KUALA LUMPUR (Jan 29): Hong Leong Financial Group Bhd (HLFG) has appointed Hong Leong Bank Bhd (HLB) group managing director (MD) and chief executive officer (CEO) Tan Kong Khoon as its president and CEO effective Feb 5.

In a statement today, HLFG said Tan succeeds Raymond Choong, who has assumed the position of president and CEO of Guocoland Ltd, Singapore, a company within the Hong Leong group.

"In his new role, Tan will be responsible for positioning HLFG for sustainable growth and profitability while leveraging the business diversity and strength of the financial group," the banking group added.

In a filing with Bursa Malaysia today, HLFG said Tan, 58, assumed his current role on July 1, 2013 after serving as group executive of consumer banking group of the Development Bank of Singapore (DBS) from Dec 1, 2010 to April 15, 2013.

Tan, a Singaporean, began his banking career with DBS in 1981. Since then, he has successfully built consumer banking franchises across multiple markets in Asia for Citibank, Standard Chartered Bank and ANZ Bank, said HLFG.

From March 2007 to December 2009, Tan was president and CEO of Bank of Ayudhya, the fifth largest bank in Thailand.

Meanwhile, Domenico Fuda, 48, will take over Tan's position as HLB group MD and CEO on Feb 5.

Fuda, an Australian, was the MD and deputy group head of consumer banking and wealth management at DBS Bank Ltd, Singapore. He joined DBS in March 2010 as chief financial officer of regional consumer banking and wealth management.

Prior to his position in DBS, Fuda spent 16 years at Citigroup where he served in various senior management roles across Asia, the latest being chief operating officer for Southeast Asia-Pacific, Australia and New Zealand.

He was also on the boards of AXS (Singapore), DBS Compass Ltd (Hong Kong), and NETS (Singapore).  

At 4.38pm, HLFG shares were traded up 38 sen or 2.84% at RM13.78, valuing it at RM15.8 billion, while HLB's stock was up 4 sen or 0.31% to RM13.06, giving it a market capitalisation of RM26.84 billion.

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