Singapore's OCBC has brought back Soon Tit Koon as chief financial officer of the group after a two-year hiatus and promoted Kng Hwee Tin as head of group audit as part of a round of senior management appointments following the departure of two executives.
Soon, who reports to chief executive David Conner, will be responsible for managing the bank's strategic investments and joint ventures, as well as non-core investments in equities and real estate in addition to his CFO duties. He replaced Ching Wei Hong who was promoted to head of global consumer financial services following the resignation of Andrew Lee. Soon acted as CFO of OCBC from 2002 to 2008, but most recently was a senior executive vice-president at the bank.
In his new position, Kng will primarily report to the group audit committee and Conner on administration related issues. She replaced Lai Teck Poh who retired after 22 years with OCBC in mid-April. Kng was formerly head of credit risk review and has also held the head of premier banking and head of risk policy positions at the bank.
In addition to Soon and Kng's promotions, OCBC announced Lim Khiang Tong will take over as head of group operations and technology, a role previously held by Ching.
"Both Teck Poh and Andrew are exceptional bankers who have played key roles in transforming OCBC over the past several years," said Conner in a statement. "Their strong leadership capabilities and extensive banking experience have been invaluable to us. I welcome Tit Koon, Wei Hong, Khiang Tong and Hwee Tin to their new positions and have every confidence that they will continue to deliver exceptional results." The bank declined to comment further on the internal promotions.
OCBC bought ING Asia Private Bank last October, forming Bank of Singapore, and has unveiled plans to attract more clients in Europe and the Middle East as it aims to become the leading private bank in Southeast Asia.
Last year, OCBC saw its group net profit rise by 12% to S$1.96 billion ($1.43 billion) compared to 2008, while core earnings grew by 32%. Operating profit increased by 26% to S$3 billion as a result of strong trading results and a recovery in insurance income.
