Singapore's leading bank, DBS Group, revealed its plan to integrate equity capital markets, brokerage, and digital exchange with its current treasury markets business. The consolidated entity will be renamed Global Financial Markets (GFM) starting March 1. The decision to streamline these functions was prompted by the impending retirement of Eng-Kwok Seat Moey, the group head of capital markets at DBS, who has served the institution for 36 years. DBS, Southeast Asia's largest bank by assets, aims to optimize its operations through this strategic consolidation.
DBS' CEO, Piyush Gupta, stated that Seat's retirement provided an opportunity to integrate various businesses such as equity capital markets and DBS Vickers with treasury markets. Gupta expressed confidence that this merger would result in enhanced synergy, allowing the bank to better address the comprehensive needs of its customers. Seat, who played a pivotal role in advancing the real estate investment trust (REIT) industry in Singapore and the broader region, will be succeeded by Andrew Ng, the current head of treasury markets, as the group head of global financial markets.
In addition, DBS announced organizational changes, with Clifford Lee, the group head of fixed income, taking on the expanded role of head of investment banking, overseeing debt and equity capital markets, as well as brokerage DBS Vickers. Art Karoonyavanich will extend his current position as the head of capital markets in Singapore to cover the broader region, while Kenneth Tang will continue in his role as the CEO of DBS Vickers Group.