Singapore , 17 Nov 2014Mr Renato de Guzman retires as Chief Executive Officer of Bank of Singapore
Senior Managing Director, Mr Bahren Shaari succeeds as Chief Executive Officer from 1 February 2015
Bank of Singapore today announced that Mr Renato de Guzman, or Bing as he is known to many, will retire as Chief Executive Officer on 31 January 2015. To ensure a smooth transition, he will remain at Bank of Singapore thereafter as Senior Advisor till 30 June 2015. He will be succeeded by banking veteran, Mr Bahren Shaari, currently Senior Managing Director and Global Marketing Head of South East Asia. Mr Shaari, 52, will assume the role of Chief Executive Officer on 1 February 2015.
Mr de Guzman, 64, was appointed Chief Executive Officer of Bank of Singapore in January 2010, having helmed the former ING Asia Private Bank (IAPB) for 10 years before IAPB was acquired by OCBC Bank. Under his leadership, he skilfully steered the renamed Bank of Singapore, rapidly expanding the regional management teams with highly qualified professionals and developing a leading product, research and advisory platform. Today, Bank of Singapore has more than sufficient scale to achieve sustainable growth. Assets under management (AUM) doubled from US$23 billion in January 2010, when Bank of Singapore was launched, and crossed the US$51.1 billion mark as at 30 September 2014.
Bank of Singapore has been consistently registering double-digit revenue growth annually. Growth is broad-based, with the top three markets being South East Asia, Singapore and Greater China. Staff strength has increased by more than 60% since 2010. The number of front line staff has almost doubled to over 300 private bankers of various nationalities, serving clients globally.
According to a study conducted by the Boston Consulting Group, Bank of Singapore recorded the highest growth – 23.4% – in net new assets among private banks in 2012, more than double the industry average. Cost to income ratio has also been consistently below the industry benchmark.
During his tenure as Chief Executive Officer, Mr de Guzman was instrumental in implementing several initiatives that contributed to Bank of Singapore’s developing into a strong Singapore-headquartered bank with global capabilities. He introduced a sound client-servicing model anchored around a strong product and research bench, supporting marketing teams based in Singapore, Hong Kong, Manila, Dubai and London. He championed close collaboration with other companies of the OCBC Group, to ensure that clients enjoy access to a full suite of commercial banking services, in addition to private banking. A banker with keen business acumen and a client-centric view, he proactively solicited feedback from clients and was resolute in his call for pragmatic solutions to meet their needs, driving for performance and superior client experience. Recognising that innovation is key to growth, he invested in the upgrading of systems, platforms and processes to ensure that banking is made easy and convenient for clients as well as to build scale for growth.
Under Mr de Guzman’s leadership, Bank of Singapore has won industry recognition and accolades for its strong performance. Private Banker International named it Outstanding Private Bank, South East Asia in 2014, and Outstanding Private Bank, Asia Pacific in 2013 and 2011. It was recognised as Best Private Bank, Singapore by Asian Private Banker for three consecutive years, from 2011 to 2013. Bank of Singapore has also been consistently ranked among the top three private banks in Singapore by Asiamoney and FinanceAsia. In October 2014, Mr de Guzman was named Outstanding Private Banker – Asia Pacific by Private Banker International, underscoring the respect he commands from his industry peers.
Mr Shaari, who has more than 25 years of banking experience, was part of the management team at IAPB that moved over to Bank of Singapore in January 2010. Prior to that, he was Managing Director of UBS AG Wealth Management, where he headed the South East Asia and Australia marketing team. He holds an accountancy degree from the National University of Singapore.
As a member of the Bank of Singapore management team, Mr Shaari has been deeply involved in key business initiatives to drive growth. Under his leadership over the past five years, he has built a tremendous platform and established Bank of Singapore’s market leadership position in the Indonesia and Malaysia markets, tripling the combined AUM. He spearheaded the implementation of a robust client-centric advisory process that has helped deliver significant revenue growth.
Mr Ching Wei Hong, Chairman of Bank of Singapore said, “Within the short span of five years, Bank of Singapore has achieved remarkable success. A large part of this is due to Bing’s passion and his relentless efforts to always do what is best for our clients. In 2010, he led a swift and seamless integration of the newly-acquired ING Asia Private Bank with OCBC Private Bank. Even as integration was ongoing, he and his team focused on growing the business, expanded the ranks of experienced bankers and deepened product capabilities by means of a strong research and development team. From the inception of Bank of Singapore in 2010, the AUM more than doubled to US$51.1 billion as of 30 September 2014. We want to thank Bing for all his contributions, and wish him a fulfilling retirement.”
Commenting on Mr Shaari’s appointment, Mr Ching added, “We are pleased that Bahren is succeeding Bing as Chief Executive Officer. This is another successful result of the OCBC Group’s practice of identifying and grooming talent from within to fill senior positions. With Bahren’s strong banking background, people leadership qualities and proven management capabilities, I am confident that he will assume his new role with confidence. He will lead Bank of Singapore in its next phase of growth as Asia’s global private bank – a standalone private bank with global open-architecture product platform and a strong banking presence deeply rooted in Asia.”