UOB has appointed new CEOs for its Chinese and Hong Kong markets. The bank, in a June 8 statement, said the leadership changes were part of the bank’s ongoing focus to “deepen regional connectivity” and “accelerate cross-border growth between China and Asean”.
Adaline Zheng, the current CEO of UOB Hong Kong Branch, is now the new CEO of UOB China. Zheng will succeed outgoing CEO Peter Foo, who retires after 15 years with the bank.
Meanwhile, George Tung, UOB’s country manager in South Korea, will take over as CEO of UOB Hong Kong Branch.
Zheng and Tung’s appointments will take effect from July 1.
“China is a key driver of trade, investment and cross-border flows with Asean. As the most connected bank in Asean, our deep local expertise and leading cross-border capabilities position us well to build the next phase of business momentum and growth,” says UOB’s deputy chairman and CEO Wee Ee Cheong.
We adds that the bank will “continuously enhance capabilities” to support its customers’ cross-border needs as economic linkages between China and Asean grow.
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“In Hong Kong, we are sharpening our role as a connector and value adder between mainland China and Asean, while strengthening our private banking and product capabilities to serve customers’ evolving wealth and investment needs,” Wee adds.
Zheng has over 20 years of banking experience in mainland China and Hong Kong. She joined UOB China in 2018 as head of wholesale banking and had responsibilities in corporate banking, commercial banking, financial institutions, structured trade and commodity finance, transaction banking and investment banking. She was appointed the CEO of UOB Hong Kong branch in March 2024.
Tung has over 30 years of banking experience in China, Hong Kong, South Korea and Asean. He joined UOB in 2010 and led the Hong Kong Branch’s wholesale banking business for a decade. His role included oversight of client coverage, investment banking, transaction banking, client fulfilment services and portfolio management. Tung was appointed the country manager of UOB South Korea in 2021.
“Adaline and George are both home-grown UOB leaders with deep regional experience,” says Wee. “They are well placed to lead our local franchise into its next phase of growth. I thank Peter for his years of contribution and leadership in building up the foundation for China-Asean connectivity business and wish him all the best in his retirement.”
