Fashion
Following months of discussions between the two banks over the transfer of the trading representatives, about 100 remisiers from DBS Vickers will join UOB Kay Hian.
DBS Vickers has agreed to transfer its offline retail securities brokerage business to UOB Kay Hian by October 28, 2019, following months-long negotiations. With the move, over 100 remisiers will move to UOB Kay Hian, making it the largest securities brokerage in Singapore, with over 800 dealers and remisiers.
This allows us to scale and do a lot of business. With this acquisition, we will have 25 percent of the retail market share in Singapore. Now, we are 20-21 percent, UOB Kay Hian senior executive director Esmond Choo said.
DBS had searched for a buyer that would take its remisiers as a group. UOB Kay Hian was chosen as it was the most sincere and best suited to adopt the group, the newspaper said, with Choo pointing out that the remisier base advisory model to the firm, and the fact that it had grown through mergers and acquisitions since early 2000.
Not all remisiers will move to UOB – some are taking the chance to retire, while others have joined other brokerages. A few have taken on new roles like relationship managers and investment counselors at DBS.
UOB Kay Hian was in talks with DBS to hire about 15o remisiers and retail equity trading representatives from DBS Vickers, the bank’s broking arm, who were affected by its revamp to better focus on institutional clients. RHB, CGS CIMB and PhillipCapital were also said to be interested in hiring the affected individuals.
This followed plans by DBS to merge its retail equity trading under DBS Vickers with the bank amid falling trade volumes from retail participants and downward pressure on brokerage commissions.
