Bank of Singapore has named Derrick Tan as chief executive of its Hong Kong branch, soon after appointing him global market head for Greater China and North Asia.
He takes over the role from Sermon Kwan, who will remain with the bank as senior advisor for the transition.
Following his appointment to global market head in January 2018, Tan was tasked with winning new money for the bank from Greater China and North Asia, with a strategic focus on the Guangdong-Hong Kong-Macau Greater Bay Area.
‘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,’ said Bahren Shaari, CEO of Bank of Singapore.
Tan first joined Bank of Singapore in March 2010, and was appointed to the management committee as the global market head for Malaysia, Brunei, Japan, Sub-Continent and Middle East in December 2014.
In a statement, the private bank said the assets under management (AUM) in the markets grew by 20% in compounded annual growth between 2015 and 2017.
Before joining Bank of Singapore, Tan held various senior positions in UBS including executive director and desk head of the Indonesia market. Prior to that, he was responsible for HSBC’s offshore international banking centre.
Kwan, the outgoing Hong Kong CEO, joined ING Asia Private Bank as head of Greater China in 2001 and was part of the management team that moved over to Bank of Singapore after the 2009 acquisition.
Under Kwan’s watch, the bank’s Greater China AUM grew by more than two times in the last three years and staff strength increased by 40%, partly due to the Barclays acquisition.
Aside from Greater China, Bank of Singapore is also expanding its European presence, and recently hired Anthony Adriano Simcic to grow its European Economic Area assets. The bank’s total global AUM is currently $99 billion.