Singapore’s Banks Step up New Hires

Singapore’s local banks, DBS and United Overseas Bank (UOB), are starting to dominate the regional market for transaction banking jobs, poaching candidates from global rivals and ensuring that smaller foreign firms don’t steal their thunder, according to a report by website
efinancialcareers
.

According to the site, in the first half of 2014 foreign banks from Australia and the Middle East were the most aggressive recruiters in Singapore within transaction banking.

“Until recently, firms like the National Bank of Abu Dhabi and Westpac were in hiring spree, but now the favourites include UOB and DBS,” Anamika Singh, principal consultant, banking and financial services at recruitment firm Charterhouse Partnership in Singapore, told
efinancialcareers
.

The site comments that Singh’s comments suggest that DBS is carrying out plans outlined earlier this year to expand its global transaction services (GTS) team during the second half of 2014. Lum Yin Fong, managing director of GTS, cash and trade, said that DBS would be hiring in cash management and trade financing for both product-sales and product-structuring roles.

UOB, the second largest Singaporean bank by market capitalisation, announced last week that it had recently been recruiting in transaction banking, with new hires in Singapore, Hong Kong and New York taking the department’s headcount to 250, according to Singapore’s
Business Times
.

Transaction banking candidates are increasingly willing to leave global firms to join Singaporean banks, said Farida Charania, Asia Pacific chief executive (CEO) of search firm Nastrac Group in Singapore, who is also quoted by
efinancialcareers
.

“They are using their competitive positioning in Singapore – solid balance sheets and heavy capital backing – to lure staff from larger banks. Importantly, these days they also pay well.”

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