Ng Kee Choe Steps Down As Director

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SINGAPORE, June 30, 2003 - DBS Group Holdings Ltd (DBSH) said today that Ng Kee Choe has stepped down as a director of DBSH on June 30, 2003, in keeping with his retirement from DBS after 33 years of service.

On April 21, 2003, DBSH announced that Ng would retire but continue as Senior Advisor to Chief Executive Officer Jackson Tai following his retirement.

Ng, 58, is the 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.

DBSH Board of Directors now comprises:

• Mr S Dhanabalan - Chairman
• Mr Jackson Tai - Vice Chairman and CEO
• Mr Bernard Chen Tien Lap
• Mr Fock Siew Wah
• Ms Gail D. Fosler
• Mr Moses Lee Kim Poo
• Mr Leung Chun Ying
• Mr Peter Ong Boon Kwee
• Mr John A. Ross
• Mr Thean Lip Ping
• Dr Yeo Ning Hong

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.