Singapore lender OCBC's chairman Ooi Sang Kuang to retire

(Reuters) - Southeast Asia's no. 2 lender Oversea-Chinese Banking Corp said on Friday that Chairman Ooi Sang Kuang will retire at the end of January, after over a decade on the company's board.

Ooi will be succeeded by Andrew Lee, who been at OCBC for over two decades and is currently a non-executive and independent director at the bank. Lee has previously held executive positions at Standard Chartered.

Ooi, who has chaired OCBC's board since 2014, leaves at a time when Singapore's banks capitalise on interest rates rising from COVID-19 lows, boosting their margins and helping them post record profits.

Lee will assume the role of chairman on Feb. 1.

(Reporting by Harshita Swaminathan; Editing by Savio D'Souza and Shailesh Kuber)