Singapore's finance minister Heng named deputy PM

FILE PHOTO: Singapore's Finance Minister Heng Swee Keat speaks at a UBS client conference in Singapore, January 14, 2019. REUTERS/Feline Lim

SINGAPORE (Reuters) - Singapore finance minister Heng Swee Keat is set to become deputy prime minister, the prime minister's office said in a statement on Tuesday, strengthening expectations he will take over as the future leader of the city-state.

Heng's promotion will take effect on May 1, and will see Teo Chee Hean and Tharman Shanmugaratnam relinquish their roles as deputy prime ministers, the statement said.