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Singaporean bank OCBC has appointed, effective October 1, Elaine Heng, presently the group chief strategy and transformation officer, as its head of global commercial banking, succeeding Linus Goh who will retire on September 30.
As well, Tan Yuen Siang, who currently runs the global financial institutions business and reports to Goh, will join the global wholesale banking leadership team. Both Heng and Tan Yuen Siang will report to Tan Teck Long, head of global wholesale banking.
In her new role, Heng will work closely with the commercial banking leadership team, the bank states, “to build on the strong foundation Goh has established to accelerate the bank’s digital and sustainability-led growth agenda in supporting its clients in the region”.
Heng joined OCBC in April 2024 and was appointed group chief strategy and transformation officer in November 2024. She has been a pivotal member in driving the creation of the OCBC Group’s long-term strategic roadmap, focused on future-proofing the group’s businesses and identifying new growth engines.
Prior to joining the bank, Heng served as CEO of retail business and deputy group CEO at FairPrice Group, where she led the omni-channel transformation of the S$4.5 billion ( US$3.49 billion ) business and launched one of the world’s fastest-growing digital banks. Before joining the FairPrice, Heng spent nearly 20 years in banking – including 15 years at Standard Chartered Bank – where she held senior leadership roles across wealth management, consumer and SME banking, and sales and distribution across Asia-Pacific.
Tan Yuen Siang joined OCBC in 2005 and assumed leadership of the global financial institutions business in 2021. Since then, he has played a pivotal role in transforming this business, focusing on expanding strategic partnerships with non-bank financial institutions.
“Heng is taking over a strong commercial banking team built by Goh over the last 17 years,” Tan Teck Long says. “She will bring to our commercial banking business new perspectives while continuing to build on the long-standing relationships Goh and the team have built among our clients.”
