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PETALING JAYA: A change at the top position of OSK Investment Bank Bhd (formerly known as OSK Securities Bhd) is on the cards, according to sources.
An application has been made to Bank Negara for approval of U Chen Hock (pic), currently director/head of banking at OSK Investment Bank, to head the investment bank.
U is tipped to fill the position that will be vacated by Ong Leong Huat, who has been group managing director/CEO of OSK Investment Bank since 2007. Prior to that, Ong was managing director/CEO of OSK Securities from July 1985 till January 2007.
Ong, who has appeared in the 2007 and 2008 Forbes 40 richest list in Malaysia, owns over 30% in the parent company, OSK Holdings Bhd, which has stakes in OSK Property Holdings Bhd and OSK Ventures International Bhd.
Industry sources said under the new governance rules, major shareholders of banking related institutions should not take on the main role of running those organisations.
U has worked over 30 years in HSBC, rising up the ranks from graduate trainee to branch manager, to head of corporate and then, personal financial services.
In 2008, he was seconded to head the personal financial services business of HSBC Taiwan and subsequently to lead the strategy and business development unit (Islamic banking, Asia Pacific) in Hong Kong.
U, who was president of the Financial Planning Association of Malaysia for three years before going to Taiwan, joined OSK Investment Bank last year.
For the nine months of financial year ended Dec 31, 2010, OSK Holdings recorded a net profit of RM77mil (RM75.5mil previously), with third quarter net profit of RM33.6mil (RM34.6mil previously).
My comments about Mr.U Chen Hock: He is very friendly and helpful person. He will willing to share his time just to listen my problem and help me to find the best solution....
