KOH BOON HWEE TO STEP DOWN AS DBS CHAIRMAN
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Peter Seah appointed as Chairman from 1 May 2010
SINGAPORE, 19 March 2010 – DBS Group Holdings (DBSH) announced today that Koh Boon Hwee will step down as Chairman of the DBSH and DBS Bank (together “DBS”) boards after the AGM and EGM on 30 April 2010. DBS Board member Peter Seah Lim Huat will assume chairmanship of both boards on 1 May 2010.
A distinguished corporate leader and formerly Chairman of Singapore Airlines and Singapore Telecom, Koh was first appointed to the DBS Boards in June 2005. He assumed the role of DBS Chairman on 1 January 2006.
Koh steered DBS during a tumultuous time for the global financial industry, and is stepping down with the economy having turned the corner. In spite of challenging economic conditions last year, DBS’ strong customer franchise enabled the bank to report record full-year revenues and profit before allowances.
Koh said: “During my time as Chairman, we’ve entrenched our positions in Singapore and Hong Kong, and expanded our presence in China, India, Indonesia and Taiwan. DBS has also emerged from the financial crisis in a solid position with strong capital, liquidity and good credit ratings, and is today seen as a worthy competitor in Asian banking. Our new CEO Piyush Gupta is on board and settling in very well, and with Peter Seah agreeing to be Chairman of the DBS Boards, I am now able to move on, knowing that DBS is in good hands.”
During his tenure, Koh focused on helping DBS develop a sustainable competitive advantage by building a strong DBS culture, and by ensuring that the bank manages its business in totality and becomes more customer centric.
Today, DBS has made progress in building a robust performance management system that better differentiates and rewards those who do well. The bank has stepped up the pace of two-way communications with staff, and there is now a strong sense of collective ownership and organisational pride. Key performance indicators have also been put in place bankwide, to instill greater discipline and focus in managing the bank’s businesses in totality. DBS is also making headway in fostering a culture which is more customer focused.
Seah, who was appointed to the DBS Board in November 2009, said: “The world has just experienced its worst financial crisis since the Great Depression. However, DBS has emerged as one of the few well-capitalised banks with a strong balance sheet, and this will offer the bank tremendous opportunities in Singapore and the region. I am committed to building on the good work that Boon Hwee has done, and working with the Board to make DBS the undisputed leader in Asian banking.”
Seah was a commercial banker for 33 years before retiring as Vice Chairman and CEO of the former Overseas Union Bank (OUB) in 2001. Under his watch, Seah transformed OUB into a leader in consumer banking. He championed the bold and distinctive rebranding initiative, and put the bank in the industry forefront of corporate finance, fund management and project finance.
Seah believed in supporting SMEs and local corporates, and took pride in OUB’s steadfast support of customers during difficult times. In recent years, Seah continued to be actively involved in the financial services industry. He sat on various bank boards and also assisted Temasek Holdings in evolving and implementing its financial services strategy.
Piyush Gupta, CEO of DBS, said: “It is my privilege to have worked with Boon Hwee, who has been unstinting with his time and advice in the short time that we’ve worked together. I believe the entire DBS team will miss his leadership, strong business instincts and incisive wit. We welcome Peter as our new Chairman and look forward to working closely with him. His industry knowledge, insights and wise counsel will be invaluable as we transform DBS into an Asian bank of choice.”
About DBS
DBS is one of the largest financial services groups in Asia with operations in
16 markets. Headquartered in Singapore, DBS is a well-capitalized bank with
"AA-" and "Aa1" credit ratings that are among the highest in the Asia-Pacific
region.
As a bank that specializes in Asia, DBS leverages its deep understanding of
the region, local culture and insights to serve and build lasting relationships
with its clients. DBS provides the full range of services in corporate, SME,
consumer and wholesale banking activities across Asia and the Middle East. The
bank is committed to expanding its pan-Asia franchise by leveraging its growing
presence in mainland China, Hong Kong and Taiwan to intermediate the increasing
trade and investment flows between these markets. Likewise, DBS is focused on
extending its end-to-end services to facilitate capital within fast-growing
countries in Indonesia and India.
DBS acknowledges the passion, commitment and can-do spirit in each of its
14,000 staff, representing over 30 nationalities. For more information, please
visit www.dbs.com.