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Rank appoints banking veteran Chew to board

1 minute read
Mecca Bingo and Grosvenor Casino operator the Rank Group has appointed banking sector veteran Chew Seong Aun, chief financial officer of investment fund Guoco Group, to its board as a non-executive director, replacing Tang Hong Cheong.

Chew had previously served as chief financial officer of Malaysia-based Hong Leong Financial Group, before stepping down last month to join Guoco, which holds a majority of Rank’s shares. In total, he has worked for more than 30 years in the banking sector.

“I am pleased to welcome Seong Aun to the Rank board,” Rank chairman Alex Thursby said. “Seong Aun brings a wealth of financial and commercial experience to the board and will be able to further enhance the good communication established between Rank and its major shareholder.”

Chew replaces Tang Hong Cheong, who is retiring. Tang is also chief executive of Guoco and had been a non-executive director on Rank’s board since 2010.

“On behalf of Rank I would like to thank Hong Cheong for his valuable contribution as a director over the past two years and wish him well on his retirement,” Thursby said.

Last month, Rank announced that it had successfully raised £70.0m through a share placement and retail subscription. It placed placed 76,736,762 shares priced at 90 pence per share.

In addition, it revealed that also announced that group like-for-like gaming revenue was down 52% and total net gaming revenue down 47% for the quarter ended 30 September

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