Swiss investment bank UBS has appointed industry veteran Edmund Koh as the first Singaporean president of UBS Asia Pacific.
Mr Koh, the head of wealth management for Asia Pacific and country head Singapore, will also join the group executive board of UBS. He takes up both positions on Jan 1.
Mr Koh has more than 30 years' experience in senior roles in the financial industry. He joined UBS in 2012 as its head of wealth management for South-east Asia.
He was also managing director and regional head, consumer banking, at DBS from 2001 to 2008.
Mr Koh takes over from Ms Kathy Shih, who is retiring after more than three decades at UBS.
Ms Shih was also head of wealth management for Asia Pacific at UBS from 2002 to 2015, during which invested assets grew to nearly 300 billion francs (S$415 billion) from around 60 billion Swiss francs, and the firm opened domestic wealth management operations in Japan, Taiwan and China.
She made significant contributions to the development of UBS' philanthropic and community affairs programmes in the region, the bank said.
Meanwhile, UBS veteran Markus Ronner will join the group executive board on Nov 1.
Mr Ronner, head of group regulatory and governance, joined the firm as an apprentice in 1981. He has held various positions, including chief operating officer asset management and head of products and services.
UBS group chief executive Sergio Ermotti thanked Ms Shih for the "immensely positive impact" she made on UBS: "We would not be the clear No. 1 wealth manager in Asia-Pacific without Kathy's contribution.
"I welcome Ed and Markus to the group executive board. They both have an excellent track record at the firm and I'm convinced they'll continue to help us drive the success of UBS."