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Morning Coffee: Bank of Singapore recruits 100; Citi makes major DCM appointment in Hong Kong

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In another indication of the growing importance of DCM bankers in Asia, Citi has promoted Duncan Phillips to managing director of its debt syndicate desk for Asia Pacific, based in Hong Kong.

As we reported earlier this year, banks are staffing up in DCM in Hong Kong and making senior appointments Share on twitter. Morgan Stanley’s former head of DCM, Vivien Gui, for example, took up a similar role at Deutsche Bank, following the departure from Deutsche of Michael Lam, who rejoined Credit Suisse as head of China DCM. Last week we noted that DCM is also a hot job sector in Singapore – Deutsche Bank and Societe Generale are among those to have hired senior DCM bankers in the Lion City.

Asia ex-Japan euro, dollar and yen bond volumes reached a record high of US $212bn in the year to 12 December, according to Dealogic figures quoted in Finance Asia, which also reveal an increased DCM market share for Citi in Asia. “DCM revenues are increasing and banks want more seasoned originators to help grab greater market share. But there are few bankers who have credible relationships, so those that do will have had a number of calls this year from all across the street,” William Bown, director of global banking at search firm Sheffield Haworth in Hong Kong, told us previously.

Separately, in an interview with the Business Times, Bank of Singapore’s outgoing chief executive Renato de Guzman reveals that the OCBC-owned private bank now has 1,300 staff, up from 1,200 last year. BoS has been one of Singapore’s most expansionist private banks since its formation in 2010 and the new headcount numbers do nothing to dispel this. The firm is also on track for double-digit revenue growth for 2014.

Meanwhile, De Guzman admits that BoS was initially rocked by the departure of Yelandur Nagendra, head of its non-resident Indian (NRI) unit, and a number of other NRI staff to Swiss bank J Safra Sarasin earlier this year. But NRI clients were in fact impressed by the senior (and mainly non-Indian) RMs who stepped in to service them, he told the Business Times.

Meanwhile:

HSBC chief executive Stuart Gulliver speaks out in Hong Kong about the business and talent-pool benefits of respecting LGBT rights. (South China Morning Post)

If you want to work in investment banking in Australia, work for UBS. (The Australian)

UOB grows wholesale banking business in Malaysia. (The Star)

Singapore unemployment stays at 2%, despite more layoffs. (Channel News Asia)

Why the HKMA “carries the weight of the financial universe on its shoulders”.  (South China Morning Post)

Singapore is the 26th costliest place in the world for expats to live. (Straits Times)

Setting a deadline of 2017 for raising Singapore’s re-employment age ceiling is a good move, says National Trade Union Congress deputy secretary general. (Asia One)

Mercedes, iPhones and other give-aways that Chinese banks are using to get deposits. (Bloomberg)


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