DBS chief executive retiring fter four volatile years
DBS Bank has announced that Amy Yip, the chief executive of its Hong Kong operations, will be retiring at the end of the year, although it's unclear if that's just from the bank or whether she is giving up work altogether.
In its statement, the bank said it was 'grateful to Amy for helping to steer the business through four volatile and eventful years for the financial sector'.
The bank was presumably less than grateful to Yip (pictured) for steering DBS into its minibond-type crisis. In addition to being chief executive, she was the managing director and group head of wealth management.
The bank finally extricated itself from that debacle a month ago when it agreed to repay HK$651 million to 2,160 of its customers who had the misfortune to buy its Constellation Notes which were similar in structure to the notoriously misnamed minibonds peddled by Lehmans and other banks on its behalf.
DBS repaid both the original investment and interest to 60 per cent of those customers that bought them, giving DBS the distinction of the highest repayment ratio among all of the banks in Hong Kong that sold these products.