DBS, the Singaporean banking giant, has hired a former Macquarie Group executive as the new chief executive of its investment banking unit, WealthBriefingAsia can confirm.

Effective November 2013, Jerry Tse becomes the new Hong Kong-based CEO of DBS Asia Capital, replacing Stephen Ho who is currently on "sabbatical leave," a DBS spokesman said. In this new role, he will be responsible for boosting the bank's China and Hong Kong advisory operations.

Tse left Macquarie in early September after over five years at the Australian bank, where he focused on the China investment banking business. Prior to that, he worked for Morgan Stanley and Deutsche Bank. 

The appointment supports a statement made by DBS CEO Piyush Gupta in 2010, where he said that the bank is looking to reduce its revenue dependence on Singapore from around 60 per cent to 40 per cent in five years.