OCBC Bank CEO Samuel Tsien's remuneration jumps 60%

OCBC chief executive officer (CEO) Samuel Tsien has earned a 60 per cent pay hike in a nod to the work he is doing to expand the lender's regional presence.

He took home $8.8 million in total remuneration last year, up from the $5.5 million he earned in the previous year, said OCBC in its annual report released on Friday.

The bulk of Mr Tsien's pay came from bonuses of $4.5 million, while salary and fees added up to $1.2 million and the value of share awards was $2.25 million.

He's seen as being instrumental in OCBC's push into the Greater China market, having just sealed the deal to buy Hong Kong's Wing Hang for $6.23 billion.

The agreement, announced on Tuesday, is the biggest takeover deal by OCBC.

Even though OCBC's core net profit for the full year fell by 2 per cent to $2.77 billion, it logged a record net interest income of $3.9 billion last year, up 4 per cent from the previous year.

But Mr Tsien's pay still lags that of his peers at the other local banks.

DBS CEO Piyush Gupta and UOB CEO Wee Ee Cheong each took home $9.2 million last year, as the two lenders reported record results.

OCBC chairman, Cheong Choong Kong, meanwhile, remained the best paid chairman at local banks.

His total remuneration, which stood at $2.26 million, comprised $2.1 million in salary and fees.

Other benefits like club and car benefits as well as shares awarded made up the rest of his pay package.

DBS chairman Peter Seah received $1.84 million while UOB chairman emeritus Wee Cho Yaw earned about $1 million.

UOB chairman Hsieh Fu Hua took home $619,000. He assumed the position in April last year.

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