What Brexit Means For Australian Investors
28 June, 2016
DBS’s Inflated Expectations
1 July, 2016Euromoney, July 2016
The landscape is changing in Asian banking. The broad sweep of it is nothing new – westerners retreating, locals strengthening – but the nuances are becoming clear.
An industry that in recent years has carelessly misplaced Barclays Capital, a fair chunk of Société Générale, ING, RBS, decent slices of Nomura and more cash equities businesses than you can shake a stick at, has found the shortfall eagerly picked up by local players. ANZ is looking for buyers for parts of its Asia business; expect local buyers to be writing cheques again.
This is most apparent in private banking, with three of the four last big slabs of assets on the block having gone from western banks to Singaporeans: ING and Barclays to Bank of Singapore (part of OCBC); and SG to DBS. The only exception is BAML’s business sale to Julius Baer. A few years ago DBS announced grand ambitions to rank in the top five in regional wealth management by assets – it might already be there by now; Bank of Singapore has leapfrogged JPMorgan among others and is not stopping there. The industry is expecting more sales like these and they are very likely going to Singapore.
On top of that is the steady creep overseas of previously home-grown names. CIMB and Maybank’s Asean expansions are well known and well established, but how many noticed that Taiwan’s Cathay United is now present in 12 countries outside its own? Or that the best investment bank in Bangladesh is Sri Lankan?
Full article: http://www.euromoney.com/Article/3567496/Awards-for-Excellence-2016-Asia-New-order-begins-to-take-shape.html
