“The expected continued strength from this segment should be viewed as a positive catalyst for [Singapore] banks structurally in the longer run,” he adds. “More importantly, we believe that [Singapore] banks deserve to get recognised and to trade at a higher multiple for their retail/wealth management (WM) capabilities, which we believe the sector as a whole is currently mispriced in the market.”
SINGAPORE (Jan 9): Deutsche Bank Markets Research says the increasing strength from Singapore banks’ private and consumer banking businesses is giving them the edge over other US dollar-leveraged markets such as Hong Kong.
“Between Hong Kong and Singapore – both considered to be private banking centres of Asia – [Singapore] domestic banks were seen as early movers in this space, with early success,” says Deutsche Bank lead analyst Franco Lam in a Monday report.
