DBS BANK ADDS TO ITS TEAM OF MANAGING DIRECTORS DRIVING KEY BANKING FUNCTIONS

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Treasury, Capital Markets, Enterprise Banking, and "Back Office" Attract Key Talent

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TEAM INCLUDES EIGHT NEW HIRES FROM CITIBANK, AMEX, JP MORGAN, NATWEST AND OTHERS

SINGAPORE, 21 FEB 2000 - DBS Bank said today it has added eight new Managing Directors to drive key business functions and initiatives. The eight will beef up the senior management teams in key banking units including Treasury & Markets, Capital Markets, Enterprise Banking, Processing & Servicing and International Audit.

Joining DBS in Singapore are David Lau, Rajan Raju and Fong Cheng Hong in the Bank's Treasury and Markets division; Ricor F. da Silveira and Stephen Finch in Capital Markets division; Elizabeth Case in Enterprise Banking; David Larkworthy in Processing and Servicing division; and Albert Robert Bonar in International Audit.

David Lau, a Singaporean, was Managing Director and South East Asian regional head of NatWest Global Financial Markets, before joining DBS as Managing Director of Treasury and Markets, Singapore. In this role, Lau oversees the Treasury and Markets total business in Singapore and is responsible for developing new businesses. Lau has worked in the field of Treasury and Markets for over 16 years. He was the Regional Treasury Manager for the Canadian Imperial Bank of Commerce in Singapore running the bank's Asian business from 1989 to 1995.

Rajan Raju was previously with Citibank, London where he was their Regional Head of Foreign Exchange & Money Markets Operations. He joined DBS as Managing Director and Chief Administration Officer of Treasury and Markets. Rajan's responsibilities include the review of Treasury & Market's corporate governance functions so as to support the growth of new activities planned for the Group and to develop the e-business capability. These functions cover process and IT integration between front and back offices, legal and compliance.

Dr Fong Cheng Hong has over 7 years of experience in bond analytics and marketing, and over 10 years as an economist. She has specialised research experience in Emerging Market Bond Index, fixed income instruments and quantitative analysis of the Spot and Forward Foreign Exchange markets in Nomura and JP Morgan. She joined the Treasury & Markets team as Managing Director and Chief Fixed Income Strategist. Dr Fong will be responsible for developing Treasury & Markets' capabilities in bond analytics, foreign exchange and fixed income research. She will also be working with the department's Sales Team to market fixed-income products.

Ricor F. da Silveira, a Brazilian and a Singapore Permanent Resident, was previously Chief Executive Officer and Group Managing Director/Advisor for the Singapore listed company Auric Pacific Group. He joined DBS as Managing Director of Mergers & Acquisitions and Direct Investments. He is also Managing Director of DBS Capital Investments, which handles direct investment operations. One of Ricor's key responsibilities is to build M&A activities into a core business activity for the Bank. Ricor was based in Hong Kong for nearly 6 years, where he managed a number of companies there with regional responsibilities in Australia, China, Indonesia, Thailand and The Philippines.

Stephen Finch, another Citibank alumni, joined the bank earlier this year as head of Debt Capital Markets, replacing Greg Seow, who is now leading the Bank's Private Client Group. Finch will be responsible for the origination, development and structuring of debt, debt-equity linked and quasi-debt capital market instruments both domestically and regionally. Finch was Head of Origination, East Asia, ANZ Investment Bank prior to his appointment at DBS Bank. Prior to that, he spent 13 years in the Citicorp group, where he worked in many countries, including USA, Japan, Thailand, Indonesia, The Philippines and Singapore.

Elizabeth A. Case came on board to join Enterprise Banking where she is responsible for formulating and implementing DBS' enterprise banking strategy in the region. An American and ex-Citibanker, Case brings to DBS more than 20 years of experience in commercial banking and credit card management. Her last 10 years were with Citicorp Group, and most recently, at Citibank's Asia Pacific regional office in Singapore, where she was in charge of providing senior credit approval and leadership for commercial and professional lending and product development in 10 Asian countries.

David Larkworthy, an Amex veteran, joined DBS' Processing and Servicing division. Larkworthy, a British citizen, moved to Singapore two years ago to join Citibank as Region Head for Operations and Technology. Prior to that, he spent 22 years in American Express International, where he held various management roles in Brighton, Bahrain, Kuala Lumpur, Hong Kong, Tokyo and Sydney. At his new post, Larkworthy will drive the effort to re-engineer and streamline processes within the Bank to achieve greater efficiency, and harmonise these operations across DBS' regional interests.

Albert Robert Bonar was Director of Regional Internal Audit for the Asia Pacific Region at NatWest Bank before joining DBS as Managing Director of the Bank's Audit Department. He has global audit responsibilities for all trading markets, risk management functions, as well as corporate, institutional and private banking activities. He has 23 years of experience, of which 8 years were spent in front office treasury and 15 years in internal auditing in various banks and auditing firms, including Standard Chartered, First Chicago and Price Waterhouse.

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