It’s a case of déjà vu for Singapore’s DBS, which has lost out to local rival OCBC – as in the ING private bank deal in 2010 – in the race for Barclays’ Asian wealth unit. UOB was also bidding.
The bank has hired Didier von Daeniken in a newly created position to align private banking and wealth management product and advisory, as Michael Benz departs.
The UK bank has hired from a rival to replace its group head of private banking Michael Benz, AsianInvestor understands. The new head will start in the first quarter next year.
The bank has expanded the remit of its management team in Singapore to take account of its fast-growing South Asia business. It aims to centralise resources.