The creation of a web-led bank with an Asian network took a significant step forward Tuesday with the appointment of a chief executive.
Edmund Koh, currently chief executive of Prudential Assurance Corp. in Singapore, was given the job by joint venture partners Australia and New Zealand Banking Corp. and the Oversea-Chinese Banking Corp Ltd. (OCBC).
Koh, who prior to his position at Prudential held a number of positions within Citibank Singapore including vice-president, will assume the new role from January 8.
ANZ-OCBC joint venture chairman Alex Au said Koh would bring the necessary in-depth regional expertise to the role.
"With his knowledge and understanding of regional markets and consumers he will lead the development and implementation of the venture's unique service proposition and help build a leading regional brand," said Au.
He added that design and development of the bank was well underway with senior personnel from ANZ and OCBC currently leading market positioning, technical, operational and legal requirement work.
"Progress and development will escalate to new levels with Mr. Koh's appointment," he said.
ANZ and OCBC announced the project in July, targeting the 40 million "wired affluent" consumers that are expected in Asia by 2005.
Headquartered in Singapore, the venture will be separately branded to reflect the unique customer proposition that will be offered, the banks said.
The service is aiming to launch in the second quarter of 2001 -- SYDNEY (AFP)
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