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Business Times
26-05-2025
- Business
- Business Times
Hong Leong Bank forms private banking alliance with Lombard Odier
[SINGAPORE] Bursa-listed Hong Leong Bank (HLB) – a subsidiary of Malaysian tycoon Quek Leng Chan's Hong Leong Financial Group (HLFG) – on Monday (May 26) announced it has formed a strategic alliance with Swiss private bank Lombard Odier. Quek is chairman of both HLFG and HLB, which are part of Malaysia's Hong Leong Group that he founded together with Kwek Hong Png – the father of City Developments chairman Kwek Leng Beng. Quek and Kwek Leng Beng are cousins. The Quek/Kwek family is one of the richest clans in Singapore and Malaysia. Geneva-headquartered Lombard Odier is a global wealth and asset manager with a nearly 230-year history. Jeffery Yap, managing director and head of regional wealth management at HLB, marks this as a 'pivotal moment' in private banking, particularly in significant markets such as Malaysia and Singapore. With the partnership welding Lombard Odier's global perspectives with HLB's knowledge of Asian markets, HLB also announces its enhanced HLB Private Bank services in the region. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up This allows the bank to provide a 'sophisticated and deeply personalised client experience'. Clients will also be offered bespoke advisory services such as 'Red Carpet Advisory' and 'Discretionary Portfolio Management'. Kevin Lam, group managing director and CEO of HLB, said: 'Singapore, a pivotal wealth hub in a continent experiencing unprecedented growth in affluence, presents a unique opportunity.' Lam added that the alliance provides HLB with the opportunity to elevate its private bank offering in the region. 'Together, we are charting a course for enduring wealth, providing our discerning clients in Singapore and the region with access to world-class expertise,' Lam said. Besides Singapore and Malaysia, HLB also has operations in Hong Kong, Vietnam and Cambodia. The alliance comes with the wealth expansion seen in Asia-Pacific markets, and is one of the many that Lombard Odier has been establishing throughout Asia recently. The private Swiss bank's ecosystem of strategic alliances includes those with financial institutions in Australia, Japan, Taiwan, Thailand and the Philippines. With a significant influx of high net worth individuals (HNWI) and doubling private assets in the region, demand is evolving in the rapidly growing market. Hubert Keller, senior managing partner for Lombard Odier, said: 'We are increasingly seeing significant growth opportunities in the Asia domestic markets: a clear upward trajectory in the demand and appetite for tailored wealth management, and a need for banks to meet client demands in accessing global investment opportunities onshore.' Lombard Odier also sees that a defining feature of private banking in Asia will be a mix of both onshore and offshore services. This is in line with their strategy to collaborate with leading domestic financial institutions in the region. 'We believe in working with the right partners who share our vision of the future of wealth and asset management,' said Vincent Magnenat, Asia group regional head and global head of strategies alliances of Lombard Odier. 'In HLB, we see a strong alignment on all fronts,' he added.
Straits Times
20-05-2025
- Straits Times
Jail for man linked to syndicate who bought iPhones worth over $13k with victims' bank card details
Quek Jian Qing brought to the cashier counter in Best Denki store at Parkway Parade by police on Nov 14, 2024. ST PHOTO: LIM YAOHUI Jail for man linked to syndicate who bought iPhones worth over $13k with victims' bank card details SINGAPORE - Two Malaysians were recruited by unknown individuals in a syndicate and were told to travel to Singapore to buy multiple iPhones using an 'Apple Pay' application. The app was linked to virtual credit or debit cards belonging to others which could be used to make contactless payments. The prosecution said that after making the purchases, the pair – Quek Jian Qing, 21 and Yong Huo Ying , 25 – were told to sell the iPhones in Singapore and hand over the proceeds to a person, known only as 'MK', in Malaysia. Deputy Public Prosecutor Lewis Tan added that Quek and Yong were each promised up to RM3,000 (S$900) for their roles in the offences. On May 20, Quek, who bought seven iPhones worth more than $13,000 in total, was sentenced to three years and 10 days' jail. He had pleaded guilty to six charges, including four counts of cheating. Six other charges were considered during his sentencing. Yong's case is still pending. DPP Tan told the court that the pair were in Malaysia on Nov 7, 2024 when MK provided Quek with a Samsung mobile phone that had 'Apple Pay' pre-installed. Court documents did not disclose how the syndicate got hold of the victims' card details. The Samsung phone was specifically intended for Quek to make contactless payments for the iPhones. Quek and Yong met up in Malaysia the next day and they took Quek's car to Singapore via the Woodlands Checkpoint. Later that day, Quek bought an iPhone worth $1,899 at an Apple store at Marina Bay Sands and used the app to pay for it. A 39-year-old Singaporean woman's credit card details were linked to the platform and he made the purchase without the victim's knowledge. After that, Quek left the store, as he did not want to trigger any suspicions. The woman, identified in court documents as A1, received an SMS alert from her bank about the transaction and she lodged a police report soon after. DPP Tan said: 'A1 confirmed that the transaction was not authorised by her, and that she did not lose or provide anyone else with her bank details.' Using the credit card details of other victims in the 'Apple Pay' app, Quek went to other places that same day, including an Apple store in Orchard Road, and bought six more similar iPhones. DPP Tan said: 'Quek and Yong then sold the seven iPhones for $1,520 each and conspired to transfer some of the sale proceeds (totalling $3,040) to a Singapore bank account provided by the syndicate. 'But for the prompt intervention of the local enforcement authorities who arrested Quek and Yong as they attempted to leave Singapore for Malaysia on the same night, (the pair) would have been able to leave Singapore with the remaining proceeds – $7,600 in cash.' On May 20, DPP Tan noted that Quek and Yong had come to Singapore for the specific purpose of buying the iPhones with the victims' credit card details. He stressed that the offences were planned and premeditated, and had urged the court to sentence Quek to at least three years and one month in jail. Shaffiq Alkhatib is The Straits Times' court correspondent, covering mainly criminal cases heard at the State Courts. Join ST's WhatsApp Channel and get the latest news and must-reads.
New Straits Times
09-05-2025
- Business
- New Straits Times
Six KLCI bank stocks trade at YTD discount as OPR holds for second year
KUALA LUMPUR: Six out of seven banking components of the FTSE Bursa Malaysia KLCI continued to trade at a year-to-date (YTD) discount as the Monetary Policy Committee (MPC) wrapped up its third meeting of the year. Leading the pack is CIMB Group Holdings Bhd, currently trading at RM6.87 a share, 15.5 per cent below its opening price of RM8.13 at the start of the year. The bank has a consensus target price of RM8.51, representing an upside potential of 23.11 per cent, according to Bursa Marketplace. CIMB, Malaysia's second-largest lender with a market capitalisation of RM74.7 billion, is covered by at least 18 research houses with target prices ranging from RM7.60 to RM9.68. The stock has traded between RM6.21 and RM8.50 over the past 52 weeks. Trailing behind is Hong Leong Financial Group Bhd (HLFG), whose shares closed at RM16.70, down 7.94 per cent from RM18.14 at the start of the year. HLFG has a consensus target price of RM23.15, reflecting an upside potential of 39.29 per cent. It is rated by at least four research houses, with price targets between RM21.40 and RM24.70. The stock's 52-week range spans from RM15.70 to RM20.18. At RM16.72 per share, the group has a market capitalisation of RM19.11 billion. HLFG is controlled by the Quek family through Hong Leong Group, which operates in both Malaysia and Singapore. The company serves as the umbrella for Hong Leong Bank Bhd, Hong Leong Capital Bhd and non-listed HLA Holdings Bhd. Its sister company, Hong Leong Bank, is also trading at a YTD discount, albeit marginally. The bank's share price has slipped 2.35 per cent to RM19.94 from RM20.42 on Jan 2, valuing the group at RM43.05 billion. However, unlike HLFG and CIMB, Hong Leong Bank climbed past its Jan 2 price, hitting a YTD high of RM21.40 on Feb 28. At least 16 research firms cover Hong Leong Bank, with target prices ranging between RM21.40 and RM31.40. The consensus target stands at RM24.69, implying an upside potential of 24.35 per cent. The remaining discounted counters are Malayan Banking Bhd, down 2.95 per cent, Public Bank Bhd, down 1.98 per cent, and AMMB Holdings Bhd, down 3.28 per cent. RHB Bank Bhd stands out as the sole gainer, rising 3.41 per cent YTD to RM6.67, driven in part by record earnings and dividends in 2024. The stock has a consensus target price of RM7.42, offering a potential upside of 10.26 per cent. It has traded between RM5.47 and RM7.04 over the past 12 months, with a current market capitalisation of RM29.34 billion. Yesterday, Bank Negara Malaysia held the overnight policy rate (OPR) steady at three per cent during its MPC, marking exactly two years since the rate was last adjusted. The central bank has maintained the OPR at this level since May 2023, following a cumulative 125 basis-point hike from the pandemic-era low of 1.75 per cent. The MPC is scheduled to meet next in July, September and November. In a recent note, Hong Leong Investment Bank Bhd said the banking sector may face margin compression if Bank Negara opts to cut the OPR in response to rising global tariff tensions. However, it said the impact on banks would be more manageable compared to past rate cuts, as lenders are expected to take pre-emptive measures such as shortening fixed deposit (FD) tenures. "This move allows for faster repricing at lower cost, while moderating FD growth to avoid overexposure ahead of any rate adjustments," it said. HLIB has maintained an 'Overweight' call on the sector. CIMB Securities Research, which holds a 'neutral' view on the banking sector, has issued 'buy' calls on Alliance Bank Malaysia Bhd, Public Bank and RHB Bank, mainly for their dividend appeal. "We expect banks' share prices to trade rangebound in the next few months until there is greater clarity on the external reciprocal tariff situation," it said.
Business Insider
28-04-2025
- Business
- Business Insider
Inside the college investment clubs where students hustle and grind for top jobs in finance
It's a dog-eat-dog world out there for some Singaporean students looking to secure a dream job in finance or a sweet gig at a big bank. But there's one way to get ahead: Joining clubs that open up exclusive avenues for networking opportunities that may elude the rest of the student populace. These are the investment clubs, a common fixture among Singapore's three major universities — the National University of Singapore (NUS), Singapore Management University (SMU), and Nanyang Technological University. Members of these clubs attend training sessions, covering topics like financial modeling and stock pitching. These sessions are usually taught by senior members. Club alumni and industry professionals also drop in to give talks to members. Competition to join these clubs can be almost as intense as attempting to secure a top job with bulge bracket banks and investment firms. Student leaders at the SMU-Student Managed Investment Fund (SMU-SMIF) and its equivalent at the NUS, the NUS Investment Society, say they've seen an uptick in applicants over the years. Over 200 people per batch apply for a limited number of seats, said Matthew Quek, 25, who joined SMU-SMIF in 2022 and is now the club's vice president. "Historically, we have taken around 20 applicants," Quek said. "In recent years, we have upped our intake. Our latest batch has 24 members, the largest we have had so far," he added. The students Business Insider spoke to said that joining clubs like SMU-SMIF and NUS Investment Society provided them with a platform to brush up their technical skills and build connections with the industry. Technical know-how and hands-on experiences Shannon Chong, 21, is a junior at SMU. The accountancy undergraduate said her budding interest in finance was what drew her to the SMU-SMIF. Chong said she was 17 when she realized she wanted a career in finance after participating in a high school case competition organized by Tiger Global Management, an investment firm. "I found the mix of qualitative and quantitative analysis rather interesting. I also enjoyed getting to look at different business models," Chong said of her experience with the case competition. Chong said she wanted a hands-on learning experience. That's when she heard from her seniors that SMIF was a way to get training outside the classroom. "SMIF has provided me with the training, not only in terms of the technical deck making and financial modeling skills, but also in terms of soft skills like critical thinking and communication," Chong said. Chong started out as a junior analyst for the club in her freshman year, before climbing the ranks and taking over as club president in August. Chong has completed two internships, one in investment banking and the other on the buy-side. She told BI that former SMU-SMIF members and seniors also gave her advice and provided referrals when she was applying for those positions. Quek, who joined SMU-SMIF in the same year as Chong, said the technical skills he picked up were helpful when he undertook buy-side and sell-side internships. "My first internship was with a public equities firm, so just mainly investing in US stocks. As part of SMIF, you look at all different kinds of stocks from the US, from Europe. So for that internship, I benefited a lot from having the SMIF training," Quek said. Clubs give college students easy access to a network Yumo Pan, 24, is a senior from the NUS majoring in quantitative finance. Pan joined the NUS Investment Society in her sophomore year and is now its president. Pan told BI that joining the club allowed her to gain practical skills, like how to pitch a trading idea. She added that while it is possible for students to break into the finance industry by self-studying and networking aggressively, joining a club like NUS Investment Society will help students to get a leg up over the competition. "It's not just about the knowledge, but also the community, the network as well," Pan said. "We have a lot of alumni who have already landed jobs in the space that I am going into. They shared a lot of tips with me. When we are applying, we have friends from the club to exchange information and practice our interviews with," she added. Pan said she completed three finance internships and has secured a job with an investment bank. "I just feel that if I didn't join NUS Invest, the information gap would be huge, and I probably wouldn't be able to identify my specific career interests so early on," Pan said. Pan's vice president, Ansell Chan, said one of his biggest takeaways from joining the NUS Investment Society was the community of like-minded individuals he could turn to for guidance. "I had a few seniors whom I could directly reach out to within the club to ask for advice, especially when it comes to interviews, how to apply, where to apply, things like that. That has been really helpful for me in my career journey," Chan said. Chan, 24, said he has completed four internships, two in banking and two from the buy-side. The business undergraduate said he didn't receive any referrals from seniors, though he did ask them for advice on preparing for job interviews. Heated competition for finance jobs trickles down to investment clubs Jobs at top banks like Goldman Sachs and JPMorgan are highly coveted among college students looking to succeed in the finance industry. For most aspirants, starting one's career there is not just about making six-figure salaries, but also the exposure that comes from working on mega-deals and engaging with C-suite clients. That spurs immense competition among applicants. For one, it is harder to secure a summer internship at Goldman Sachs than it is to get into Harvard. Goldman's internship acceptance rates globally were about 1.5% in 2022. Harvard's acceptance rate was 3.19% in the same year. Aside from starting early and joining their college's investment clubs, students have also sought to differentiate themselves by doing four to five internships before they graduate from university. Zhao Yang Wong, 23, who joined the NUS Investment Society as a freshman in 2023, told BI that the caliber of new applicants to the club has gone up in recent years. "The new applicants are definitely brighter. It's quite surprising to me that some of the year ones already had multiple internships under their belt, which was not very common for my batch and before," he said. Investment clubs are no silver bullet when it comes to securing top finance jobs But students who think joining an investment club is a surefire way to land a top finance job should think again. "This alone wouldn't be enough to create a job offer," said Herman Ko, the head coach and chief program director at Career Hackers, a human resources and education technology startup in Hong Kong. Ko said the benefits of being part of a club are greater when one is just starting out and has little internship experience. "Let's say if you are just a freshman, there's nothing on your CV, work experience-wise. So, how can you fill in the blank page as soon as you can? It's by joining these kinds of clubs where you can try to gain some experience and have them as bullet points to showcase your skillsets," Ko said. Ko said internships remain critical for those wanting to land a job at a top investment bank. Based on his experience coaching students, Ko said applicants will need at least three to four quality internship experiences to make the cut. Adrian Choo, the CEO and cofounder of a Singapore-based career strategy consultancy, Career Agility International, told BI that employers are more likely to hire members who participate actively in club activities. "If you are just an ordinary member, that would help. But if you are an organizer or an executive committee member, that would be quite impressive as well, especially if you have organized events. That would set you apart from the rest," Choo said. Still, there's a major plus point of being part of a club, said Dominic Lee, 27, a former president of SMU-SMIF — and it has less to do with embarking on the golden road to a big banking job, and more to do with the community you become a part of. Lee, who is now an analyst at a European bulge bracket investment bank, graduated from SMU with a business degree in 2023. He said his job search became far less daunting because he had friends in the SMU-SMIF who were all in the same boat. "It's like running a marathon. Anyone can run a marathon on their own, but if you join a run club, you get friends to train with, advice on the best gear, and shared training plans," Lee said. "The whole journey is just a lot more enjoyable with a community around you."
Time Business News
27-04-2025
- Business
- Time Business News
Edmund Quek: Singapore's Most Trusted Economics Tutor
Edmund Quek is a name synonymous with excellence in economics education in Singapore. As the Principal Economics Tutor at Economics Cafe, Mr. Quek has earned a stellar reputation for his unparalleled expertise and commitment to shaping the future of economics students. With over two decades of experience, he stands as one of the most highly qualified and sought-after economics tutors in the country. Mr. Quek's academic journey is one marked by dedication, hard work, and outstanding achievements. He graduated with a Master's Degree (MSSc) in Economics from the prestigious National University of Singapore (NUS), where he was among the top students in his cohort. His exceptional performance was reflected in his CAP, which was close to 4.5, placing him at the top of his class. Throughout his time at NUS, Mr. Quek achieved distinctions in virtually every module, including core courses such as Microeconomic Theory, Macroeconomic Theory, Mathematical Economics, Growth Theory, Corporate Finance, and Industrial Organisation. This solid academic foundation laid the groundwork for his career as an economics tutor. Mr. Quek's thirst for knowledge did not stop with his Master's degree. He pursued Advanced Microeconomic Theory (EC6101) and Advanced Macroeconomic Theory (EC6102) at the PhD level, where he again earned distinctions. This commitment to furthering his knowledge has made him not only a highly skilled tutor but also an expert in complex economic theories. His deep understanding of both theoretical and practical economics has been integral to his teaching success. In addition to his academic credentials, Mr. Edmund Quek holds several certifications that underscore his teaching proficiency. He has received the Certificate for Teachers Training, the Certificate for Lesson Management with Maximum Impact, and the Certificate for Successful Mentoring for Teachers. These certifications reflect his dedication to continuously improving his teaching skills and ensuring that his students receive the best possible learning experience. His comprehensive teaching methods and ability to make complex topics understandable have made him a standout in the field of economics tuition. Mr. Quek's approach goes beyond just imparting knowledge; he focuses on engaging students and inspiring them to develop a deep interest in economics. As an accomplished author, Mr. Quek has contributed significantly to economics education in Singapore. He is the author of several best-selling economics books, including Economics – A Singapore Perspective, 'A' Level Macroeconomics Model Essays, 'A' Level Microeconomics Model Essays, and 'A' Level Economics Model Essays. These books have become highly recommended readings in many junior colleges and tuition centres across Singapore. Notably, 'A' Level Macroeconomics Model Essays and 'A' Level Microeconomics Model Essays have sold over 26,000 copies, making them the best-selling economics essay books in Singapore. Meanwhile, Economics – A Singapore Perspective has been the highest-selling economics textbook since its release in 2016, with more than 7,000 copies sold. These achievements speak to Mr. Quek's authority and influence in the field of economics education. Mr. Quek's influence extends far beyond his books and certifications. His commitment to student success has earned him the reputation of being a dedicated and compassionate educator. For over 20 years, he has taught economics in several schools, helping students develop a solid understanding of economics principles and prepare for their exams with confidence. What sets Mr. Quek apart from other tutors is his ability to connect with his students. He is known for his patient and engaging teaching style, always striving to make economics accessible and enjoyable. Whether it's preparing for the 'A' Level exams or simply helping students understand difficult concepts, Mr. Quek goes the extra mile to ensure his students succeed. Thanks to his extensive experience, academic excellence, and teaching expertise, Edmund Quek is undeniably one of the best economics tutors in Singapore. He is a trusted figure among students, parents, and educational institutions, helping countless students achieve top results in economics. If you're looking to master economics or simply improve your understanding of the subject, Mr. Quek's guidance is unparalleled. With his vast knowledge, professional approach, and genuine care for his students' success, Edmund Quek continues to be one of the most sought-after economics tutors in Singapore. TIME BUSINESS NEWS
