Bank of Singapore Hires Credit Suisse Southeast Asia COO & Head of Wealth Management Singapore Jacky Ang as Chief Operating Officer, Succeeds Sonjoy Phukan & Joins CEO Jason Moo in Bank of Singapore New Private Banking Leadership Team
25th August 2023 | Hong Kong
Bank of Singapore with $110 billion AUM (Assets under Management) has hired Credit Suisse Southeast Asia COO & Head of Wealth Management Singapore Jacky Ang as Bank of Singapore Chief Operating Officer (13/9/23), succeeding Sonjoy Phukan and joining CEO Jason Moo in Bank of Singapore new private banking leadership team. In 2023 January, Bank of Singapore had announced the appointment of top private banking leader Jason Moo as Bank of Singapore CEO (6th March 2023), following CEO Bahren Shaari announcement on his retirement after 8 years as Bank of Singapore CEO. Bank of Singapore (23/8/23): “Bank of Singapore today announced the appointment of Mr Jacky Ang as Global Chief Operating Officer (COO) to succeed Mr Sonjoy Phukan who will be leaving the Bank to pursue other interests. The new appointment takes effect from 13 September 2023. Mr Ang will report to Chief Executive Officer Mr Jason Moo. He will be made a member of the Bank’s management committee. As the Global COO, Mr Ang will support the Chief Executive Officer in the strategic steering of the Bank while overseeing the execution of its key strategic initiatives. In addition, he will spearhead the Bank’s transformation efforts and have oversight of the governance and operations to support the continued growth of the franchise in its key markets across ASEAN, Greater China and Middle East.” In July 2023, Singapore OCBC Bank had set a target of S$3 billion revenue growth by 2025, doubling OCBC Premier & Private Client Relationship Managers & AUM in Greater China by 2025, and target private bank (Bank of Singapore) AUM $145 billion & 500 private bankers by 2025. More info below:
“ Bank of Singapore Hires Credit Suisse Southeast Asia COO & Head of Wealth Management Singapore Jacky Ang as Chief Operating Officer, Succeeds Sonjoy Phukan & Joins CEO Jason Moo in Bank of Singapore New Private Banking Leadership Team “
Bank of Singapore CEO Jason Moo: “Jacky is highly regarded as a strong leader with an innovative and forward-looking mindset. His in-depth knowledge of the industry across our key markets, coupled with a sound understanding of compliance, controls and risk management, will be a great asset to our franchise. I am confident that Jacky, together with the management team, will propel Bank of Singapore to greater heights.
I would like to thank Sonjoy for his invaluable contributions to the Bank over the last six years. He has been instrumental in driving our transformation efforts which have added scale and scope for franchise. We greatly appreciate Sonjoy’s dedication and leadership in building our business and wish him well in his future endeavours.”
Bank of Singapore Hires Credit Suisse Southeast Asia COO & Head of Wealth Management Singapore Jacky Ang as Chief Operating Officer
Bank of Singapore Incoming COO Jacky Ang
Jacky Ang, a Singaporean, joins from Credit Suisse where he was the Southeast Asia COO. Concurrently, he was the Singapore Branch Manager and Head of Wealth Management. A veteran banker, with more than 26 years of experience in corporate governance, new business development and wealth management services, Jacky Ang has worked in three leading Asian financial hubs – Singapore, Hong Kong and Tokyo. From 2006 to 2011, Jacky helped Credit Suisse expand its regional footprint and product offerings across Asia as the Head of New Business, Asia Pacific. These included the establishment of its branch in Mumbai, India, as well as its China onshore joint venture with Founder Securities. Jacky was then responsible for the day-to-day operation of the Singapore branch – Credit Suisse’s largest office in Asia. Jacky Ang graduated from the University of London with a Bachelor’s degree in Economics (Banking and Finance). He is a graduate of the Asian Financial Leadership Programme in 2016.
Bank of Singapore Outgoing COO Sonjoy Phukan
Sonjoy Phukan joined Bank of Singapore in 2017 as Global COO. During his tenure as Global COO, Sonjoy Phukan created and spearheaded a multi-year transformation roadmap for the Bank, which earned him the industry accolade as COO of the Year – awarded by the Asian Private Banker in 2020. Sonjoy Phukan also played an instrumental role in pioneering an innovation culture for the Bank, driving technology investments into digitising client interactions as well as elevating overall client satisfaction by creating a Client Experience vertical in support of the franchise’s strong growth ambitions.
Singapore OCBC Wealth Management to Double OCBC Premier Relationship Managers & AUM in Greater China by 2025, Bank of Singapore AUM $145 Billion & 500 Private Bankers by 2025
4th July 2023 – Singapore OCBC Bank (4/7/23: Market Capitalisation $55.7 billion) has set a target of S$3 billion revenue growth by 2025, doubling OCBC Premier & Private Client Relationship Managers & AUM in Greater China by 2025, and target private bank (Bank of Singapore) AUM $145 billion & 500 private bankers by 2025 (AUM ~ Assets under Management). Bank of Singapore: “Bank of Singapore, OCBC’s private banking subsidiary, likewise aims to increase its AUM – to USD145 billion by end 2025. To reach this AUM target, Bank of Singapore will grow its team of relationship managers to 500 by then. BOS is riding strong momentum, with AUM having tripled between 2013 and 2022. This was led by Greater China, where AUM increased by five times over the same period.” OCBC Global Consumer Financial Services (Wealth Management): “By 2025, OCBC aims to double assets under management (AUM) of its Premier Banking and Premier Private Client (PPC) segments for Greater China. In support of this, the bank will double the number of relationship managers serving high-net worth customers in the Premier Banking and Premier Private Client segment in Greater China by 2025. This will enable continued strong AUM growth for Premier Banking and PPC, which together recorded a 3.5 times increase in AUM from 2013 to 2022.” See below for more info.
Helen Wong, OCBC Group CEO: “The flow business between ASEAN and Greater China is not new to us. We recognise its potential. Over the years, we have built a strong franchise and put ourselves in a very good position to capture these flows. The effects of China’s reopening post-pandemic, the rise of ASEAN for the China plus one strategy and other geopolitical factors have amplified this potential. The unified brand that we have unveiled today is yet another strategic move. It solidifies our One Group approach, one of eight core pillars of our Corporate Strategy that was refreshed in 2022. It also furthers our commitment to customers: that when they bank with us, they have the collective strength of OCBC Group supporting them seamlessly across markets. With this One Group approach, our comprehensive ASEAN- Greater China franchise and twin hub proposition of Singapore and Hong Kong becomes even more compelling. In ASEAN, OCBC services the top seven markets using locally incorporated banking and insurance subsidiaries, and bank branches and offices, which contribute to over 98% economic growth of the region. In Greater China, we have around 4,500 staff across 67 branches in 17 cities in mainland China, Hong Kong SAR, Macau SAR and Taiwan complemented by our powerful partnership with Bank of Ningbo. We are therefore confident that we will be able to deliver S$3 billion in incremental revenue by 2025 from our ASEAN-Greater China focus.”
Singapore OCBC Wealth Management to Double OCBC Premier Relationship Managers & AUM in Greater China by 2025, Bank of Singapore AUM $145 Billion & 500 Private Bankers by 2025
Wealth Management
Global Consumer Financial Services
By 2025, OCBC aims to double assets under management (AUM) of its Premier Banking and Premier Private Client (PPC) segments for Greater China. In support of this, the bank will double the number of relationship managers serving high-net worth customers in the Premier Banking and Premier Private Client segment in Greater China by 2025. This will enable continued strong AUM growth for Premier Banking and PPC, which together recorded a 3.5 times increase in AUM from 2013 to 2022.
Bank of Singapore
Bank of Singapore, OCBC’s private banking subsidiary, likewise aims to increase its AUM – to USD145 billion by end 2025. To reach this AUM target, Bank of Singapore will grow its team of relationship managers to 500 by then. BOS is riding strong momentum, with AUM having tripled between 2013 and 2022. This was led by Greater China, where AUM increased by five times over the same period.
Bank of Singapore with $110 Billion AUM Appoints Top Private Banking Leader Jason Moo as CEO, Succeeds Bahren Shaari Who Retires after 32 Years in Banking
3rd January 2023 – Bank of Singapore with $110 billion AUM (Assets under Management) has announced the appointment of top private banking leader Jason Moo as Bank of Singapore CEO (6th March 2023), following CEO Bahren Shaari recent announcement on his retirement after 8 years as Bank of Singapore CEO and 32 years in Banking including UBS, ING Asia Private Banking). Top private banking leader Jason Moo joins from Julius Baer where he last held the role of Head of Private Banking Southeast Asia & Branch Manager Singapore and had spent 21 years at Goldman Sachs including senior executive appointments as Goldman Sachs CEO Singapore, and Regional Head of Private Wealth Management Southeast Asia & Australia. Earlier in December 2022, Bank of Singapore CEO Bahren Shaari announced his retirement after nearly 8 years since his appointment as Bank of Singapore CEO in February 2015, growing the private banking AUM (Assets under Management) from $51.1 billion in 2015 to over $110 billion in 2022.
Jason Moo, Top Private Banking Leader Goldman Sachs & Julius Baer
In 2017, Goldman Sachs appointed Jason Moo as CEO in Singapore, taking over from Frederick Towfigh who became a retired partner and advisory director. Jason Moo had been with Goldman Sachs since 1998, starting as a financial analyst and becoming Managing Director in 2007. In 2020, Jason Moo left Goldman Sachs and joined Julius Baer as Head Private Banking South East Asia.
Related:
- Top Private Banking Leader Jason Moo Resigns from Julius Baer, 21 Years at Goldman Sachs Including CEO Singapore and Regional Head of Private Wealth Management Southeast Asia & Australia
- Bank of Singapore CEO Bahren Shaari Announces Retirement, 32 Years Veteran Banker Including UBS & ING and Appointed as CEO in 2015 and Grew Private Banking AUM from $50 Billion to $110 Billion in 2022
Bank of Singapore CEO Bahren Shaari Announces Retirement, 32 Years Veteran Banker Including UBS & ING and Appointed as CEO in 2015 and Grew Private Banking AUM from $50 Billion to $110 Billion in 2022
16th December 2022 – Bank of Singapore CEO Bahren Shaari announced his retirement after nearly 8 years since his appointment as Bank of Singapore CEO in February 2015, growing the private banking AUM (Assets under Management) from $51.1 billion in 2015 to over $110 billion in 2022. Bahren Shaari, who has over 32 years of banking experience including UBS (Managing Director of Wealth Management, Head of South East Asia & Australia), was part of the management team of ING Asia Private Bank, which OCBC Group acquired and established as Bank of Singapore in 2009. Bank of Singapore is a wholly owned subsidiary of OCBC Bank, Southeast Asia’s second largest bank. OCBC Group Chief Risk Officer Vincent Choo Nyen Fui is appointed interim Bank of Singapore CEO with effect from 1st January 2023.
Bank of Singapore Bahren Shaari on Linkedin 17th Dec 2022 – “Since the announcement of my retirement, I have been heartened by the many well wishes from all quarters. Thank you all for your kind messages.
I’m immensely grateful and proud of the 13 years I’ve spent at Bank of Singapore, Asia’s Global Private Bank. It has been a great privilege for me to work with a team of dedicated colleagues who are the best at what they do.
I’m also thankful for the opportunities and guidance given to me throughout my more than 30-year private banking career, in particular by my former boss Marcel Kreis during UBS days and my predecessor at Bank of Singapore Bing De Guzman, both of whom played a critical role in this journey that has taken me to where I am today.
A key lesson I’ve learnt as CEO is that you can never go wrong when you invest in people and relationships. My greatest reward has been finding people who shared those same values and sense of purpose, working alongside them, and delivering work that I am proud of.
I’m really looking forward to the next chapter of my life. Thank you once again, dear friends and colleagues – both past present – for being part of my journey at Bank of Singapore. Here’s wishing you happy holidays and all the very best. Do stay in touch.”
Bahren Shaari, Bank of Singapore CEO
Bahren Shaari is the Chief Executive Officer of Bank of Singapore, the private banking subsidiary of OCBC Bank. He has more than 30 years of banking experience. In 2016, he was conferred the Singapore Institute of Banking and Finance Distinguished Fellow award, in recognition of his significant contribution to the financial industry and outstanding leadership capabilities. Bahren was appointed to the National University of Singapore’s Board of Trustees on 1 June 2021. He also serves as a director on the board of SPH Media Holdings. Bahren is a member of the Council of Presidential Advisers and served as an alternate member from April 2017 to January 2020. Bahren was conferred the Public Service Star Medal in 2018. He was awarded the Public Service Medal in 2008.
Bahren is married with three children and graduated with an accountancy degree from the National University of Singapore.
Vincent Choo Nyen Fui, Interim Bank of Singapore CEO
OCBC Group Chief Risk Officer Vincent Choo Nyen Fui is appointed interim Bank of Singapore CEO with effect from 1st January 2023.
Vincent Choo Nyen Fui was appointed Executive Vice President and Group Chief Risk Officer (GCRO) of OCBC on 1 August 2014. As GCRO, he covers the full spectrum of risk, including Credit, Cyber & Information Security, Liquidity, Market, Operational, and Environmental Social Governance (ESG). In addition to his capacity as GCRO, he was appointed as Group Chief Information Security Officer (CISO) on 1 March 2022. He reports jointly to both Group CEO and the Board Risk Management Committee of OCBC Bank. Mr Choo joined OCBC from Deutsche Bank AG where his last appointment was Managing Director and Chief Risk Officer for Asia Pacific. He is a Director of Bank of Ningbo Ltd and a member of Management Board of NUS Risk Management Institute. Mr. Choo holds a Master of Arts in Economics from University of Akron, USA, and he is an IBF Distinguished Fellow.
Bank of Singapore
Bank of Singapore is a wholly owned subsidiary of OCBC Bank, Southeast Asia’s second largest bank. Headquartered in Singapore, Bank of Singapore operates from a strong and open economy. We are one of the fastest growing private banks in Asia, offering a structured and consistent approach – an open architecture product platform with robust research capabilities to deliver a total risk-based solution customised to each client’s needs. As we are strategically positioned to serve our clients across the globe with our network of offices, they also enjoy access to our parent company’s full suite of investment and commercial banking solutions such as financing, insurance and brokerage services.
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