UOB Kay Hian, the largest securities brokerage in Singapore, has emerged as a keen suitor for the 150-odd remisiers and retail equity trading representatives at DBS Vickers, the broking arm of Singapore government-linked DBS Bank.UOB Kay Hian, the largest securities brokerage in Singapore, has emerged as a keen suitor for the 150-odd remisiers and retail equity trading representatives at DBS Vickers, the broking arm of Singapore government-linked DBS Bank.
Unlike brokers, remisiers are not full-time staff. They are not paid a basic salary, but take a larger share of the commissions split. All employees of DBS Vickers have been offered new roles in the bank. However, not all the remisiers - being self-employed trading representatives - wanted to move to the bank, which did its best to offer them jobs.
The merger preceded government measures to lower entry barriers to Singapore's securities industry. The following year, DBS Securities and Vickers Ballas became DBS Vickers in a S$444 million deal. The revamp of DBS Vickers is part of an integration strategy the bank initiated six years ago in 2013. DBS was the first to put banking and broking under one roof, strengthening its wealth proposition.
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Brokers' takeCompiled by Navin Sregantan DBS GROUP HOLDINGS | BUY (UPGRADED) JUNE 19 CLOSE: $25.43 FAIR VALUE: $29.18 OCBC Investment Research, June 19 From a recent high ($28.64) to a recent...
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