(Updates with comment from Temasek in second paragraph, Cryan’s biography in fourth.)
Jan. 4 (Bloomberg) -- Temasek Holdings Pte hired John Cryan, the former chief financial officer of UBS AG, as its president for Europe, effective Jan. 1, according to an e-mailed statement from the Singapore state-owned investment company.
“We continue to evolve and grow to support our strategy and anticipate the opportunities and challenges ahead of us,” Temasek said in the statement. “John Cryan adds depth to our bench strength, bringing with him considerable experience and capabilities to our senior leadership focus on markets.”
Temasek’s investments in North America and Europe accounted for 8 percent of its S$193 billion ($150 billion) portfolio as of March 31 last year, according to its website. European banks, under pressure from regulators to bolster capital, are selling some of their fastest-growing businesses as the region’s sovereign-debt crisis worsens.
Cryan’s other positions at Zurich-based UBS included global head of the financial institutions group at its investment bank and chief executive officer of UBS Ltd., according to Temasek. He was also chairman and CEO of UBS’s business in Europe, Middle East and Africa. He has more than 19 years of experience in providing strategic and financial advice to companies in the financial services industry worldwide, according to Temasek.
--Editors: Andreea Papuc
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