The largest lender in Southeast Asia named a Macquarie Group executive to head its investment business. Jerry Tse was hired by DBS Group Holdings Ltd as the Chief Executive Officer of its Investment Banking Unit based in Hong Kong. Tse would replace Stephen Ho.
Spokewoman Grace Ngoh of DBS told Bloomberg through email that Tse would begin work in November. However, she did not specify if Ho was still with bank or unit.
Based on data gathered by Bloomberg, DBS ranked 10th place in terms of share sales in Asia excluding Japan this year. In 2012, the bank ranked 18th.
Since 2010, DBS had been wanting to source its revenues outside of Singapore to 40%. In 2008, about 35% of the bank's profit came from outside Singapore. Last year, the number grew to 38% based on annual reports from DBS. Other revenues came from South and Southeast China and Greater China.
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