UBS Group AG divided up wealth leadership roles in Singapore as senior banker Jacky Ang departs less than two months after the takeover of former rival Credit Suisse. Ang, a managing director who has spent more than 25 years at Credit Suisse, will be leaving to pursue outside interests, according to a memo seen by Bloomberg News. Alain Bernasconi will be Singapore branch manager for Credit Suisse AG, one of the roles that Ang held, subject to regulatory approvals. A UBS spokesperson confirmed...

United Overseas Bank Ltd. lowered its fee income growth forecast for 2023, signaling a more challenging outlook, even as it reported second-quarter profit that topped estimates. Fee income will expand at a high single-digit percentage this year, and credit costs will be around 25 basis points, Chief Executive Officer Wee Ee Cheong said Thursday in a statement accompanying the earnings report. Last quarter, he projected a double-digit growth in fees, while expecting credit costs to be in a...

UBS Group AG’s global wealth chief Iqbal Khan is back in Asia — this time to rally his enlarged workforce to gun for new assets as the firm targets the region for growth following its takeover of Credit Suisse. In at least his third visit to Asia in four months, Khan this week hosted evening receptions for hundreds of Credit Suisse and UBS wealth staff at the Hong Kong Convention and Exhibition Centre on Tuesday, and Sands Expo and Convention Centre in Singapore on Thursday, according to...

Ravi Menon, the Monetary Authority of Singapore’s longest-serving chief, is poised to leave the central bank this year, according to people familiar with the matter. Menon has been at the helm of the MAS since 2011 and his current term ends May 31. Chia Der Jiun, one of his former deputies, is tipped to be his successor, the people said, declining to be identified discussing a private matter. Chia is currently the Ministry of Manpower’s permanent secretary for development. His upcoming role...

DBS Group Holdings Ltd.’s fourth-quarter profit topped estimates, helped by lending gains as a strong capital base allowed the bank to deliver a special dividend. Net income increased 69% to S$2.34 billion ($1.76 billion) in the three months ended Dec. 31, Southeast Asia’s biggest lender said in a statement Monday. That beat an average estimate of S$2.17 billion from four analysts surveyed by Bloomberg. A special dividend of 50 Singapore cents a share for the period will take the year’s total...