Wallace Lam, the Head of Institutional Banking for DBS Group Holdings in Hong Kong, is set to leave the bank, according to a Bloomberg report citing a spokesperson from Southeast Asia’s largest lender.
Lam, who joined DBS Hong Kong in August 2021, had previously resigned from HSBC Holdings earlier that year to bolster DBS’ Greater China strategy.
Boris Chan, who currently heads global transaction services for DBS Hong Kong, will succeed Lam.
Chan will continue as a member of the DBS Hong Kong Management Committee, reporting to both DBS Hong Kong CEO Sebastian Paredes and Tan Su Shan, DBS Group’s deputy CEO and Group Head of Institutional Banking.
This leadership transition is part of broader changes at DBS, with Tan set to take over from current CEO Piyush Gupta in March.
Last month, DBS appointed Calvin Ong as head of its consumer banking division in Singapore to strengthen the bank’s capabilities in that sector.
Ong replaced Shee Tse Koon, who has moved to a regional role overseeing DBS’ international markets.
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