DBS Group Holdings’ head of institutional banking for Hong Kong, Wallace Lam, is leaving the bank, according to a spokesperson. Boris Chan, current head of global transaction services for DBS Hong Kong, will replace him. Chan will continue to serve on the DBS Hong Kong Management Committee and report to CEO Sebastian Paredes and group deputy CEO Tan Su Shan. The leadership change comes as Tan prepares to succeed CEO Piyush Gupta in March. DBS, benefiting from wealthy clients shifting assets to Asia, reported a 4% rise in second-quarter net income to SGD2.8bn, boosting its share price by 25% this year. Lam joined DBS Hong Kong in 2021 after resigning from HSBC.