Singapore: DBS Group Holdings Ltd, the biggest South-East Asian bank, hired Citigroup Inc.’s Piyush Gupta as chief executive officer (CEO), ending a five-month search for a new leader after Richard Stanley died.
Gupta, 49, will join DBS in November, and his appointment is subject to regulatory approval, the lender said in a statement to the Singapore stock exchange. Gupta is Citigroup’s CEO for South-East Asia-Pacific, the company said.
DBS, whose second quarter profit fell 15%, is turning to Citigroup for a top manager for a second time in less than two years. Stanley, who was Citigroup’s top China banker before DBS hired him in February 2008, died in April after being diagnosed with leukaemia.
New role: Piyush Gupta. Goh Seng Chong/Bloomberg
The focus at DBS has gone back to commercial banking, and the fact that Gupta is a commercial banker shows there will probably be no change in the bank’s strategic direction, said Tay Chin Seng, an analyst at Macquarie Capital Securities who rates the stock neutral.
Piyush is strategic, yet detail-oriented; and has the ability to nurture high-performing teams, DBS chairman Koh Boon Hwee said in the release.
Koh, 59, has run DBS since Stanley’s diagnosis in January. The same week that Stanley died, Koh told a shareholder meeting that the executive was on track to return to work, the ‘Straits Times’ reported on 9 April. In an 11 April statement announcing Stanley’s death, DBS said his condition deteriorated rapidly in the last 48 hours.
DBS has turned to Citigroup for more than managers. The US bank helped arrange DBS’ 4 billion Singapore dollars (around Rs19,480 crore) rights offering in December