who is the head of private bank (East Region) at Standard Chartered Private Bank, said: "We are finding more and more that we have to re-train people, whether we bring them from the external world or from the internal world, to really make them capable of dealing with all the changes that is happening in the industry. So it is not an easy industry, there is a lot of new regulation, there a lot of cost growth in our businesses."
The Private Banker International Asia-Pacific AuM Benchmark 2012, which ranks private banks according to the assets of high net worth individuals' funds they manage, placed Citigroup as the top private bank in Asia Pacific.
The US banking group has some US$193 billion under management in 2011.
It overtook UBS, which is now in second place. HSBC came in third in the survey.
JP Morgan Private Wealth Management Asia's chief executive officer, Peter Flavel, said: "Wealth in Asia is growing at low teens and we are expected to grow around that rate or even better over the next three to five years. And I see Asia as the most exciting place for wealth management globally."
The survey added that the drop in Asia Pacific's AUM last year was due to falling asset values caused by the global economic slowdown.
Most of the private wealth management in Asia Pacific were managed by banks that are not headquartered in Asia.
But the study added that universal banks with strong retail offerings have a stronger advantage to target high net worth individuals with assets valued between US$1 million and US$5 million. This is a core segment for Asian private banks.
Currently, foreign banks are taking a bigger slice of the private banking pie, but the four Asian banks in the survey are catching up fast with their combined AUM rising by seven per cent.
Eleven out of 16 of these foreign banks saw their AUM staying static or dipped in 2011.
Tan Su Shan, who is managing director and group head of wealth management at DBS Bank, said: "As interest rates in some local jurisdictions get higher - because of Basel Three or because banks are just shrinking their balance sheets - some of our clients do need liquidity to pump it back into the business to buy ships, to buy palm oil. So the competition for funding is really the business growth."
DBS is the highest ranked Asian headquartered private bank, managing US$39 billion last year.
This is followed by Standard Chartered Private Bank, Bank of Singapore and Hang Seng Bank.
- CNA/fa
- wong chee tat :)
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