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29. April 2024
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Category: Finance

Retail Asia06/08/2021
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Finance

SFC Fines UBS Over Regulatory Breaches

2min0
Hong Kong’s Securities and Futures Commission reprimanded and fined UBS over regulatory breaches covering various areas including transparency client suitability. The SFC fined UBS AG and UBS Securities Asia Limited HK$9.8 million ($1.26 million) and $1.75 million, respectively, over various regulatory breaches, according to a statement. The issues covered areas ranging from lacking disclosures to client suitability issues. The […]
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Retail Asia05/08/2021
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Finance

HSBC Boosts First-Year Banker Pay

1min0
HSBC is reportedly the latest global bank to join the Wall Street trend of increasing salaries for junior executives. Salaries of first-year analysts at HSBC’s investment bank will increase from $85,00 to $100,000, according to a report citing unnamed sources. The bank introduced pay rises for existing analysts and associates in May. London-headquartered HSBC joins a number […]
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Retail Asia05/08/2021
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Finance

SGX Profits Fall on Higher Expenses

2min0
The bourse attributed its weaker performance to higher expenses increased and declining treasury income amid a low-interest rate environment. Singapore Exchange’s fiscal full-year net profit fell 6 percent year-on-year to S$445.4 million ($329.5 million), despite operating revenue growing by 0.3 percent to S$1.06 billion, according to financial statements released on Thursday. Operating revenue fell 6.8 […]
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Retail Asia05/08/2021
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Finance

DBS Registers Record First-Half Profits

2min0
DBS maintained profit momentum in the second quarter, resulting in all-time high performance for the first half. DBS registered a record-high profit of S$3.71 billion ($2.75 billion), according to the latest results, marking 54 percent year-on-year growth. Total income slipped slightly by 4 percent to S$7.44 billion and expenses inched 3 percent higher to S$3.13 […]
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Retail Asia04/08/2021
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Finance

UOB Rides Economic Recovery

4min0
The bank posted a record quarterly wholesale banking income of $848 million, and a record AUM in wealth management in the first half of 2021. UOB posted second-quarter earnings of S$1 billion ($740 million), unchanged from the first quarter, which brought first-half earnings of S$2 billion, according to financial statements released on Wednesday. Net profit was […]
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Retail Asia04/08/2021
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Finance

OCBC Profits Surge from Reduced Allowance

3min0
OCBC’s net profit for the second quarter surged due to an economic recovery that enabled substantially reduced allowances. OCBC’s posted a net profit of S$1.16 billion ($860 million) in the second quarter, according to its latest results, marking a 59 percent surge from S$730 million in the same period last year. The bank’s quarterly performance was […]
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Retail Asia04/08/2021
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Finance

HSBC Names Head of Qatar Private Banking

1min0
The bank has named a long-standing stalwart to enhance HSBC’s client proposition in Qatar. HSBC has named Ibrahim Al Abed as its head of private banking in Qatar, according to an announcement on Wednesday. Based in Qatar, Al Abed reports to Sobhi Tabbara, global market head, Middle East and North Africa, Private Banking, and Abdul Hakeem Mostafawi, CEO of […]
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Retail Asia03/08/2021
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Finance

Deutsche Bank Stalwart Decamps for State Street

1min0
State Street hires a Deutsche Bank executive as head of product management in the Asia Pacific region, according to a statement. Jeslyn Tan joins the firm after 22 years at Deutsche Bank. She will be responsible for developing and driving an end-to-end product strategy for the Asia Pacific region. Based in Singapore, Tan reports globally to Brenda […]
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Retail Asia03/08/2021
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Finance

StanChart Nabs HSBC Private Banker

1min0
Standard Chartered Private Bank has expanded its Southeast Asia unit with the addition of a relationship manager from rival HSBC. Nipud Sud joins Standard Chartered Private Bank as an executive director and relationship manager, according to a note, effective August 2. Based in Singapore, Sud reports to senior client partner Suresh Nair who joined the bank in […]
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Retail Asia03/08/2021
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Finance

StanChart Profits Rise from Improved Loan Impairments

2min0
Pre-tax profit at Standard Chartered rose in the first half and beat analyst estimates, resulting in the resumption of interim dividend payments. Standard Chartered registered $2.68 billion in pre-tax profit, according to its latest first-half results, marking a 37 percent increase compared to $1.95 billion in the same period last year. The bank’s $2.55 billion in […]
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Retail Asia02/08/2021
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Finance

Released Loan Loss Reserves Fuels HSBC Profits

3min0
Asia-focused British lender HSBC beat analyst forecast, more than doubling profits in the first half after a significant reduction in credit loss provisions. HSBC posted $8.4 billion of profit after tax, according to its first-half interim report, a 170% increase compared to $3.1 billion in the same period last year. The expected release of credit loss provisions […]
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Retail Asia30/07/2021
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Finance

Citi Posts All-Time High in APAC Net New Assets

2min0
Citi’s wealth management business in Asia Pacific registered a record-high in net new assets during the first half. Citi’s newly merged wealth management unit – Citi Global Wealth (CGW) – attracted nearly $15 billion in net new money across Asia Pacific, according to a statement, mostly from its wealth hubs in Hong Kong, Singapore, London […]
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Retail Asia29/07/2021
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Finance

Singapore Crypto Startups Join Mastercard Engagement Program

3min0
Two Singapore startups will help the payment giant accelerate innovation around digital asset technology. Singapore-based Mintable, a non-fungible token (NFT) marketplace; and Stacs, which provides a blockchain infrastructure for the financial industry to unlock value and enable effective sustainable financing, are among of a new cohort of seven startups at Mastercard’s «Start Path» global startup engagement program. […]
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Retail Asia29/07/2021
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Finance

MAS Lifts Dividend Restrictions on Local Banks

2min0
The restrictions were measure introduced to ensure that local banks and finance companies have a strong lending capacity to support the economy throughout the pandemic. With the improving global economic outlook, the Monetary Authority of Singapore (MAS) has given the green light to locally incorporated banks and finance companies headquartered in Singapore will be able […]
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Retail Asia28/07/2021
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Finance

Avaloq Names New Regional Directors

1min0
The Swiss-based banking software provider has announced a pair of senior promotions at its Asia-Pacific business. Avaloq has appointed Gery Dachlan as managing director for South Asia and Australia, and Pascal Wengi as managing director for the North Asia region, according to an announcement on Wednesday. Based in Singapore, Dachlan joined Avaloq in 2013 and was previously its market head […]
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Retail Asia28/07/2021
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Finance

Bank of China to Open Geneva Branch

2min0
Bank of China, the country’s most globalized bank, is giving Geneva a second chance and opening a branch there again, but this time the focus will be different. Bank of China Geneva Branch was registered on the Commercial Register on June 15 and listed as an authorized bank by Swiss financial regulator Finma on July […]
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Retail Asia28/07/2021
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Finance

Goldman Sachs Asset Management Files for Crypto-Linked ETF

2min0
Goldman Sachs continues ramping up its crypto-related efforts with the latest filing for an exchange-traded fund that will track related companies. Goldman Sachs’s asset management unit filed for an application with the U.S. Securities and Exchange Commission to offer an exchange-traded fund (ETF) focused on crypto-related companies. The Goldman Sachs Innovate DeFi and Blockchain Equity […]
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Retail Asia27/07/2021
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Finance

DBS Appoints Global Head of Transactions Services

2min0
DBS has appointed a group head of global transaction services, succeeding John Laurens who will be retiring. Lim Soon Chong has been named to the role, according to a statement, effective August 1 this year. Laurens, who first joined DBS in 2014, will remain as a senior adviser to support the transition until December 31. Lim […]
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Retail Asia27/07/2021
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Finance

Nearly Half of Singaporeans Own Cryptocurrency

3min0
Despite market volatility and regulatory pressures, the outlook for crypto adoption remains positive especially in Singapore where nearly half of its residents own the digital asset class, according to a survey. 43 percent of Singaporeans own cryptocurrency, according to a survey by Independent Reserve, a digital set exchange with operations in the city-state since 2020. And adoption […]
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