The new CRO is taking the helm from a man who has worked at the Singapore-headquartered lender for 36 years, and who was praised by the CEO for his work in strengthening risk management across the business.

OCBC, parent of Bank of Singapore, has appointed Carina Lee as group chief risk officer and a member of its management committee, with effect from 1 January 2026. 

Lee, who is group chief credit officer of the wholesale banking arm, will be succeeding Noel Gerald Cruz, who will be retiring at the end of 2025 after an “illustrious 36-year career with the bank,” it said in a statement yesterday. Cruz was made group CRO in January 2023. 

Lee joined OCBC in January 2021.

OCBC said that under Cruz’s leadership, its risk management teams were strengthened. 

“Portfolio diversification, early problem recognition and timely provisioning contributed to a more resilient portfolio with the non-performing ratio falling to approximately 1 per cent, the lowest in many years. The management of risks associated with liquidity, interest rate and structural foreign exchange was further enhanced,” it said. “Several programmes were embarked upon to uplift the oversight of non-financial risks in the areas of operational resilience, cyber security, third-party risk management, AI governance and data loss.”

“I would like to extend my gratitude to Noel for his invaluable contributions to OCBC. His pivotal role in establishing a robust risk management foundation has been instrumental in the growth and stability of our businesses,” Helen Wong, group CEO of OCBC, said.