KUALA LUMPUR (Nov 24): CIMB Group Holdings Bhd's Singapore operation has announced replacements for the three banking chiefs that were cut, according to The Business Times in Singapore.
The Business Times sighted an internal memo detailing that Merlyn Tsai will be made head of consumer banking, Singapore; Benjamin Tan Wee Chuan as head of commercial banking, Singapore; and Foo Tsiang Wei, head of corporate and investment banking, Singapore.
They will replace Josandi Thor, Yong Jiunn Run and Lai Ven-Li respectively.
The latest appointments will take effect from Dec 1, 2020, The Business Times reported, citing a memo sent by CIMB Singapore chief executive officer Victor Lee.
"To clear any doubt on this matter, I would like to categorically state that their departure was in no way a reflection of their work or commitment to CIMB, and it was therefore highly regrettable that they were thrust into the spotlight and subjected to speculation in such a manner," Lee was quoted saying in the memo.
"Their departure was due to the streamlining exercise to optimise our structure and reduce the spans and layers of leadership as part of the necessity of having to build a more cost-effective organisation."
He added that the three outgoing senior managers were "important members of our team" and "instrumental in building and driving our business in Singapore".
Sources told The Business Times that Lee had been seeking to restructure his senior management team and hire people he had worked with previously.
Tsai — one of the new appointees — is currently CIMB Singapore's head of digital, having joined the bank in July 2020. The Business Times reported that she will take on an expanded portfolio and lead its consumer banking section as well as its customer experience segment as the bank is doubling down on its wealth management and retail banking franchise digitalisation process.
The publication noted that she is previously senior vice-president at Fullerton Financial Holdings, where she focused on digital lending and microfinance as part of her portfolio, adding that she is a former colleague of Lee, who was Fullerton's executive vice president from 2016.
Tan is the head of Asean banking and strategy management in group commercial banking, and will be maintaining his current portfolio as he takes on the role of CIMB Singapore's head of commercial banking, the Singapore media stated.
Foo, who is currently head of investment banking at CIMB Singapore, will be appointed head of corporate and investment banking, Singapore. This comes as the bank merges corporate banking, investment banking as well as loan markets and syndication, Lee was quoted saying in the memo. Prior to his position at CIMB, he was an executive director of DBS' institution banking group.
Theedgemarkets has sought clarification from CIMB on this matter.
CIMB shares finished unchanged at RM3.64, valuing it at RM36.12 billion.
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