The outgoing chief executive of Singapore state fund Temasek Holdings, Ho Ching, was named fifth most powerful woman in the world in a list by Forbes magazine which was topped by German leader Angela Merkel.

Temasek holds large stakes in banks such as UBS and Citi, recently announced it has mutually agreed with Charles Goodyear not to proceed with his appointment as chief executive officer.

Mr Goodyear was expected to take the position from Ho Ching on 1 October this year. He joined the fund's Board of Directors in February this year and assumed the CEO-designate job in March.