KUALA LUMPUR: Hong Leong Bank Bhd (HLBB) named Tan Kong Khoon its new CEO yesterday, confirming reports that the former head of consumer banking at DBS Group Holdings Ltd was the top contender for the position.

HLBB said in a statement Tan would oversee the transformation of the bank “as it continues to evolve into a modern, relevant and leading bank in Malaysia and the region".

"We warmly welcome Mr Tan to his new role at the helm of HLBB. As we push forward with our plans to continue a trajectory of rapid growth, we believe that he will inject the new thinking and fresh ideas needed to implement innovative and modern strategies that will ensure we maintain HLBB's status as a leading bank in Malaysia and the region," said Raymond Choong, president and CEO of Hong Leong Financial Group Bhd, HLBB's controlling shareholder.

Tan, a Singaporean, 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.

He also has over 30 years of experience within the industry, having held various senior positions in multinational banks and financial institutions across Asia, including the Standard Chartered Bank, Citibank NA and Cigna International.

Most recently, he was group executive for the consumer banking group of DBS, where he led and managed strategy formulation and execution for consumer banking globally across the entire group.

Prior to his time with DBS, Tan was president and CEO of Bank of Ayudhya, Thailand, where he led and managed the whole banking group comprising banking, fund management, stockbroking and insurance businesses.

HLBB's CEO post was left vacant following Datuk Yvonne Chia's retirement on Sunday, earlier than her contract expiry date. She made the announcement to retire on March 29.

Chia served the banking group for 12 years, and under her stewardship HLBB has become one of the top five banking groups in the country.

During her tenure, HLBB undertook a RM5.06 billion takeover of the assets and liabilities of EON Capital Bhd, which was completed in May 2011. The 15-month acquisition went down in history as the longest bank takeover in Malaysia.

However, since the announcement of her retirement, there was no word about her replacement, which caused industry observers to question if HLBB's application for a replacement to Bank Negara Malaysia had hit some hiccups.

The application was said to have taken longer than expected because, being a foreigner, Tan's appointment was subject to international checks.

The banking group was earlier reported to have appointed veteran banker, Foong Pik Yee, as CFO earlier this year. Foong, who was former CEO of Standard Chartered Bank Lebanon, was also rumoured as a possible candidate for the CEO's post.

HLBB closed 40 sen or almost 3% higher at RM14.30 yesterday.

This article first appeared in The Edge Financial Daily, on July 02, 2013.