Corporate Debt Restructuring Masterclass

18 July 2022 (Mon), 5pm Singapore/HK time

Singapore’s DBS has bought Citigroup’s Taiwan consumer banking assets in a move to improve its presence in the Southeast Asia region. DBS said it will pay cash for its net assets along with a premium of S$956mn ($707mn), funded by excess capital. DBS finalized the transaction after some Taiwanese financial institutions withdrew their bids, and it comes after recent deals like its acquisition of India’s Lakshmi Vilas Bank and purchase of a 13% stake amounting to S$1.1bn ($810mn) in China’s Shenzhen Rural Commercial Bank Corp. The recent purchase will accelerate DBS’s growth in Taiwan by at least 10 years, according to a statement. DBS’ dollar bonds were flat with its 3.3% Perp at 100.8, yielding 3.02%.

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UBS has agreed to buy US robo-adviser Wealthfront for $1.4bn in cash. The deal is expected to add more than $27bn in AUM and over 470,000 clients in the US. Bloomberg reports that the move by UBS CEO Ralph Hamers accelerates his “plan to win over affluent customers with assets of $250,000 to $2 million, a group the bank hasn’t targeted in a meaningful way”. Wealthfront was a robo-adviser founded in 2008 which helps people manage money by using algorithms like portfolio recommendations, retirement planning with a low cost. UBS’ dollar bonds were almost unchanged with its 7% Perp at 106.1, yielding 3.8%.

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