DBS Bank, Singapore's largest local bank, is rapidly building its treasury and derivatives operations with over 10 new hires, many of whom are from Chase Manhattan Bank. The new professionals will join in the next two weeks, said an official at DBS in Singapore. The hires include derivatives professionals, the official said, noting that DBS is keen to catch up with more established derivatives providers and traders in Asia as quickly as possible. DBS has within the last year set up foreign exchange, interest-rate, equity and credit derivatives teams (DW, 11/29/99), in a bid to become a regional player. Regulatory changes by the Monetary Authority of Singapore last month allowing interbank trading of Singapore dollar/U.S. dollar options look set to considerably boost the market, making now a good time to hire, said Water Cheung, managing director and head of derivatives, treasury and markets in Singapore. He declined to comment on the professionals joining in the next several weeks. Interest-rate and foreign exchange products remain the bank's core derivatives business. DBS is also considering hiring derivatives marketers in Thailand, and has hired several professionals in Hong Kong over the past three months, he noted.
DBS To Bring Aboard Chase Pros
