Ng Kee Choe To Retire From DBS

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Pioneered Banking Achievements During Illustrious 33-year Career

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Ng To Assume Senior Advisory Role To CEO Upon Retirement

SINGAPORE, APRIL 21, 2003 - DBS Group Holdings Ltd (DBSH) said today that Ng Kee Choe, Vice Chairman and a director of DBSH, will be retiring from the banking group on June 30, after an illustrious 33-year career.

Ng will step into the role of Senior Advisor to Chief Executive Officer Jackson Tai following his retirement. Tapping his deep experience and insight into the markets, Ng will help cultivate and further deepen client relationships in Investment Banking, Enterprise Banking and Treasury and Markets in Singapore.

A career banker, Ng has been with DBS since 1970. He held various senior positions in DBS and was President and Chief Operating Officer from 1997 to 2001. Over the span of 33 years, Ng played a significant role in DBS' growth from a new development financing institution in Singapore to one of the largest universal banking groups in Asia today.

Most notably, Kee Choe was responsible for extending DBS footprint both in Singapore and overseas in the acquisition of DBS Thai Danu Bank in Thailand in 1998 and DBS Kwong On Bank in Hong Kong in 1999. He also played a crucial role in the acquisition of POSB in 1998. Between 1990 and 1997, the Bank doubled its international network of banking offices from nine to eighteen.

Ng also holds several directorships. He is Chairman of Singapore Power Ltd, Vice Chairman of the Institute of Banking and Finance, a Board Member of Singapore Airport Terminal Services Ltd and Wing Lung Bank Ltd, and a Governor of the Singapore International Foundation.

"Thirty-three years is a long time and during this period I have faithfully served DBS," Ng said. "I am privileged, and honoured, to have been part of the team that led DBS to grow from a development financing institution to become the leading bank in Singapore and a significant player in the region. In 1998, DBS set to transform itself and I have played my part in effecting a smooth transition. The baton has been passed. I will be assuming a new, non-executive role as Senior Advisor to the CEO. In this new role I will continue to build on the many relationships I have had the privilege to make through the years with our valued clients".

Tai said, "Kee Choe has been a stalwart leader at DBS. He selflessly helped build this bank with passion and integrity. He was instrumental in managing some of DBS' largest businesses, and played the key role in growing DBS' presence both in Singapore and the region. We will continue to draw on his extensive experience and insight in his new role as Senior Advisor."

S Dhanabalan, Chairman, DBS, said, "Kee Choe played a key role in the growth of DBS from a long term financing institution in Singapore to one of the most respected diversified banking groups in Asia."

Ng's current responsibilities for oversight of Risk Management, Processing and Servicing, and the Information Technology groups, will be assumed by Jeanette Wong, who recently joined DBS from J. P. Morgan Chase to be Chief Administrative Officer.

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. With the receipt of executive and legislative approval for the merger of its wholly-owned Dao Heng Bank and DBS Kwong On Bank operations in Hong Kong, DBS Bank is now 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.