- Hong Leong Bank (HLBB) announced today that it has appointed Mr. Tan Kong Khoon as Group Managing Director/Chief Executive Officer effective 1 July 2013.

- HLBB said that Mr. Tan joins HLBB with over 30 years in the banking industry, bringing with him a breadth of professional experience and a strong track record in leading and managing large and complex banking businesses. HLBB said that his career has seen him hold various senior positions in multinational banks and financial institutions across Asia including Standard Chartered Bank, Citibank N.A and Cigna International.

- HLBB said that mostly recently, he was the Group Executive for the Consumer Banking Group of the Development Bank of Singapore (DBS), where he led and managed strategy formulation and execution for consumer banking globally across the entire group.

- Prior to joining DBS, Mr. Tan held the position of President and CEO of Bank of Ayudhya (BAY), Thailand, where he led and managed the whole banking group comprising banking, fund management, stock broking and insurance businesses. HLBB said that, under his leadership, the bank experienced a healthy and robust growth in business, with net income growing four (4) times during his tenure. Listed on the Thailand Stock Exchange, BAY is the 5th largest bank in Thailand. Mr. Tan holds a Bachelor’s degree in Business Administration from Bishop’s University in Canada, and has attended management programmes at Harvard Business School and Wharton School of Business.

- HLBB said that, in his new role, Mr. Tan will lead the continued transformation of HLBB, defining and implementing the next stage of its journey as it continues to evolve as a modern, relevant and leading bank in Malaysia and the region. The group said that it believes the new CEO will inject the new thinking and fresh ideas needed to implement innovative and modern strategies that will ensure HLBB maintains its status as a leading bank in Malaysia and the region

- There were no surprises in the announcement, which has been widely expected. We expect the new CEO to fortify HLBB’s strong consumer franchise. The group’s overall strategy has been to grow conservatively, thus justifying its premium pricing given its strong asset quality. Maintain HOLD.

Source: AmeSeurities