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Source:
www.dbs.com.sg |
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JACKSON TAI TO STEP DOWN AS
CEO OF DBS |
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Chairman Koh Boon Hwee to
take on active management oversight role pending appointment of
new CEO |
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DBS Group Holdings said today that Jackson
Tai will step down as Vice-Chairman and Chief Executive Officer (CEO) to
be with his family in the United States, and his last day at the bank
will be towards the end of this year. |
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Tai, 57, joined DBS Bank in July 1999 as
Chief Financial Officer. He was President and Chief Operating Officer
from January 2001 to June 2002, and was appointed CEO thereafter. |
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DBS has initiated an extensive global search
for the new CEO. In the interim, with the endorsement of the Boards, Koh
Boon Hwee, Chairman of DBS Group Holdings and DBS Bank, will with
immediate effect take on an active management oversight role. He will
oversee the Corporate Office to ensure continued strong leadership and a
smooth transition over the next few months. |
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Said Tai: "Under my watch, DBS has
established a sound platform for growth. Today, DBS has extended its
geographic presence beyond Singapore with inroads into Hong Kong , China
, India and Indonesia . I am confident the team will build on the strong
momentum created in a resurgent Asia to further strengthen our position
as a leading bank in this region." |
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He added: "For more than eight years, I have
dedicated myself to DBS and Singapore , even as my family remained in
the States. There's never a perfect time to leave but having been CEO
for five years, I believe it's now right for me to catch up with my
family." |
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Over the past five years, the bank grew its
asset base; re-balanced its business mix to higher-margin, higher-return
segments, namely, consumer and enterprise banking; and achieved strong
credit ratings and asset quality. At 30 June 2007, DBS' non-performing
loan ratio was 1.4%, compared to 6.1% at December 2002. DBS' "AA-" and
"Aa1" credit ratings from Standard & Poor's and Moody's, respectively,
are among the highest for banks in Asia. |
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Said Koh: "Jack has helped to transform DBS
from a Singapore-centric bank into a leading regional bank. At DBS, he
is known for his sharp intellect, relentless drive, tireless dedication
and strong attention to detail. As CEO, he was instrumental in growing
DBS' geographical reach and strengthening our Asian franchise. On behalf
of the Board, I thank Jack for his many contributions and wish him all
the best in the future." |
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DBS' strategy remains on course |
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As an Asian bank, DBS has strong regional
access to retail customers, SMEs, Mid-Caps and leading corporate
clients. The bank has the customer base, product structuring skills and
distribution power to provide end-to-end capital intermediation and
wealth management solutions. |
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Said Koh: "These are exciting times for all
of us in Asia. While challenges are aplenty, and competition is
frenetic, at DBS, our strategy to expand our regional footprint,
diversify our revenue base and focus on higher-return businesses is
sound. Our people are talented and I am confident that, together, we
will make DBS a financial institution that is well respected and admired
in Asia." |
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About DBS |
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Headquartered in Singapore, DBS is one of
the largest financial services groups in Asia with operations in 15
markets. The largest bank in Singapore as measured by assets, and a
leading bank in Hong Kong, DBS' "AA-" and "Aa1" credit ratings are among
the highest in the Asia-Pacific region. DBS has leading positions in
corporate, SME and consumer banking, treasury and markets, wealth
management, securities brokerage, equity and debt fund raising. |
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Beyond the anchor markets of Singapore and
Hong Kong, DBS serves corporate, institutional and retail customers
through its operations in China, India, Indonesia, Malaysia, Thailand
and The Philippines. More information about DBS Group Holdings and DBS
Bank can be obtained from our website
www.dbs.com. |
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Source:
www.dbs.com.sg News Release 24
Sep 2007 |
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FrontPage Edition: Tue 25 September 2007
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