Corporate digest

Published Tue, Feb 23, 2021 · 05:50 AM

HSBC

WONG Kee Joo, most recently HSBC's Asia-Pacific head for global liquidity and cash management, will take over as the bank's Singapore CEO from June 1, according to an internal memo seen by The Business Times on Monday.

Mr Wong will replace Tony Cripps, who is leaving to become the managing director-designate and a board member of Saudi British Bank (SABB) from April 4. HSBC is the largest shareholder in SABB with a 31 per cent stake.

Before Mr Wong takes over the helm, HSBC Singapore's chief operating officer Olfert De Wit will act as the bank's interim Singapore CEO.

In the memo, HSBC CEO Peter Wong noted that Mr Wong Kee Joo is Singaporean, and has worked in markets including the UK, Thailand, Hong Kong and mainland China.

"Kee Joo's most recent role as Asia-Pacific head for global liquidity and cash management means he has strong experience in developing digital solutions for wholesale clients and supporting the trade and investment flows between China and Asean, which has become the world's most important commercial corridor," Mr Peter Wong said.

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"This experience means Kee Joo is perfectly suited to help clients capture the rising commercial, wealth and digital opportunities that Singapore and the region presents."

Mr Peter Wong added that HSBC is looking to "grasp the growing wealth management opportunities in South-east Asia" and will increase investments in both technology and people.


KTL Global, AEI Corp

MAINBOARD-LISTED firms KTL Global and AEI Corp are expecting losses for FY2020 ended December, they announced in separate bourse filings on Monday after trading hours.

KTL Global said that its loss is mainly due to the decline in service income of the group amid the outbreak of Covid-19, as well as the impairment of doubtful debts recognised in Q4 FY2020, pertaining to collection of trade receivables.

On Feb 2, KTL Global announced that certain customers of its Branding, Operation & Procurement (BOP) service had yet to pay a total sum of S$2.74 million.

"In view of such non-payment, the BOP services provided to these customers who have defaulted on the abovementioned payments have been suspended since January 2021, and will continue to be suspended until the group's receipt of payments of the abovementioned outstanding sum," KTL Global said.

"The company has also sought assistance from lawyers based in the People's Republic of China in preparing the relevant letters of demand and/or legal advice on other debts recovery procedures against such defaulting customers," it added.

Separately, aluminium products manufacturer AEI said on Monday that its expected loss is mainly attributable to the operating loss of the extrusion business, the impairment of assets or investments, compliance costs and new venture startup costs.

Shares of KTL Global closed at S$0.089 on Monday, up 5.95 per cent, while shares of AEI closed flat at S$1.10.

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