SINGAPORE - DBS Bank, Singapore and South-east Asia’s largest lender, said it will merge its equity capital markets, brokerage DBS Vickers and DBS Digital Exchange with its existing treasury markets business.

To take effect on March 1, the new merged group will be named global financial markets, the bank said on Feb 2.

The current head of treasury markets, Mr Andrew Ng, will helm the new enlarged group as group head of global financial markets.

Mr Clifford Lee, who is now group head of fixed income, will step into the expanded role of head of investment banking, comprising debt and equity capital markets, as well as DBS Vickers. Mr Lee will continue to report to Mr Ng.

DBS said Mr Art Karoonyavanich will remain as head of capital markets for Singapore but will now also oversee the region.

Mr Kenneth Tang will continue his role as group chief executive for DBS Vickers.

Both Mr Karoonyavanich and Mr Tang will report to Mr Lee.

When asked, Mr Ng said the consolidation of equity and debt capital markets and DBS Vickers into a collective investment banking unit will help better meet clients’ needs, and is critical as financing requirements become increasingly complex due to macroeconomic developments and new global opportunities.

“The new unit will also be supported by the broader global financial markets group’s bigger shared resources and coverage to enable better efficiencies, as well as greater leveraging of strengths across teams,” he said. 

The organisational changes come 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.

Mrs Eng-Kwok joined DBS in 1998 when the bank acquired POSB and took over the role of group head of capital markets in 2014.

She led advisory and corporate finance, as well as the structuring and execution of all equity transactions, including corporate equity fund raising and real estate investment trusts (Reits).

The banking veteran also oversaw the securities business in Vickers Group.

DBS chief executive Piyush Gupta thanked her for her contributions, saying: “DBS is synonymous with equity capital markets in Singapore, and much of this can be credited to Seat, who has been pivotal in pioneering many industry firsts. This includes the development of the Reits industry in Singapore and the region.”

He added that Mrs Eng-Kwok’s retirement created an opportunity to merge various businesses, which would pave the way for greater synergy.

In a statement, the bank said Mrs Eng-Kwok played an integral role in growing DBS’ capital markets franchise beyond Singapore through a number of regional landmark transactions.

“Under her leadership, DBS continues to lead the market not only in Singapore but also in Asia ex-Japan, consistently ranking at the top of regional, Singapore, Hong Kong and Indonesia league tables,” the bank said.

Mrs Eng-Kwok also led the team that set up DBS Digital Asset Ecosystem, which provides origination, distribution, custody and trading services for various digital assets. She is also the founding chair of the digital exchange – the region’s first bank-backed one.

Mr Ng joined DBS in 2000 and was appointed managing director and regional head of trading in 2005.

The bank said he has been instrumental in leading DBS treasury market’s expansion in the region since 2006, that he helped build a pan-Asia trading platform on different asset classes and established a regionwide local currencies derivative capability for DBS.

Mr Ng also expanded DBS’ capabilities in generic and exotic derivatives, the lender noted.

Mr 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 the lender as an investment committee member on the Asian private credit fund managed by Muzinich.

As for Mr Karoonyavanich, he has 24 years of investment banking experience and has led numerous landmark transactions across Asia.

DBS said he joined the bank in 2015 as managing director and regional head of equity syndicate. He was also the CEO of DBS Asia Capital, overseeing the bank’s Hong Kong and China investment banking business.