The Malaysia-based lender has reportedly brought in a team of seven for its private bank in Singapore.

Malaysia-headquartered CIMB Group has recruited seven people recently at its private bank in Singapore. Bloomberg reported, citing an unnamed source.

Five of the hires have already started and the remaining two will join by September, the report said.

Some of the new arrivals are relationship managers who worked at ANZ, which last year sold its wealth and retail banking units in Singapore and four other markets to DBS, it said.

A spokesperson for DBS was quoted as saying that while some staff attrition is inevitable, most employees from ANZ will move to DBS. The report added that CIMB declined to confirm the hires in response an email.