DBSs latest deal which has been under secret negotiation since last October sees the Singaporean bank expand its presence in Hong Kong. The acquisition was not unexpected, given DBSs recent move to raise $782 million of non-cumulative perpetual tier 1 capital further expanding its already heavy capital base. MA specialists knew that this Goldman Sachs- and Morgan Stanley-led deal signalled an acquisition was on the cards.
And both the US banks have carved up the spoils on the MA transaction too making DBS a truly excellent client for both.
Interestingly, however, Goldman is advising DBS on the deal, which surprises some since Morgan Stanley has long been regarded as DBS...
