BEST BANK
DBS
BEST EQUITY HOUSE
UBS
BEST DEBT HOUSE
HSBC
BEST M&A HOUSE
CSFB
DBS retains the best bank in Singapore award as it continues to dominate the island state’s growing economy. With total bank assets of $85.6 billion as at December 2004, DBS is Singapore’s largest bank, just ahead of rival UOB. DBS is a full retail and corporate banking operation with a network of more than 170 branches in Singapore and 11,000 employees. The group operates a “two brands, one bank” strategy, with DBS operations aimed at the wealthier local customers and POSB addressing the mass market.
DBS holds a 56% market share in deposits and is number two in consumer finance and credit cards, with market shares of 26% and 18% respectively. DBS is a leading player in the local housing market, with an outstanding mortgage loan portfolio of $2.2 billion. The bank also boasts more than 620,000 online customers.
DBS is also Singapore’s most profitable bank, with net income in 2004 of $1.2 billion and a return on average equity of 11.39%.
UBS wins the best equity house in Singapore award as a result of a strong performance in primary issuance over the past 12 months as well as its continuing pre-eminent position in secondary trading.
Although the Singapore primary equity market was relatively quiet in the past 12 months, UBS achieved the number two league table slot with three issues raising $320 million, beaten only by Morgan Stanley, which transacted two block trades for a single client.
UBS launched two very successful IPOs: the $286 million issue for StarHub and the $129 million issue for Yellow Pages. In addition UBS raised a further $124 million for A-REIT through a placement of new units.
In secondary trading, UBS continues to be the market leader, with a dedicated equity and derivatives sales and trading team of 16 and a research complement of eight, covering 45 stocks across eight sectors.
HSBC is the best debt house in Singapore, beating off a strong case from last year’s winner, Standard Chartered Bank. HSBC was the number one bookrunner of bonds and loans in all currencies for Singapore borrowers and the number one bookrunner for all Singapore dollar bonds and loans in Singapore, raising a total of $1.5 billion for clients.
HSBC also led syndicated loan financing in Singapore dollars, with a market share of 28%. Landmark deals during the year were the S$500 million ($298 million) 10-year issue by the Housing Development Board and Singapore Air Terminal Services’ S$200 million five-year issue. HSBC also launched the first ever dual-currency fixed-rate issue (in Singapore and Hong Kong dollars) for a supranational in Singapore, the Asian Development Bank, and also launched the region’s largest collateralized mortgage-backed securitization, for CapitalMall Trust.
CSFB has maintained its strong M&A franchise in southeast Asia, winning the award for best M&A house in Singapore again.
CSFB led the Singapore M&A league table, with 10 completed deals worth $7.6 billion, a 36% market share. These transactions crossed a broad spectrum of industries and deal types and included the $1.6 billion merger between ChipPac and STATS, the $3.7 billion sale of TXU Australia to Singapore Power, UOB’s $644 million acquisition of Bank of Asia and SembCorp Logistics’ $814 million sale of its 20% stake in Kuehne & Nagel.
In addition to the completed transactions, CSFB has advised on several significant announced transactions, including Suntec REIT’s $800 million unsolicited offer for Ngee Ann City and Wisma Atria and advising on the defence against Temasek’s unsolicited $466 million bid for United Overseas bank’s stake in United Overseas Land.
