DBS Group to Combine Equity Capital, Brokerage and Digital Exchange

Singapore's largest lender DBS Group said on Feb 2 it will merge its equity capital markets, brokerage and digital exchange with its existing treasury markets business, with the new group renamed Global Financial Markets (GFM) effective Mar 1.

DBS, which is also the biggest bank in Southeast Asia by assets, said the consolidation was made following the announcement that its group head of capital markets, Eng-Kwok Seat Moey, will retire in March after 36 years with the lender.

"Seat's retirement created an opportunity to merge various businesses including equity capital markets and DBS Vickers with treasury markets," Piyush Gupta, DBS' CEO, said in a statement.

"I am confident that this merger will provide for greater synergy and enable us to more holistically meet our customers' needs," he added.

Seat played a key role in the growth of the real estate investment trust (REIT) industry in Singapore and throughout the region. According to DBS, Andrew Ng, head of treasury markets, will become group head of global financial markets as a result of the merger.

Clifford Lee, group head of fixed income, will take on the expanded role of head of investment banking, which includes debt and equity capital markets, as well as brokerage DBS Vickers, DBS announced. Art Karoonyavanich will expand his current role as head of capital markets in Singapore to include the region, while Kenneth Tang will continue as CEO of DBS Vickers Group, DBS said.