On Friday, OCBC announced that Tan Teck Long, the current head of wholesale banking, will take over as CEO on January 1, 2026 to replace Helen Wong. OCBC Chairman Andrew Lee at a statement. He added: “The strategic direction of OCBC to become a strong country in integrated financial services will not be interrupted.”
OCBC, No. 13 wealth’s Southeast Asia 500hoping to capitalize on financial flows between Southeast Asia and China, is expected to grow as the world’s second largest economy finds new trading partners. Although Singapore’s three major banks (DBS, OCBC and UOB) all exist in China, current CEO Wong’s OCBC is perhaps the most focused on bundling its Chinese and ASEAN businesses together.
Chinese companies are investing heavily in Southeast Asia, a way to diversify supply chains and find new markets for their goods and services. China and ASEAN are now each other’s largest trading partners.
OCBC’s pro-CEO has extensive experience in China, including leading DBS institutional banking in China. He is currently serving as a board director of the financial institutions affiliated to OCBC in Mainland China, Ningbo Bank and Maxwealth Fund Management Company.
OCBC shares rose 0.7% on the first trading day since the bank announced its appointment as CEO.
Who is Tan Teck?
Tan joined OCBC in 2022, just one year after he was about to become a former boss to take over as CEO. He currently leads its global wholesale banking business, which accounted for the largest share of OCBC revenue last year, at 42%.
After nearly three decades working at rival bank DBS, he jumped the boat and most recently he was its chief risk officer.
OCBC’s global wholesale bank revenue grew 35% under Tan’s tenure. According to its latest annual report, OCBC also reported that Chinese companies with new clients grew nearly 30% year-on-year.
Helen Huang’s legacy
Helen Wong was appointed CEO in 2021. Under her tenure, OCBC has reported record profits for three consecutive years, with strong growth in its banking, wealth management and insurance businesses.
Wong first served as a management cadet at OCBC in 1981. She then moved to HSBC and eventually rose to become the CEO of Big China for the UK Bank in 2015. She returned to OCBC as its global wholesale banking head, where her successor now takes on its role.
During her tenure, she also tried to seize the private Big Oriental Holdings, Singapore’s largest life insurance provider. OCBC currently owns 94% of the company, but great Eastern shareholders Rejected Private plan last week.
“Wong” has improved its competitive advantage as an integrated financial services group by ushering in a well-defined corporate strategy. ”
OCBC shares have risen more than 40% since Wong’s appointment as CEO, most of the improvements over the past year. However, OCBC’s stock lags behind DBS, and its share price rose more than 70% during the same period.
Huang cited her family reasons for retirement, but will continue to serve as chairman of OCBC China and chairman of OCBC Hong Kong.
