The private banking business has announced a major shake-up at its Hong Kong division.

Bank of Singapore today named Derrick Tan chief executive of its Hong Kong operation. 

The private banking arm of OCBC said Sermon Kwan, former Hong Kong CEO, will remain a senior advisor “to ensure a smooth transition”.

Tan will lead the bank’s strategy in Greater China and North Asia with a particular focus on the Greater Bay area, which China plans to make the world’s largest bay area in terms of gross domestic product (GDP) by 2030.

The leadership change was announced just days after Bank of Singapore appointed Anthony Simcic as managing director of its international team, effective today, as part of the bank's plans to grow its operations servicing high net worth individuals in Europe. 

Bahren Shaari, CEO of Bank of Singapore, said: “Hong Kong, as one of our three strategic hubs, has been integral to the growth of Bank of Singapore since its inception. It serves as our springboard to serve the rising wealth in China from an offshore basis.  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.”

He continued: “I am confident that Derrick, with his strong banking background, people leadership skills and proven management capabilities, will be able to lead our Hong Kong branch and Greater China franchise in its next phase of growth.”