Two New Senior Appointments At DBS Consumer Banking Singapore

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Elsie Foh Is The New Chief Operating Officer Of Consumer Banking Singapore

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Retail Banker Eddie Khoo Joins DBS As Head Of Consumer Banking Distribution

SINGAPORE, March 05, 2003 - DBS announced today the appointment of two senior positions within the Singapore Consumer Banking Group. Mrs. Elsie Foh, veteran DBS banker, has been named the new Chief Operating Officer (COO) of Consumer Banking Singapore. At the same time, DBS has appointed experienced retail banker Eddie Khoo to be the new head of Consumer Banking Distribution. Both Mrs Foh and Mr Khoo will report directly to Edmund Koh, who is the head of Consumer Banking Singapore. The two new appointments will take effect on April 1, 2003.

"The new appointments will enable us to further fortify our consumer banking franchise and integrate all key service support to ensure greater efficiency. The Bank will continue to invest in best practices and people to better serve the market," said Mr. Koh.

As the COO of Consumer Banking Singapore, a newly created position, Mrs. Foh will oversee the core operations of the Bank's retail business, which include business support areas such as processing and servicing, information technology, service quality, process re-engineering, human resource and compensation, network management including the self-service facilities, compliance and governance.

"Elsie has been instrumental in the re-engineering of our retail business over the past few years. With her extensive knowledge of the banks' operations plus her in-depth understanding of our customers' needs, she is the ideal senior person to mobilise the various operational processes to ensure a more efficient support for Consumer Banking Singapore," said Mr Koh.

The new head of Consumer Banking Distribution, Eddie Khoo, will have direct responsibilities to grow the DBS, POSB and Treasures Priority Banking franchises in Singapore. As announced last October, the Bank made changes to the organizational structure within Consumer Banking Singapore in order to leverage on the power of its two brands - POSB and DBS. Mr Khoo will be supported by a team of experienced bankers, including Mrs Lam Siok Loon (Managing Director, POSB) and Ms Chan May Ping (Managing Director, Treasures Priority Banking). Mr Khoo will also oversee the Bank's Internet Banking and Sales Management teams.

Prior to joining DBS, Mr Khoo spent the last 17 years at Citibank, Singapore. His last appointment at Citibank was as its Business Director of Sales, Distribution and Marketing. Mr Khoo has been instrumental in delivering several innovative products such as positioning Ready Credit as easy cash, introducing the concept of financial planning in Singapore, and differentiating customer sales and experience that have proven to be an invaluable and powerful business tool.

"Eddie has consistently proven that banking products can be innovative, creative and profitable. He is a very strong customer advocate and we are very happy to have him here," said Mr Koh.

"Consumer Banking in Singapore has undergone tremendous change over the past few years, and our customers have benefited from these changes. I strongly believe that with Eddie's vast experience and gumption for innovativeness and Elsie's resolve to deliver a more customer-focused operating environment, our customers will continue to enjoy an even more rewarding relationship with DBS, " Mr Koh added.

Mr Koh will continue to have direct supervision of Marketing and Consumer Products as well as Private Banking.

About DBS
DBS Bank is the largest bank in Singapore as measured by assets, with dominant positions in consumer banking, treasury and markets, securities brokerage, Singapore dollar loans, deposits, and equity and debt fund raising. Through its integrated Dao Heng Bank and DBS Kwong On Bank operations, DBS Bank is the fourth largest banking group in Hong Kong. Beyond the anchor markets of Singapore and Hong Kong, DBS Bank serves corporate, institutional and retail customers through its operations in Thailand, The Philippines, and Indonesia. The Bank's credit ratings are amongst the highest in the Asia-Pacific region. More information about DBS Group Holdings and DBS Bank can be obtained from our website www.dbs.com.