A DBS spokesperson confirmed Tsao will be joining the bank. UBS declined to comment.
UBS only appointed Tsao as head of global banking for Singapore in April. From July 2016 until then, she was the bank’s Southeast Asia head of corporate finance in the investment banking division, her LinkedIn profile shows. Tsao has also worked at Temasek, Goldman Sachs Group Inc. and ANZ Group Holdings Ltd.
DBS is among Asia’s largest wealth managers, alongside the likes of UBS and HSBC Holdings Plc. The bank saw a double-digit rise in wealth management fees last quarter and assets under management hit a record.
Its biggest shareholder is Temasek, which is reorganising its $434 billion portfolio as part of an overhaul aimed at sharpening its focus. Its assets will be split into three key subsidiaries from April 1, one of which will focus on its Singapore-based portfolio companies.
