Company Briefs: YTL PowerSeraya

YTL PowerSeraya

The chief executive officer of YTL PowerSeraya, Mr Chan Swee Huat, retires on Jan 15 and will be succeeded by the energy producer's former CEO John Ng.

Mr Chan took over the helm from Mr Ng in October 2013.

Mr Ng was the CEO of YTL PowerSeraya from 2009 to 2013. He steered the growth of the company to maintain its strong success, before taking on a similar role at Singapore LNG, YTL PowerSeraya said in a statement yesterday.

Mr Ng has over 35 years of experience in Singapore's energy sector. He also chairs the Workplace Safety and Health Council and is vice-president of the Singapore National Employers Federation.

YTL PowerSeraya chairman Francis Yeoh Sock Ping said: "(Chan) Swee Huat is a proven leader who has delivered stable growth in his tenure, and we credit this to his relentless dedication to our people and customers. John has a deep understanding and experience of our business and the industry... We are confident that John is well suited to lead YTL PowerSeraya in this increasingly competitive landscape to drive innovation and further strengthen our position as an integrated energy player in Singapore."

Mr Chan will be an adviser to YTL PowerSeraya's parent YTL Power International.


UOB

United Overseas Bank has renewed its regional bancassurance arrangement with Prudential for 15 years. Prudential will pay the bank a fee of $1.15 billion over this period.

The new pact extends the original alliance, which commenced in 2010, to 2034, and will include Vietnam as a fifth market.

Under the arrangement, UOB will distribute Prudential's life insurance products to its consumer banking customer base in Singapore, Indonesia, Malaysia, Thailand and Vietnam.

Mr Wee Ee Cheong, deputy chairman and group chief executive officer of UOB, said the renewed agreement reflects the long-term approach and success of this partnership.

Group chief executive of Prudential Mike Wells said: "We have built a highly effective bancassurance partnership with our colleagues at UOB that has driven double-digit annual sales and new business profit growth since 2010... We believe there is a significant opportunity for future growth in South-east Asia and the renewal reflects our commitment to using our capabilities to benefit our customers and shareholders."

A version of this article appeared in the print edition of The Straits Times on January 11, 2019, with the headline 'Company Briefs'. Print Edition | Subscribe