SINGAPORE — Oversea-Chinese Banking Corporation Limited (OCBC) has appointed Philip Spencer as its chief operating officer for its wholly owned subsidiary Bank of Singapore Limited (BOS), with effect from April 30, 2001.
BOS was established in 1954 but was revamped a year ago when it became OCBC’s dedicated financial subsidiary for e-commerce initiatives. Holding its own banking license and maintaining a minimum paid-up capital of S$100 million (US$55 million), BOS has three lines of business: finatiq.com, the consumer division; finixis.com, a financial and business solutions hub; and eVentures, a venture investment arm.
In a statement to the Singapore Exchange, OCBC said Spencer’s appointment reflects its commitment to BOS and its e-commerce strategy. Said Alex Au, OCBC’s chairman and chief executive officer, “[Spencer’s] appointment will not only further strengthen our senior eFinancial expertise, it also signals the Bank’s commitment to eBanking. With his demonstrated track record and his vast experience, we are confident that [he] will contribute significantly to the development and success of Bank of Singapore.”
Spencer will be responsible for managing the subsidiary’s daily operations and developing BOS into a globally recognized brand in e-financial services. He will also be responsible for formulating strategies and implementing business initiatives to advance BOS’s “buyer advocate” business model.
Prior to his BOS appointment, Spencer was head of Personal Banking at HSBC Singapore and was also responsible for setting up the bank’s call center and launching its Internet banking operations last year. The U.K. native has chalked up 27 years of banking experience since joining Midland Bank, U.K. in 1974.
