DBS: +1% at $13.96; Co. will invest $250M to grow Treasury & Markets (T&M) business in Asia over next 5 yrs, to fuel expansion & become a leading Asian currency & Fixed Income house….
Aims to ramp up T&M capabilities in key Asia growth markets, esp in China, where the internationalization of the RMB will enable Group to leverage and focus on building a strong RMB business spanning FX, Bonds, Structured products and hedging solutions….
Group aims to derive more than 55% of T&M rev outside SG vs current 35%, with current non-interest income comprising of 38% of group’s recent 1Q10 Rev. DBS trades at current 1.25X P/B vs UOB 1.38X & OCBC 1.44X.
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