SINGAPORE: DBS Group Holdings has hired Sarah Tsao, who has a senior role in UBS Group AG, to take on a key role in Singapore’s largest bank covering government-linked companies, including state investors Temasek Holdings, GIC and their subsidiaries, Bloomberg reported, citing unnamed people familiar with the matter.
Ms Tsao is said to join the bank early next year. A DBS spokesperson confirmed her appointment, while UBS declined to comment.
Her exit comes just months after UBS appointed her as head of global banking for Singapore in April. Before that, she served as the bank’s Southeast Asia head of corporate finance within its investment banking arm from mid-2016, based on information from her LinkedIn profile.
Ms Tsao has also previously worked at Temasek, Goldman Sachs Group, and ANZ Group Holdings.
DBS recently recorded a double-digit increase in wealth management fees, while its assets under management (AUM) hit a record.
Temasek is the bank’s biggest shareholder, which is in the middle of a major restructuring of its S$434 billion portfolio. From April next year, its assets will be split into three main subsidiaries: Temasek Global Investments, Temasek Singapore, and Temasek Partnership Solutions. /TISG
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