Singapore lender DBS will merge its equity capital markets, brokerage DBS Vickers and DBS Digital Exchange (DDEX) units with its existing treasury markets business, renaming the new group, global financial markets (GFM), effective March 1.
As part of the merger, Andrew Ng, currently head of treasury markets, will oversee the enlarged group as group head of GFM. Clifford Lee, currently group head of fixed income, will assume the expanded role of head of investment banking, which encompasses debt and equity capital markets, and DBS Vickers. In this role, he will continue to report to Ng.
Art Karoonyavanich will extend his existing role as head of capital markets (Singapore) to include the global region. Kenneth Tang will continue his role as group CEO for DBS Vickers. Both Karoonyavanich and Tang will report to Lee.
These organizational changes are being made with the retirement of group head of capital markets Eng-Kwok Seat Moey, who is stepping down in March after 36 years with the bank.
Ng joined DBS in 2000 and was appointed managing director and regional head of trading in 2005. Since 2006, he has been instrumental in leading DBS treasury market’s expansion in the region. In addition, he helped build a pan-Asia trading platform on different asset classes and established a region-wide local currencies derivative capability for the bank. He has also expanded DBS’ capabilities in generic and exotic derivatives.
Lee, who has more than three decades of investment banking experience across Asia, has been with DBS since 2004. As group head of fixed income, he was responsible for the bank’s bond origination, structured finance, ratings, syndicate and global distribution businesses across the region. He also represents DBS as an investment committee member on the Asian private credit fund managed by Muzinich.
Karoonyavanich has 24 years of investment banking experience and has led numerous landmark transactions across Asia. He joined DBS in 2015 as managing director and regional head of equity syndicate. He was also CEO of DBS Asia Capital overseeing the bank’s Hong Kong and China investment banking business.
Piyush Gupta, the bank’s CEO, says: “This merger will provide for greater synergy and enable us to more holistically meet our customers’ needs.”