UBS Board of Directors has nominated Jeanette Wong and William C. Dudley for election to the board of UBS Group AG at the Annual General Meeting of shareholders on 2 May 2019. Wong was group executive responsible for the Institutional Banking business at the Singapore-based DBS Group, until March 2019. Previously, she served as chief…
Swiss private banking group Julius Baer is looking to tap the wealthy in Russia directly by setting up a local unit, Bloomberg has reported. The bank has till now been catering to its Russian clients from its Swiss office. It has been operating in Russia since 2008 through a representative office in Moscow. By opening…
Structural inequalities have resulted in gender wealth gaps according to a report published by Oxfam in January 2019. However, the recent societal push towards closing gender gaps bodes well for wealth managers in search of new clients in this competitive climate, according to GlobalData. According to Oxfam’s Public Good or Private Wealth? report, solutions to gender…
Bangladesh Bank, the central banking authority of the country, has approved the licences of three new private commercial banks. The board of the central bank has issued a Letter of Intent (LoI) to award licenses to Bengal Bank, People’s Bank, and Citizen Bank. Bangladesh bank licensing: With the new licensing, the number of scheduled lenders…
Swiss private bank Lombard Odier is expanding its footprint in the UAE by setting up an office in Abu Dhabi. The new branch will be located within the Abu Dhabi Global Market (ADGM), an international financial centre. Through the new office, the bank will offer clients in Abu Dhabi international investment services as well as…
Barclays has been given the green light to transfer £160bn of assets to its Irish business as the bank “cannot wait any longer” to implement its no-deal Brexit strategy amid ongoing political uncertainty. A High Court judgement revealed that the bank is pushing forward with its Brexit contingency plan to transfer all of its European…
In line with its growth strategy, VP Bank in Singapore has reinforced its organisational and management structure and created the new function of the «head of client business». Reto Marx joins the local management of VP Bank Singapore Branchas head of client business, reporting to local CEO Bruno Morel, according to a media release on…
The private bank said it plans to ramp up on hiring private bankers massively this year. The move follows the poaching of an 18-person team in the Middle East last month. Geneva-based Pictet will hire up to 300 bankers in its wealth management and asset management arms this year, senior partner Nicolas Pictet said in…
ZURICH, Jan 14 (Reuters) – Swiss private bank Julius Baer said on Monday it was proposing Romeo Lacher, the current chairman of Swiss stock market operator SIX Group, as its new non-executive chairman. Lacher, a former Credit Suisse executive, is due to replace Daniel Sauter, who will step down after seven years as chairman at…
HSBC Private Bank has appointed a new head of Private Wealth Solutions North Asia. The firm plans to hire for 700 roles over the next five years in the region. Cynthia Lee will join HSBC Private Bank as head of private wealth solutions (PWS), North Asia, effective on 14 January, the bank said in a statement. She…
