OCBC appoints new CEO of OCBC Wing Hang Bank
OCBC has appointed Ivy Au-Yeung as chief executive officer (CEO) of OCBC Wing Hang Bank, as the current head of the bank's Hong Kong unit retires.
Ms Au-Yeung, currently the deputy chief executive of OCBC Wing Hang, will step into her new post on May 20. Na Wu Beng, the current chief executive of OCBC Wing Hang, is retiring. Mr Na will remain with OCBC Wing Hang Bank as adviser to the board until the end of 2021.
Formerly the CEO of the Hong Kong branch of an Australian bank, Ms Au-Yeung joined OCBC Wing Hang Bank as deputy CEO in December 2019. The 58-year-old has been overseeing the retail banking group of the bank in Hong Kong, Banco OCBC Weng Hang, Macau, and OCBC Wing Hang Credit.
Over the past one-and-a-half years at OCBC Wing Hang, Ms Au-Yeung has strengthened the foundation and repositioned the bank's retail banking business for growth, the bank said in a statement on Monday.
She has more than 30 years of experience, having held various positions in global banks in corporate and commercial banking covering relationship management, product management as well as credit and sales.
Ms Au-Yeung will report to the group CEO of OCBC Helen Wong. Ms Wong, who wields decades of experience in the Greater China region, became CEO of OCBC on April 15.
In a press statement, Ms Wong said: "Ivy's breadth of experiences in corporate and commercial banking puts her in good stead to take on the role as the chief executive of OCBC Wing Hang. She is well respected by her colleagues and business partners. I am therefore pleased to welcome Ivy to the senior management team of OCBC Bank."
Ms Au-Yeung's appointment will make her the first female CEO at OCBC Wing Hang, adding as well more female representation to the group's management team.
Ms Wong also noted that under Mr Na's "strong leadership", the bank successfully integrated Wing Hang into the OCBC group and created "strong synergistic value".
"Wu Beng has been instrumental in developing our Greater Bay Area strategy and driving its successful implementation to achieve strong business results. On behalf of the management and staff, we wish Wu Beng a happy and fulfilling retirement," said Ms Wong.
Under the leadership of former CEO Samuel Tsien, OCBC led a US$5 billion acquisition for Wing Hang in 2014 that has helped to push stronger growth out of Greater China. Greater China has been OCBC's second-largest market after Singapore since 2016.
It also comes as the competition for flows out of the Greater Bay Area has turned up a notch out of Singapore. DBS this month said it has acquired a 13 per cent stake in Shenzhen Rural Commercial Bank for 5.29 billion yuan (S$1.08 billion), making it the largest shareholder of the Chinese bank. DBS said the investment is "in line with the group's strategy of investing in its core markets, and accelerates its expansion in the rapidly growing Greater Bay Area".
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