The agreement, reached yesterday (Wednesday), will see 17 of ING Barings' Singapore-based futures and options team and their floor order filling team of 22, transfer to United Overseas Bank (UOB).

The agreement results from discussions which took place last week with ING Barings' management in Singapore, where the possible transfer of staff and businesses in Singapore, Hong Kong and Tokyo was negotiated.

Several other firms were reported to have shown interest in hiring Barings' futures and options Asian team, according to a statement released by the company.