With the Greater China region holding close to one-fifth of the world’s ultra-high net worth wealth, Bank of Singapore has affirmed its commitment to this region by bringing on board three industry veterans.
Based in Hong Kong, the new hires are Market Heads, Ms Phonda Chan (seated in front, left) and Ms Anne Song (seated in front, right), as well as Head of Risk, Ms Jacqueline Lee (far right).
Together with the recent hiring of Ms Angel Wu, Head of Product Management Group, (standing, left) and Ms Teresa Lee, Market Head, (seated, middle) there are now 11 women helming 17 leadership positions in the branch.
The other two women in the photo are Head of Operations, IT & Finance Cindy Wong (far left) and Head of Human Resources Winnie Tam (standing, right).
The three newest hires, who come with extensive banking experience in the region, will report directly to Mr Derrick Tan, Chief Executive of Bank of Singapore Hong Kong Branch and Global Market Head for Greater China and North Asia.
The Greater China region – one of Bank of Singapore’s three core markets – has been a key contributor to the strong growth of the private banking arm of OCBC Bank.
As at 31 March 2018, Bank of Singapore’s assets under management (AUM) from this region grew more than 20% in the last 12 months. AUM per client similarly went up by more than 25% in the same period.
Strategic hires to capture further sustainable growth
Ms Phonda Chan joined as Managing Director and Market Head on 5 July 2018.
She leads a newly-assembled team of relationship managers to cultivate and maintain client relationships in Hong Kong as well as capitalise on new business opportunities.
Prior to joining Bank of Singapore, this 26-year banking veteran was a Managing Director at LGT Bank, leading a team of relationship managers serving ultra-high and high net worth clients in the Greater China region.
She holds a Bachelor’s Degree in Arts from the University of Toronto.
Ms Anne Song commenced her role as Managing Director and Market Head on 19 June 2018.
Focusing on the offshore Taiwan market, Ms Song leads a new team of relationship managers to develop and maintain client relationships as well as capitalise on new business opportunities.
A seasoned private banker with over 20 years of experience, Ms Song has held various management roles in multinational banks such as Julius Baer and Standard Chartered Bank. Before joining Bank of Singapore, Ms Song was a Managing Director and Country Team Head, Taiwan at UBS Wealth Management.
She holds a Diploma in Polymer Science and Business Studies from Singapore Polytechnic.
Ms Jacqueline Lee joined as Executive Director and the branch’s Head of Risk on 2 May 2018. She will drive the risk management function in the branch, further strengthening its strong risk culture.
Prior to joining Bank of Singapore, she worked in other multinational private banks such as BNP Paribas Wealth Management, UBS AG and Coutts & Co.
She holds a Master in Business Administration from Manchester Business School.
Hong Kong Branch Chief Executive and Global Market Head for Greater China and North Asia, Mr Derrick Tan, said a potential employee’s talent and proven track record are still the key considerations when hiring.
He said, “Studies have shown that companies with more women leaders perform better overall. However, when we assess a candidate, what matters most is that they are capable and are a good fit for our team. We also recognise that it is important to hire locals who have a keen understanding of our key markets in the Greater China region.
“While we expand our front-office team, we are also strengthening our other key functions such as risk management. Our new colleagues all have years of experience and are some of the most respected in their various fields. Phonda, Anne and Teresa have very strong expertise and acute knowledge of the nuances and sensitivities when it comes to wealthy Chinese families across our various markets. I believe they would greatly strengthen our push to capture a larger share of the private wealth market in the Greater China region.”
Mr Tan added, “Hong Kong is one of the most important international financial centre in the Asia-Pacific region. The fund flows in the Greater China region continue to increase every year and we want to position ourselves to capture that flow.”