Bank of Singapore expands management team

Changes aimed to position company for long term growth.

Bank of Singapore on Thursday announced that it has expanded its management team to align and strengthen its leadership structure, in view of long term business growth in the coming years.

A key change would be the segregation of the risk and compliance functions so that Bank of Singapore can better respond to the increasingly demanding regulatory requirements of the private banking business. Mr Leander Jansen, Managing Director and Global Chief Risk Officer will continue to oversee the Bank’s credit and market risks and operational risk management functions. Mr Lee Han Chwee has been appointed to the newly-created position of Managing Director and Global Head of Compliance.

Mr Daniel Teo, current Global Chief Operating Officer will go on a sabbatical from February 2012 and thereafter take on a consultancy role when he returns. In his place, Mr Patrick Goh has been appointed Managing Director and Global Chief Operating Officer.

Finally, Mr Ho Soo Woon has been appointed Global Chief Financial Officer to replace Mr Ambrose Law who has opted for early retirement. 

The three new appointees will be members of Bank of Singapore’s management committee.

Mr Renato de Guzman, CEO of Bank of Singapore said, "The new management framework is designed to get the right people and processes in place so that we can better respond to the increasingly sophisticated needs of clients who desire truly differentiated private banking services as well as to equip us to manage our expanding business across the region."

The changes will enable management members to focus on key areas of responsibilities, especially the core back office functions, given the rapid growth of the business in the past year, according to a Bank of Singapore report.

Bank of Singapore’s earning assets base has grown to over US$38 billion as of 30 November 2011, with a net inflow of fresh funds of about US$6 billion. Growth has been broad-based and the Bank expects to end the year with a double-digit growth.

Staff strength has also expanded by about 20% and the Bank now employs close to 850 staff worldwide, of which more than 250 are relationship managers of various nationalities.

Commenting on the new appointments, Mr. Renato de Guzman, Chief Executive Officer of Bank of Singapore said, “First of all, I would like to extend a warm welcome to Han Chwee, Patrick and Soo Woon. I am confident that as veterans in their respective fields, they will further enhance our ability to capitalize on our strengths as an organisation and help position us for continued success.

Mr de Guzman added, “I would also like to thank Daniel and Ambrose for their dedication and contribution to our business. Daniel has been instrumental in ensuring the smooth integration of our operations after the merger of ING Asia Private Bank and OCBC Private Bank. I am glad that we are able to continue to tap on his experience for strategic projects going forward.”

“Ambrose’s ability to effectively guide our financial operations has enabled our business to grow quickly in the past year. We shall miss the presence of a trusted and valued colleague and we wish him all the best as he pursues his personal interests,” he added.