EFG reshuffles Apac management with four market group heads

EFG Bank has appointed four market group heads in Asia Pacific (Apac) as part of a change in management structure in the region.

All the managers are seasoned professionals and already work for the EFG, albeit in other functions, the Swiss lender announced on 4 July.

As part of this development, Oliver Balmelli, Yu Jin Tay, Timothy Lo and Jessica Ng will assume their new roles as market group heads with immediate effect.

Balmelli, who has headed EFG’s private banking team in southeast Asia since June 2018, will take on the new role of market group head for independent asset managers (IAM) and international private banking.

Tay will assume the role of market group head of southeast Asia. He previously served as deputy head of private banking for southeast Asia since October 2021 and team head since February 2019.

Both Balmelli and Tay will report to Tho Gea Hong, EFG’s Singapore chief executive officer.

Meanwhile, Lo, who has served as vice chairman for north Asia since June 2021, will become market group head, Hong Kong, for ultra high net worth clients. He will report to David Louie, the bank’s Hong Kong CEO.

Also reporting to Louie is Ng, who will be market group head, Hong Kong. Prior to this, she was head of private banking for north Asia since December 2021.

The Swiss private bank believes that the expanded roles of the market group heads will provide more to support to its client relationship officers in Apac, to help enhance their productivity.

The latest reshuffle comes after the bank hired 50 new client relationship officers, of which eight were in Hong Kong and Singapore