Posted inPeople Moves

Bank of Singapore replaces HK CEO

Bank of Singapore, the private banking arm of OCBC, has appointed Derrick Tan as its CEO for Hong Kong, in addition to his role as global market head for Greater China and North Asia.
Bank of Singapore replaces HK CEO
Derrick Tan, Bank of Singapore

Tan, who assumed the CEO role on 6 March, replaced Sermon Kwan, who will become a “senior advisor” for the bank, according to a statement from the firm.

Kwan had been with BOS for 16 years. The bank did not disclose why he is being replaced.

Tan will be responsible for the bank’s growth strategy in Greater China and North Asia, with a particular focus on the Guangdong-Hong Kong-Macau Greater Bay Area.

Tan became the global market head for Greater China in January 2018. Prior to that, he was the bank’s head of Malaysia, Brunei, Japan, India and the Middle East. He first joined the bank in 2010 and has 20 years of banking experience, the statement said.

The firm noted that Tan played a key role in obtaining regulatory approval for BOS to open a branch in the Dubai International Financial Centre in November 2016. The establishment of the branch led to a 30% year-on-year growth in the bank’s Middle East AUM in 2017, according to the statement.

Hong Kong remains important to Bank of Singapore, Bahren Shaari, the bank’s CEO, said in the statement.

“It serves as our springboard to serve the rising wealth in China from an offshore basis. With the push for deeper economic integration with the Greater Bay Area which Hong Kong is part of, Hong Kong’s role will be more crucial,” he said.

Shaari added that its Greater China franchise has expanded significantly, with AUM growing by more than two times in the last three years. The number of staff dedicated to the region also grew 40% during the same period.

The Greater China region was a key contributor to the bank’s growth in 2017, where its overall assets under management grew 25% to $99bn, year-on-year, according to the statement.

Separately, the bank announced last week the appointment of Anthony Adriano Simcic as managing director within the bank’s international team. The move is expected to boost the bank’s coverage in Europe, particularly in the European Economic Area, which is comprised of the European Union countries and Iceland, Liechtenstein and Norway.

Part of the Mark Allen Group.