Singapore bank DBS SGX:D05 and Samsung Securities KRX:016360 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.