People Moves

UOB Names New CEO, Makes Major C-Suite Changes

Editorial Staff 12 June 2024

UOB Names New CEO, Makes Major C-Suite Changes

With expanded touchpoints and more partner networks, UOB Thailand says it provides a wider range of products, services and benefits to its enlarged customer base.

UOB Thailand has appointed Richard Maloney as its new chief executive officer, taking effect on 1 July 2024. He will succeed Tan Choon Hin (pictured below), who has led UOB Thailand since 2016.

Tan will be returnng to Singapore to take on a new role as deputy head of group governance, risk and compliance. Vira-Anong C Phutrakul will be appointed as head, wholesale banking and deputy CEO of UOB Thailand.

Maloney (main picture) is an industry veteran with 40 years of experience in wholesale banking, capital markets and retail banking. Since joining UOB in 2014, he has been chief operating officer, group wholesale banking. Prior to UOB, Maloney was chief operating officer for ASEAN at a global bank. He began his career in finance in New York and has since worked in London, Hong Kong and Singapore.

As COO for group wholesale banking, Maloney was instrumental in increasing business for the bank by leading a portfolio of business support functions, including infrastructure and product development projects, client services and deal implementation, anti-financial crime operations, and data monetisation efforts among others.

In his new role, Maloney will lead efforts to deepen UOB Thailand's digital capabilities, expand its product offerings, and connect clients to market opportunities in Thailand and across UOB Group’s regional network.

“UOB is committed to investing in our regional franchise for sustainable growth, especially in an important market like Thailand. As a seasoned banker, Richard is well placed to lead the next phase of growth in our Thailand franchise along with Vira-Anong, also an industry veteran. We welcome Choon Hin back to the head office, where he will drive efforts in governance, risk and compliance across the group,” Wee Ee Cheong, deputy chairman and CEO, UOB, said.

Tan Choon Hin

Tan joined UOB in 2012 as head of group credit (retail). He was also head of group business banking in 2016 before becoming CEO of UOB Thailand. Under his leadership, UOB grew to become the second largest foreign bank and one of the top three card issuers. Tan also drove strategic priorities to facilitate foreign direct investment into Thailand and supported regional clients to enter new markets.

As deputy head of group governance, risk and compliance, Tan will be responsible for enhancing the bank’s risk management approach to strengthening governance and the risk culture across the organisation. He will have functional responsibilities over group risk management, group compliance, group legal and secretariat, and will oversee various transactional credit approval groups and the management of asset recovery.

Vira-Anong C Phutrakul was previously the head of retail and brand in UOB Thailand. She held senior leadership positions in both retail and wholesale banking businesses in Citibank Thailand before joining UOB in 2022 to manage the integration of the Citigroup consumer business into UOB Thailand.

A key market in the bank’s regional franchise, UOB has been operating in Thailand for more than 20 years. In November 2022, UOB announced the completion of the acquisition of Citigroup's consumer banking businesses in Thailand. With expanded touchpoints and more partner networks, UOB Thailand is now providing a wider range of products, services and benefits to its enlarged customer base.

A number of private banks, such as Julius Baer – via a joint venture, SCB Julius Baer – do business in Thailand, seeing it as one of the most promising wealth management sectors in Southeast Asia. In another case, DBS Bank has partnered with its Thailand securities business to boost wealth assets under management in the country. The partnership brought together DBS Bank and DBS Vickers Securities (Thailand).

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