SINGAPORE: DBS Group Holdings has employed Sarah Tsao, who has a senior function in UBS Group AG, to tackle a key function in Singapore’s largest financial institution protecting government-linked corporations, together with state buyers Temasek Holdings, GIC and their subsidiaries, Bloomberg reported, citing unnamed folks acquainted with the matter.
Ms Tsao is alleged to affix the financial institution early subsequent yr. A DBS spokesperson confirmed her appointment, whereas UBS declined to remark.
Her exit comes simply months after UBS appointed her as head of worldwide banking for Singapore in April. Earlier than that, she served because the financial institution’s Southeast Asia head of company finance inside its funding banking arm from mid-2016, primarily based on info from her LinkedIn profile.
Ms Tsao has additionally beforehand labored at Temasek, Goldman Sachs Group, and ANZ Group Holdings.
DBS lately recorded a double-digit improve in wealth administration charges, whereas its belongings underneath administration (AUM) hit a file.
Temasek is the financial institution’s greatest shareholder, which is in the midst of a serious restructuring of its S$434 billion portfolio. From April subsequent yr, its belongings will probably be break up into three most important subsidiaries: Temasek World Investments, Temasek Singapore, and Temasek Partnership Options. /TISG
Learn additionally: Temasek-owned Seviora Group brings Pavilion Capital on board, lifting AUM to about S$94B
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