Swiss bank EFG International poached a long-standing Credit Suisse banker for its board as well as a key role in bolstering its Asia business.
EFG International said it will propose Fong Seng Tee (pictured below) for election to board at a shareholder meeting next April. In addition, Tee will chair EFG’s advisory board for Asia, a new body to be established by year-end.
The board will guide and advise the bank’s Asia leadership under Albert Chiu on strategies for growth in Asia, the Zurich-based bank said on Monday.
EFG will be hoping to cash in on Tee's nearly 40-year career in Asia, including several leadership roles. The Greek-owned bank's Asian book has been under Chiu's leadership since its inception in 2000; as finews.com reported last month, it could do with fresh impetus. Just 15 percent EFG's assets are from Asia.
Tee possesses nearly 40 years experience in banking, including several leadership roles. He joins EFG from Credit Suisse, where he has been in senior management of private banking in Asia since 2009.
Industry Connections
Most recently, Tee was vice-chairman of private banking in the region. Until last year, he ran Credit Suisse's Hong Kong branch as well as greater China before Francois Monnet replaced him in the job. Before joining Credit Suisse, he worked at UBS, including as deputy branch manager in Singapore from 2007 to 2009.
Tee is an industry luminary: he chaired the steering committee for wealth management at the Institute of Banking and Finance Singapore for six years. From 2008 to 2013, he was chairman of the private banking industry group competency and manpower committee, which rolled out the financial industry competency standard in Singapore.
Tee is an accountant with a business degree from the National University of Singapore.
