Retail Finance Leader of the Year: Jacquelyn Tan, UOB

With over two decades of experience in retail banking, Tan has propelled the bank’s retail assets to $73 billion, achieving substantial growth and strategic acquisitions across ASEAN markets. TAB Global’s International Council of Advisors of the Excellence in Retail Finance awards programme unanimously conferred this year’s award for Retail Finance Leader of the Year in Asia Pacific on Jacquelyn Tan, UOB’s managing director and head of group personal financial services. Tan leads UOB’s consumer banking business across the region, distinguishing herself by transforming its retail banking franchise. She played an instrumental role in the fiercely contested acquisition of Citigroup’s business in four key Southeast Asian markets—Indonesia, Malaysia, Thailand and Vietnam. With this move, UOB’s regional customer base grew to more than eight million, and propelled the bank’s retail assets to $73 billion, achieving substantial growth across ASEAN markets. Total income for the group retail segment increased by more than 35% year-on-year (YoY) to over SGD 5 billion ($3.7 billion) in 2023, while operating profit grew more than 45% YoY to cross SGD 2 billion ($1.5 billion). Tan’s strategies have not only driven revenue growth but also enhanced the bank’s position in its key ASEAN markets, with the share of income from Indonesia, Malaysia, Thailand and Vietnam growing and contributing almost 35% to the overall group retail income in 2023. In her acceptance speech, Tan said: “I am grateful to my team of passionate and dedicated colleagues who relentlessly pursue our purpose and ambition to be the bank of choice for aspiring individuals.” Since 2019, UOB has consistently ranked among the Top 10 Retail Banks in Asia Pacific, and ranked fifth in the latest ranking in The Asian Banker Best Retail Banks in the Asia Pacific, Middle East and Africa. The Retail Finance Leader of the Year award is the most prestigious career honour for leadership in retail finance in Asia Pacific and MENA regions. It celebrates the achievements of one outstanding global leader in retail finance who demonstrated exceptional strategies leading to extraordinary results, setting benchmarks for the industry. Few candidates qualify for this prestigious award. The choice was supported by feedback from the banking community and a unanimous vote by The Asian Banker’s International Council of Advisors.