SEBASTIAN PAREDES APPOINTED CEO OF DBS HONG KONG;
SIM S LIM TO FILL NEWLY CREATED DBS SINGAPORE COUNTRY MANAGER ROLE
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Appointments underscore move to strengthen position in
DBS’ largest markets as the bank expands in Asia
Singapore, Hong Kong 16 August 2010 – DBS Group Holdings announced today that Amy Yip, CEO of DBS Hong Kong, will be retiring at the end of the year. Sebastian Paredes, a seasoned banker with a strong track record in general management, leading and building businesses, will succeed her. His appointment is effective 13 September 2010 and subject to regulatory approvals.
Paying tribute to Yip, DBS Group Holdings CEO Piyush Gupta said: “Hong Kong is highly important to DBS, and we are grateful to Amy for helping to steer the business through four volatile and eventful years for the financial sector. Through her leadership, Amy has helped the Bank stay the course in Hong Kong during the 2008 economic downturn and also to capture renewed business opportunities amid the recovery in recent quarters.”
A banker of 25 years, Paredes, an Ecuadorian citizen, has successfully built franchises across multiple markets. He is also highly experienced in managing complex situations and leading through times of economic volatility.
From 2005 to early 2010, Paredes as President Director of P.T. Bank Danamon, Indonesia, successfully solidified the bank’s position in retail, SME and commercial banking, and made inroads into new businesses such as consumer finance and micro lending. Over the five-year period, the bank more than doubled its loan book, expanded its customer base from 2 million to 5.2 million customers and grew revenues by over 240%.
Prior to Danamon, Paredes spent 20 years at Citi, with stints in South America, Middle East, Asia, Africa and Europe. Between 2002 and 2005, he managed 11 markets as CEO of Citigroup South Africa and regional head of Sub Saharan Africa, and increased the franchise’s net income significantly in a volatile and changing environment.
In addition, to underscore DBS’ commitment to solidifying its leadership position in Singapore, the bank announced the creation of a new Singapore country manager role. The new role is in line with recent moves to put in place an organisational structure and framework that will enable the bank to provide its customers with a seamless customer experience across the region. It is also consistent with the way DBS is presently organised in other markets.
Under the leadership of a country manager with dedicated oversight for Singapore, DBS will be able to maximise the value of its domestic franchise, while leveraging on its group resources to make more headway in the region. Today the bank has more than 240 branches across six key markets, including Hong Kong, China, India, Indonesia and Taiwan.
Veteran banker and Singapore citizen, Sim S. Lim will be Country Manager, DBS Singapore, effective 1 September 2010. In his 26-year banking career, the bulk of which was in Asia, Lim had stints in Singapore, Malaysia, Hong Kong, Japan, Middle East and the U.S. He was most recently President and CEO of Citigroup Global Markets Japan, a position he held from June 2008 to December last year. During this time, Lim was also a board member of Citigroup Japan Holdings Corp.
During his international banking career, Lim held a wide variety of roles. From April 2007 to June 2008, he was Country Officer, Hong Kong and also Chairman of Citibank Hong Kong. During his tenure, he managed the Citigroup Hong Kong country franchise, including developing the strategy for Hong Kong’s markets and banking franchise, and providing support to the consumer and wealth management businesses. Between October 2003 and March 2007, Lim was regional head of emerging markets sales and trading for the Asia-Pacific, based in Singapore. During this period, he was also the non-executive Chairman of Citibank Berhad Malaysia.
Said Gupta: “Our ambition is to be a leading Asian Bank with a strong presence in the region’s three key axes of growth – South East Asia, South Asia and Greater China. As the bank expands its footprint, it is important to adopt a more balanced pan-regional perspective at the group level, while at the same time, recognising the importance of each of our markets.”
“I believe that as Singapore country manager, Sim will help us to develop a more acute customer focus and better leverage our home market presence, so as to deliver greater synergy and value. In Hong Kong, our second-largest market, I am confident that Sebastian will re-energise the franchise and take it to the next level.”
Last month, DBS Group Holdings Chairman Peter Seah and Gupta were appointed to the DBS Hong Kong Board as Chairman and Board member, respectively. Seah succeeded Kwa Chong Seng who stepped down as DBS Hong Kong Board Chairman on 26 July 2010.
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About DBS
DBS - Living, Breathing Asia
DBS is one of the largest financial services groups in Asia with operations in 15 markets. Headquartered in Singapore, DBS is a well-capitalised bank with "AA-" and "Aa1" credit ratings that are among the highest in the Asia-Pacific region.
As a bank that specialises 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.