KUALA LUMPUR (Jan 31): RHB Banking Group has appointed new chief executive officers (CEO) for both its Cambodian and Singaporean operations, effective Feb 1.

In a statement today, the group said it is appointing Danny Quah Boon Leng as the country head and CEO of RHB Bank Singapore, and Thoo Kim Seng as CEO of RHB Indochina Bank, Cambodia.

Quah, 49, is replacing Mike Chan Cheon Yuen, who has left the group to pursue other opportunities. Quah will lead the formulation and execution of RHB Singapore’s business strategy covering commercial banking, investment banking and asset management.

Meanwhile, Thoo, 52, will succeed Lim Loong Seng, who is returning to Malaysia to the group’s retail banking segment to help implement the group's FIT22 strategic initiatives. Thoo will be responsible for the group’s Cambodian business and operations.

Quah has 24 years of experience in banking and finance in the Asia Pacific region. Prior to his appointment as RHB Bank Singapore CEO and Country Head, he was the regional CEP for Hong Kong-based Chong Sing Fintech Group, where he was tasked with setting up regional headquarters in Singapore to invest in Southeast Asian Fintech companies.

Thoo, has been with RHB over the last 14 years, serving under various capacities. He was RHB Indochina Bank, Cambodia's deputy country head from April 2015 to February 2017, before returning to Malaysia to become the regional director of group retail distribution, Klang Valley West, in March 2017.

“The appointment of Danny and Thoo will bolster our strengths and capabilities in Singapore and the Indochina region, respectively. Danny’s extensive regional leadership experience combined with his deep understanding of the Singapore and Asean markets will be an asset in driving the group’s business growth in Singapore and collaboration across the region,” said RHB Banking Group group managing director Datuk Khairussaleh Ramli.

Shares in RHB Banking Group’s holding company RHB Bank Bhd slipped 4 sen or 0.73% to close at RM5.43 today, giving it a market capitalisation of RM21.93 billion.

Earlier today, the group announced its investment banking arm, proposed a reorganisation to streamline its equity and economic research operations and close down RHB Research Institute Sdn Bhd to rationalise costs.

Under the proposal, RHB Investment Bank will move its equity and economic research operations, which is currently housed under RHB Research Institute Sdn Bhd, into a division within the investment bank, while the fixed income and currencies research function will be absorbed by RHB Bank.

"The proposed reorganisation is intended to streamline the research operations under RHB Investment Bank and RHB Bank, and rationalise the costs of maintaining a separate licensed entity for research," according to an RHB Bank's stock exchange filing.

On completion of the reorganisation, RHBRI will surrender its Capital Market Services Licence (CMSL) and be wound up. RHBRI is currently a wholly-owned subsidiary of RHB Investment Bank.