New CFO for DBS

After 30 years with the bank a DBS stalwart retires in favour of a JPMorgan hire.

DBS announced yesterday that its highly regarded CFO, Oon Kum Loon will retire after nearly 30 years with the Singapore bank.

Says Jackson Tai, DBS supremo: "All of us at DBS will miss her sharp mind, her unflappable disposition and her disciplined approach to business matters."

Kum Loon had been a stalwart of the bank and had been instrumental in the organizations recent overhaul of its risk management practices in line with Basel II.

Her replacement is, like Tai, from a JPMorgan background, and only joined in February to be Chief Administrative Officer. Jeanette Wong, a Singaporean, spent 16 years with the US bank and was most recently its chief country officer for Singapore. She is Singaporean, and at JPMorgan sat on global, regional and local management committees for global markets and emerging Asia.

In her new role she will oversee fund raising exercises as well as M&A. "I am confident she will be a highly effective CFO," says Tai, who is vice-chairman, CEO and formerly CFO.