UOB appoints new CEOs for China and Hong Kong branch

[SINGAPORE] United Overseas Bank (UOB) announced key senior leadership changes in UOB China and the UOB Hong Kong Branch on Monday (Jun 8), as part of the bank’s efforts to accelerate cross-border growth between Greater China and Asean.Effective July 1 this year, Adaline Zheng will become the chief executive officer (CEO) of UOB China. She transitions from her role as CEO of the UOB Hong Kong Branch, succeeding Peter Foo, who is retiring after a 15-year tenure with the bank.Concurrently, George Tung, currently the bank’s country manager in South Korea, will succeed Zheng as the CEO of the UOB Hong Kong Branch.Commenting on the appointments, Wee Ee Cheong, deputy chairman and group CEO of UOB, said mainland China remains a key driver of trade and capital flows into Southeast Asia.“As the China-Asean economic linkages grow, we will continuously enhance capabilities to better support our customers’ cross-border needs while further deepening long-term client relationships. In Hong Kong, we are sharpening our role as a connector and value adder between mainland China and Asean, while strengthening our private banking and product capabilities to serve customers’ evolving wealth and investment needs,” Wee said.“Adaline and George are both home-grown UOB leaders with deep regional experience. They are well-placed to lead our local franchise into its next phase of growth,” he added.Asean IntelligenceGet insights into businesses across South-east AsiaGet the free reportIn Zhang’s new capacity, she will oversee UOB’s business and operations in mainland China, “driving its strategic priorities and expanding cross-border capabilities to deepen connectivity between China and Asean”, the release noted.Zheng has more than 20 years of banking experience across mainland China and Hong Kong SAR.She joined UOB China in 2018 as head of wholesale banking, before being appointed CEO of the Hong Kong Branch in March 2024.SEE ALSOAllianzGI in exclusive talks to buy UOB Asset Management: sourcesShe holds a Bachelor of International Finance degree from Shanghai Jiao Tong University.Tung, who is succeeding Zheng, has more than three decades of experience in the banking sector across Greater China, South Korea, and Asean.He joined UOB in 2010 and led the Hong Kong Branch’s Wholesale Banking division for 10 years before relocating to manage UOB South Korea in 2021.Tung holds bachelor degrees in Accounting as well as in Mathematics for Commerce from York University.In his new role as CEO of UOB Hong Kong Branch, Tung will be responsible for “setting the strategic direction, driving business growth and further strengthening the bank’s position as a key connector for clients across Hong Kong SAR, mainland China and Asean,” the release stated.Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.