Ex-banker Edwin Khoo to take up advisory position at Premium Automobiles

Edwin Khoo, a famous banker who conceived Citibank's balloon loan scheme in the late 1990s is said to be heading to the automotive sector soon, after taking up an advisory position at Premium Automobiles, the local dealer of Audi, reported The Business Times.

Premium Automobiles, owned by tycoon Hadi Tanaga, has been without a CEO since Marc Singleton left more than two months ago. Instead of running Premium Automobiles' day-to-day operations, Mr. Khoo, who retired from DBS Bank last year, is expected to tap on his banking experience and expertise, where he is likely to identify areas for improvement - including seeking better financing terms for both the company and its customers.

The Managing Director of a luxury dealership called Mr. Khoo an expert in trade financing and went on to add, "if anyone can cut financing costs and squeeze more out of the business, it will be him." He also added Mr. Khoo's wealth of banking contacts could even elevate the image of the Audi brand further.

According to the business daily, in the first quarter of this year, Audi was ranked Singapore's sixth most popular brand with a 5.7 percent market share, down a place and lower than the eight percent market share at the end of 2013. In contrast, its main rivals, Mercedes-Benz and BMW, are currently in the first and third spot respectively.