People Moves
Bank Of Singapore To Have New CEO Next Year
The chief executive of Bank of Singapore, Renato de Guzman – or Bing, as he is known to many – is retiring from the post on 31 January next year, with senior BoS executive Bahren Shaari taking over the role.
The chief executive of Bank of Singapore, Renato de Guzman – or
Bing, as he is known to many – is retiring from the post on 31
January next year, with senior BoS executive Bahren Shaari taking
over the role.
The bank, which is part of Oversea-Chinese Banking Corp, said de
Guzman will remain at BoS after he has left the CEO slot to hold
the role of senior advisor until the end of June. This will be
done to ensure a smooth transition, it said in a statement today.
Shaari, meanwhile, is currently senior managing director and
global marketing head of Southeast Asia.
The 52-year-old takes up the CEO slot at the start of February
next year. 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 Wealth Management, where he headed the
South East Asia and Australia marketing team.
The move by de Guzman rounds out one of the most high-profile
private banking careers in recent Asian history. He has been CEO
since January 2010, having led the former ING Asia Private Bank
for 10 years before it was acquired by OCBC Bank in that
year.
“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,” the bank
said.
It said its asets under management have doubled from $23 billion
in January 2010, when Bank of Singapore was launched, and crossed
the $51.1 billion mark as at 30 September this year. The firm
said it has consistently logged double-digit revenue growth
annually. Over the last four years, the ranks of front-line staff
have almost doubled to over 300 private bankers.
