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HONG KONG, June 21 (Reuters) - UBS (UBSG.S) will start cutting Asia investment banking jobs at Credit Suisse next month, three people with knowledge of the matter said, as the banks move towards integrating businesses. In the Asia Pacific region, there will be significant reduction in Credit Suisse investment bankers covering Australia and China, where the two banks overlap most, two of the sources said. UBS is also looking to axe most of Credit Suisse's Asia consumer and retail and general industrial group coverage teams, the two sources said. Both UBS and Credit Suisse declined to comment. The bulk of Credit Suisse investment bankers in Southeast Asia have left, said one of the three sources and a fourth person with knowledge of the matter.

Persons: Kane Wu, Selena Li, Yantoultra Ngui, David Goodman Organizations: UBS, Credit Suisse, Credit, Former Credit Suisse, Thomson Locations: HONG KONG, Asia, Credit Suisse, Australia, China, Credit, South Korea, Thailand, Vietnam, India, Southeast Asia, Hong Kong, Singapore

SYDNEY/SINGAPORE, June 20 (Reuters) - Asia's dealmakers are counting on a pause in rate hikes globally and an economic rebound in China to rekindle activity in the region's equity capital markets, after volumes in the first half of the year sank to their lowest in four years. First-half Asia Pacific equity capital markets volumes dropped 16% to $117.2 billion from the same period in 2022, including a 34% drop in initial public offerings (IPOs) to $34.3 billion, Refinitiv data showed. "For investor sentiment to return for IPOs we need to see a more stable interest rate environment in the U.S., more economic stimulus from China and an improving geopolitical backdrop," said Cathy Zhang, head of Asia Pacific equity capital markets at Morgan Stanley. "We are hoping to see more IPO activity in the second half and starting to see some green shoots in the U.S. and Europe," said Udhay Furtado, Citigroup's co-head of Asia equity capital markets. As bankers scan their pipeline of IPO candidates for the second half, larger transactions in the region are being favoured to help kick-start activity.

Persons: Goldman Sachs, Cathy Zhang, Morgan Stanley, Udhay Furtado, Citigroup's, Sunil Dhupelia, JPMorgan's, China's JD.com, Hulu Energi's, Edmund Leong, Scott Murdoch, Yantoultra, Vineet, Sonali Paul Organizations: Asia, Morgan, IPOs, STAR, Shenzhen's, Reuters, JD Industrial, JD, Alibaba, HK, Bankers, Group Investment Banking, UOB, Thomson Locations: SYDNEY, SINGAPORE, China, Asia Pacific, U.S, York, Hong Kong, Indonesia, Europe, Asia, Japan, IPOS, Southeast Asia, Amman, Sydney, Singapore, Bangalore

☆ Singapore bank DBS deepens focus on booming family office business
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, June 12 (Reuters) - Singapore lender DBS Group (DBSM.SI) is stepping up its focus on the business of family offices, where its assets have surged in the last two years. Southeast Asia's largest bank by assets is introducing a new investment platform tailored towards the needs of family offices, which are one-stop firms that manage the portfolios of the wealthy. DBS said in a statement it is currently in talks with more than 20 clients and prospective clients across Asia to provide the new investment solution. "It is also an attractive option for some families who are not looking to immediately relocate to Singapore, but would like to consolidate their assets here," said Lee Woon Shiu, DBS' Group Head of Wealth Planning, Family Office and Insurance Solutions. DBS provides banking services to more than one-third of the 700 single family offices established in Singapore, and its family office assets under management (AUM) has more than doubled in the last two years, it added.

Persons: Lee Woon Shiu, Yantoultra Ngui, Muralikumar Organizations: DBS, Wealth, Family, Insurance Solutions, Thomson Locations: SINGAPORE, Singapore, Asia's, Asia

MUMBAI/SINGAPORE, June 1 (Reuters) - KKR & Co (KKR.N) is moving a managing director from India to Singapore to lead the firm's Southeast Asia private equity business, two familiar with the matter sources told Reuters, bolstering its personnel in the region. Kumar will work with Ashish Shastry, a partner who heads Southeast Asia and co-heads the firm's Asia Pacific Private Equity business. The move also comes as KKR strengthens its presence in India and Southeast Asia. It raised $15 billion for its fourth Asia-Pacific focused private equity fund in 2021, one of the region's largest for the asset class. KKR has been investing in Southeast Asia since 2005, and opened its Singapore office in 2012.

Persons: Prashant Kumar, Kumar, Ashish Shastry, Vini, Gaurav Trehan, Trehan's, Akshay Tanna, Sriram, Kane Wu, Mark Potter Organizations: KKR, Co, Asia Pacific Private Equity, The Wharton School, Indian Institute of Technology, JB Chemicals, TPG Inc, TPG, Associations, Reuters, Healthcare, Thomson Locations: MUMBAI, SINGAPORE, India, Singapore, Asia, Mumbai, Southeast Asia, Pacific, Philippines

May 29 (Reuters) - Singapore state investor Temasek Holdings (TEM.UL) said on Monday it had cut compensation for the team and senior management that recommended its investment in the now-bankrupt FTX cryptocurrency exchange. "Although there was no misconduct by the investment team in reaching their investment recommendation, the investment team and senior management, who are ultimately responsible for investment decisions made, took collective accountability and had their compensation reduced," Temasek Chairman Lim Boon Heng said in a statement posted on Temasek's website on Monday. The move comes around six months after Temasek initiated an internal review of its investment in FTX, which resulted in a writedown of $275 million. Temasek also said last year it had conducted "extensive due diligence" on FTX, with its audited financial statement then "showed it to be profitable". "With FTX, as alleged by prosecutors and as admitted by key executives at FTX and its affiliates, there was fraudulent conduct intentionally hidden from investors, including Temasek," Lim said in the statement on Monday.

The forecast is 22% higher than the S$8.19 billion annual net profit it achieved in 2022. Its ROE was 15% last year, while its CET1 ratio was 14.6%, according to its 2022 annual report. DBS said faster growth in capital-light high-ROE businesses such as wealth management, global transaction services and treasury market sales will help it achieves its goals. DBS aims to be among the top 10 private sector banks in India, projecting net profit to triple to around S$375 million by 2026, according to the slides. ($1 = 1.3245 Singapore dollars)Reporting by Navya Mittal in Bengaluru; Editing by Sonia CheemaOur Standards: The Thomson Reuters Trust Principles.

☆ Exclusive: Malaysian tycoon weighs selling a stake in $2.7 bln port business -sources
▼ + stars: | 2023-05-22 | by ( Yantoultra Ngui | Thomson Reuters | Yantoultra Ngui Is A Southeast Asia Deals Correspondent With Reuters In Singapore | ) www.reuters.com time to read: +2 min

His conglomerate MMC Corp may sell a stake of up to 30% in MMC Ports, said one of the people, adding that financial investors and companies have approached MMC Corp about their interest in the ports business. A sale could be a precursor to a potential MMC Ports listing on the Malaysian stock exchange in a few years, said the sources. MMC Corp and MMC Ports did not respond to requests seeking comment. MMC Ports has seven ports in Malaysia - Port of Tanjung Pelepas, Johor Port, Northport, Penang Port, Tanjung Bruas Port, SPT Services and Andaman Port, according to its website. MMC Corp also owns stakes in Malaysia's largest independent power producer Malakoff Corp (MALA.KL) and the country's only supplier of reticulated natural gas in Peninsular Malaysia, Gas Malaysia (GASM.KL).

☆ Singapore bank OCBC posts record quarterly profit, upgrades margin guidance
▼ + stars: | 2023-05-10 | by ( Yantoultra Ngui | Thomson Reuters | Yantoultra Ngui Is A Southeast Asia Deals Correspondent With Reuters In Singapore | ) www.reuters.com time to read: +2 min

OCBC, which is also Southeast Asia's second-biggest bank by assets, said January-March net profit rose 39% to S$1.88 billion ($1.42 billion), beating the mean estimate of S$1.74 billion from five analysts polled by Refinitiv. OCBC reported a total net interest margin, a key gauge of profitability, of 2.30% for the first quarter, up from 1.55% in the same period a year earlier. The bank forecast a full-year net interest margin of about 2.2%, up from 2.1% previously. The first quarter was also strong for Singapore's other major banks, with larger peer DBS Group (DBSM.SI) reporting last week a 43% jump in first quarter net profit that was also a record. Smaller United Overseas Bank (UOBH.SI) posted last month a 74% surge in core net profit.

OCBC, which is also Southeast Asia's second-biggest bank by assets, said January-March net profit rose to a record S$1.88 billion ($1.42 billion) from S$1.36 billion a year earlier. The bank reported a total net interest margin, a key gauge of profitability, of 2.30% for the first quarter, up from 1.55% in the same period a year earlier. OCBC expected full-year net interest margin in the region of 2.2%. The first quarter was also strong for Singapore's other major banks, with larger peer DBS Group (DBSM.SI) reporting last week a 43% jump in first quarter net profit that was also a record. Smaller United Overseas Bank (UOBH.SI) posted last month a 74% surge in core net profit.

☆ Singapore bank OCBC's Q1 net profit jumps 39% to record $1.42 bln
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: 1 min

SINGAPORE, May 10 (Reuters) - Singapore's second biggest lender Oversea-Chinese Banking Corp (OCBC) (OCBC.SI) on Wednesday reported a 39% jump in its first-quarter net profit from a year earlier on the back of strong net interest income growth. OCBC, which is also Southeast Asia's second biggest bank by assets, said January-March net profit jumped to a record S$1.88 billion ($1.42 billion) from S$1.36 billion a year earlier. That beat the mean estimate of S$1.74 billion from five analysts surveyed by Refinitiv. ($1 = 1.3245 Singapore dollars)Reporting by Yantoultra Ngui; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

Sembcorp, which is 49.3% owned by Singapore's state investor Temasek Holdings, has hired HSBC (HSBA.L) to run the sale of SembWaste, according to the sources. First-round of non-binding bids are due by early June, said one of the sources, declining to be named as the matter is private. Last year, SembWaste's earnings before interest, taxes, depreciation, and amortization was S$50 million ($37.75 million), one of the sources added. Last year, Singapore's asset manager Keppel consortium bought a 80% stake in environmental services firm 800 Super Holdings for S$304 million. SembWaste is one of three public waste collectors appointed by Singapore's National Environment Agency to provide waste and recyclable collection services to residential, schools and trade premises in the city-state, according to its website.

REUTERS/Niharika Kulkarni/File PhotoBENGALURU/SINGAPORE, May 6 (Reuters) - Singapore state investor Temasek Holdings (TEM.UL) is considering investing $100 million in Indian jeweller BlueStone for a stake of about 20%, two sources with direct knowledge of the matter told Reuters. The potential deal could boost BlueStone's plans to expand aggressively in India, the second-largest jewellery consuming nation behind China, as demand surges after the pandemic. BlueStone operates in a market that is dominated by thousands of small and large local independent jewellery stores, but also branded outlets like Titan Company-owned (TITN.NS) Tanishq and CaratLane, and Kalyan Jewellers (KALN.NS). While Temasek's interest in investing in Bluestone has been previously reported, Reuters is first to report details of an investment amount, the potential valuation and other financial details of the potential deal. BlueStone CEO Gaurav Kushwaha did not immediately respond to Reuters' request for comment, while Temasek declined to comment.

May 5 (Reuters) - The Monetary Authority of Singapore on Friday imposed additional capital requirement on DBS Bank, the banking arm of the country's largest lender DBS Group (DBSM.SI), following the disruption of its banking services in recent months. "Together with the additional capital requirement imposed on DBS in February 2022, this translates to approximately S$1.6 billion ($1.21 billion) in total additional regulatory capital," MAS added. The additional capital requirement for DBS is now a multiple of 1.8 times to its risk weighted assets for operational risk, an increase from the multiple of 1.5 times MAS applied in February 2022 following the November 2021 disruption, according to MAS. MAS has now required a comprehensive review it directed DBS to conduct in March to cover the May incident, MAS said. "The additional capital requirement imposed at this time underscores the seriousness with which MAS treats this matter," she said.

DBS, which is also Southeast Asia's largest lender by assets, said January-March net profit rose to S$2.57 billion ($1.92 billion) from S$1.8 billion a year ago, beating a mean estimate of S$2.44 billion from five analysts polled by Refinitiv. Return on equity rose to a new high of 18.6% in the first quarter from 13.1% the same quarter a year earlier, according to its financial statement. Smaller peer United Overseas Bank (UOBH.SI) reported on Thursday a 74% surge in core net profit in the first quarter from a year earlier on the back of strong net interest and non- interest income growth. DBS, which earns most of its profit from Singapore and Hong Kong, declared a dividend of 42 Singapore cents per share for the first quarter. ($1 = 1.3362 Singapore dollars)Reporting by Yantoultra Ngui; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

Southeast Asia's largest lender by assets however said its net interest margin likely peaked in the first quarter and there would be a gradual decline. January-March net profit rose to S$2.57 billion ($1.9 billion) from S$1.8 billion a year ago, beating a mean estimate of S$2.44 billion from five analysts polled by Refinitiv. DBS reported a total net interest margin, a key gauge of profitability, of 2.12% for the first quarter, up from 1.46% in the same period a year earlier. DBS expected full-year net interest margin at 2.05% to 2.10%. DBS, which earns most of its profit from Singapore and Hong Kong, declared a dividend of 42 Singapore cents per share for the first quarter.

☆ Singapore lender UOB's Q1 core profit leaps 74% to record $1.2 bln
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, April 27 (Reuters) - Singapore's United Overseas Bank (UOBH.SI) reported on Thursday a 74% surge in core profit in the first quarter from a year earlier on the back of strong net interest and non-interest income growth. The lender's core profit, which excludes one-off expenses, rose to a record S$1.58 billion ($1.20 billion) in the first quarter, just above the mean estimate of some S$1.55 billion from four analysts polled by Refinitiv. Net profit in the first quarter climbed 67% to $1.51 billion. "We delivered record profits this quarter backed by our core businesses and diversified growth drivers," Wee Ee Cheong, CEO of the Southeast Asia-focused bank said in a statement. ($1 = 1.3348 Singapore dollars)(This story has been corrected to clarify core net profit is up 74%, not net profit, and adds definition of core net profit)Reporting by Yantoultra Ngui; Editing by Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

KUALA LUMPUR/SINGAPORE, April 16 (Reuters) - Malaysia plans to introduce a second 5G network from next year, four sources told Reuters, in the latest policy shake-up aimed at dismantling monopolies and promoting competition by Prime Minister Anwar Ibrahim's six-month-old administration. A recommendation by major carriers for a second 5G provider was rejected by the previous government in March last year. Fahmi also said last week 5G network coverage had reached 55% in populated areas. It was not clear how the proposal for a second 5G network would affect DNB's existing agreements with its development partner Swedish telecoms giant Ericsson (ERICb.ST), and other mobile operators. U Mobile later joined other telco firms in signing up to access DNB's 5G network.

☆ Swiss bank Julius Baer makes key appointments in Southeast Asia
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, April 13 (Reuters) - Zurich-based Julius Baer (BAER.S) has appointed Chin Lit Yee as its new head of South East Asia, the private bank said on Thursday. Kevin Tay will assume Yee's previous role as group head of South East Asia, with all appointments coming into effect on Thursday, according to the statement. Prior to joining Julius Baer in 2015, he had worked with Credit Suisse, Deutsche Bank and J.P. Morgan, according to Thursday's statement. The appointments come as Julius Baer intensifies its focus on Asia, its second home market. Meanwhile, Julius Baer named Yee Kim Tan as its Singapore branch manager.

The firm debut by Harita Nickel could boost sentiment surrounding upcoming IPOs in Indonesia, which is one of the world's hottest IPO markets this year on a drive by the government to privatise some state-owned enterprises. Harita Nickel's stock opened at 1,285 rupiah per share, slightly higher than its initial public offering (IPO) price of 1,250 rupiah a share, on the Indonesian stock exchange. The IPO comes at a time when nickel-rich Indonesia steps up efforts to become a major player in the electric vehicle industry. Harita Nickel's peer Merdeka Battery Materials is scheduled to debut on the local bourse next, on April 18, after raising 8.75 trillion rupiah. Harita Nickel's IPO was the largest in Indonesia in almost a year after the $1.1 billion listing of tech firm GoTo (GOTO.JK) in April.

SINGAPORE/HANOI, March 29 (Reuters) - Vietnam's largest conglomerate, Vingroup (VIC.HM), is in discussions to sell a stake in its shopping mall arm as it seeks to bring in strategic investors, five sources told Reuters on Wednesday. Vincom Retail (VRE.HM), Vietnam's biggest shopping mall operator, which is nearly 60% controlled by Vingroup, commands a market value of $2.8 billion. The sources said Thailand's biggest retailer Central Group and other companies are in negotiations to buy a stake in Vincom Retail. Vincom Retail owns 83 shopping malls in Vietnam - a country that grew at 8% last year and emerged as Asia's fastest growing economy. Vincom Retail, which was spun off from Vingroup, listed on the local stock exchange in 2017.

The companies are in talks with financial advisors to explore a sale of Selangor, Malaysia-based Ramsay Sime Darby Health Care to strategic investors, three sources said. "Sime Darby Berhad continues to review strategic growth options for our healthcare segment," a company spokesperson told Reuters in an emailed statement. Ramsay Sime Darby did not immediately respond to comment. IHH, one of Asia's biggest private hospital operators, had submitted an indicative proposal in March 2022 to buy Ramsay Sime Darby Healthcare. Ramsay Sime Darby was established in 2013 via an equal joint venture of Ramsay and Sime Darby to expand their healthcare business in Southeast Asia.

Credit Suisse employs 50,000 people globally across wealth management, investment banking and asset management operations, with more than 150 offices in 50 countries. Outside its office near Singapore's central business district, nearby coffee shops, usually bustling with bankers from Credit Suisse and rivals, were less crowded early on Monday. UBS warned on Sunday that it would pare back much of Credit Suisse's investment bank, which Credit Suisse had planned to spin off. UBS and Credit Suisse sources said Southeast Asia was among the regions where the banks had the most overlap on the wealth management and investment banking teams. "Investment banking stands out and that could be where the pain is felt most for Credit Suisse," a senior executive at UBS said.

SINGAPORE/HONG KONG, March 20 (Reuters) - Credit Suisse staff arriving to work in Hong Kong and Singapore on Monday morning fretted about retrenchments and retaining business after larger Swiss rival UBS agreed to swallow the 167-year-old bank in a state-backed rescue. Credit Suisse employs 50,000 people globally across wealth management, investment banking and asset management operations, with more than 150 offices in 50 countries. Outside its office near Singapore's central business district, nearby coffee shops, usually bustling with bankers from Credit Suisse and rivals, were less crowded early on Monday. In Hong Kong, Credit Suisse said it would still press ahead with its annual investment conference that kicks off on Tuesday, although media are no longer invited. UBS warned on Sunday that it would pare back much of Credit Suisse's investment bank, which Credit Suisse had planned to spin off.

SINGAPORE/HANOI, March 17 (Reuters) - Asian real estate giant CapitaLand Group is in talks to acquire assets worth roughly $1.5 billion from Vietnam's biggest listed property firm Vinhomes JSC (VHM.HM), two sources familiar with the matter told Reuters. A deal of that size would mark one of the largest real estate transactions in Southeast Asia in the last few years. The talks come as Vietnam's property sector is struggling with a cash crunch following an anti-graft campaign launched by the government last year. Vinhomes, Vietnam's biggest real estate developer by market capitalization, is part of Vingroup (VIC.HM), the country's largest conglomerate. Shares of Vinhomes have lost 10% so far this year, after tumbling 40% in 2022 as the property crisis deepened.

HONG KONG, March 17 (Reuters) - Chinese private equity firm DCP Capital aims to sell its Singaporean portfolio firm MFS Technology, which makes flexible printed circuit boards, for at least $550 million, two people with knowledge of the matter told Reuters. The sale is targeting primarily financial sponsors, but also strategic buyers, according to the two sources and a separate person with knowledge of the transaction. BDA Partners and Jefferies are advising DCP on the sale, the sources said. The Chinese firm bought a controlling stake in MFS in 2018 from Navis Capital Partners and Novo Tellus Capital Partners for an undisclosed amount. Reporting by Kane Wu in Hong Kong and Yantoultra Ngui in Singapore; Additional reporting by Julie Zhu in Hong Kong; Editing by Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

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