03 May '11, 7am

DBS picks veteran J.P.Morgan banker to head Islamic unit: SINGAPORE, May 3 (Reuters) - Southeast Asia's largest

SINGAPORE, May 3 (Reuters) - Southeast Asia's largest bank, DBS Group , said on Tuesday it had appointed JPMorgan Chase & Co banker Toby O'Connor as the head of its sharia unit, The Islamic Bank of Asia (IBA). DBS said in a statement that O'Connor was previously the head of the Middle East and North Africa Sovereign Wealth Funds and Financial Sponsor group for investment banking at JP Morgan. "O'Connor will lead the growth of IBA by ramping up investment banking, especially capital markets and private equity, in line with the bank's renewed focus on fee-income businesses," DBS said. The position at IBA has been vacant for more than a year since previous CEO Vince Cook resigned for personal reasons in December 2009. IBA was set up in 2007 by DBS and a group of Middle Eastern investors to provide Islamic banking services to customers in Asia and the Middle East. DBS owns 50 ...

Full article: http://sg.news.yahoo.com/dbs-picks-veteran-j-p-morgan-ban...

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