The news comes several days after reports that the Malaysian bank is letting go of its consumer, commercial and corporate banking heads in Singapore, following a review of its operations.
CIMB Singapore has appointed Merlyn Tsai, Benjamin Tan Wee Chuan and Foo Tsiang Wei as heads of its consumer, commercial and corporate banking divisions, replacing Josandi Thor, Yong Jiunn Run and Lai Ven-Li respectively in the roles, according to «The Business Times» (behind paywall), citing an internal memo.
Tsai, who joined CIMB Singapore in June, is currently its head of digital. She joined the firm from Fullerton Financial, where she was a senior vice president focusing on digital lending and microfinance, under CIMB Singapore's current CEO Victor Lee. She previously spent 10 years at Standard Chartered Bank in various roles in Singapore, China and Taiwan. She will take on the expanded portfolio as the bank grows its wealth management and digitalizes its retail banking franchise, the memo said.
Tan, CIMB Singapore's head of Asean banking and strategy management in group commercial banking, will also retain his portfolio while taking on the new role.
Foo joined the bank in May and is its head of investment banking. According to the memo, Foo will be in charge of the newly merged corporate banking and investment banking business, as well as loan markets and syndication. He previously held roles at DBS Bank, OCBC Bank, Standard Chartered Bank and Citi.
Streamlining Exercise
In the memo, Lee said the departures of Thor, Yong and Lai were «due to the streamlining exercise to optimize our structure and reduce the spans and layers of leaderships as part of the necessity of having to build a more cost-effective organization.»
All three will The appointments take effect December 1.
