(Reuters) -Oversea-Chinese Banking Corp (OCBC) said on Wednesday it will integrate its three securities units into its global markets division as Singapore’s second-largest lender seeks to streamline operations and boost its equities business.
The integration, scheduled for July, will merge the bank’s securities operations in Singapore, Hong Kong, and Indonesia, potentially reducing costs and helping cross-selling amid increasing interest in Asia’s equity markets.
All existing staff will continue in their current roles, with no disruption to trading services because of the integration, OCBC said.
Kenneth Lai, head of global markets, will oversee the securities business as part of the newly-formed division, centralising the administration of all financial market products – equities, FX, rates and credit.
The restructuring follows Singapore’s February initiative to revive its stock market through listing initiatives and a S$5 billion ($3.8 billion) domestic investment program.
While Singapore’s main index has gained over 2% this year, OCBC aims to capture more business opportunities in Hong Kong, where the Hang Seng index has surged over 15%.
($1 = 1.3012 Singapore dollars)
(Reporting by Sherin Sunny in Bengaluru; Editing by Mrigank Dhaniwala)
