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Former Singapore Deputy Prime Minister Teo Chee Hean will assume the role of chairman at Temasek Holdings on October 9, 2025, after serving as deputy chairman since July 1, 2025. He succeeds Lim Boon Heng, who led the firm for 12 years, expanding its portfolio from SG$223 billion to SG$389 billion through strategic investments in technology, healthcare, and sustainability. Temasek's global expansion includes 13 international offices, enhancing its influence and access to emerging markets.
Raiffeisen Bank has partnered with Wise Platform to enhance cross-border payment services for clients in Central and Eastern Europe. This collaboration aims to provide fast, secure, and cost-effective international transactions, allowing customers to transfer money conveniently from their Raiffeisen accounts. The integration of Wise’s infrastructure will facilitate instant and transparent payments across over 160 countries and in more than 40 currencies, while both institutions remain committed to meeting regulatory requirements and evolving client needs.
Commerzbank reported a surprising 12% rise in first-quarter net income, reaching its highest profit in 14 years, driven by increased commissions and lower loan loss provisions. CEO Bettina Orlopp confirmed guidance despite economic challenges from tariffs and plans to return 100% of net income to investors. The bank also raised its capital strength target and aims for a 15% return on tangible equity by 2028, while facing headwinds from legal issues related to its exposure in Russia.
Credit Suisse Services has pleaded guilty to US charges for aiding wealthy Americans in tax evasion, agreeing to pay over US$510 million in penalties. The bank concealed over US$4 billion across at least 475 offshore accounts in Singapore, violating a previous plea agreement from 2014. UBS, which acquired Credit Suisse in 2023, stated it had no involvement in the misconduct and will cooperate with ongoing investigations.
Indonesia's cryptocurrency sector is advocating for tax reforms to enhance its global competitiveness, as current rates (0.2% income tax and 0.11% VAT) hinder growth compared to countries like Thailand and Japan. The planned transfer of crypto oversight to OJK by January 2025 marks a significant regulatory shift, recognizing crypto assets as financial instruments and aiming for better integration into the financial system. Despite high transaction taxes, Indonesia has seen substantial market growth, with crypto users projected to reach 28.52 million by 2024, highlighting a unique approach to balancing oversight and innovation.
Two foreign investors are interested in Indonesia's wealth fund, Danantara, as announced by CEO Rosan Perkasa Roeslani during a virtual press conference. This interest follows President Prabowo Subianto's visit to Qatar, where a commitment of US$2 billion was made for the fund, primarily targeting infrastructure investments. The growing confidence in Indonesia's economic outlook is driving this investment momentum, reflecting a significant shift in the country's investment landscape.
UBS has exited the onshore wealth market in India, selling its local business to 360 ONE WAM for 3.07 billion rupees ($36 million) while retaining a 4.95% stake. This move contrasts with global rivals like LGT and Julius Baer, who are expanding in India, capitalizing on the country's growing millionaire population, projected to reach 1.06 million by 2028. UBS is instead focusing on China, enhancing its investment banking and wealth management offerings there.
Bank of America has appointed Phil Carmalt, a former DBS executive, as the head of its Asia Pacific global payment solutions product. Based in Hong Kong, he will oversee the product management team and drive the bank's strategy for cash and liquidity products in the region. With over 20 years of experience in transaction banking, Carmalt previously led cash and trade products at DBS Hong Kong.
UBS has formed a strategic partnership with 360 One WAM Ltd, a leading independent wealth manager in India, to enhance its wealth management services. This collaboration will merge UBS's global expertise with 360 One's local knowledge, allowing clients access to both onshore and offshore services. UBS will also acquire a 4.95% stake in 360 One, with the partnership pending regulatory approval.
Swiss private bank EFG International is establishing an Asia desk in London to cater to wealthy Asian clients relocating their assets from the US amid global financial and political turbulence. The new team, led by Oliver Balmelli, aims to grow to ten members and is expected to manage significant client assets, reflecting a trend of Asian investors diversifying into Europe. Other Swiss banks have also expanded their Asian desks in response to this demand.
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Teo Chee Hean appointed chairman of Temasek Holdings effective October 2025
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