Soh Kim Soon To Leave DBS Bank

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Senior Executive Departs "For More Flexibility" To Pursue Personal Business Interests

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"29 Years Is A Long Time," Says Soh

SINGAPORE, NOV 29 - DBS Bank said today that Soh Kim Soon, a 29-year veteran of the bank, would leave his post as Senior Managing Director - Logistics at the end of the year.

During his time with the bank, Soh has led a number of business and support functions, and has served as Chairman of DBS Securities, DBS Finance and DBS Computer Services.

He was named Senior Managing Director - Logistics in 1999, and since then has been responsible for the bank's investment in and deployment of technology, including the development of its e-business platform.

DBS is a leader in Asia in bank e-business development, and offers a variety of Internet based services to business and individual customers. It was the first in Singapore to offer internet-based cash management services through its IDEAL system, and recently announced several business and customer e-payment services, B2Pay and C2Pay. Its Internet banking services are considered a leader in the region, and its website, www.dbs.com was recently anointed as the best in Asia, edging out major local and global bank sites.

Soh said his decision to leave was entirely his own, and intended to provide him more flexibility in pursuing his own personal and business interests.

"After all, 29 years is a long time," Soh said. "I have watched DBS grow from a development financing institution in Singapore to become the dominant bank in Singapore and a significant regional player. And I have been pleased that, together with many others, to have been able to play a major role in its development. But I leave the bank in good hands and will gain some additional time to pursue other interests."

Soh will continue to work with the bank in an advisory capacity on technology and e-commerce matters.

John T. Olds, vice chairman and CEO of the bank, said "Kim Soon has been instrumental in building and managing some of the bank's largest businesses, and has helped guide the technology revolution DBS has undergone in the past several years.

"Professionally and as colleagues, we are fortunate to continue to have his skills and knowledge available to us as he steps back from full-time employment," Olds said.

DBS said no successor had yet been named, but that a decision on a replacement would be made shortly. In the interim, DBS' Logistics Group will report to the Corporate Office, under the direct responsibility of DBS President Ng Kee Choe.

DBS Bank is the flagship bank of DBS Group Holdings in Singapore. It is ranked among the top banks in Asia, the 70th largest in the world, a recognised leader in Internet banking and e-commerce and the market leader in Singapore-dollar loans and deposits, and equity fund raising. Beyond Singapore, DBS Group serves corporate, institutional and retail customers through subsidiaries in Hong Kong, The Philippines, Indonesia and Thailand, and international banking services through a network of 13 overseas branches and offices.