OCBC CEO-designate Tan Teck Long looks to continue ‘One Group’ strategy, boost synergy 

[SINGAPORE] OCBC’s incoming chief executive will continue to bank on its “One Group” approach to boost growth and synergy.

“We are an integrated financial services group, so there are still a lot of synergies which can be reaped from working together in closer collaboration,” said Tan Teck Long, deputy CEO and head of global wholesale banking at OCBC.

Current CEO Helen Wong had “put (the bank) on the right track” for future growth with the cross-organisation strategy, he said at the lender’s second-quarter results briefing on Friday (Aug 1).

Giving his thoughts on the leadership succession, Tan said he had been “working very closely” with Wong since he joined the bank in 2022, which prepared the ground for the succession.

He also chairs the strategic resilience group at OCBC, which is a task force that studies major trends and risks, and recommends how to position the bank ahead.

Tan said he has a good understanding of the Asean region, given that he started his banking career in Singapore.

His time in China, when he helped to build the China franchise at the bank he was at previously, also aided in his understanding of the Greater China region.

He said he spent a third of his career in risk management, and the other two-thirds on the front line.

“In today’s environment, I do have a very good insight on how to stay nimble and have the right risk-reward relationship,” he said.

Addressing questions on dividends and capital management, Tan said his current focus is on growing the franchise, which includes looking for the optimal capital level to maintain in uncertain times.

Unexpected move

In July, OCBC announced that Hong Kong-born Wong was stepping down from the top job, in a move that analysts described as unexpected, given her short tenure of four years.

Wong said she is choosing to retire to spend more time with her family in Hong Kong, and noted that she had informed the board of her intention to leave early last year.

She said the bank has “always identified internal candidates” for key positions. When she took on the role of CEO, quite a number of her new management team were also internally selected, she noted.

“This is important because it ensures continuity, stability and also alignment with our long-term strategic goals,” she said.

OCBC also conducted a global search for CEO, before the board “unanimously” chose Tan as her successor.

Tan had been “anchoring the success of our ‘One Group’ approach”, having been a strategic member of the lender’s corporate strategy, she said.