03 May '11, 12pm

DBS hires new CEO for its Islamic unit

SINGAPORE : DBS Group has hired a new chief executive officer for its Singapore-based Islamic unit in a move it said underscores its commitment to grow its Islamic banking franchise in the region. Islamic Bank of Asia (IB Asia) has named Toby O'Connor as its CEO, a position that was practically vacant since December 2009, when his predecessor Vince Cook left the bank on "personal reasons". The post had been held on an interim basis by Eric Ang, a director at IB Asia. "O'Connor will lead the growth of IB Asia by ramping up investment banking, especially capital markets and private equity, in line with the bank's renewed focus on fee-income businesses," IB Asia said in a press statement. Though not directly, Islamic finance took a hit in the form of liquidity crunch as asset prices fell at the height of the global financial crisis. It was reported that IBA Asia had suffered ...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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