Sunday, 22 December 2024
Bank of Singapore appoints Derrick Tan as Hong Kong branch chief executive
Mr Derrick Tan Global Market Head for Greater China and North Asia, has taken on the additional role of Chief Executive of its Hong Kong branch with effect from 6 March 2018.
To ensure a smooth transition, his predecessor, Mr Sermon Kwan will remain as Senior Advisor.
Mr Tan will lead the overall strategy to drive Bank of Singapore’s growth and presence in Greater China and North Asia with a strategic focus on the Guangdong-Hong Kong-Macau Greater Bay Area.
China has plans to turn the Greater Bay Area into the world’s largest bay area in terms of GDP by 2030, surpassing the economies of Tokyo, New York and the San Francisco bay areas. The Greater China region was a key contributor to Bank of Singapore’s strong growth in 2017, where its overall assets under management (AUM) grew by 25% on a year-on-year basis to US$99 billion.
Mr Bahren Shaari, Chief Executive Officer of Bank of Singapore said: “Hong Kong, as one of our three strategic hubs, has been integral to the growth of Bank of Singapore since its inception. 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.
“I am 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.”
Commenting on Mr Kwan, Mr Shaari said: “Sermon has served Bank of Singapore with great distinction over his 16 years with us, playing a critical role in building our Hong Kong branch from scratch. Under his stewardship, our Greater China franchise has expanded significantly; AUM has grown by more than two times in the last three years. Staff strength has increased by about 40% as well. A large part of this is due to Sermon’s strong leadership and keen understanding of the Greater China market. Without which, we would not be where we are today in this region.”
Re-disseminated by The Asian Banker
