DBS appoints new CFO

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Oon Kum Loon retires, Jeanette Wong takes over on October 1

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SINGAPORE, August 20, 2003 - DBS Group Holdings announced today that Oon Kum Loon, chief financial officer (CFO), will retire on September 30, after nearly 30 years with DBS Bank Ltd.

Mrs Oon will be succeeded by Jeanette Wong, currently chief administrative officer (CAO). In her new role, Ms Wong will be responsible for financial and management reporting of the affairs and activities of the entire DBS group and risk-based capital management. She will also lead the group's financial initiatives, including capital fund raising, alliances and acquisitions.

DBS' vice-chairman and chief executive officer Jackson Tai said: "Kum Loon is a stalwart of the Bank, an outstanding colleague who has devoted her entire working life to serving DBS with great distinction. Her immense contribution to the Bank's success cannot be overstated.

"Regrettably, we have not been able to persuade Kum Loon to postpone her retirement. All of us at DBS will miss her sharp mind, her unflappable disposition and her disciplined approach to business matters. We wish her and her family the very best."

On Ms Wong's appointment, Mr Tai said: "Jeanette brings significant financial expertise and broad banking experience to her new appointment. I am confident that she will be a highly effective CFO."

A Singaporean, Ms Wong joined DBS Bank in February 2003 as CAO after a 16-year career at J.P. Morgan where she last held the post of senior country officer for Singapore. She was responsible for key corporate and investor clients as well as regulatory relationships. At J.P. Morgan, she was also a member of global, regional and local management committees for global markets and emerging Asia, and held senior positions in foreign exchange and fixed income. Prior to J.P.Morgan, Ms Wong worked with Citibank and Banque Paribas in Singapore.

As CAO of DBS Bank, Ms Wong oversees human resources, credit, risk management, IT and operations. During her six months with the Bank, she streamlined the credit structure, spearheaded a more proactive portfolio approach to credit management, and introduced programmes to recruit and build a future leaders pool.

Following her CFO appointment on October 1, Ms Wong will relinquish oversight of credit, IT, operations, and human resources. The respective heads of these functions will report directly to the CEO. Risk management will report to the Board's risk management committee and have an administrative reporting line to Ms Wong.

On her new appointment, Ms Wong said: "I look forward to building on the record of sound and prudent financial management that Kum Loon has set in place."

Mrs Oon said her retirement will allow her to spend more time with her family and to pursue personal interests. "After almost three decades with DBS Bank, I look forward to a long overdue break from full-time work."

She joined DBS Bank in 1974. During her tenure, she managed several key functions, including credit management, corporate finance, treasury and risk management. Most significantly, she was credited with revamping DBS' risk management practices and preparing the Bank for Basel 2. In 2002, she and Chng Sok Hui, managing director, group risk, were picked by "Asia Risk," a well-known publication on risk management, as Risk Managers of the Year.

About DBS

Headquartered in Singapore, DBS Bank is one of the largest financial services groups in Asia. The largest bank in Singapore and the fourth biggest banking group in Hong Kong as measured by assets, DBS has dominant positions in consumer banking, treasury and markets, securities brokerage, equity and debt fund raising. Beyond the anchor markets of Singapore and Hong Kong, DBS serves corporate, institutional and retail customers through its operations in Thailand, The Philippines, and Indonesia. In China, the bank has branches and representative offices in Shanghai, Beijing, Shenzhen, Fuzhou and Tianjin. The Bank's credit ratings are among 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.

Download Jeanette Wong's CV

Download Jackson Tai's Portrait
Download Jeanette Wong's Portrait
Download Oon Kum Loon's Portrait