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DHANABALAN TO RETIRE AS DBS CHAIRMAN

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Koh Boon Hwee to assume chairmanship on January 1

SINGAPORE, October 5, 2005 - DBS Group Holdings (DBSH) announced today that S. Dhanabalan will step down as chairman of DBSH and DBS Bank (together “DBS”) boards on December 31, 2005. Koh Boon Hwee will assume chairmanship of both boards on January 1, 2006.

Said Dhanabalan: “For the last seven years the Board and the management team dedicated ourselves to transforming DBS from a Singapore-centric bank focussed on traditional banking services to a bank with an increasing part of its revenues from outside Singapore and more diversified revenue streams, renowned for quality, value-added and innovative services. I am pleased with the progress we have made to become a well-managed bank anchored in Asia, combining strong capital, good governance, high credit ratings, run by a seasoned team of specialists in Asian-banking.

“Our work is far from over and I am very pleased that Boon Hwee has agreed to take over from me. He comes with a great record of experience and success in risk taking and technology. I am completely confident that he as Chairman with Jack as CEO will lead DBS to greater achievements. I will now have more time to devote to my responsibilities as Chairman of Temasek, and to pursue my other interests.”

Koh Boon Hwee said: “It will be tough to follow in Dhana’s foot steps, since he commands the respect of Singaporeans from all walks of life. He is highly regarded by ministers, government officials and business leaders, local and overseas. I have also taken note of the tremendous admiration of the staff at DBS for Dhana. I am committed to continuing the good work of Dhana and look forward to working with the DBS boards, Jack and the management team to take DBS to the next stage of its transformation.”

Koh, age 54, is a distinguished corporate leader and entrepreneur. He started his career in 1977 at Hewlett-Packard and rose to become its Managing Director in Singapore, a post he held from 1985 to 1990. From 1991 to 2000, he was Executive Chairman of the Wuthelam Group. Koh was also the Chairman of the Singapore Telecom Group and its predecessor organisations from 1986 to 2001. Among his many accolades, Koh was awarded the International Herald Tribune Visionary and Leader Honour in 2003.

Said Jackson Tai, Vice Chairman and CEO: “We are sad that Dhana is retiring. Since joining DBS in 1999, I have benefited immensely from Dhana’s visionary leadership. He’s kept us on our toes by asking probing and insightful questions. He is the match of any I’ve come across on Wall Street. But what I admire most about Dhana is his uncompromising integrity and his humility. Dhana planned to retire for some time, but had selflessly stayed on to lead us through the transformation of DBS.

“We wish Dhana all the best as he continues to devote his time to Temasek and pursue his passion to help the needy and deserving. We also welcome Boon Hwee as our new chairman. Boon Hwee’s well-known entrepreneurial instincts will bring a new dimension to DBS’ growth and development.”

About DBS

Headquartered in Singapore, DBS is one of the largest financial services groups in Asia. The largest bank in Singapore and the fifth largest banking group in Hong Kong as measured by assets, DBS has leading positions in consumer banking, treasury and markets, asset management, securities brokerage, equity and debt fund raising. Beyond the anchor markets of Singapore and Hong Kong, DBS serves corporate, institutional and retail customers through its operations in Thailand, Malaysia, Indonesia, India and The Philippines. In China, the bank has branches and representative offices in Shanghai, Beijing, Guangzhou, Shenzhen, Fuzhou, Tianjin and Dongguan. The Bank's “AA-” and “Aa2” credit ratings are among the highest in the Asia-Pacific region. More information about DBS Group Holdings and DBS Bank can be obtained from our website www.dbs.com.