The Bank of Singapore (BoS), one of Asia’s largest private banking institutions, has appointed Derrick Tan as chief executive of its Hong Kong division.
Tan replaces Sermon Kwan, who will remain at the company as senior adviser.
Tan has taken on the executive role in addition to his current position as global market head for Greater China and North Asia. His appointment as chief executive took effect on 6 March, 2018.
The bank has entrusted Tan to lead its overall growth strategy in Greater China and North Asia, with a strategic focus on the Guangdong-Hong Kong-Macau Greater Bay area. The Greater China region has continued growth potential for BoS.
“The Greater China region was a key contributor to Bank of Singapore’s growth in 2017, where its overall assets under management grew by 25 per cent on a year-on-year basis to US$99 billion,” according to the bank.
“Hong Kong, as one of our three strategic hubs, has been integral to the growth of Bank of Singapore since its inception, said Bahren Shaari, BoS chief executive. “It serves as our springboard to serve the rising wealth in China from an offshore basis. With the push for deeper economic integration within the Greater Bay Area which Hong Kong is part of, Hong Kong’s role will be more crucial.”
Shaari said he is “confident that Derrick, with his strong banking background, people leadership skills and proven management capabilities, will be able to lead our Hong Kong branch and Greater China franchise in its next phase of growth.”
Tan has nearly 20 years’ experience in the banking industry, including senior positions at UBS and HSBC. He joined BoS in March 2010 and was appointed to the company’s Management Committee as the global market head for Malaysia, Brunei, Japan, subcontinent and Middle East in December 2014.
Tan assumed the role of Global Market Head for Greater China and North Asia in January 2018.
The Bank of Singapore is a wholly owned subsidiary of the Singapore-based OCBC Bank. Formerly known as ING Asia Private Bank, the bank was acquired by OCBC from the ING Group in 2009.