Mastering Skills, Inspiring Lifelong Learning · 2015-06-27 · Goh Siew Lian Citibank N.A. Koh Wan...

Mastering Skills, Inspiring Lifelong LearningAnnual Report 2014/2015

B The Institute of Banking & Finance

Annual Report 2014/2015 1

Annual Report 2014/2015

The IBF Annual Report 2014 / 2015showcases IBF’s initiatives, in partnership with the industry, to enhance professional capabilities and industry standards. This ensures our financial industry practitioners develop their potential to the fullest and aim for the highest levels of excellence in their professional development. Continuously master the skills of your trade. Inspire a journey of lifelong learning.

VISIONThe Asian standard of excellence for practitioners in finance.

MISSIONTo empower practitioners with capabilities for a robustAsian financial industry.

ABOUT IBFThe Institute of Banking and Finance Singapore (IBF) was established in 1974 as a not-for-profit industry association to develop the professional competencies of the financial sector. IBF serves as the national accreditation and certification agency for the IBF Standards (previously known as the Financial Industry Competency Standards or FICS). IBF develops industry standards and identifies professional development pathways to uplift the competency of financial sector practitioners. In partnership with the financial industry and training providers, IBF is dedicated to promoting the Asian standard of excellence for practitioners in finance.


CONTENTS2 Vision and Mission4 Chairman’s Message6 IBF Council8 IBF Standards Committee9 IBF Working Groups16 Year In Review26 IBF Membership31 Report of the Council Members and Audited Financial Statements55 Notice of Annual General Meeting56 Corporate Information59 Proxy Form

4 The Institute of Banking & Finance

2014 was a major milestone in IBF’s history. As we celebrated IBF’s 40th anniversary, we unveiled IBF’s new mission to empower practitioners with capabilities for a robust Asian financial industry. The previous “Financial Industry Competency Standards (FICS)” was re-launched as the IBF Standards, which now offers a seamless practice-oriented development roadmap for the industry. A new certification mark was unveiled, to symbolise the close partnership that IBF holds with the industry and the individual practitioner.

Let me again give thanks to our IBF Pioneers, Council Members past and present, Partners and Stakeholders for their vision and hard work which helped make IBF what it is today, an institution relentless in its promotion of competency in finance.

Let me share some key highlights of the past year’s efforts.

We conferred our inaugural batch of IBF Fellows - 41 industry veterans who have demonstrated mastery of their profession and exemplified thought leadership and commitment to industry development. Nominated by their peers and supported by their employers, IBF Fellows complement our existing cadre of IBF Distinguished Fellows to mentor IBF-certified practitioners.

We continued to enhance adoption of the IBF Standards as a professional development roadmap for the industry. As at end-2014, more than 15,000 practitioners have

been trained, 7,500 of them assessed, and more than 2,500 certified. Last year, IBF completed reviews of the IBF Standards for Financial Planning, Risk Management, and Technology and Operations. Together with the revised Standards for Compliance, Corporate Banking, Life Insurance, General Insurance and Wealth Management, more than half of the segments covered under the IBF Standards have been revised to meet industry needs.

We stepped up our outreach efforts. The IBF Connect has gained prominence as a platform for certified finance professionals to network, share experiences, and discuss industry developments. In 2014, we organised IBF Connects for Compliance and Private Banking professionals, which saw turn-outs of about 150 participants each. IBF is slated to stage IBF Connects for Financial Planning as well as Technology and Operations practitioners this year.

IBF has been appointed as Administrator for the Financial Training Scheme (FTS). In 2014, IBF recognised nearly 900 FTS programmes. Together with the 200 programmes accredited under the IBF Standards, financial institutions now have a wide selection of programmes recognised / accredited by IBF and subsidised by the Financial Sector Development Fund (FSDF). To further streamline the processing of claims for FSDF training subsidies, IBF launched the IBF Portal (Funding module) in 2014.

IBF has its work cut out for the coming year, with initiatives on several fronts.

CHAIRMAN’S MESSAGE

Lifelong Learning, Deepening Skills


A key priority will be to support the national SkillsFuture movement. IBF will be working closely with the Monetary Authority of Singapore (MAS) and the Singapore Workforce Development Agency (WDA) to provide Singaporeans aspiring to a career in finance with opportunities to build and master skills in financial services. IBF will work to foster fruitful collaborations among employers, training institutes, and individuals to provide meaningful learning pathways and training opportunities. Continuing education and lifelong learning will become increasingly important areas of focus in the next stage of IBF’s journey. IBF will step up its work on Continuing Professional Development (CPD). IBF has already been supporting the CPD efforts of the private banking industry in the last three years. In 2015/2016, IBF will expand its reach to also identify CPD programmes for financial advisors, trading representatives and remisiers.

Expanding on the success of the IBF Connects, IBF will launch a new IBF-CACS Connects series dedicated to support the private banking community. This series will allow the private banking community to benefit from a broader network and better access to renowned speakers and thought-leaders.

IBF will introduce further enhancements to the IBF Portal. Financial training providers will benefit from a more streamlined accreditation process for their programmes. Financial institutions will be able to plan a wider offering of training programmes for their employees. Individuals will be able to track their own CPD-records and work towards professional certification. Stronger data-analytics will help identify competency gaps and better align learning outcomes with pre-identified competencies. The vision is to make the IBF Portal a one-stop resource for the industry’s learning and development needs.

Let me, on behalf of the IBF Council, place on record our deep gratitude to Mr Wee Ee Cheong, Chairman of the IBF Standards Committee; Mr Shirish Apte who leads the IBF Audit Committee; and Mr Magnus Bocker, who chaired the IBF Investment Committee. I would also like to thank Mr Christopher Ho, who ably served the IBF Council before

stepping down in 2014. I would also like to thank the various IBF Working Group Chairpersons and their Members for their tireless efforts and valuable contributions.

I look forward to our Members’ continued support and partnership in the coming year. We must inculcate in the financial industry a culture of lifelong learning and a commitment to deepen skills at all levels. Only then can we ensure the continued growth of our financial centre and that those working in the industry will realise their potential and share in the fruits of that growth.

Ravi MenonChairmanIBF Council


IBF CouNCIl

Ravi MenonChairman of IBF Council;Managing Director,Monetary Authority of Singapore

Shirish ApteChairman of Audit Committee

Aw Tuan KeeMember, Audit Committee;Director, Higher Education Finance,Ministry of Education

Wee Ee CheongVice-Chairman of IBF Council;Chairman of IBF Standards Committee;Deputy Chairman & CEO,United Overseas Bank Limited

Guan Yeow KwangMember of Audit Committee;Chairman, Subcommittee on Manpower Development, Singapore Foreign ExchangeMarket Committee (SFEMC);Senior Joint General Manager,Asia & Oceania Division, Mizuho Bank, Ltd

Magnus BockerChairman of Investment Committee;Chairman of IBF Branding andMarketing Outreach Workgroup;CEO, Singapore Exchange Limited (SGX)

The IBF Council provides guidance on the strategic direction of IBF. It is made up of representatives from financial institutions, industry associations and government agencies.

Samuel TsienChairman, Association of Banks in Singapore (ABS);Group Chief Executive Officer and Director,Oversea-Chinese Banking Corporation Limited

Nicholas HadowMember of Investment Committee;Chairman, Investment Management Associationof Singapore (IMAS);Director, Business Development,Aberdeen Asset Management Asia Limited

Philip leeMember of Investment Committee;Vice Chairman for South-East Asia Chief Country Officer, Singapore,Deutsche Bank AG


Piyush GuptaChairman of IBF e-System Advisory Committee;CEO and Director,DBS Group

Derek TeoExecutive Director,General Insurance Association of Singapore (GIA)

Michael ZinkHead of ASEAN,Citi Country Officer, SingaporeCiti

Jacqueline lohDeputy Managing Director (Monetary Policy & Investment / Development & International),Monetary Authority of Singapore

Karine KamChief Executive, Singapore College of Insurance Limited

lim Cheng TeckChief Executive Officer, ASEANStandard Chartered Bank(Appointed to IBF Council on 12 June 2014)

Goh Eng GheeDeputy Chief Executive(Industry & Workforce Cluster)Singapore Workforce Development Agency

Council Members who stepped downChristopher Ho

Non-Council AdvisorsLester GrayAdvisor to Investment Committee(18 Sep 2013 to 31 Dec 2014)


IBF STANDARDS CoMMITTEE

The IBF Standards Committee comprises members representing various sub-sectors of the financial services industry. The Committee provides leadership for the development and implementation of the IBF Standards, certification and Continuing Professional Development (CPD) for the financial industry. IBF plays the role as the Committee’s executive arm to implement these initiativesto raise industry standards.

ChairmanWee Ee CheongDeputy Chairman & CEOUnited Overseas Bank Ltd

MembersMagnus BockerChief Executive OfficerSingapore Exchange Ltd

Vincent ChooChief Risk Officer & Executive Vice President Oversea-Chinese Banking Corporation Limited

Paul CobbanChief Operating Officer, Technology and Operations DBS Bank Ltd

Mack EngCountry PresidentACE Insurance Limited

Guan Yeow KwangSenior Joint General ManagerAsia & Oceania DivisionMizuho Bank, Ltd

Azzli Jamain Director, Creative & Professional Services DivisionSingapore Workforce Development Agency

Kong Eng HuatChief Executive OfficerSingapore Branch and South East AsiaEFG Bank AG

Loh Hoon SunManaging Director Phillip Securities Pte Ltd

Irene NgRegional Chief UnderwriterAsia Life/HealthGeneral Reinsurance AG, Singapore Branch

Susan SohManaging DirectorSchroders Investment Management (Singapore) Ltd

Tan Hak LehChief Executive OfficerAIA Singapore Private Limited

Lily TeoManaging DirectorHead of Legal & Compliance, Asia PacificUniCredit Bank AG

Eric Tham Managing Director & HeadGroup Commercial BankingUnited Overseas Bank Ltd

Ong Puay SeeChief Executive Officer, IBF

Members who stepped downGilbert Kohnke


IBF WoRKING GRouPS

BRANDING AND MARKETING ouTREACH

ChairpersonMagnus BockerSingapore Exchange Ltd

MembersPatricia EnslowUBS AG

Peter HattStandard Chartered Bank

Deborah HoBarclays Bank PLC

Jean LeeBank of Singapore Ltd

John PatersonCredit Suisse AG

Susan SohSchroders Investment Management (Singapore) Ltd

Jacquelyn Tan United Overseas Bank Ltd

CACS CoNTINuING PRoFESSIoNAl DEvEloPMENT ADvISoRY GRouP (CPDAG)

ChairpersonPeter FlavelJPMorgan Chase Bank, N.A.

MembersChan Cher TeckThe Hongkong and Shanghai BankingCorporation Limited, Singapore Branch

Jeff CutterCitibank N.A.

Kong Eng HuatEFG Bank AG

Jean LeeBank of Singapore Ltd

Joey LeeUnited Overseas Bank Ltd

Alison LimCredit Suisse AG

Torsten LinkeStandard Chartered Bank

Lawrence LuaDBS Bank Ltd

Alberto MartinelliUBS AG

Margie PagdangananCitibank N.A.

CMFAS ExAMINATIoNS BoARD

ChairpersonRichard Teng Singapore Exchange Ltd

MembersYolanda ConstantineMonetary Authority of Singapore

Rachel EngWongPartnership LLP

Kan Shik LumDBS Bank Ltd

Kao Shih TengLion Global Investors

Kenneth KawMonetary Authority of Singapore

Lim Mei ShernMonetary Authority of Singapore

Rodney LimNikko Asset Management Asia Limited

Grace MokSingapore Exchange Ltd

Yvonne Ong CapitaCommercial Trust Management Limited

Martin SiahStandard Chartered Bank

Karen TiahAllen & Gledhill LLP

T K YapOCBC Securities Pte Ltd

Yit Chwee FungUnited Overseas Bank Ltd


IBF WoRKING GRouPS

CoMPlIANCE

ChairpersonLily TeoUniCredit Bank AG

MembersAndrew ChowWongPartnership LLP

Goh Siew LianCitibank N.A.

Koh Wan TsyrPrudential Assurance Company Singapore (Pte) Ltd

Lam Chee KinDBS Bank Ltd

Conrad LimLGT Bank (Singapore) Ltd

Lim Siew LeeDBS Bank Ltd

Fairlen Ooi Chooi TingUnited Overseas Bank Ltd

Sainava Bee BeeGreat Eastern Life Assurance Co Ltd

Karen TiahAllen & Gledhill LLP

Wong Foong HarCIMB Bank Berhad

CoRPoRATE BANKING

ChairpersonEric Tham United Overseas Bank Ltd

MembersRonny ChngUnited Overseas Bank Ltd

Irene ChuaThe Hongkong and Shanghai BankingCorporation Limited, Singapore Branch

Elaine LamOversea-Chinese Banking Corporation Limited

Patrick LeeStandard Chartered Bank

Lee Swee SiongOversea-Chinese Banking Corporation Limited

Lim Wee SengDBS Bank Ltd

Soh Kian TiongDBS Bank Ltd

Yeo How NgeeDBS Bank Ltd

FINANCIAl MARKETS, CoRPoRATEFINANCE AND SECuRITIES & FuTuRES

ChairpersonsGuan Yeow Kwang Mizuho Bank, Ltd

Loh Hoon SunPhillip Securities Pte Ltd

MembersChew SutatSingapore Exchange Limited

Esmond ChooUOB Kay Hian Pte Ltd

Paul DaviesGoldman Sachs Futures Private Limited

Deborah HoBarclays Bank PLC

Kan Shik LumDBS Bank Ltd

Lam Kun Kin Oversea-Chinese Banking Corporation Limited

Clifford LeeDBS Bank Ltd

Clement LeowPartners Capital (Singapore) Pte Ltd

David Lynne Deutsche Bank AG

Gerald OngPrimepartners Corporate Finance Pte Ltd

Peter OngMaybank Kim Eng Securities Pte. Ltd.

Eddie TanCitibank, N.A.

TK YapOCBC Securities Pte Ltd


FINANCIAl PlANNING

ChairpersonTan Hak LehAIA Singapore Private Limited

MembersChristine CheahGreat Eastern Financial Advisers

Vincent Ee Association of Financial Advisers (Singapore)

Steven LauPrudential Assurance Company Singapore (Pte) Ltd

James OngHSBC Global Asset Management (Singapore) Limited

Kimmis Pun Financial Planning Association of Singapore

Peter SiongNTUC Income Insurance Co-Operative Limited

Peter TanUnited Overseas Bank Ltd

Roland Yeo Insurance & Financial PractitionersAssociation of Singapore

FINANCIAl MARKETS REGulAToRY AND PRACTICES (FMRP) ExAMINATIoNS BoARD

Sharad DesaiJPMorgan Chase Bank, N.A.

Lim Hock MengTullett Prebon

Francis MokAllen & Gledhill LLP

Glenn SeahSingapore Exchange Limited

Yap Tsok KeeUnited Overseas Bank Limited

Patrick YowBank of Tokyo-Mitsubishi UFJ, Ltd

FuND MANAGEMENT

ChairpersonSusan SohSchroders Investment Management (Singapore) Ltd

MembersJohn DoyleUOB Asset Management Ltd

Andrew KwekPheim Asset Management (Asia) Pte Ltd

Michael LimInvestment Management Association of Singapore

Teo Joo WahFullerton Fund Management Company Ltd

Thio Boon KiatUOB Asset Management Ltd

GENERAl INSuRANCE

ChairpersonMack EngACE Insurance Limited

MembersKenrick LawAllianz SE, Singapore Branch

Lisa MarbonAXA Insurance Singapore Pte Ltd

Shirley OwQBE Insurance (International) Ltd, Singapore Branch

Jenny PeNTUC Income Insurance Co-Operative Ltd

Noel TanFederal Insurance Company

Sam TanMSIG Insurance (Singapore) Pte Ltd


IBF WoRKING GRouPS

IBF E-SYSTEM ADvISoRY CoMMITTEE

ChairpersonPiyush GuptaDBS Bank Ltd

MembersEvangeline ChuaCitibank N.A.

Paul CobbanDBS Bank Ltd

Christian HobsonStandard Chartered Bank

Leong Weng LingAIA Singapore Private Limited

John PatersonCredit Suisse AG

IBF E-SYSTEM INDuSTRY TASKFoRCE

ChairpersonPaul CobbanDBS Bank Ltd

MembersAnn ChoiCitibank N.A.

Adrian ChowBank of Singapore Ltd

Christian HobsonStandard Chartered Bank

Badhri IyerCredit Suisse AG

Ng Weng KuenAIA Singapore Private Limited

lIFE INSuRANCE

ChairpersonIrene NgGeneral Reinsurance AG, Singapore Branch

MembersDaniel ChongHSBC Insurance (Singapore) Pte Limited

Christine NgAIA Singapore Private Limited

Karen SheePrudential Assurance Company Singapore (Pte) Ltd

Yvonne WuAXA Life Insurance Singapore Pte Ltd

RISK MANAGEMENT

ChairpersonVincent ChooOversea-Chinese Banking Corporation Limited

Members Lukas van der Hoef ABN AMRO Bank N.V., Singapore Branch

Marcelo MicheliniCitibank N.A.

Ng Puay LengThe Hongkong and Shanghai BankingCorporation Limited, Singapore Branch

Anju PatwardhanStandard Chartered Bank

Frankie Phua Peng YeoUnited Overseas Bank Ltd

Ronnie TanGreat Eastern Life Assurance Co Ltd

Seamus ToalDBS Bank Ltd

Gopalan VedarthamBarclays Capital

Yap Ee LingAustralia & New Zealand Banking Group Limited

TECHNoloGY AND oPERATIoNS

ChairpersonPaul CobbanDBS Bank Ltd

MembersClaude Von ArxMerrill Lynch Global Services Pte Ltd

Carol ChanCredit Suisse AG

Chew Peng ChongAIA Singapore Private Limited

Osman Ershad Faiz Standard Chartered Bank


Malcolm HarrowJPMorgan Chase Bank, N.A.

Nanda Kumar Karippur Infocomm Development Authority of Singapore

Lee Wah SengJPMorgan Chase Bank, N.A.

Lim Lai LingUnited Overseas Bank Ltd

Ong Soon Yan Oversea-Chinese Banking Corporation Limited

KL Teh Great Eastern Life Assurance Co Ltd

Lilian ThamSchroders Investment Management (Singapore) Ltd

Janet Yeong Standard Chartered Bank

WEAlTH MANAGEMENT

Chairperson Kong Eng Huat EFG Bank AG

MembersPeter FlavelJPMorgan Chase Bank, N.A.

Anthonia Hui AL Wealth Partners Pte Ltd

Lawrence Lua DBS Bank Ltd

Rajesh Malkani Standard Chartered Bank

Christine OngUBS AG

Jessica Poh Citi Private Bank

Shantini RamachandraPricewaterhouseCoopers LLP

Annette C S Sui HSBC Trustee (Singapore) Ltd

Celine TanPortcullis Trust (Singapore) Ltd



PROMOTING CONTINUOUS LEARNING, DRIVING PROFESSIONAL EXCELLENCE


YEAR IN REvIEW

On 10 June 2014, IBF celebrated 40 years of excellence in finance. Over 600 guests, comprising IBF Pioneers and IBF Council Members, together with senior industry executives and practitioners, attended a Gala Dinner to celebrate this key milestone in IBF’s journey to raise industry standards. Deputy Prime Minister and Minister for Finance Tharman Shanmugaratnam (IBF Chairman from 1997-2001) was Guest-of-Honour for the Gala evening. DPM Tharman unveiled IBF’s new mission to “empower practitioners with capabilities for a robust Asian financial industry”. As part of this repositioning of IBF, he also launched the IBF Standards, which provides a seamless practice-oriented development roadmap for financial sector practitioners. A new Certification mark –a set of parallel elevation bars which symbolizes theclose partnership that IBF holds with the industry – wasalso introduced. Mr Ravi Menon, IBF Chairman and Managing Director of MAS, said that IBF is where it is today because of what previous generations of Council members and staff, industry practitioners and training providers accomplished together. He emphasized that it is the inspiring vision and tireless efforts of these IBF Pioneers to build competencies in finance that helped create the international financial centre that Singapore has become today.

For more information on IBF’s repositioning, please visit www.ibf.org.sg

DPM Tharman Shanmugaratnam leading a celebratory toast to mark IBF’s 40 Years of Excellence in Finance, together with past and present IBF Chairmen.(From left to right) Current IBF Chairman and MD, MAS Ravi Menon; Michael Wong Pakshong (IBF Chairman 1975-1977);

DPM Tharman (IBF Chairman 1997-2001); and Ng Kok Song (IBF Chairman 1981-1982).

Guests at the Gala Dinner making a toast to mark IBF’s new milestone in defining the standard of excellence in finance.

IBF thanks its staff for their tireless efforts in organisingIBF’s 40th Anniversary celebration.

Senior industry leaders celebrating IBF’s 40th Anniversary.

Celebrating 40 Years of Excellence In Finance


IBF AccreditationIBF is currently the national accreditation and certification agency for financial industry competency in Singapore. The IBF Standards accreditation process comprises independent reviews of a training provider’s ability to conduct programmesthat meet industry standards. IBF accreditation serves as an industry-endorsed mark of quality for training and assessment for the financial industry. Over the past year, IBF has worked closely with several financial institutions to accredit their training programmes under the IBF Standards. IBF is pleased to welcome the following financial institutions to theIBF Community.

DBS Wealth Management Programme (IBF Level 1)

“DBS is proud to be one of the leading banks in Singapore to receive the IBF Standards Accreditation for the DBS Wealth Management Programme (IBF Level 1) which was fully developed in-house. This is part of our commitment to raise the

professional bar of our workforce and we are delighted to have IBF as our partner to acquire the highest standards of competency in wealth management.”

Steven ongManaging Director, Treasures Private Client Head

DBS Bank

BNP Paribas Certified Private Banker Singapore (IBF Level 2/3)

“We are most delighted to receive this mark of quality and we look forward to continuing our close collaboration with IBF.”

Ernest leungChief Executive Officer, SingaporeBNP Paribas Wealth Management

BNP Paribas Asia Pacific Campus, Singapore

OCBC Corporate Banking Foundation Programme (IBF Level 1)

“We are pleased to be the first local bank to receive IBF’s accreditation for our Corporate Banking Programme. We are committed to developing our employees to the highest standard and this programme is one of the many training programmes that we have put in place to equip ourpeople with the necessary knowledge, expertise and skills to help them stay relevant andforward-looking in this competitive industry.”

Jason HoHead of Group Human ResourcesOCBC Bank

OCBC Campus


YEAR IN REvIEW

UBS Wealth Management Diploma (WMD) - (IBF Level 2/3)

“UBS is honoured to be awarded the internationally benchmarked Level 2 accreditation by IBF as the latest accreditation for its UBS Wealth Management Diploma program. UBS has been running its WM Diploma internal certification program for more than a decade in order to ensure that our

Client Advisors possess the technical knowledge and soft skills to provide best-in-class financial advice and deliver excellent client experience. IBF offers benchmarked standards for financial

practitioner competency and the UBS Business University looks forward to a longstanding partnership with IBF and to consolidating its reputation as a centre of excellence for the

development of wealth management talent.”

veronique PerssonHead of APAC Talent Delivery

UBS AG

Standard Chartered Day 1 Readiness Programme (Retail Clients) - (IBF Level 1)

“We are truly privileged to be awarded the Accredited Financial Training Provider status by IBF. This accreditation underlies our brand promise of “Here for Good” for our employees and customers.

This industry-recognized certification not only enhances the value of our employees, but also showcases our training delivery standards and long-term commitment of the bank in developing our talents.

We look forward to the continued partnership with IBF to raise the bar for the financial industry standards.”

Ellen WuHead Learning Academy ASEAN & SingaporeStandard Chartered Bank (Singapore) Limited

KEY TRAINING STATISTICSIBF will continue to play a vital and proactive role in growing Singapore’s dynamic financial sector.

*The Financial Training Scheme (FTS) programme recognition framework came into effect from 1 Jan 2014. **The number of accredited programmes and training providers has decreased due to the revision of the IBF Standards, leading to consolidation of accredited programmes.

The Singapore Team of Standard Chartered Bank’s Learning Academy. Photo provided by Standard Chartered Bank.

UBS Business University Asia Pacific,Command House

2013 2014

Number of providers accredited under the IBF-STS 21 18**

Number of providers recognised under FTS - 67*

Number of programmes accredited under the IBF-STS 350 199**

Number of programmes recognised under FTS - 898*

Number of individuals trained under the IBF-STS 13,646 15,465

Number of individuals certified under the IBF-STS 1,914 2,520

Number of individuals assessed under the IBF-STS 6,194 7,584

Financial Training Scheme (FTS)

IBF Standards Training Scheme (IBF-STS)


IBF celebrated the conferment of its inaugural batch of IBF Fellows on 25 November 2014. IBF Fellows are industry veterans who have demonstrated mastery of a profession and exemplify thought leadership and commitment to industry development. The IBF Fellows play a strategic role of ambassadors for the IBF Standards.

A total of 41 senior financial practitioners were conferred the title of IBF Fellow. The ranks of the IBF Fellowship span diverse areas of the financial industry such as Compliance, Corporate Banking, Corporate Finance, Financial Markets, Fund Management, General Insurance, Life Insurance, Risk Management, Securities and Futures, Technology and Operations and Wealth Management.

Senior members of the IBF Community welcoming the 2014 IBF Fellows.

IBF Fellows Conferment

IBF Fellow Jullie Kan (third from left).

(Left to right) IBF Fellows Ooi Boon Peng and Lim Wysonwith IBF Distinguished Fellow Daniel Chan Choon Seng.

Guests viewing the gallery of IBF Fellowson display at the welcome reception.

IBF Fellow Karen Shee (fifth from right).


YEAR IN REvIEW

The Institute of Banking and Finance Singapore (IBF) celebrates the conferment of the pioneer batch of IBF Fellows.

The “IBF Fellow” is a new certification title launched by IBF to recognise industry veterans who have demonstrated mastery of a profession and exemplify thought leadership and commitment to industry development. The “IBF Fellow” is an industry-endorsed mark of professional standing.

As industry mentors, the IBF Fellows will play a key role in nurturing the next generation of talent for the financial industry in Singapore. Through the IBF Fellowship programme, IBF aims to build a community of senior financial sector practitioners who are committed to sharing their deep expertise and practice leadership to contribute to the development of a robust Asian financial industry.

IBF congratulates its inaugural batch of IBF Fellows.

IBF Fellows 2014



IBF Graduation Ceremonies

YEAR IN REvIEW

IBF welcomed the inaugural cohort of 100 practitioners at the IBF Qualified and IBF Advanced level under the new IBF Standards. These newly-minted certified practitioners come from the industry segments of Compliance, Corporate Banking and Wealth Management. The graduands received their certificates fromIBF Distinguished Fellows during the ceremony.

WMI Masterclass in Wealth Management (IBF Level 2/3) Graduation

ICA Advanced Certificate in Governance, Risk & Compliance(IBF Level 1) Graduation

SMU Executive Certificate in Commercial Banking(IBF Level 1) Graduation

WMI Advanced Wealth Management Programme -Affluent (IBF Level 2/3) Graduation

WMI Private Banking Wealth Management Programme(IBF Level 1) Graduation

WMI Wealth Management Programme - Affluent (IBF Level 1) Graduation


The DBS-SMU Professional Certificate in Treasury and Markets, accredited under the IBF Standards, was jointly developed with the Financial Training Institute at SMU.

The programme focuses on treasury products, risk management and treasury sales and combines e-learning and facilitated training with practical applications. The

graduation ceremony marked the inaugural run of this programme at DBS, with over 30 practitioners attaining IBF Qualified certification status.

The UOB-SMU Advanced Certificate in Wealth Management (Level 2/3) is a key component of UOB’s comprehensive training roadmap. Accredited under the IBF Standards, this programme equips UOB’s relationship managers with the skillsets to meet the needs of its wealth management clients. Over 70 UOB relationship managers graduated from this programme in May 2015, and were conferred IBF Certification. UOB continues to invest in talent and in upgrading the competencies of its staff via the IBF Standards and was the inaugural IBF Inspire Award Winner in 2012.

140 practitioners graduated from the FLT programme in2013 and 2014. The 2014 cohort was the first to attaincertification under the IBF Standards’ newly-streamlinedcertification system. Over 600 Credit Suisse practitioners have now passed through the FLT programme and attained IBF Certification. Credit Suisse received the 2013 IBF Inspire Award from IBF.

The International Compliance Association held a graduation ceremony for the graduates of its diploma programmes: the Diploma in Compliance, the Diploma in Anti-Money Laundering and the Graduate Diploma in Compliance. Over 120 financial practitioners successfully completed these diploma programmes which are accredited under the IBF Standards.

Credit Suisse Graduation 7 August 2014

DBS Graduation25 July 2014

UOB Graduation7 May 2015

International Compliance Association Graduation

11 June 2014

Photo provided by United Overseas Bank Ltd

Photo provided by Credit Suisse AG


YEAR IN REvIEW

The latest edition of the IBF Connect, entitled“A New Era in Wealth Management”, was held on3 March 2015. The event was attended by close to 170 practitioners from the private banking industry. IBF was privileged to have several of its newly-minted IBF Fellows as well as industry consultants discuss futuristic solutions and key trends in wealth management such as the impact of digitalization and the increasing expectations of high-net-worth clients across the Asia-Pacific region.

This IBF Connect session featured the following speakers:

• Mr Peter Flavel, CEO, Private Wealth Management, Asia, J.P. Morgan

• Ms Anthonia Hui, CEO, AL Wealth Partners Pte Ltd• Ms Jullie Kan, Managing Director, Vice Chairman,

Private Banking Southeast Asia, Credit Suisse• Mr Lawrence Lua, Managing Director,

Head of Private Bank, South & Southeast Asia,DBS Bank Ltd

• Mrs Claire Sauvanaud, Vice President and Senior Account Executive, Capgemini Financial Services, Global Business Unit, APAC

• Mr Yashesh Kampani, General Manager,Banking & Financial Markets, IBM ASEAN

• Mr Kooi Eng Ching, Executive, IBM Watson Group

The IBF Connect entitled “Compliance and Risk Priorities 2015” was held on 6 November 2014 and attracted over 150 compliance and risk practitioners. Representatives from the Monetary Authority of Singapore and senior industry veterans shared their insights on global trends, developments and challenges on compliance, governance and risk management and its impact on compliance/risk management professionals in Singapore. The event featured a presentation “A Global View of Our Local Rules” by Mr Thng Teck Soon, Director, Financial Services Industry, Risk and Regulatory Advisory Services, Deloitte & Touche LLP. This was followed by a lively panel discussion comprising:

• Mrs Malkit G Singh (IBF Distinguished Fellow) Director/Specialist Leader, Banking Department 2,Banking and Insurance Group, Monetary Authority of Singapore (MAS)

• Mr Andrew Chow, Partner, WongPartnership LLP• Ms Loretta Yuen, Senior Vice President, General Counsel and Head of Group Legal and Regulatory Compliance, OCBC Bank• Ms Radish Singh, Partner, Forensic, Deloitte & Touche LLP

The IBF Connect

A New Era in Wealth Management

Compliance and Risk Priorities 2015

The IBF Connect serves as an avenue for certified professionals to network, share experiences and discuss industry developments. It is also a key platform for IBF Distinguished Fellows and IBF Fellows to act as mentors to the industry and offer their wisdom to other certified practitioners.


Client Advisor Competency Standards Continuing Professional Development (CACS CPD)IBF reported continued strong support from the private banking industry in meeting the annual CPD-hours in 2014. As at31 December 2014, all private banking entities have sent their private banking professionals (also known as “Covered Persons”) to undertake relevant CPD programmes. Furthermore, almost all (99.7%) of these professionals have fulfilled the minimum requirement of at least 15 hours of CACS CPD, with 73% exceeding the minimum 15-hour requirement.

In 2014, the private banking industry continued to focus on training in “Product Knowledge” and “Compliance/Rules and Regulations”. There was also a noticeable increase in the use of e-learning as a training methodology. This may be attributed to the increasing adoption of technology with interactive functionalities to enhance learning. E-learning allows wealth professionals, whose work tends to be mobile in nature, to have flexibility in accessing and conducting their self-directed training.

The CPD Advisory Group has recommended the industry continue to focus on the following areas as priorities for training in 2015:

(i) client suitability;(ii) risk concepts and awareness;(iii) wealth and estate planning; (iv) understanding the implications from changing tax transparency laws;(v) cyber security; and(vi) implications of the Personal Data Protection Act (PDPA) for private bankers.

In 2014, IBF and the CMFAS Examinations Board undertook a comprehensive review of the content for the following CMFAS modules, with new study guides and revised examination questions being introduced:

A total of 7,736 candidates enrolled for the CMFAS Examination modules conducted by IBF.

- M1A – Rules & Regulations for Dealing in Securities (SGX-ST Members)- M1B – Rules & Regulations for Dealing in Securities (Non SGX-ST Members)

- M2A – Rules & Regulations for Futures Trading (SGX-DT Members)- M6 – Securities Products and Analysis

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91

1211921

M-1B

18961751

M-2A

420

M-2B

38

M-3

728622

M-4A

539

M-4B

77

M-6

1226

M-10

151156

M-6A

5509

1876

M-1A

785

Number of enrolments

2014

2013

Capital Markets and Financial Advisory Services (CMFAS) Examinations

Met minimum 15 CPD hours Exceeded 15 CPD hours

Fulfilled CACS CPD requirement: 99.7%

27.0% 73.0%


IBF MEMBERSHIP

INSTITuTIoN TYPE FINANCIAl INSTITuTIoN

CAPITAl MARKETS SERvICES lICENSE HolDERS Aberdeen Asset Management Asia Ltd

AL Wealth Partners Pte Ltd

Amundi Singapore Ltd

APS Asset Management Pte Ltd

BNP Paribas Securities (Singapore) Pte Ltd

Cambridge Industrial Trust Management Ltd

CIMB Securities (Singapore) Pte Ltd

Citigroup Global Markets Singapore Pte Ltd

CMC Markets Singapore Pte Ltd

Credit Suisse Securities (Singapore) Pte Ltd

DBS Vickers Securities Group

Eurofin Investments Pte Ltd

First State Investments (Singapore)

Foord Asset Management (Singapore) Pte. Limited

G.K. Goh Financial Services (S) Pte Ltd

Instinet Singapore Services Pte Ltd

Javelin Wealth Management Pte Ltd

KGI Fraser Securities Pte Ltd

KGI Ong Capital Pte Ltd

Lim & Tan Securities Pte Ltd

Lion Global Investors Ltd

Macquarie Capital Securities (Singapore) Pte Ltd

Marcuard Asia Pte Ltd

Maybank Kim Eng Securities Pte. Ltd.

Mitsubishi UFJ Trust International Ltd (Singapore Branch)

Mizuho Securities (Singapore) Pte Ltd

Newedge Financial Singapore Pte Ltd

Nikko Asset Management Asia Limited

Nomura Asset Management Singapore Ltd

OCBC Securities Pte Ltd

Pheim Asset Management (Asia) Pte Ltd

Phillip Futures Pte Ltd

Phillip Securities Pte Ltd

PineBridge Investments Singapore Limited

RBC Investor Services Trust Singapore Limited

RHB Securities Singapore Pte Ltd

Rothschild (Singapore) Limited

Schroder Investment Management (Singapore) Ltd

State Street Global Advisors Singapore Ltd

UOB Asset Management Ltd

UOB Bullion & Futures Ltd



UOB Kay Hian Pte Ltd

Wellington International Management Company Pte Ltd

Western Asset Management Company Pte Ltd

ExCHANGE HolDING CoMPANY Singapore Exchange Ltd

FINANCE CoMPANIES Hong Leong Finance Ltd

Sing Investments & Finance Ltd

Singapura Finance Ltd

FINANCIAl ADvISER’S lICENCE HolDERS finexis advisory Pte Ltd

IPP Financial Advisers Pte Ltd

FoREIGN Full BANKS Australia & New Zealand Banking Group Limited

Bangkok Bank Public Company Limited

Bank of America, National Association

Bank of China Limited

Bank of India

BNP Paribas

CIMB Bank Berhad

Citibank N.A.

Credit Agricole Corporate and Investment Bank

HL Bank

ICICI Bank Limited

Indian Bank

Indian Overseas Bank

JPMorgan Chase Bank, N.A.

Malayan Banking Berhad (May Bank)

Mizuho Bank, Ltd

PT Bank Negara Indonesia (Persero) TBK

RHB Bank Berhad

Standard Chartered Bank

State Bank of India

Sumitomo Mitsui Banking Corporation Singapore Branch

The Bank of East Asia Ltd

The Bank of Tokyo-Mitsubishi UFJ, Ltd (Singapore Branch)

The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch

UCO Bank



INSuRERS AXA Financial Services (Singapore) Pte Ltd

loCAl BANKS Bank of Singapore Ltd

DBS Bank Ltd

Far Eastern Bank Ltd

Oversea-Chinese Banking Corporation Limited

United Overseas Bank Ltd

MERCHANT BANKS Asean Finance Corporation Ltd

Bank Pictet & Cie (Asia) Ltd

Bordier & Cie (Singapore) Ltd

BSI Bank Ltd

Coutts & Co Ltd

Credit Suisse (Singapore) Limited

Daiwa Capital Markets Singapore Ltd

DZ PRIVATBANK Singapore Ltd

LGT Bank (Singapore) Ltd

Lombard Odier Darier Hentsch & Cie (Singapore) Ltd

Mitsubishi UFJ Securities (Singapore) Ltd

Nomura Singapore Limited

Royal Bank of Canada (Asia) Limited

The Bank of Nova Scotia Asia Ltd

Toronto Dominion (SEA) Ltd

VP Bank (Singapore) Ltd

IBF MEMBERSHIP



oFFSHoRE BANKS Arab Bank plc

Bank J. Safra Sarasin Ltd

Banque Internationale A Luxembourg S.A.

Canadian Imperial Bank of Commerce

Chang Hwa Commercial Bank Ltd

Credit Agricole (Suisse) S.A.

E.SUN Commercial Bank Ltd

Hang Seng Bank Ltd

Mitsubishi UFJ Trust & Banking Corporation

Nordea Bank Finland PLC

Philippine National Bank

PT Bank Mandiri (Persero) TBK

Raiffeisen Bank International AG

Skandinaviska Enskilda Banken AB (publ)

Svenska Handelsbanken AB

The Bank of New York Mellon

The Korea Development Bank

The Norinchukin Bank

The Siam Commercial Bank Public Company Ltd

Union de Banques Arabes et Francaises

Woori Bank

oTHERS Monetary Authority of Singapore

Nittan Capital Singapore Pte Ltd

Portcullis TrustNet (Singapore) Pte Ltd

PricewaterhouseCoopers LLP

Tradition Singapore (Pte) Ltd

UCAP AM Asia Pte Ltd

REPRESENTATIvE oFFICES oF BANKS Arab Banking Corporation (BSC)



WHolESAlE BANKS ABN AMRO Bank N.V, Singapore Branch

Agricultural Bank of China Ltd

Bank Julius Baer & Co Ltd

Bank of Communications Co., Ltd

Barclays Bank PLC

BNP Paribas Wealth Management

China Construction Bank Corporation

Commerzbank Aktiengesellschaft

Commonwealth Bank of Australia

Cooperative Centrale Raiffeisen-Boerenleenbank B.A.

Credit Industriel et Commercial

Credit Suisse AG

CTBC Bank Co, Ltd

Deutsche Bank AG

DNB Bank ASA Singapore Branch

DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt Am Main

EFG Bank AG (EFG Bank SA) (EFG Bank Ltd)

First Commercial Bank

First Gulf Bank PJSC

Habib Bank Ltd

Industrial & Commercial Bank of China Ltd

ING Bank N.V.

Korea Exchange Bank

Landesbank Baden-Württemberg

Mega International Commercial Bank Co., Ltd

National Australia Bank Ltd

National Bank of Kuwait S.A.K.

Natixis

Norddeutsche Landesbank Girozentrale

Société Générale

Sumitomo Mitsui Trust Bank Limited Singapore Branch

The Bank of Nova Scotia

The Northern Trust Company

The Royal Bank of Scotland plc

UBS AG

UniCredit Bank AG

VTB Capital plc

Westpac Banking Corporation

IBF MEMBERSHIP


REPORT OF THE COUNCIL MEMBERS AND AUDITED FINANCIAL STATEMENTS32 Report of the Council Members34 Statement of Council Members35 Independent Auditor’s Report36 Statement of Comprehensive Income37 Balance Sheet38 Statement of Changes in Members’ Funds39 Statement of Cash Flows40 Notes to the Financial Statements


REPoRT oF THE CouNCIl MEMBERS

The Council Members present their report to the members together with the audited financial statements of The Institute of Banking and Finance (the “Institute”) for the financial year ended 31 December 2014.

1. Council Members

The Council Members in office at the date of this report are as follows:

Representing:Ravi Menon, Chairman Monetary Authority of SingaporeWee Ee Cheong, Vice Chairman The Association of Banks in SingaporeJacqueline Loh Monetary Authority of SingaporePiyush Gupta The Association of Banks in SingaporeSamuel Tsien The Association of Banks in SingaporePhilip Lee Sooi Chuen The Association of Banks in SingaporeGuan Yeow Kwang Singapore Foreign Exchange Market CommitteeNicholas Hadow Investment Management Association of SingaporeMagnus Bocker Singapore Exchange LimitedKarine Kam Singapore College of InsuranceAw Tuan Kee Ministry of EducationGoh Eng Ghee Ministry of ManpowerShirish Apte Other InterestDerek Teo Other InterestLim Cheng Teck Other Interest (Appointed on 12 June 2014)Michael Zink Other Interest

2. Council Members Contractual Benefits

No Council Member has received or become entitled to receive benefits by reason of a contract made by the Institute with the Council Member or with a firm of which he is a member, or with a company in which company in which he has a substantial financial interest.

3. Share Capital and options

The Institute has no share capital and as such the provisions of Section 201(6)(f), 201(6)(g), 201(8), 201(11), 201(12)(a) and (b) of the Singapore Companies Act, Chapter 50 (the “Act”) are not applicable.


REPoRT oF THE CouNCIl MEMBERS

4. Independent auditor

The independent auditor, PricewaterhouseCoopers LLP, has expressed its willingness to accept appointment.

On behalf of the Council Members

Ravi MenonChairman

Wee Ee CheongVice Chairman

5 June 2015


In the opinion of the Council Members,

(a) the financial statements as set out on pages 36 to 54 are drawn up so as to give a true and fair view of the state of affairs of the Institute as at 31 December 2014 and of the results, changes in members’ fund and cash flows of the Institute for the financial year then ended; and

(b) at the date of this statement, there are reasonable grounds to believe that the Institute will be able to pay its debts as and when they fall due.

On behalf of the Council Members

Ravi MenonChairman

Wee Ee CheongVice Chairman

5 June 2015

STATEMENT oF CouNCIl MEMBERS


INDEPENDENT AuDIToR’S REPoRT To THE MEMBERS oF THE INSTITuTE oF BANKING AND FINANCEReport on the Financial Statements

We have audited the accompanying financial statements of The Institute of Banking and Finance (the “Institute”) set out on pages 36 to 54, which comprise the balance sheet as at 31 December 2014, and the statement of comprehensive income, the statement of changes in equity and the statement of cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the provisions of the Singapore Companies Act (the “Act”), the Singapore Charities Act, Chapter 37 (the “Charities Act”), and Singapore Financial Reporting Standards, and for devising and maintaining a system of internal accounting controls sufficient to provide a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary to permit the preparation of true and fair profit and loss accounts and balance sheets and to maintain accountability of assets.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Singapore Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements of the Institute are properly drawn up in accordance with the provisions of the Act, the Charities Act and Singapore Financial Reporting Standards so as to give a true and fair view of the state of affairs of the Institute as at 31 December 2014, and of the results, changes in Members’ Fund and cash flows of the Institute for the year ended onthat date.

Report on other legal and Regulatory Requirements

In our opinion, the accounting and other records required by the Act to be kept by the Institute have been properly kept in accordance with the provisions of the Act.

PricewaterhouseCoopers llPPublic Accountants and Chartered Accountants

Singapore5 June 2015


Note 2014 2013$ $

IncomeFees from courses and examinations 2,865,706 3,858,145Sale of publications 41,650 56,233Members’ subscriptions 62,500 62,400Entrance fees from new members − 600Sundry receipts 35 −Gain on disposal of property and equipment 122 373Fair value changes on investments 1,040,045 710,662Grants 12 2,045,853 −Total income 6,055,911 4,688,413

ExpenditurePrinting and miscellaneous expenses for courses and examinations 548,812 215,151Salaries and staff expenses 4 3,440,923 2,931,463Office rental 367,200 345,168Depreciation of property and equipment 10 60,709 77,393Professional fees - Consultancy 1,037,098 −Professional fees - Others 86,238 21,718Electricity, telephone and postages 19,956 20,896Data processing 42,761 51,034Repairs and maintenance 11,671 6,486IT Development expenses 284,141 −Printing, stationery and periodicals 13,854 8,052Rental of copiers 2,640 2,799Other administrative expenses 8,295 9,420

Total expenditure 5,924,298 3,689,580

Total comprehensive income for the year 131,613 998,833

There is no other comprehensive income for the financial year ended 31 December 2013 and 31 December 2014.

STATEMENT oF CoMPREHENSIvE INCoMEFor the financial year ended 31 December 2014

The accompanying notes form an integral part of these financial statements


BAlANCE SHEETAs at 31 December 2014

Note 2014 2013$ $

ASSETSCurrent assetsCash and cash equivalents 6 3,414,263 5,040,700Accounts receivables 56,246 42,753Other receivables and prepayments 9 2,102,522 550,071Investments 7 24,392,573 24,700,381

29,965,604 30,333,905

Non-current assetsProperty and equipment 10 893,508 39,644

Total assets 30,859,112 30,373,549

lIABIlITIESCurrent liabilitiesPayables 11 1,809,698 1,419,135Advance fees for courses and examinations 197,335 226,760Derivative financial instruments 8 90,816 47,477

2,097,849 1,693,372

Non-current liabilitiesMembers’ funding contributions 13 965,147 1,015,547FSDF claim disbursement account 12 10,807 10,934

975,954 1,026,481

Total liabilities 3,073,803 2,719,853

NET ASSETS 27,785,309 27,653,696

EQuITYMembers’ Funds 27,653,696 26,654,863Accumulated gains 131,613 998,833Total equity 27,785,309 27,653,696



$

2014Beginning of financial year 27,653,696Total comprehensive income 131,613

End of financial year 27,785,309

2013Beginning of financial year 26,654,863Total comprehensive income 998,833

End of financial year 27,653,696

STATEMENT oF CHANGES INMEMBERS’ FuNDFor the financial year ended 31 December 2014



STATEMENT oF CASH FloWSFor the financial year ended 31 December 2014

Note 2014 2013$ $

Cash flows from operating activitiesProfit after tax 131,613 998,833Adjustments for:

Fair values change on investments and derivatives (1,040,045) (710,662)Depreciation 10 60,709 77,393Gain on disposal of property and equipment (122) (373)

(847,845) 365,191

Operating profit/(loss) before working capital changes:Accrued members’ subscription − 473Inventories − 540Accounts receivables (13,493) 48,650Other receivables and prepayments (1,552,451) (249,176)Payables 390,563 394,797Advance fees for courses and examinations (29,425) (9,295)FSDF claim disbursement account (127) (132,509)

Net cash provided by/(used in) operating activities (2,052,778) 418,671

Cash flows from investing activitiesProceeds from disposal of investments 1,391,192 −Proceeds from disposal of property and equipment 122 373Purchase of property, plant and equipment (914,573) (45,187)Net cash provided by/(used in) investing activities 476,741 (44,814)

Cash flows from financing activities(Refund to)/contributions by members (50,400) 19,000Net cash provided by/(used in) financing activities (50,400) 19,000

Net increase/(decrease) in cash and cash equivalents (1,626,437) 392,857Cash and cash equivalents at beginning of financial year 6 5,040,700 4,647,843Cash and cash equivalents at end of financial year 6 3,414,263 5,040,700



These notes form an integral part of and should be read in conjunction with the accompanying financial statements.

1. Corporate information

The Institute of Banking and Finance (the “Institute”) is a company limited by guarantee incorporated in Singapore.

The registered office of the Institute is located at 10 Shenton Way #13-07/08, MAS Building, Singapore 079117.

The Institute was established in 1974 as a not-for-profit industry association to foster and develop the professional competencies of the financial sector. The principal activities of the Institute is to act as the national accreditation and certification agency for financial industry competency in Singapore, under the “IBF Standards” (previously known as the “Financial Industry Competency Standards” or “FICS”). As a standard-setter, the Institute develops industry standards, competency roadmaps and identifies professional development pathways to uplift the competency of financial sector practitioners. It accredits training and assessment programmes targeted at the financial industry, promotes continuous professional development and the adoption of high standards of workforce competency across the financial services sector. The Institute also administers licensing examinations on behalf of the Monetary Authority of Singapore (“MAS”), as well as common examinations on behalf of industry associations. It has also been appointed by MAS as the administrator for training grant schemes offered under the Financial Sector Development Fund (“FSDF”).

2. Significant accounting policies

2.1 Basis of preparation

These financial statements have been prepared in accordance with Singapore Financial Reporting Standards (“FRS”) 1 under the historical cost convention, except as disclosed in the accounting policies below:

The preparation of these financial statements in conformity with FRS requires management to exercise its judgement in the process of applying the Institute’s accounting policies. It also requires the use of certain critical accounting estimates and assumptions. The areas involving a higher degree of judgement or complexity, or areas where estimates and assumptions are significant to the financial statements are disclosed in Note 3.

Interpretations and amendments to published standards effective in 2014

On 1 January 2014, the Institute adopted the new or amended FRS and Interpretations to FRS (“INT FRS”) that are mandatory for application for the financial year. Changes to the Institute’s accounting policies have been made as required, in accordance with the transitional provisions in the respective FRS and INT FRS.

The adoption of these new or amended FRS and INT FRS did not result in substantial changes to the Institute’s accounting policies and had no material effect on the amounts reported for the current or prior financial years.

NoTES To THE FINANCIAl STATEMENTSFor the financial year ended 31 December 2014



2. Significant accounting policies (continued)

2.2 Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Institute and the revenue can be reliably measured. Revenue is measured at the fair value of consideration received or receivable.

(a) Fees from courses and examinations

Fees from courses and examinations are recognised when the courses or examinations are completed.

(b) Membership subscriptions

Fees from membership subscriptions are recognised proportionally over the membership term.

(c) Income from sale of publications

Income from sale of publications is recognised when significant risk and rewards of ownership are transferred to the buyer and the amount of income and costs of the transactions can be measured reliably.

(d) other income

All other income is recognised on an accrual basis.

2.3 Government grants

Grants from the government are recognised as a receivable at their fair value when there is reasonable assurance that the grant will be received and the Institute will comply with all the attached conditions.

Government grants receivable are recognised as income over the periods necessary to match them with the related costs which they are intended to compensate, on a systematic basis. Government grants relating to expenses are shown separately as other income.

Government grants relating to assets are deducted against the carrying amount of the assets.

2.4 Employee compensation

(a) Defined contribution plans

The Institute’s contributions to defined contribution plans are recognised as employee compensation expense when the contributions are due.

(b) Employee leave entitlement

Employee entitlements to annual leave are recognised when they accrue to employees. A provision is made for the estimated liability for annual leave as a result of services rendered by employees up to the balance sheet date.

2.5 operating lease payments

Payments made under operating leases (net of any incentives received from the lessor) are recognised in profit or loss on a straight-line basis over the period of the lease.

Contingent rents are recognised as an expense in profit or loss when incurred.



2.6 Property and equipment

Property and equipment are recognised at cost less accumulated depreciation and accumulated impairment losses.

Subsequent expenditure relating to property and equipment that has already been recognised is added to the carrying amount of the asset only when it is probable that future economic benefits associated with the item will flow to the Institute and the cost of the item can be measured reliably.

Depreciation is calculated using the straight-line method to allocate depreciable amounts over their estimated useful lives.

The estimated useful lives are as follows:

Useful lives

Computer hardware 3 yearsComputer software 3 yearsTraining equipment 3 yearsOffice equipment 5 yearsFurniture and fittings 5 yearsRenovation 3 years

The residual values, estimated useful lives and depreciation method of property and equipment are reviewed, and adjusted as appropriate, at each balance sheet date. The effects of any revision are recognised in profit or loss when the changes arise.

2.7 Impairment of non-financial assets

Property and equipment are tested for impairment whenever there is any objective evidence or indication that these assets may be impaired.

If the recoverable amount of the asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. The difference between the carrying amount and recoverable amount is recognised as an impairment loss in profit or loss.

An impairment loss for an asset is reversed if, and only if, there has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognised. The carrying amount of this asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of accumulated depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of impairment loss for an asset is recognised in profit or loss.





2.8 loans and receivables Bank balances Trade and other receivables

Bank balances, trade and other receivables are initially recognised at their fair values plus transaction costs and subsequently carried at amortised cost using the effective interest method, less accumulated impairment losses.

The Institute assesses at each balance sheet date whether there is objective evidence that these financial assets are impaired and recognises an allowance for impairment when such evidence exists. Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy and default or significant delay in payments are objective evidence that these financial assets are impaired.

The carrying amount of these assets is reduced through the use of an impairment allowance account which is calculated as the difference between the carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate.

These assets are presented as current assets except for those that are expected to be realised later than 12 months after the balance sheet date, which are presented as non-current assets.

2.9 Investments

Investments are designated at fair value through profit or loss at inception. The investments are managed and their performances are evaluated on a fair value basis, in accordance with the Institute’s investment strategy. The investments are presented as current assets if they are either held for trading or are expected to be realised within 12 months after the balance sheet date.

Regular way purchases and sales of investments are recognised on trade date – the date on which the Institute commits to purchase or sell the asset.

Investments are derecognised when the rights to receive cash flows from the investments have expired or have been transferred and the Institute has transferred substantially all risks and rewards of ownership. On disposal of the investment, the difference between the carrying amount and the sale proceeds is recognised in profit or loss.

Changes in the fair values of the investments including the effects of currency translation, interest and dividends, are recognised in profit or loss when the changes arise.

2.10 Derivative financial instruments

A derivative financial instruments for which no hedge accounting is applied is initially recognised at its fair value on the date the contract is entered into and is subsequently carried at its fair value. Changes in its fair value are recognised in profit or loss.

2.11 Payables

Payables represent liabilities for goods and services provided to the Institute prior to the end of financial year which are unpaid. They are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business, if longer). Otherwise, they are presented as non-current liabilities.

Payables are initially recognised at fair value, and subsequently carried at amortised cost using the effective interest method.



2.12 offsetting financial instruments

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously.

2.13 Cash and cash equivalents

For the purpose of presentation in the statement of cash flows, cash and cash equivalents include cash on hand, deposits with financial institutions which are subject to an insignificant risk of change in value. For cash subjected to restriction, assessment is made on the economic substance of the restriction and whether they meet the definition of cash and cash equivalents.

2.14 Currency translation

The financial statements are presented in Singapore Dollar, which is the functional currency of the Institute.

Transactions in a currency other than Singapore Dollar (“foreign currency”) are translated into Singapore Dollar using the exchange rates at the dates of the transactions. Currency exchange differences resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at the closing rates at the balance sheet date are recognised in profit or loss. Non-monetary items measured at fair values in foreign currencies are translated using the exchange rates at the date when the fair values are determined. Currency translation differences on these items are included in the fair value reserve.

2.15 Comparative figures

Where necessary, comparative figures have been adjusted to conform to changes in the current year presentation. These reclassifications have been made to better reflect the nature of items in the set of financial information.

3. Critical accounting estimates and assumptions

Impairment of loans and receivables

Management reviews its loans and receivables for objective evidence of impairment at least quarterly. Significant financial difficulties of the debtor, the probability that the debtor will enter bankruptcy, and default or significant delay in payments are considered objective evidence that a receivable is impaired. In determining this, management has made judgements as to whether there is observable data indicating that there has been a significant change in the payment ability of the debtor, or whether there have been significant changes with adverse effect in the technological, market, economic or legal environment in which the debtor operates in.

Where there is objective evidence of impairment, management has made judgements as to whether an impairment loss should be recorded as an expense. In determining this, management has used estimates based on historical loss experience for assets with similar credit risk characteristics. The methodology and assumptions used for estimating both the amount and timing of future cash flows are reviewed regularly to reduce any differences between the estimated loss and actual loss experience.




4. Salaries and staff expense

2014 2013$ $

Costs of defined contribution plans included in salaries and staff expenses 313,287 282,192Cost of unutilised leave included in salaries and staff expenses 114,415 102,558

427,702 384,750

Compensation of key management personnelThe remuneration of key management personnel were as follows:Short-term benefits 364,880 263,716

5. Income tax expense

The Institute is registered as a charity under the Charity Act and is exempted from income tax, under Section 13M(2)(b) of the Income Tax Act, Chapter 134.

6. Cash and bank balances

2014 2013$ $

Cash at bank 2,531,357 2,953,737Cash and cash equivalents, placed with investment manager 882,906 2,086,963

3,414,263 5,040,700

Cash at bank is non-interest bearing and is denominated in Singapore dollars.

7. Investments

Investments comprise funds placed with an investment manager for discretionary management and are classified as held-for trading.

At the end of the reporting period, the composition of the funds under management and their indicative fair values are as follows:

Assets2014 2013

$ $

Fixed income investment 19,118,799 10,871,599Equities 5,207,566 13,828,782Margin account 66,208 −

24,392,573 24,700,381

During the current financial year, a management fee of S$62,824 (2013: S$60,000) was paid to the Investment Manager.


8. Derivative financial instruments

As at the end of the reporting period, the Institute has investments by the investment manager in the following outstanding financial derivative contracts which were transacted by the investment manager to manage its currency exposure arising from the Institute’s investments.

Fair valuesContract/notionalamount Assets Liabilities

$ $ $As 31 December 2014Derivatives held for trading- Foreign forward contract 5,626,378 − 74,977- Stock futures 2,445,313 − 15,839Total 8,071,691 − 90,816

Fair valuesContract/notionalamount Assets Liabilities

$ $ $

As 31 December 2013Derivatives held for trading- Foreign forward contract 5,619,202 − 47,477Total 5,619,202 − 47,477

The total gross negative fair value of the outstanding forward foreign exchange contracts is S$74,977 (2013: S$47,477).

9. other receivables and prepayments

Note 2014 2013$ $

Security deposits 93,910 93,270Prepaid expenses 68,517 32,723Other debtors 153,887 99,110Grant receivables 12 1,786,208 324,968Total 2,102,522 550,071

The Institute’s other receivables and prepayments are denominated in the functional currency of the Institute.




10. Property and equipment

Furnitureand

fittings$

Computersand

equipment$

Renovations$

Total$

2014CostBeginning of financial year 93,042 326,277 202,118 621,437Additions − 906,796 7,777 914,573Disposals (5,958) − − (5,958)End of financial year 87,084 1,233,073 209,895 1,530,052

Accumulated depreciationBeginning of financial year 81,424 298,251 202,118 581,793Depreciation charge 3,272 56,789 648 60,709Disposals (5,958) − − (5,958)End of financial year 78,738 355,040 202,766 636,544

Net book valueEnd of financial year 8,346 878,033 7,129 893,508

2013CostBeginning of financial year 80,357 307,221 202,118 589,696Additions 12,685 32,502 − 45,187Disposals − (13,445) − (13,445)End of financial year 93,042 326,278 202,118 621,438

Accumulated depreciationBeginning of financial year 77,360 288,838 151,648 517,846Depreciation charge 4,064 22,859 50,470 77,393Disposals − (13,445) − (13,445)End of financial year 81,424 298,252 202,118 581,794

Net book valueEnd of financial year 11,618 28,026 − 39,644


11. Payables

2014 2013$ $

Accrued expenses 887,394 563,067Trade payables 807,889 237,529Provision 114,415 618,539

1,809,698 1,419,135

Trade payables, accrued expenses and provisions principally compromise amounts outstanding for trade purchases, operating expenses and provisions for bonuses and leave entitlement.

The payables are denominated in the functional currency of the Institute.

12. Grants

The Institute receives Financial Sector Development Fund (“FSDF”) grant to support projects and initiatives that aims to raise the competency standard of the Singapore financial sector.

2014 2013$ $

Total grant receivables 1,786,208 324,968

The Institute is also the appointed administrator of the IBF Standards Training Scheme (IBF-STS) and the Financial Training Scheme (FTS) funding scheme, previously known as the FICS grant, which incentivise competency-raising of the financial sector.

2014 2013$ $

Total grant payable to FSDF 10,807 10,934

Any unutilised grant should be returned at the end of the IBF’s appointment as the FTS and IBF-STS administrator. This grant is repayable upon demand.

13. Members’ funding contributions

These represent amounts contributed by members when they were admitted to the Institute. The contributions are refundable to the members when they cease to be a member of the Institute.




14. operating lease commitments

2014 2013$ $

Minimum lease payment paid under operating lease 367,200 345,168

At the end of the reporting period, commitments in respect of operating lease for the rental of office premises were as follows:

2014 2013$ $

Within one year 367,200 367,200In the second to fifth year inclusive 91,800 459,000

459,000 826,200

The Institute operating lease payments are negotiated for a term of 3 years and rentals are fixed for 3 years.

15. Financial risk management

Financial risk factors

The Institute is exposed to financial risk arising from the use of financial instruments. The key financial risks include market risk, credit risk and liquidity risk.

The Council Members review and agree policies and procedures for the management of these risk, which are overseen by Investment Committee or Audit Committee, where relevant, are executed by the Management team.

(a) Market risk

(i) Currency risk

The Institute takes on expenses to effects of fluctuation in the prevailing foreign currency exchange rate in the investments. The Institute manages this risk by entering into currency forwards.

The Institute’s currency exposure is as follows:

2014 ($’000)SGD USD Other Total

Investment 15,734 7,720 1,822 25,276

2013 ($’000)SGD USD Other Total

Investment 10,857 5,926 10,005 26,788


15. Financial risk management (continued)

(a) Market risk (continued)

(i) Currency risk (continued)

The following table shows the effects arising from the financial asset position due to the change of USD against SGD with all other variables, including tax rate, being held constant:

2014 2013Profit

after taxProfit

after tax$ $

USD against SGD- Strengthened by 1% (2013: 1%) 77,200 59,260- Weakened by 1% (2013: 1%) (77,200) (59,260)

- Strengthened by 5% (2013: 3%) 386,000 177,780- Weakened by 5% (2013: 3%) (386,000) (177,780)

(ii) Price risk

The Institute is exposed to equity securities and fixed income fund to price risk arising from the investments classified as fair value through profit or loss. To manage its price risk, the Institute diversifies its portfolio in accordance with the limits set by the Institute.

The following table shows the effects arising from the financial asset position due to the change of prices for equity securities with all other variables, including tax rate, being held constant:

2014 2013Profit

after taxProfit

after tax$ $

Listed in Singapore- Strengthened by 1% (2013: 1%) 35,602 39,166- Weakened by 1% (2013: 1%) (35,602) (39,166)


Listed in Hong Kong- Strengthened by 1% (2013: 1%) 8,628 12,371- Weakened by 1% (2013: 1%) (8,628) (12,371)





(a) Market risk (continued)

(iii) Interest rate risk

The Institute has insignificant financial assets or liabilities that are exposed to interest rate risks.

(b) Credit risk

The Institute adopts the policy of dealing only with customers of appropriate credit standing and history where appropriate to mitigate credit risk. For other financial assets, the Institute adopts the policy of dealing with financial institutions and other counterparties with high credit ratings.

(i) Financial assets that are past due but not impaired

There is no class of financial asset that has past due and impaired except for accounts receivables of $56,246 (2013: $118,802), which are mostly due within 3 months but not impaired. Management assessed that those receivables to be recoverable as the counterparties are financial institutions with high credit ratings.

(c) Liquidity risk

The table below analyses the Institute’s non-derivative financial liabilities and derivatives that are used to hedge foreign currency purchases into relevant maturity groupings based on the remaining period from the balance sheet date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.

Less than1 year

More than1 year Total

$ $ $At 31 December 2014Member’s funding contributions − 965,147 965,147Advances fees from courses and examinations 197,335 − 197,335Payables 1,695,283 − 1,695,283FSDF claim disbursement account − 10,807 10,807

1,892,618 975,954 2,868,572At 31 December 2013Member’s funding contributions − 1,015,547 1,015,547Advances fees from courses and examinations 226,760 − 226,760Payables 800,596 − 800,596FSDF claim disbursement account − 10,934 10,934

1,027,356 1,026,481 2,053,837




(c) Liquidity risk (continued)

The table below analyses the Institute’s derivative financial instruments that will be settled on a gross basis into relevant maturity groupings based on the remaining period at the date of the balance sheet to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.

Up to1 month

1 - 3months

3 - 12months

1 - 5years Total

$ $ $ $ $At 31 December 2014Gross settled currency forwards- Receipts 5,701,400 − − − 5,701,400- Payments 5,626,378 − − − 5,626,378

Gross settled stock futures- Payments − − 15,839 − 15,839

At 31 December 2013Gross settled currency forwards- Receipts 287,345 5,379,334 − − 5,666,679- Payments 281,040 5,338,161 − − 5,619,201

(d) Fair value investments

The Institute designates its investments at fair value through profit or loss as the investments are managed and its performance evaluated on a fair value basis.

As at 31 December 2014, financial assets carried at fair value consists of investments placed with an investment manager.

The table below shows an analysis of financial instruments measured at fair value and classified by level of the following fair value measurement hierarchy:

Quotedprices in

activemarkets for

identicalinstrument

Level 1

Significantother

observableinputsLevel 2

Significantunobservable

inputsLevel 3 Total

$ $ $ $As at 31 December 2014Financial AssetsFixed income investments 19,118,799 − − 19,118,799Equities 5,207,566 − − 5,207,566

24,326,365 − − 24,326,365




(d) Fair value investments (continued)

Quotedprices in

activemarkets for

identicalinstrument

Level 1

Significantother

observableinputsLevel 2

Significantunobservable

inputsLevel 3 Total

$ $ $ $

As at 31 December 2014 (continued)Financial liabilitiesDerivative financial instruments − 90,816 − 90,816

As at 31 December 2013Financial AssetsFixed income investments 10,871,599 − − 10,871,599Equities 13,828,782 − − 13,828,782

24,700,381 − − 24,700,381

Financial liabilitiesDerivative financial instruments − 47,477 − 47,477

Fair value hierarchy

The Institute classifies fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements; the fair value hierarchy has the following levels:

Level 1 - Quoted prices (unadjusted in actives markets for identical assets or liabilities); Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the assets or

liabilities, either directly (i.e., as prices) or in directly (i.e., derived from prices); and Level 3 - Inputs for the assets or liabilities that are not based on observable market data (i.e., unobservable inputs).




(d) Fair value investments (continued)

Determination of fair value

Fixed income investments and forward foreign exchange contracts: Fair value is determined directly by reference to their published market bid prices at the end of the reporting period. The valuation is applied by the investment manager.

Equities: Fair value is determined directly by reference to their published market bid prices at the end of the reporting period.

The fair value of financial instruments traded in active markets (available-for-sale listed equity financial assets) is determined based on quoted current bid prices at the balance sheet date. These instruments are included in Level 1 fair value measurement hierarchy.

Derivative financial instruments; Fair value is determined using a valuation technique with market observable inputs.

The fair value of financial instruments that are not traded in an active market (over-the-counter currency forwards) is determined using quoted forward exchange rates at the balance sheet date. These instruments are included in level 2.

The carrying value less impairment provision of current trade receivables and payables approximate to their fair values. The fair value of financial liabilities is estimated by discounting the future contractual cash flows at the current market interest rate that is available to the Institute for similar financial instruments. The fair value of current borrowings approximates their carrying amount.

(e) Financial instruments by category

The carrying amounts of financial assets measured at fair value financial assets at fair value through profit or loss held for trading are disclosed on the face of the balance sheet and in Note 7 to the financial statements.

The aggregate carrying amounts of loans and receivables and financial liabilities at amortised cost are as follows:

2014 2013$ $

Loans and receivables 6,398,022 5,640,455Financial liabilities at amortised cost 1,706,090 811,530

(f) Offsetting financial assets and financial liabilities

The Institute has currency forwards with one counterparty that are subject to enforceable master arrangement. These currency forwards are being offset and presented net on the face of the balance sheet. There are no financial collaterals received in respect of these currency forwards.

16. New or revised accounting standards and interpretations

The Institute has not early adopted any mandatory standards, amendments and interpretations to existing standards that have been published but are only effective for the Institute’s accounting periods beginning on or after 1 January 2015. However, management anticipates that the adoption of these standards, amendments and interpretations will not have a material impact on the financial statements of the Institute in the period of their initial adoption.

17. Authorisation of financial statements

These financial statements were authorised for issue in accordance with a resolution of the Council Members of The Institute of Banking and Finance on 5 June 2015.



NoTICE oF ANNuAl GENERAl MEETING

NoTICE IS HEREBY GIvEN THAT the 40th Annual General Meeting of The Institute of Banking and Finance (the “Institute”) will be held at the MAS Theatrette, Level 16, 10 Shenton Way, MAS Building, Singapore 079117 on Monday, 29 June 2015 at 3.00 p.m. for the purpose of transacting the following ordinary business of the Institute:

Agenda

1. To receive and consider the Council’s Report and Audited Accounts of the Institute for the year ended 31 December 2014 together with the Auditors’ Report thereon.

2. To re-appoint PricewaterhouseCoopers LLP as auditors of the Institute and to authorise the Council Members to fix their remuneration.

3. To transact such other ordinary business as may be properly transacted at an Annual General Meeting.

By Order Of The Council

Mr David Chong Keen loonand Ms leong Yoke YengSecretary12 June 2015

Note:

(1) A member entitled to attend and vote at the Annual General Meeting (the “Meeting”) is entitled to appoint not more than two proxies to attend and vote on his behalf. A proxy need not be a Member of the Institute.

(2) The instrument appointing a proxy, must be deposited at the registered office of the Institute at 10 Shenton Way,#13-07/08 MAS Building, Singapore 079117 not less than forty-eight hours (48) before the time appointed for holdingthe Meeting.

(3) A corporation which is a Member of the Institute may, by resolution of its directors, authorise any person to act as its representative at the Meeting of the Institute, and such representative shall be entitled to exercise the same powers on behalf of the corporation which he represents as if he had been an individual member of the Institute.


CoRPoRATE INFoRMATIoN

Secretary to the CouncilMr David Chong Keen Loon and Ms Leong Yoke Yeng Principal officerMs Ong Puay SeeChief Executive Officer

PricewaterhouseCoopers llPPublic Accountants and Chartered Accountants SolicitorsShook Lin & Bok LLPAdvocates & Solicitors

DISClAIMER

Published by The Institute of Banking & Finance.Copyright © The Institute of Banking & Finance 2014.This Annual Report is copyright under The Institute of Banking & Finance.No reproduction without our permission.All rights reserved.


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We Name of Member

of Registered Address

Singapore

being a member of The Institute of Banking and Finance (the “Institute”) hereby appoint

Name of Individual

Designation

or failing him Name of Individual

Designation

as our proxy to vote for us on our behalf at the 40th Annual General Meeting of the Institute to be held at the MAS Theatrette,Level 16, 10 Shenton Way, MAS Building, Singapore 079117 on Monday, 29 June, 2015 at 3.00 p.m. and at any adjournment thereof.

As witness our hand this day of 2015.

Director

Director / Secretary

An instrument appointing a proxy must be lodged at the Registered Office of the Institute at 10 Shenton Way, #13-07/08 MAS Building, Singapore 079117, not later than 48 hours before the time appointed for holding the annual general meeting or any adjournment thereof.

The instrument appointing a proxy shall be in writing under the hand of the appointer or his attorney duly authorised in writing. Where the instrument is executed by a corporation, it must be executed either under its common seal or under the hand of its officer or attorney duly authorised.

PRoxY FoRMThe Institute of Banking and Finance



THE INSTITUTE OF BANKING & FINANCE(Reg No : 197402045E)10 Shenton Way#13-07/08, MAS BuildingSingapore 079117T: +65 6220 8566F: +65 6224 4947www.ibf.org.sg

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