Singapore, 19 Dec 2000... Mr Lee Ek Tieng will retire as Deputy Chairman MAS on completion of his term of office on 31 Dec 2000. Mr Lim Hng Kiang, Minister for Health and 2nd Minister for Finance, will be appointed Deputy Chairman in his place, with effect from 1 Jan 2001.

Mr Lee was first appointed as a director to the MAS Board in Apr 1986. He served as the Managing Director from Nov 1989 to Dec 1997, and was the Deputy Chairman from Jan 1998 to Dec 2000. During his 14 years with the Authority, Mr Lee saw many significant changes in both Singapore's financial sector as well as within the organisation.

MAS expresses its gratitude to Mr Lee for his long and distinguished service to the MAS.

***