CIMB Singapore, in another internal memo to staff, has announced its new heads for its consumer banking, commercial banking and corporate and investment banking in its Singapore office, according to efinancecareers.
See: CIMB Singapore fires three long-time banking heads amid business restructuring
The trio are Merlyn Tsai, Benjamin Tan Wee Chuan and Foo Tsiang Wei, who will replace Josandi Thor, Yong Jiunn Run and Lai Ven-Li as heads of the consumer banking, commercial banking and corporate and investment banking departments, respectively.
The appointments will take effect from Dec 1.
Tsai is CIMB’s current head of digital, who will take on an expanded portfolio while Tan, who is the head of Asean banking and strategy management in group commercial banking will retain his current portfolio in addition to his new role. Foo is currently the head of investment banking at CIMB Singapore.
In addition to announcing the new appointments, CEO Victor Lee expressed his disappointment that the previous memo was making its rounds in the media, with various speculations on why the outgoing senior managers were leaving.
"To clear any doubt on this matter, I would like to categorically state that their departure was in no way a reflection of their work or commitment to CIMB, and it was therefore highly regrettable that they were thrust into the spotlight and subjected to speculation in such a manner," says Lee.
"Their departure was due to the streamlining exercise to optimise our structure and reduce the spans and layers of leaderships as part of the necessity of having to build a more cost-effective organisation,” he adds.
