DBS head of institutional banking group in Hong Kong to depart

DBS Group Holdings’ head of institutional banking group Hong Kong, Wallace Lam, will be leaving South-east Asia’s biggest lender, according to a spokesperson.

Boris Chan, currently head of global transaction services for DBS Hong Kong, will succeed Lam, the spokesperson said when asked about the changes.

Chan will remain a member of the DBS Hong Kong Management Committee and report to DBS Bank Hong Kong chief executive officer Sebastian Paredes, and DBS Group deputy CEO and group head of institutional banking group, Tan Su Shan.

DBS is going through a change in leadership, with Tan set to take over from CEO Piyush Gupta in March. Last month, the bank named a new Singapore consumer banking head.

Singapore’s biggest banks are reaping benefits from wealthy clients shifting assets and trade to the Asian wealth hub. DBS Group’s second-quarter net income expanded 4 per cent to S$2.8 billion. That has helped its share price climb about 25 per cent so far this year, which exceeds an advance of about 10.4 per cent for the Singapore benchmark Straits Times Index.

Lam joined DBS Hong Kong in August 2021 when the bank sought to beef up its Greater China coverage. He resigned from HSBC Holdings in May that year. BLOOMBERG