DBS CEO RICHARD STANLEY DIAGNOSED WITH LEUKEMIA;
BEGINS TREATMENT IMMEDIATELY
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Strong management team in place to ensure continuity
SINGAPORE, 29 January 2009 – DBS Group Holdings announced today that Chief Executive Officer (CEO) Richard Stanley has been diagnosed with acute myelogenous leukemia and will be commencing medical treatment in Singapore immediately.
Stanley's prognosis comes very suddenly; he was busy at work till last Friday. He sought treatment for what appeared to be ordinary flu-like symptoms on Monday, 26 January 2009, after experiencing a cough and high fever during the Lunar New Year weekend. Stanley was warded the following day and his medical condition was confirmed this morning.
Prior to joining DBS in May 2008, Stanley was certified with a clean bill of health. More recently, in January this year, he and Chief Financial Officer Chng Sok Hui completed a series of investor meetings in Singapore, Hong Kong, U.S and Europe, in connection with DBS' SGD 4 billion rights issue.
Medical diagnosis confirmed that his form of leukemia is treatable and full remission is possible. Stanley is expected to take a leave of absence from the bank of about three to six months as he undergoes medical treatment.
While Stanley is away from work, with immediate effect, Chairman Koh Boon Hwee will work closely with the Management Committee and assume an active management oversight role. This is to ensure continued strong leadership. Koh is not new to this role as he previously acted in a similar capacity, having taken on an active management oversight role at DBS from September 2007 to April 2008, prior to Stanley's appointment as CEO.
The subscription period for DBS’ rights issue recently closed on 20 January 2009, 118.8% subscribed. As scheduled, the rights shares will be issued and credited to shareholders this Friday, 30 January 2009, and will be listed on the Singapore Exchange on Monday, 2 February 2009. Full disclosure of the latest turn of events has been made to the underwriters of the rights issue (Citigroup, Goldman Sachs, J.P. Morgan, Morgan Stanley and UBS).
Said Koh: "The Board and management are shocked by the sudden news of Richard's medical condition. My colleagues and I look forward to the day when his condition is in remission and he returns to work at DBS. Our thoughts are with Richard and his family and we wish him a speedy recovery."
Added Koh, "The strategic directions set by the Board remain in place and we have a strong leadership team to take the bank forward. Despite the challenging economic outlook, all of us at DBS are determined to walk alongside our customers, employees and investors."
About DBS
DBS is one of the largest financial services groups in Asia with operations in 16 markets. DBS' "AA-" and "Aa1" credit ratings are among the highest in the Asia-Pacific region.
As a bank that specialises in Asia, DBS leverages its deep understanding of the region, local culture and insights to serve and build lasting relationships with its clients. DBS provides the full range of services in corporate, SME, consumer and wholesale banking activities across Asia and the Middle East. The bank is committed to expand its pan-Asia franchise by leveraging its growing presence in mainland China, Hong Kong and Taiwan to intermediate the increasing trade and investment flows between these markets. Likewise, DBS is focused on extending its end-to-end services to facilitate capital within fast-growing countries in Indonesia and India.
DBS acknowledges the passion, commitment and can-do spirit in each of its 15,000 staff, representing over 30 nationalities. For more information, please visit www.dbs.com.