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Ref No: 20/2006
Veteran Hong Kong banker Amy Yip to be
DBS Hong Kong CEO on 1 October
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Randy Sullivan Retires After a 35-Year Banking Career
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NEW CEO TO STRENGTHEN HK FRANCHISE WITHIN
DBS PAN-ASIAN BANKING MODEL
SINGAPORE & HONGKONG, 29 August 2006 - DBS Group Holdings (DBSH)
announced today that Randolph G Sullivan, Chief Executive Officer of
DBS Bank (Hong Kong) Limited (DBSHK) will be retiring on 30 September
2006. Amy Yip, currently Managing Director, will be appointed CEO of
DBSHK on 1 October 2006.
Frank Wong, Chairman of DBSHK, said: As someone born and bred in
Hong Kong, with extensive international banking experience, Amy will
provide strong leadership and strategic direction in Hong Kong. She
will enhance DBS Hong Kongs fit into DBS pan-Asian banking model of
providing customers with an integrated and seamless experience across
business segments and geographies. She will continue as a member of
the DBS Group Management Committee, our Greater China Management Committee,
and will continue to be involved in guiding the wealth management business
regionally.
I am confident she will continue to build on the good work of Randy
and further strengthen our DBS franchise in Hong Kong.
Yip joined DBS in February this year to lead its regional wealth management
business, which comprises asset management and private banking. Prior
to joining DBS, she was the Executive Director of the Hong Kong Monetary
Authority. Yip also held senior positions at leading financial institutions
including Citibank Private Bank, Rothschild Asset Management and Morgan
Guaranty Trust, focusing on client advisory, business development and
fund management activities.
Sullivan, who will be 58 in September, worked for Bank of America
for 16 years and held various positions in the United States, Lebanon,
France, the United Kingdom, Greece, the Netherlands, and Bahrain. He
joined Dao Heng Bank in February 1987 as Chief Operating Officer &
Director. Sullivan currently is Vice President and Chairman of the Hong
Kong Institute of Bankers and a member of the Consultative Council of
The Hong Kong Association of Banks. He also serves as a member of the
Banking Advisory Committee of the Hong Kong Special Administrative Region.
Paying tribute to his colleague, Wong said: After a banking career
spanning more than 35 years, the last 19 of which was dedicated to Dao
Heng and DBS, Randy has decided to retire. It is a decision we accept
reluctantly. He has done a great job integrating our broad-based banking
activities in Hong Kong since our acquisition of Dao Heng Bank in June
2001. And he effectively led his management team to establish DBS as
the fifth largest banking group in Hong Kong. Today, we look to our
Hong Kong and Singapore operations as dual hubs for our growing pan-Asian
banking franchise.
We are pleased that Randy will stay into the fourth quarter to ensure
a smooth and orderly transition and wish him well as he retires to his
home in France to pursue his many other interests.
DBS also announced that, subject to regulatory approval, Chan Tak
Kin will be appointed Deputy Chief Executive of DBSHK on 1 October 2006
in a newly-created role to be primarily responsible for managing day-to-day
operations. He will be responsible for linking DBSHKs product, marketing
and support units, and will work closely with Yip and the Corporate
and Investment Banking Group to deepen key corporate relationships.
Chan joined DBS in September 2000 as a Managing Director and was seconded
to Dao Heng Bank (now DBSHK) in September 2001. Prior to joining DBS,
he was with Standard Chartered Bank for 11 years, where he had global
responsibility for several key consumer banking businesses and functions.
About DBS
Headquartered in Singapore, DBS is one of the largest financial services
groups in Asia with operations in 15 markets. The largest bank in Singapore
and the fifth largest banking group in Hong Kong as measured by assets,
DBS "AA-" and "Aa2" credit ratings are among the
highest in the Asia-Pacific region. DBS has leading positions in consumer
banking, treasury and markets, asset management, securities brokerage,
equity and debt fund raising. Beyond the anchor markets of Singapore
and Hong Kong, DBS serves corporate, institutional and retail customers
through its operations in China, India, Indonesia, Malaysia, Thailand
and The Philippines. More information about DBS Group Holdings and DBS
Bank can be obtained from our website www.dbs.com.
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