Aug. 8 (Bloomberg) -- The Monetary Authority of Singapore appointed Ong Chong Tee to succeed Teo Swee Lian as head of financial supervision as part of senior management changes aimed at strengthening the central bank’s leadership.
Teo, a deputy managing director, will step down from her current role Sept. 1 to become special adviser in the Managing Director’s Office, according to a statement on the central bank’s website yesterday. Ong, also a deputy managing director, will relinquish his current positions as head of monetary policy and investment, and financial development.
The changes to the financial supervision arm come after the MAS in June censured 20 banks, including UBS AG and Royal Bank of Scotland Group Plc, for attempting to fix interest rate levels in the island state. Teo in her new role will help the MAS “play a more active role” in international regulatory work, according to the statement.
“These changes are intended to strengthen our leadership bench, and to bring fresh perspectives to our core areas of work,” Managing Director Ravi Menon said in the statement.
Jacqueline Loh will succeed Ong as head of monetary policy and investment, and development and international, MAS said. Andrew Khoo will lead corporate development.
Edward Robinson, an assistant managing director of economic policy, was named chief economist in addition to his current position. Foo-Yap Siew Hong will become assistant managing director, special projects, in the Managing Director’s Office, according to the statement.
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