Philippe Paillart steps down as CEO of DBS for personal reasons
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DBS appoints President and COO Jackson Tai as new CEO
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Ng Kee Choe to oversee IT and Operations in addition to Risk and Singapore Senior Banker responsibilities
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Frank Wong appointed Chairman for Hong Kong operations and oversees Investment Banking and Securities in addition to Treasury & Markets
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Businesses to be realigned across the region to increase speed, reduce costs and better serve customers
SINGAPORE, SUNDAY, JUNE 23, 2002 - DBS Group Holdings said today that Jackson Tai has been appointed Vice Chairman of DBS Group Holdings and Chief Executive Officer of DBS Bank, succeeding Philippe Paillart, who is stepping down for personal reasons on June 30.
Paillart joined DBS Bank in July 2000 as Senior Managing Director for Consumer Banking from Ford Motor Credit Company and was appointed CEO of DBS Bank in January 2001.
Tai joined DBS Bank in July 1999 as Chief Financial Officer from J. P. Morgan & Co. and was appointed DBS Bank President and Chief Operating Officer in January 2001. In addition to being named Vice Chairman of DBS Group Holdings, Tai has been appointed a Director of DBS Bank, the principal subsidiary of DBS Group Holdings.
DBS Group Holdings also announced changes in the oversight responsibilities of its Corporate Office members, a reinforced emphasis on its Hong Kong operations, and realignment of its management structure across the region. These changes are expected to speed up decision-making, strengthen DBS' ability to capture cross revenue opportunities, continue to drive down operating expense, and improve customer service.
- Frank Wong will be appointed Chairman of Dao Heng Bank, that currently is 72% owned by DBS Bank. Wong will oversee all DBS operations in Hong Kong which also include DBS Kwong On Bank, DBS Hong Kong Branch, DBS Asia Capital, as well as DBS Vickers Hong Kong, with Randolph Sullivan continuing as Hong Kong Country Head. Wong will assume senior client responsibilities in Hong Kong and oversee the implementation of DBS' Greater China business strategy.
Wong continues as a member of the Corporate Office. In addition to Treasury and Markets, Wong will have oversight over Investment Banking and DBS Vickers Securities, with the aim of strengthening direct linkages and aligning business priorities among the origination, market making, derivatives, institutional and retail sales, and research at DBS.
- Ng Kee Choe, Vice Chairman of DBS Bank and a member of the Corporate Office, will oversee Information Technology and Processing and Servicing, in addition to his current oversight of Risk Management and Credit Management. The Bank will continue its emphasis on market risk and credit risk management, and aspires to be at the forefront of operational risk management as regulators in Singapore and abroad set out risk-based capital requirements in the future. Ng will continue to serve as Senior Banker with country responsibilities for the Bank's Singapore business.
As a new initiative, Rajan Raju, Managing Director and Head of Processing and Servicing, will also lead a Value Engineering group, reporting to the CEO. This initiative will extend the expense reductions of the past several quarters through process re-engineering and quality management.
Moving forward on strong momentum
Dhanabalan, Chairman of DBS Group Holdings and DBS Bank, said, "Philippe Paillart has shared with us his very valuable strategic and marketing insight. Our consumer skills and processes have been much enhanced, and our Consumer Banking group at this point is ready to move forward on very strong momentum. We thank Philippe for his stewardship and wish him well in his new endeavours."
Commenting on the leadership succession, Dhanabalan said: "DBS Bank has grown over the last three years in breadth and depth, in number and quality of products and services, as well as in our geographical reach. We have also built up management depth throughout the organisation. We will realise the benefits of our investments in people, products and infrastructure. Jack Tai has demonstrated the ability over the last three years to reinvigorate and integrate our operations and to strengthen our asset quality. He's a proven cross-functional leader, and brings out the full potential of our own people. We are confident that Jack will continue to drive the Bank towards better productivity, even better customer service, and stronger discipline in expense management.
"Tai will oversee the Consumer Banking business to ensure there is no change in our commitment to building up this business. He will also continue to oversee DBS' Thailand operations.
"We are confident that these changes will ensure our ability to serve our customers better and bring higher returns to our shareholders", said Dhanabalan.
Jackson Tai, 51, joined DBS Bank in July 1999 after a 25-year career in investment banking at J.P. Morgan & Co. Prior to joining DBS Bank, he served twice in Asia. From 1983 to 1986, he was Executive Director for J. P. Morgan Securities in Tokyo, and from 1992 to 1995, he was senior regional officer and head of investment banking for J. P. Morgan's Asia Pacific region. Before retiring from J. P. Morgan in 1999, Tai was senior regional officer and head of investment banking for J. P. Morgan's Western United States, based in San Francisco. Tai serves on the boards of Singapore Telecommunications, CapitaLand, Jones Lang LaSalle, and the Asian Civilisations Museum in Singapore.
Ng Kee Choe, 58, joined DBS Bank in 1970 and has held a number of senior positions. He was appointed Executive Vice President in 1990, Deputy President in 1994 and President of the Bank in 1997. Prior to joining DBS Bank, Ng served with the Singapore Government. He was recently appointed Chairman of Singapore Power, and serves on the Boards of Singapore Airport Terminal Services and Wing Lung Bank, Hong Kong. He is Governor of the Singapore International Foundation and Vice Chairman of The Institute of Banking and Finance.
Frank Wong, 54, began his career as a foreign exchange trader with Citibank in Hong Kong in 1966. For 14 years, he held senior level posts with J.P. Morgan in London and Hong Kong, and from 1991 to 1994 was Managing Director for Citibank Hong Kong and its North Asia Treasurer. Before his appointment with DBS Bank in March 1999, he was Chief Executive of National Westminster Bank in Hong Kong, and its Regional Managing Director for Asia Pacific between 1994 to 1999. Wong served as Chairman of the Hong Kong Futures Exchange, and was Chairman of its arbitration panel from 1995 to 1999. He also served in an advisory capacity on the Financial Services Advisory Committee of the Hong Kong Trade Development Council and the Finance Committee of the Hong Kong Housing Authority.
DBS Bank is the leading bank in Singapore, with dominant positions in consumer banking, treasury and markets, securities brokerage, Singapore dollar loans, deposits, and equity and debt fund raising. Through its Dao Heng Bank and DBS Kwong On Bank operations, DBS Bank is the fourth largest banking group in Hong Kong. Beyond the anchor markets of Singapore and Hong Kong, DBS Bank serves corporate, institutional and retail customers through its operations in Thailand, The Philippines, and Indonesia. The Bank's credit ratings are amongst the highest in the Asia Pacific region. More information about DBS Group Holdings and DBS Bank can be obtained through our company website www.dbs.com.
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