bodyType

customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

hooksAmpRedirectArticle

articleSchemaContent

liveArticle

advertZone

sentiment

contentLock

topics

types

sections

paywallTypes

createdDate

publishedDate

sponsorType

urlAlias

moreOnThisArticles

commentCount

authorLocations

authors

corrections

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

articleSpeeches

socialHeadline

headline

images

flag

firstTopic

glossary

flattenTypeIds

image

relatedLinks

relatedNewsletters

__typename

sponsor

pdfFiles

seriesReverseOrder

series

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

readingTime

customTimezone

liveContents

SCMP Reporter

Kwong On Bank is to get a name change, new look and new Singaporean managing director as soon as Development Bank of Singapore (DBS) completes its takeover.

 William Hon, managing director of DBS' institutional banking group, is the man earmarked to take charge of day-to-day affairs.

 Mr Hon's name has been submitted to the Hong Kong Monetary Authority for approval. He will also serve as joint chief executive, alongside existing chief executive Kenneth Leung Ting-mow.

 The takeover, which should be completed within the next few weeks, will also see the bank's name changed to reflect its new owners.

 'It will be called DBS-Kwong On Bank,' said John Olds, DBS chief executive.

 DBS will appoint the majority of the bank's executive directors, but Kenneth Leung's brother, Ronald Leung Ding-bong, will remain as chairman of the traditionally family-run bank.

 DBS-Kwong On will remain an independent bank, but its products, services, branding and accountancy practices will be brought into line with the rest of the DBS banking group.

 'We will run it like a DBS operation, with the same processes and procedures,' Mr Olds said.

 This is likely to include upgrading its branches and automated teller machines (ATMs).

 A review of Kwong On's branch network will be conducted.

 However, Mr Olds said it was too early to tell whether any would be closed and replaced by ATMs or kiosks.

 'The world is undoubtedly going electronic. But . . . we are looking to expand,' he said.

 Mr Olds said he wanted to strike a better balance between retail and institutional banking. Kwong On is predominantly a retail bank.

 In December, DBS agreed to buy a 65 per cent stake in Kwong On from its four major shareholders, including Fuji Bank of Japan.

 A general offer is under way.



DBS takeover of Kwong On to bring facelift and new chief