DBS Group Holdings, Singapore based South-East Asia’s leading bank, has appointed Citi banker Piyush Gupta as new CEO. Gupta will join DBS by mid November. The Singapore bank has been without a CEO since April after the death of Richard Stanley, who was also an ex-Citi banker.
Gupta is currently working as CEO, Citigroup for South East Asia-Pacific region. He is looking after Citigroup’s businesses including financial markets, corporate and investment banking, transaction services, credit cards, retail banking and wealth management.
On his appointment, Koh Boon Hwee, Chairman, DBS said that Piyush has over 20 years of experience in South East Asia and Hong Kong market including eight years in Singapore that will help DBS strengthen its franchise and expand footprint in Asia. “Piyush is strategic, yet detail oriented; and has the ability to nurture high-performing teams,” said Boon Hwee.
DBS has turned to Citigroup for a top manager for the second time in less than two years. It had hired Citigroup’s top China banker Richard Stanley in February 2008, before he died in April.
Meanwhile, some of Citi’s other top executives in Asia have also departed in the last one year. Ajay Banga, one of the most prominent bankers from India, has left for MasterCard Incorporated as the President and COO recently, while Sanjay Nayar, who was CEO for Citigroup-India, left to head PE major KKR’s India office last year. Industry believes that Asia is Citi’s fastest growing market and the flight of top talent will certainly impact its operations in the region.
DBS is one of the largest financial services groups in Asia with operations in 16 markets. It provides services in corporate, SME, consumer and wholesale banking activities across Asia and the Middle East.