SINGAPORE: Singapore bank DBS and Samsung Securities said on Thursday they have signed a preliminary deal to explore a wealth management partnership aimed at giving clients wider access to investments in South Korea and global markets.
Here's more details from the joint statement:
* The companies said the tie-up would combine Samsung Securities' position in South Korea's capital markets with DBS' global wealth platform.
* The deal will give DBS clients access to Samsung Securities' investment products, while Samsung Securities clients will be offered DBS' multi-asset global wealth products and services.
* The planned tie-up comes after a sharp rally in South Korean shares, with the benchmark KOSPI among the world's best-performing stock indexes this year, helped by AI-linked chip stocks and optimism over market reforms.
* The two companies also plan to work together on client advisory services and share knowledge in areas including artificial intelligence and wealth management.
* The memorandum of understanding paves way for a strategic partnership, with detailed terms to be agreed later.
* Samsung Securities' President and CEO Park Jong-moon said the partnership would help connect Korean investors to global markets. DBS CEO Tan Su Shan said clients increasingly wanted to manage wealth across markets. - Reuters
