DBS APPOINTS 27-YEAR VETERAN BANKER AS CEO

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Richard Stanley's broad-based banking experience in Asia
will help take DBS to next level

SINGAPORE, 13 February 2008 - DBS Group Holdings announced today that after an extensive global search, it has appointed veteran banker Richard D. Stanley, 47, as Chief Executive Officer (CEO). A US citizen, Mr. Stanley has spent the last 18 years of his 27-year banking career in various geographical and business assignments in Asia. His appointment will take effect from 1 May 2008.

Mr. Stanley will join DBS from Citigroup China, where he has been CEO since 2005. As Citigroup's most senior executive in China, he has direct responsibilities for all businesses, investments, infrastructure and strategy in China. Between 1999 and 2004, he was Country Officer and Managing Director, China, and has been instrumental in building the Citigroup China franchise over the past 8 years.

In selecting its new CEO, DBS said key criteria included people leadership and franchise building capabilities; familiarity with the complex business and regulatory environment in Asia; and the ability to forge lasting partnerships with investors, regulators and other key stakeholders. The Board Nominating Committee and Board believe that Mr. Stanley is the most suitable candidate to lead DBS to the next level:
 

• With extensive experience in strategy development and implementation, Mr. Stanley is well-equipped to help DBS Group grow its footprint in emerging markets, especially in the Greater China region. As CEO of Citigroup China, he has direct line responsibility for Citigroup's China franchise. He is also Chairman of Citibank (China) Co. Ltd.

• His organic franchise building and inorganic mergers and acquisitions skills will serve DBS well in its ambition to extend its Asia footprint. He has a proven track record in people leadership and has been responsible for overseeing a diverse range of business and support areas. He also successfully led a Citigroup consortium's bid for an 85% stake in Guangdong Development Bank.

• His broad-based banking experience, spanning corporate and investment banking, consumer banking, transaction services, custody services and credit, positions him well to pursue growth balanced by strong controls and risk management. He has held many important roles, including Region Head of Citi Markets and Banking for ASEAN (Singapore, Malaysia, Philippines, Indonesia, Thailand, Vietnam, and Brunei) and Citi Country Officer (CCO) for Singapore.

Said DBS Chairman Koh Boon Hwee, "After an extensive global search, my fellow directors and I are pleased to welcome Richard on board. He looks forward to returning to Singapore and to working closely with DBS' senior management team. As a seasoned banker with a proven track record in Asia, Richard is well-positioned to help DBS grow our regional footprint, diversify our revenue base and focus on higher-return businesses."
 

About DBS
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. 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.

Attachments

• Photo: Richard Stanley (JPG, 284kb)