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OCBC Securities appoints former policeman Dennis Hong as new MD
OCBC Bank has promoted Dennis Hong to be managing director of its wholly-owned OCBC Securities, effective May 1, 2018, the bank said Monday.
Mr Hong, a former policeman, succeeds Raymond Chee, who has served in that capacity since August 2012.
Mr Chee will go to the US to become general manager of the bank's New York Agency, with the additional responsibility of overseeing the Los Angeles Agency, OCBC said.
Mr Hong has served as deputy managing director of OCBC Securities since March 15, 2018, the bank said.
A Public Service Commission scholar, Mr Hong began his career in the Singapore Police Force and served in various capacities, including deputy superintendent of police and operations staff officer at the Police Headquarters, between 2005 and 2010.
Mr Hong joined OCBC Bank in 2010 as a postgraduate management associate. The programme, for mid-career individuals with Master's degrees, involved 18 months of structured training that included job rotations and management coaching.
Upon completion of the programme, he became a relationship manager at the bank's wholesale corporate marketing division, where he managed a portfolio of large corporates, with a focus on the aviation industry.
In 2013, Mr Hong was promoted as head of network clients (corporate banking) at OCBC's Bangkok branch.
He was then picked to support OCBC chief executive Samuel Tsien as executive assistant in 2014.
In that role, Mr Hong was instrumental in driving the development of bank-wide strategic priorities, with broad oversight across business and functional lines, as well as geographies.
Mr Chee begins his appointment as general manager of OCBC Bank's New York Agency on October 1, 2018. In the interim, he will stay on as executive director of OCBC Securities.
Under Mr Chee's leadership over the past six years, OCBC Securities has grown into one of Singapore's leading brokerages for both retail and institutional customers, the bank said.
Ching Wei Hong, chief operating officer, OCBC Bank and chairman of OCBC Securities, said Mr Hong is taking over the reins at the brokerage arm at an exciting time for OCBC's wealth management business.
"Our wealth management income, which includes stockbroking income, increased a robust 43 per cent to hit a new high of S$3.25 billion last year. This growth momentum is expected to continue," said Mr Ching.
"For many investors, equities will remain an important asset class within their portfolios. Our customers are increasingly looking at growing their equity investments both in our home market of Singapore and in overseas stock markets such as Hong Kong and the US," said Mr Ching.
OCBC Investment Research expanded its coverage to Hong Kong-listed stocks in 2017.
The brokerage's market share of SGX equity trades has increased by about 30 per cent over the past six years. Customers' trading volumes in overseas markets have risen at a compound annual growth rate of more than 10 per cent over the same period.
OCBC Investment Research has been recognised as Singapore's top equities research house in industry-wide rankings. In 2016, it was named Singapore's overall top award-winning broker in the Thomson Reuters Analyst Awards, clinching a total of eight individual analyst awards - the most in the award's history in Singapore.