SINGAPORE – Mr Jason Moo, who spent more than two decades at Goldman Sachs Group, will become the new chief at the private banking unit of OCBC Bank, according to a person with knowledge of the matter.

Mr Moo, a Singaporean, will start at Bank of Singapore in 2023, said the person, who declined to be identified discussing confidential details. The executive left Julius Baer Group in mid-December and will succeed Mr Bahren Shaari, who is set to retire at the end of 2022 after seven years in his current role.

Mr Moo and a Bank of Singapore spokesman declined to comment.

Bank of Singapore is among the top 10 private banks in Asia-excluding China, according to Asian Private Banker’s rankings and manages about US$114 billion (S$154 billion) in client assets.

The new chief executive will need to navigate a highly competitive industry where global wealth managers from UBS Group to Credit Suisse Group and Citigroup are vying for more market share in Asia. Meantime, the anticipated global economic slowdown and volatile markets are contributing to lower transaction volumes among wealthy clients.

Mr Moo was most recently head of private banking in South-east Asia at Julius Baer, which he joined in 2020 after his time with Goldman Sachs. At the US bank, he held roles including head of private wealth management for South-east Asia and Australia, as well as head of Asia-Pacific alternative capital markets in Hong Kong. BLOOMBERG