DBS Group Holdings, Southeast Asia’s largest lender, will boost the number of bankers serving large companies in Hong Kong and China by 20 percent next year as it seeks more revenue from outside of Singapore.
The bank plans to add 10 to the 50-person team, Ginger Cheng, who heads DBS’s institutional banking for large companies Hong Kong & China, said in a briefing.
DBS Chief Executive Officer Piyush Gupta is targeting faster-growing markets as corporate loan growth in Singapore slows. The bank derived 63% of its net income from the Southeast Asian city in the third quarter, down from 66 percent a year earlier, according to data compiled by Bloomberg.
“We are looking to hire mostly senior bankers as we expect strong funding demand needs by Chinese corporates,” said Cheng of DBS Bank (Hong Kong) Ltd.
The bank next year will also set up a team to provide financing and cash management services to multinational companies in Europe and the U.S., she said.
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