Bank of Singapore today 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.
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.
Mr Lee Han Chwee, Managing Director and Global Head of Compliance
Mr Lee Han Chwee joined Bank of Singapore in November 2011 as the Global Head of Compliance, a newly created role. Han Chwee is responsible for ensuring that the Bank fulfills its compliance requirements across the various markets in which it operates.
Han Chwee has more than 10 years of experience having held regional compliance and regulatory responsibilities at several global financial institutions. Han Chwee also has extensive experience managing private banking regulatory compliance in both Singapore and Hong Kong. Prior to joining Bank of Singapore, he was with Fortis Bank SA/NV, Singapore as Regional Head of Compliance Private Banking, Asia since 2008. Fortis Bank SA/NV was subsequently merged with BNP Paribas in 2010.
Mr Patrick Goh, Managing Director and Global Chief Operating Officer
Mr Patrick Goh joined Bank of Singapore in November 2011 as Global Chief Operating Officer and is responsible for its Operations and IT. He brings with him a wealth of experience in treasury management, business change management, process re-engineering, as well as external and internal audit.
Patrick was previously Senior Vice President at OCBC Bank where he held key positions in the Global Treasury Division as Head of the Business Management Unit and the Group Audit Division as Head of Treasury, Investment Banking and Market Risk Audit.
Mr Ho Soo Woon, Global Chief Financial Officer
Mr Ho Soo Woon joined Bank of Singapore at the end of October 2011 as Global Chief Financial Officer.
Soo Woon is responsible for the financial operations of the Bank, including financial accounting, planning and reporting. He also advises on the adoption and implementation of financial and accounting strategies.
Soo Woon has more than 10 years of experience in similar roles at various global private banks including Clariden Leu Ltd and American Express Private Bank, New York. Prior to joining Bank of Singapore, he was Director of Settlement, Business and Financial Control at Bank Sarasin-Rabo (Asia).
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.