Latest news with #HelenWong
Yahoo
14-07-2025
- Business
- Yahoo
OCBC group CEO Helen Wong to retire end-2025; successor Tan Teck Long appointed deputy CEO
Wong joined OCBC in February 2020 as deputy president and head of global wholesale banking before becoming group CEO in April 2021. Tan has been head of global wholesale banking since March 2022. Oversea-Chinese Banking Corporation (OCBC) announced on July 11 that Tan Teck Long will be appointed its group CEO on Jan 1, 2026, succeeding Helen Wong, who is retiring on Dec 31. Tan, who has been head of global wholesale banking since joining OCBC in March 2022, has been appointed the additional role of deputy CEO, effective immediately. Following her retirement, Wong, 64, will remain the chairman of OCBC China and a director of OCBC Hong Kong, two banking subsidiaries. Since May this year, Tan, 54, has been chairing the OCBC Strategic Resilience Group (SRG), whose objective is to 'calibrate OCBC's position given the continually evolving global paradigm, strengthen the bank's resilience and improve the long-term sustainability of businesses by seeking new growth engines', according to a July 11 press release. In China, Tan serves as a director on the boards of Bank of Ningbo and Maxwealth Fund Management Company, both affiliated with OCBC. Wong joined OCBC in February 2020 as deputy president and head of global wholesale banking before becoming group CEO in April 2021. According to OCBC, Wong has been spending more personal time in Hong Kong, where her family is based, since the start of the year. Andrew Lee, chairman of OCBC Group's Board of Directors, says: 'The Board reluctantly accepted Helen's request to retire to spend more time with her family. We thank her for agreeing to stay on to continue providing stewardship as Chair of our China Board and a director of the Hong Kong Board, given her vast experience and deep knowledge of Greater China.' Lee says the board 'unanimously agreed' that Tan is 'the best candidate to take the helm'. 'He has demonstrated sterling leadership that goes beyond growing the wholesale banking business; as chair of the OCBC Strategic Resilience Group, he has shown the ability to zero in on the critical issues, be forward-thinking and act decisively. With Teck Long's appointment, there will be no disruption to OCBC's corporate strategic direction of becoming an integrated financial services powerhouse,' says Lee in a press release. Tan joined OCBC from DBS Bank, where his last appointment was group chief risk officer. Tan has more than 30 years of banking experience, including senior positions leading corporate banking business and risk management function globally. Tan holds a Master of Business Administration from University of Manchester and a Bachelor of Accountancy from the National University of Singapore. Under Tan's leadership in the three years, the global wholesale banking division achieved a CAGR of about 20% in total income and 25% in net profit. According to OCBC, revenue growth of about 35% and customer growth of more than 50% were recorded from capturing Greater China-Asean fund flows. Seeing the potential in Technology, Media, and Telecommunications (TMT) companies, Tan built TMT industry specialist teams in China and Singapore, more than doubling the revenue in three years. He substantially grew the syndicated loans in Hong Kong, propelling OCBC Hong Kong to third position on the Hong Kong Loan Syndication League Table from 11th, and grew the debt capital markets business to top the Singapore Dollar Bond League Table in 2024. In a press release, Tan says: 'I thank the Board for granting me the honour of leading OCBC. Over the past three years, I have greatly enjoyed working hand-in-hand with so many talented individuals in OCBC to repeatedly achieve record business results, and launch several first-in-market initiatives.' Tan adds: 'Helen has laid down a firm foundation and I will be privileged to build on that. In many respects, a new season has begun for the world economy but the One OCBC Group approach Helen has led us in championing will remain strategically critical to capturing opportunities amid expanding Asean-Greater China connectivity.' According to Tan, OCBC will now 'double down' on pursuing 'strong sustainable growth, innovation and people development'. In May, OCBC announced a leadership reshuffle in its global wholesale banking franchise, effective Oct 1. Elaine Heng, who is currently the group chief strategy and transformation officer, will succeed Linus Goh as OCBC's head of global commercial banking. Goh, who first joined the bank in April 2004 as its head of international business, will retire on Sept 30. Tan Yuen Siang, the bank's head of global financial institutions, will join the global wholesale banking leadership team. Yuen Siang currently reports to Goh. In their new roles, Heng and Yuen Siang will report to deputy CEO Tan. Since assuming the group CEO role in April 2021, Wong has achieved record profits for three consecutive years. Strong growth was registered across all core pillars of banking, wealth management and insurance: CAGR has been 15% for banking net profit, 13% for wealth management income and 34% for the insurance profit contribution from Great Eastern Holdings. Wong also successfully completed the acquisition and integration of Indonesia's Bank Commonwealth into OCBC Indonesia, and increased OCBC's stake in Great Eastern Holdings from 88.44% to 93.72% via a Voluntary General Offer made in July 2024. In February, she unveiled the largest capital return plan in OCBC's history amounting to $2.5 billion, comprising special dividends and share buybacks over two years. Wong says: 'It has been a rewarding journey to lead OCBC, with its rich history and heritage. Playing a part in its transformation towards ever greater strength and resilience has been especially fulfilling. I am deeply grateful to the Board for their wise counsel, my management team for being such a great team, and all my colleagues for their commitment and dedication.' Wong says she is 'very pleased' to hand the baton over to Tan. 'His bold leadership style, immense sense of responsibility and vision coupled with grit will steer OCBC confidently into the future. The synergies of our unique banking, wealth management, insurance and asset management franchise will be further maximised under Teck Long's leadership.' Shares in OCBC closed 15 cents higher, or 0.9% up, at $16.89 on July 11. OCBC shares have risen 1.5% year to date and 11.1% over the past year. Photo: OCBC, Albert Chua/The Edge Singapore See Also: Click here to stay updated with the Latest Business & Investment News in Singapore OCBC to support serial entrepreneurs with $5 bil in loans by 2028 Brokers' Digest: Sheng Siong Group, ST Engineering, Centurion, OCBC, CNMC Goldmine Holdings Investing during a crisis Read more stories about where the money flows, and analysis of the biggest market stories from Singapore and around the World Get in-depth insights from our expert contributors, and dive into financial and economic trends Follow the market issue situation with our daily updates Or want more Lifestyle and Passion stories? Click hereError in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Times
14-07-2025
- Business
- Business Times
Stocks to watch: OCBC, SGX, Centurion, Sats, Frasers Property, Frasers Hospitality Trust
[SINGAPORE] THE following companies saw new developments that may affect trading of their securities on Monday (Jul 14): OCBC : The lender on Friday announced the retirement of its incumbent chief executive officer Helen Wong, who will step down on Dec 31, 2025, for family reasons. The current head of global wholesale banking Tan Teck Long, who will succeed Wong on Jan 1, 2026. Tan will immediately assume the additional role of deputy CEO. Wong will remain chairman of OCBC China and director of OCBC Hong Kong after stepping away from the helm. Shares of OCBC closed 0.9 per cent or S$0.15 higher at S$16.89 on Friday, before the announcement. Singapore Exchange (SGX) : The manager of NTT DC Reit (real estate investment trust) said the public tranche of its Singapore initial public offer was about 9.8 times oversubscribed. Based on the 30 million units available to the public for subscription, there were 14,166 valid applications for an aggregate of 294.8 million units. Shares of SGX ended on Friday 1 per cent or S$0.16 lower at S$15.46. Sats : Its CEO Kerry Mok was paid more than S$3.1 million in total remuneration for FY2025 ended March, a 30.5 per cent pay raise from the S$2.4 million in FY2024. Mok received S$1 million in salary, S$1.2 million in bonuses, around S$862,500 worth of Sats shares and S$74,000 in benefits. This comes as the group's earnings for FY2025 soared more than four times to S$243.8 million from the year-ago period. Sats shares closed 0.3 per cent or S$0.01 lower at S$3.12 on Friday. Frasers Property , Frasers Hospitality Trust (FHT) : The manager said on Friday that it received in-principle approval from the Singapore Exchange Securities Trading Limited (SGX-ST) to delist and remove FHT from the official list of SGX-ST. The scheme by FHT's sponsor Frasers Property to privatise the stapled group at S$0.71 per stapled security will require approval from stapled securityholders of FHT, the manager added. Shares of Frasers Property ended on Friday unchanged at S$0.89. Stapled securities of FHT ended on Friday flat at S$0.70. Aims Apac Rei t: Aims Financial Group raised its stake in Aims Apac Reit to nearly 18.7 per cent, after acquiring an additional 7 per cent stake of over 57 million units in the trust, its manager said on Monday. The units were acquired from substantial unitholder, ESR HK Management, which is part of ESR Group. Units in Aims Apac Reit ended on Friday 0.8 per cent or S$0.01 higher at S$1.33, before the news. Creative Technology : The group warned that revenue for its second half ended June would likely be below its target, at US$30 million. This comes as its topline was 'negatively impacted' by macroeconomic uncertainty and weakening consumer sentiment due to tariffs and trade tensions, which have adversely hit the business environment for many of its products, the group said on Friday. Creative's shares rose S$0.005, or 0.6 per cent to close at S$0.83 on Friday. Trading halt: Property management company Centurion Corp requested a trading halt on Monday morning, pending the release of an announcement. Its shares closed flat on Friday at S$1.76.
Business Times
14-07-2025
- Business
- Business Times
Stocks to watch: OCBC, SGX, Sats, Frasers Property, Frasers Hospitality Trust
[SINGAPORE] THE following companies saw new developments that may affect trading of their securities on Monday (Jul 14): OCBC : The lender on Friday announced the retirement of its incumbent chief executive officer Helen Wong, who will step down on Dec 31, 2025, for family reasons. The current head of global wholesale banking Tan Teck Long, who will succeed Wong on Jan 1, 2026. Tan will immediately assume the additional role of deputy CEO. Wong will remain chairman of OCBC China and director of OCBC Hong Kong after stepping away from the helm. Shares of OCBC closed 0.9 per cent or S$0.15 higher at S$16.89 on Friday, before the announcement. Singapore Exchange (SGX) : The manager of NTT DC Reit (real estate investment trust) said the public tranche of its Singapore initial public offer was about 9.8 times oversubscribed. Based on the 30 million units available to the public for subscription, there were 14,166 valid applications for an aggregate of 294.8 million units. Shares of SGX ended on Friday 1 per cent or S$0.16 lower at S$15.46. Sats : Its CEO Kerry Mok was paid more than S$3.1 million in total remuneration for FY2025 ended March, a 30.5 per cent pay raise from the S$2.4 million in FY2024. Mok received S$1 million in salary, S$1.2 million in bonuses, around S$862,500 worth of Sats shares and S$74,000 in benefits. This comes as the group's earnings for FY2025 soared more than four times to S$243.8 million from the year-ago period. Sats shares closed 0.3 per cent or S$0.01 lower at S$3.12 on Friday. Frasers Property , Frasers Hospitality Trust (FHT) : The manager said on Friday that it received in-principle approval from the Singapore Exchange Securities Trading Limited (SGX-ST) to delist and remove FHT from the official list of SGX-ST. The scheme by FHT's sponsor Frasers Property to privatise the stapled group at S$0.71 per stapled security will require approval from stapled securityholders of FHT, the manager added. Shares of Frasers Property ended on Friday unchanged at S$0.89. Stapled securities of FHT ended on Friday flat at S$0.70. Aims Apac Rei t: Aims Financial Group raised its stake in Aims Apac Reit to nearly 18.7 per cent, after acquiring an additional 7 per cent stake of over 57 million units in the trust, its manager said on Monday. The units were acquired from substantial unitholder, ESR HK Management, which is part of ESR Group. Units in Aims Apac Reit ended on Friday 0.8 per cent or S$0.01 higher at S$1.33, before the news. Creative Technology : The group warned that revenue for its second half ended June would likely be below its target, at US$30 million. This comes as its topline was 'negatively impacted' by macroeconomic uncertainty and weakening consumer sentiment due to tariffs and trade tensions, which have adversely hit the business environment for many of its products, the group said on Friday. Creative's shares rose S$0.005, or 0.6 per cent to close at S$0.83 on Friday.
The Star
14-07-2025
- Business
- The Star
Great Eastern to resume trading as delisting fails
A man walks past the SGX sign in Singapore. — Reuters SINGAPORE: Great Eastern Holdings Ltd's shares are expected to resume trading in Singapore, after the insurer failed to win enough shareholder support for its delisting plan that was backed by Oversea-Chinese Banking Corp (OCBC). About 63.5% of the insurer's minority shareholders voted for a delisting but that fell short of the threshold needed to take Great Eastern private. This was according to a company filing after an EGM. As a result, OCBC's S$900mil (US$704mil) offer has lapsed, the country's second-largest lender, said in a separate filing. The deal's failure is a setback for OCBC, which has owned the majority of Great Eastern since 2004 and has tried multiple times to take the 117-year-old insurer private. OCBC chief executive officer Helen Wong has said that it wanted to fully integrate its banking, wealth management and insurance businesses, and that owning all of Great Eastern would help improve its shareholder returns. To support Great Eastern's delisting proposal, OCBC had offered S$30.15 a share for the 6.28% of the insurer it does not own. It improved the offer by 17.8% last month from its previous bid. Great Eastern, one of the largest insurers in Singapore and Malaysia, has total assets of more than S$100bil with 16 million-plus policyholders. OCBC's shares closed up 0.8% last Tuesday, versus a 0.4% gain in the broader Straits Times Index. 'Whether OCBC owns 94% or 100%, it has a minimal impact on earnings or strategy as they are already in control,' said Jayden Vantarakis, head of equity research for South-East Asia at Macquarie Capital, adding that the market's view of the lender won't change with the latest outcome. Trading in Great Eastern had been suspended since July 2024, after OCBC failed to obtain a sufficient level for a delisting or compulsory acquisition with its previous offer. Its latest bid this year was still lower than the insurer's 2024 embedded value of S$38.08 a share, a metric used to value insurers elsewhere and cited by resistant minority shareholders urging a higher offer. Great Eastern will issue new shares to meet the exchange's listing rules. After the share issue, OCBC's holding in Great Eastern will be around 88% from the current level of about 94%, the insurer said in an earlier statement. It did not provide any date for the resumption of trading. The insurer has contributed an average of about S$700mil a year in net profit to OCBC over the past 10 years, translating to an average of about 15% of OCBC's annual profit over this period, the bank has said. — Bloomberg
CNA
13-07-2025
- Business
- CNA
CNA938 Rewind - OCBC's change of guard: Helen Wong retires
OCBC Group CEO Helen Wong will retire by the end of the year, with Tan Teck Long taking over the reins come 1 Jan 2026. Andrea Heng and Susan Ng assess the changing of the guard at the local bank and what awaits Ms Wong's successor in the bank's future with Victor Lai, Principal Consultant at Citadelcorp.
