DBS Hong Kong has named Peter Tung as the new head of private banking for Greater China, replacing Januar Tjandra.

Tung’s remit includes the bank’s private banking operations in Hong Kong, Macau, Mainland China and Taiwan.

DBS Private Bank group head Joseph Poon said: “The Greater China market remains a key focus as we continue to strengthen our position as a leading wealth manager in Asia.

“With Peter’s deep expertise spanning private wealth management, corporate finance and investment advisory, we believe he will be a valuable addition to the team, and are excited to have him on board this journey.”

Tung was a partner at family office Venturous Capital before joining DBS.

He worked for over 17 years at Morgan Stanley Asia Private Wealth Management.

In his financial career of more than 26 years, he also had a stint at UBS Wealth Management as the head of the Ultra High Net Worth Greater China business.

DBS Hong Kong CEO Sebastian Paredes said: “Peter is an industry veteran, and brings with him a deep understanding of the needs of high net worth individuals and families, which is invaluable as we seek to further grow our wealth management business and enhance our strategic capabilities.”

Recently, DBS confirmed plans to hire over 2,000 people this year in Singapore despite the market turbulence caused by the Covid-19 crisis.

The bank also assured that there will be no redundancies.