Deutsche Bank has added nine Standard Chartered bankers to its team servicing wealthy clients in China and Hong Kong, according to a person familiar with the matter, continuing a raid on its London-based rival that began with the hiring of Mr Boris Kwok.
The appointments, which were made in recent months, bring Deutsche Bank's total hires from Standard Chartered for its private bank to about 30 this year. In January, the German lender recruited Mr Kwok, an 18-year veteran of Standard Chartered, as group head of wealth management in North Asia, with a focus on China.
Singtel's associate Intouch Holdings has received a notice of arbitration from the Thai Ministry of Digital Economy and Society regarding a dispute over the Thaicom 5 satellite.
Singtel disclosed in a bourse filing a letter from Intouch chief executive officer Anek Pana-apichon, notifying the president of the Stock Exchange of Thailand of the dispute yesterday. The letter said the Thai ministry has made demands for Intouch and Thaicom to build a replacement satellite for Thaicom 5, or the companies have to pay the equivalent value of the satellite, fines and interest.
THE BUSINESS TIMES
French bank Societe Generale (SocGen) said yesterday that it planned a net reduction of about 640 positions in France but there would be no forced redundancies.
The bank, which employs over 138,000 staff in 62 countries, said the plan would concern market activities and associated functions and would help reduce costs by about €450 million (S$718 million) by 2022 to 2023. SocGen said that as the banking sector's structural challenges are exacerbated by the Covid-19 health crisis, it needs to boost the firm's efficiency and profitability.