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Helen Wong- OCBC Chief Executive’s Income Surged by 8% to $12.1M

According to OCBC’s annual report released on April 5, OCBC group chief executive Helen Wong saw an increase in her salary in 2023, as the bank achieved record full-year earnings.

Ms. Wong’s annual pay for the year amounted to $12.1 million, marking an 8 percent rise from the $11.2 million she earned in 2022. Her compensation surpassed that of Mr. Piyush Gupta, CEO of Singapore’s largest bank DBS, who received $11.2 million in 2023, representing a 27 percent decrease from the $15.4 million he earned in 2022.

In contrast, the highest-paid among the local bank chiefs was UOB’s Mr. Wee Ee Cheong, whose earnings amounted to $15.9 million, reflecting a 12 percent increase from the $14.2 million he earned in 2022.

Ms. Wong’s annual remuneration includes a base salary of $1.44 million, unchanged from 2022, along with a bonus of $6.35 million, deferred shares totalling $4.24 million, and additional benefits like club and car benefits worth $69,900.

While Ms. Wong’s pay increase was smaller compared to the 47 percent jump in salary she experienced in 2022, when her earnings rose from $7.6 million to $11.2 million, she was appointed group CEO on April 15, 2021.

OCBC’s full-year earnings soared by 27 percent to $7.02 billion in 2023, as revealed in results posted on February 28. This marked the first time the bank’s profits crossed the $7 billion milestone. Ms. Wong noted in the annual report the concentration of trade, investment, and wealth flows in Asia, with Asean-Greater China flows gaining prominence due to geopolitical tensions and the emergence of a multipolar world.

Furthermore, she highlighted the continued rise of Asian wealth, with personal financial assets in the Asia-Pacific region expected to grow by an average of about 8 percent annually over the next five years, outpacing the global average of 5 percent.

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