Private Banks

EFG Further Strengthens its Business in Asia Pacific

Timothy Lo appointed as North Asia Vice Chairman.

EFG is committed to growing its business in Asia Pacific as part of its 2022 strategic plan. Today, it is therefore announcing the appointment of industry veteran Timothy Lo as EFG’s North Asia Vice Chairman as well as the hiring of additional Client Relationship Officers (CRO) to further strengthen its teams in Hong Kong and Singapore.

As North Asia Vice Chairman, Timothy Lo will report directly to Albert Chiu, Executive Chairman of EFG Bank, Asia Pacific. He will also work closely with Kees Stoute, North Asia CEO, and Richard Straus, North Asia Head of Private Banking, EFG Hong Kong branch, to support the bank’s CROs and help drive business growth in the region.

Timothy Lo has over 35 years of industry experience. He is joining EFG from Credit Agricole Indosuez, Hong Kong, where he has served as Deputy CEO and Commercial Head, North Asia, since 2017. During his tenure, he oversaw the management of all North Asia marketing units, including 40 relationship managers, and successfully increased both assets under management and the return on assets (ROA). Prior to that, Timothy Lo was Managing Director and Head of North Asia for CIC Investor Services.

With the aim of building and further enhancing the strengths of its CRO team in one of its core markets in Asia Pacific, EFG Hong Kong branch has hired eight new CROs, including Michelle Wu, who is joining the bank in the role of Team Head and Managing Director. Michelle Wu previously served as Private Banking Team Head at Credit Agricole Indosuez and brings with her 15 years of wealth management experience. She will be supported by Ben Chu in the role of Managing Director and Ashis Sengupta and Ernest Cheung as Directors. Michelle will report directly to Richard Straus, Head of Private Banking.

As part of EFG’s commitment to grow its Asian business, its Singapore branch has also hired three new CROs to strengthen its activities in South East Asia. In recent weeks, the industry veteran Nobuhiro Sano joined EFG Singapore as a Managing Director, together with Michael Ting and Yichen Shen. Nobuhiro Sano previously worked for Nomura Group, where he held various management positions since 2001, including Head of Wealth Management and Head of China Business Strategy at its Asian branches. The three CROs, who collectively bring more than half a century of banking experience to EFG, will report to Oliver Balmelli, Head of Private Banking and Deputy CEO, EFG Singapore.

 

Albert Chiu, Executive Chairman, Asia Pacific of EFG Bank, said: “Ensuring the balanced contribution of net new assets (NNA) from both our new and existing CROs is a key part in the bank’s NNA growth strategy. I am therefore excited to have on board senior bankers such as Timothy Lo and Michelle Wu alongside our new CROs: Their expertise and profound knowledge of the industry will be invaluable in helping us drive forward our strategy to achieve growth in Asia. EFG is continuing to attract highly experienced CROs in Asia Pacific as we increase our market presence in the region and enhance our service offering. I am convinced that with strong new leaders on board, our teams will be able to build on their good track record and achieve even greater success in the future.”