KUALA LUMPUR (Jan 8): Oversea-Chinese Banking Corporation Ltd (OCBC Bank), the second largest financial services group in Southeast Asia by assets, has named Helen Wong (pictured) as its new Group CEO from April 15.
Wong, who is currently the bank’s deputy president and head of global wholesale banking, will be succeeding Samuel Tsien, who is retiring on April 14.
OCBC Bank said in a statement that Wong, 59, started her career in banking with the Singapore bank in 1984 and was its first China desk manager.
It added that over the past years, Wong also ran the large banking operation of a global bank as the chief executive of Greater China, prior to returning to OCBC Bank in February 2020.
“I am deeply honoured to be succeeding Sam, who is highly regarded and respected, not just in Singapore’s banking industry but also regionally. I want to thank the board for the confidence and opportunity to lead one of Asia’s leading financial institutions,” Wong said in the statement.
She added: “The team and I will now continue to build on OCBC’s strong foundations to further entrench it as a leading and progressive regional financial institution.”
OCBC Bank chairman Ooi Sang Kuang said Wong’s appointment marks the board’s focus on succession planning and talent management, which are critical aspects of good corporate governance.
The appointment, he added, was the result of a “rigorous global search for the best qualified candidate who embodies both the capability to redefine OCBC Group’s strategy in light of challenges and opportunities, and OCBC’s core values”.
Meanwhile, OCBC said under Tsien’s leadership, OCBC Bank has significantly strengthened its fundamentals in capital, liquidity and technological capabilities and deepened its regional presence.
Tsien had joined OCBC Bank in 2007 as the global head of global corporate bank. He took over as Group CEO on April 15, 2012.
OCBC Bank said the group’s profitability has grown over the years, achieving a record net profit of S$4.87 billion (RM14.82 billion) in 2019, more than doubling 2011’s net profit of S$2.31 billion. Total assets grew to S$492 billion in 2019, from S$278 billion in 2011.
OCBC Bank’s key markets are Singapore, Malaysia, Indonesia and Greater China. It has more than 480 branches and representative offices in 19 countries and regions.
The bank's insurance subsidiary, Great Eastern Holdings, is the oldest and most established life insurance group in Singapore and Malaysia. Its asset management subsidiary, Lion Global Investors, is one of the largest private sector asset management companies in Southeast Asia.