Temasek Holdings, the Government of Singapore-owned investment company owning stakes in banks such as DBS Group, Standard Chartered and ICBC, has named a new deputy chairman.

Cheng Wai Keung, chairman and managing director of Wing Tai Holdings, assumed his new role on the board in 4 November 2013 after serving as non-executive director since 15 September 2011. Cheng, also a member of the executive committee, is vice-chairman of the Singapore-Suzhou Township Development and director at several Singaporean institutions. 

The post had been vacant for over a year since Kwa Chong Seng retired in May 2012, the firm said in a statement. Cheng's appointment comes just a few months after Lim Boon Heng was named chairman of the board. 

Temasek's portfolio is valued at S$215 billion ($173 billion) as at 31 March 2013. The company has 11 offices and affiliates in Asia and Latin America.