DBS merges brokerage, digital exchange with treasury markets business

The new group, Global Financial Markets (GFM), will be headed by Andrew Ng.

DBS is merging its equity capital markets, brokerage firm DBS Vickers, and the DBS Digital Exchange (DDEX) with its treasury markets business.

Effective 1 March, the new entity will be known as the Global Financial Markets (GFM) group.

With this merger, DBS Treasury Markets head Andrew Ng will become the group head of GFM.

Clifford Lee, currently group head of fixed income, will become the new head of Investment Banking, which encompasses debt and equity capital markets, and DBS Vickers. Lee will continue to report to Ng.

Art Karoonyavanich will extend his existing role as head of Capital Markets (Singapore) to include the region.

Kenneth Tang will continue his role as group CEO for DBS Vickers. Both Karoonyavanich and Tang will report to Lee.

These organisational 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 DBS.

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