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UOB names ex-Ernst & Young senior executive as new board director

UNITED Overseas Bank (UOB) on Monday named Steven Phan Swee Kim, formerly area managing partner for Asia-Pacific at Ernst & Young, to its board. 

The 61-year-old will be appointed a non-independent and non-executive director of UOB starting July 1, replacing outgoing director Willie Cheng Jue Hiang. 

The appointment adds to Mr Phan's string of commitments - he is currently a board member of Jardine Cycle & Carriage Limited and the Singapore Accountancy Commission. Mr Phan is also a fellow member of the Institute of Singapore Chartered Accountants. 

As the bank's board director, Mr Phan will also join its remuneration and human capital committee alongside UOB's chairman, former deputy prime minister Wong Kan Seng.

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Mr Cheng will step down from the board on July 14, when he would have served as an independent director of UOB for nine years. He will also relinquish his position as chairman of the audit committee to Ong Yew Huat, who retired as executive chairman of Ernst & Young Singapore.

In turn, Mr Ong will step down as chairman of the board risk management committee, but remain a member of the committee. He will be succeeded by Alvin Yeo Khirn Hai, who currently serves as chairman and senior partner at WongPartnership.