Excitement is in the air at UOB Thailand with the announcement on June 11, 2024, of Mr. Richard Maloney as the new Chief Executive Officer, effective July 1, 2024. Mr. Maloney is all set to take over from Mr. Tan Choon Hin, who has led UOB Thailand with distinction since 2016. Mr. Tan will be heading back to Singapore to embrace a new role as the Deputy Head of Group Governance, Risk and Compliance. Meanwhile, Ms. Vira-Anong C Phutrakul will step in as the Head of Wholesale Banking and Deputy CEO of UOB Thailand.
Mr. Maloney brings a treasure trove of experience to the role, with a staggering four decades in the banking industry. His illustrious career spans Wholesale Banking, Capital Markets, and Retail Banking. Since joining UOB in 2014, he has been serving as the Chief Operating Officer (COO) of Group Wholesale Banking. Before UOB, Mr. Maloney was the Chief Operating Officer for ASEAN at a global bank, and his career journey has whisked him through finance roles in New York, London, Hong Kong, and Singapore.
While steering the helm as COO for Group Wholesale Banking, Mr. Maloney was the driving force behind UOB’s business growth. He deftly handled a portfolio of essential business support functions such as infrastructure and product development projects, anti-financial crime operations, client services, deal implementation, and even data monetization efforts. In his new role, Mr. Maloney will now take the reins to enhance UOB Thailand’s digital capabilities, diversify its product offerings, and forge stronger connections with market opportunities both in Thailand and across UOB Group’s regional network.
Wee Ee Cheong, Deputy Chairman and Chief Executive Officer of UOB, shared his excitement, saying, “UOB is committed to investing in our regional franchise for sustainable growth, especially in a crucial market like Thailand. Richard, with his seasoned banking experience, is poised to lead the next growth chapter for our Thailand franchise, alongside Vira-Anong, another industry expert. We warmly welcome Choon Hin back to the head office, where he will spearhead efforts in governance, risk, and compliance across the Group.”
The spotlight also shines on Mr. Tan, who embarked on his UOB journey in 2012 as Head of Group Credit (Retail). He wore several hats, including Head of Group Business Banking in 2016, before stepping into the CEO role at UOB Thailand. Under his dynamic leadership, UOB Thailand blossomed into the second-largest foreign bank and one of the top three card issuers in the nation. Mr. Tan championed key strategic priorities that facilitated foreign direct investments into Thailand and supported regional clients in exploring new markets.
In his new chapter as Deputy Head of Group Governance, Risk and Compliance, Mr. Tan will play a pivotal role in refining the Bank’s risk management strategies to bolster governance and foster a robust risk culture within the organization. His functional responsibilities will encompass Group Risk Management, Group Compliance, Group Legal and Secretariat, and he will oversee various transactional credit approval groups and asset recovery management.
Ms. Vira-Anong C Phutrakul, who takes on the role of Head of Wholesale Banking and Deputy CEO, previously commanded the helm as Head of Retail and Brand in UOB Thailand. Her rich tapestry of experience includes holding senior leadership positions in both retail and wholesale banking at Citibank Thailand before she joined UOB in 2022. Her mission was to seamlessly integrate Citigroup’s consumer business into UOB Thailand.
A cornerstone of the Bank’s regional franchise, UOB has proudly operated in Thailand for over two decades. The excitement grew in November 2022 when UOB announced the successful acquisition of Citigroup’s consumer banking businesses in Thailand. With an expanded network of touchpoints and partnerships, UOB Thailand is now poised to offer an enriched array of products, services, and benefits to its enlarged and ever-growing customer base.
As the new chapters unfold, there’s a palpable sense of anticipation and optimism in the air. UOB Thailand stands ready to scale new heights under the new leadership, continuing its tradition of excellence and innovation in the financial landscape.
I’m excited to see what Mr. Maloney can bring to the table. His experience seems incredible!
There’s no doubt his resume is impressive, but moving from COO to CEO is a different ball game. Will he be able to handle the pressure?
Good point, but if he’s been leading big projects already, CEO might just be the next logical step for him.
I agree, Shawn. Plus, UOB seems confident in his abilities, which is a good sign.
What’s awesome about UOB Thailand acquiring Citigroup’s consumer banking? Just another big bank getting bigger.
Well, from a customer perspective, it might mean better services and more product options.
Don’t be naive, Samantha. It might just lead to more fees and less personal service.
Why does everyone care so much about these CEO changes? Bank CEOs are just there to make more money for the shareholders.
CEOs can drastically shape the direction and culture of a company. Look at UOB Thailand’s growth under Mr. Tan.
CEO decisions trickle down and affect employees and even customers. It’s more impactful than you think.
Maybe, but at the end of the day, who really feels the impact? The elite, not the average person.
Richard Maloney’s focus on digital capabilities could be groundbreaking for UOB Thailand.
Absolutely! Digitization is the future of banking. UOB might vault ahead of competitors with the right tech.
But tech alone won’t solve everything. Customer relations and traditional services still matter.
True, Marla. It’s got to be a balanced approach. But innovation usually brings more good than harm.
Interesting move for Mr. Tan, going back to a governance and risk role. Seems less glamorous than being a CEO!
Some might see it as a lateral move, but governance is crucial. Maybe he sees it as a way to make a broader impact.
Governance is a growing field, especially in banking. Managing risk well is where the smart money is.
I think Ms. Vira-Anong’s role as Head of Wholesale Banking is being overlooked. She’s got a solid track record too.
Another bank exec shuffle, big whoop. Does the average person really care?
Actually, it can affect things like loan policies, local investments, and job opportunities!
True, but it’s hard to feel that when you’re removed from the corporate world.
More importantly: will any of these changes help reduce the fees and charges that banks love to slap on us?
Highly doubt it. Banks exist to maximize profit. Fee reductions rarely happen without a fight.
Never say never, Elaine. Sometimes new leadership brings progressive changes!
Let’s not forget about sustainability. How will UOB’s new leadership address environmental concerns?
Isn’t the banking industry resistant to change anyway? New CEO, same old tricks.
It’s fascinating how UOB promotes from within. But is it really new when it’s just reshuffling existing staff?
Hope Maloney can bring some of that NYC hustle to Thailand. Might invigorate the place!
Why is Richard Maloney moving from Group Wholesale Banking to CEO a surprise? It sounds like a strategic move.
Financial institutions have to be careful about internal promotions. Sometimes a fresh perspective from outside does wonders.
Richard Maloney’s resume looks outstanding, but it’s always interesting to see how someone transitions into leadership. The stakes are high!
With all this attention on new CEO appointments, what about the board’s role in guiding these decisions?
Vira-Anong’s transition seems seamless. Let’s hope she brings innovative wholesale banking strategies to the table.
I really hope UOB under Maloney’s leadership focuses on financial literacy programs in Thailand. It’s much needed.
It’s more about who the CEO is than what they promise to do. Charisma and leadership style matter!