DBS' LAU CHAN SIN MOVES TO DBS GROUP HOLDINGS

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NEW APPOINTMENTS ANNOUNCED FOR LAU'S KEY RESPONSIBILITIES

SINGAPORE, DEC 6 - DBS Bank said today that Lau Chan Sin, Senior Managing Director, will move to a new post within DBS Group Holdings, and announced several appointments to realign his previous responsibilities.

For the past several years, Lau has been responsible for Administrative departments at DBS Bank and for the last 18 months, has driven efforts to integrate DBS' acquisition of POSBank as well as subsidiaries outside of Singapore. His work on the first phase of integration is largely completed, and DBS recently announced the establishment of a regional centre to carry out plans for the next stage of integration.

"Chan Sin has contributed 30 years of outstanding service to DBS," according to DBS CEO John Olds, "and thinks he deserves some time off. Rather than accede to his request, we have found a way to enlist his talents elsewhere within the Group while still meeting his request for a reduced workload."

Lau will assume responsibility at DBS Group Holdings for Facilities Development and Staff Communications, two functions of increasing importance with DBS' acquisitions in Indonesia, Thailand, Hong Kong and The Philippines. Rather than appoint a direct replacement, DBS will re-structure its Administration group and today announced several new appointments in that regard.

Assuming responsibility for leading regional integration from Singapore as part of DBS' Regional Integration Centre is Bastari Irwan, currently Managing Director, Cash Management in the Institutional Banking group. Irwan joined DBS in 1982, holding positions in Corporate and Correspondent Banking before moving to his present post. In his new role, he will report to Chong Kie Cheong, who was recently appointed to lead DBS' Regional Integration Centre from Bangkok.

Overseas Branch Administration will report to Seck Wai Kwong, Managing Director, Institutional Banking.

Within Human Resources, another group for which Lau had responsibility, a senior team consisting of Managing Directors Tong Chi Lian and Tan Tok Lan, and Vice President Hing Mei Kune has been established, reporting directly to the CEO. Tong Chi Lian will focus on Staff Administration and Employee Relations while Hing Mei Kune will retain her Training portfolio. Tan Tok Lan will move to HR from DBS' Individual Banking group to assume responsibility for HR Planning and Development.

The new staff assignments are effective immediately. Lau Chan Sin's re-assignment becomes effective on January 3, 2000.