DBS appoints Piyush Gupta as CEO
SINGAPORE: DBS Group has appointed veteran banker Piyush
Gupta as its new chief executive officer, ending a global search
that has lasted several months.
Mr Gupta is currently Citibank's CEO for South East Asia-Pacific,
covering ASEAN, Australia, New Zealand and Guam.
Analysts, whom Channel NewsAsia spoke to on Tuesday, said the
certainty of a new CEO will help DBS prepare for growth ahead, amid
signs that the worst of the market downturn is over.
Alfred Chan, analyst at Fitch Ratings Singapore, said: "The
appointment of this CEO is rather timely since the signs of
deterioration are abating and there is definitely increased
opportunity for lending and other businesses.
"How this will translate for the bank depends on what the CEO will
say once he steps into DBS bank."
Analysts also said concerns over Mr Gupta's lack of
experience in the India and China markets – where DBS has long-term
ambitions – are unfounded.
They said it is not his geographical expertise that counts, but
rather the experience he brings from a large multinational lender
that should be the focus.
Roger Tan, vice-president, SIAS Research, said: "Citibank has had
good strategies in branding itself for the past few years. It's
also implementing good operational strategies.
"If he can bring all these ideas into DBS, branding DBS, improving
the operational excellence within DBS, it will make the bank
stronger than what it is now."
Mr Gupta's appointment is subject to regulatory approval and he is
expected to join DBS in November.
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