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POSB APPOINTS BERTIE CHENG AS ADVISOR

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Former POSBank CEO to help POSB understand its roots as it reaches out to
better serve Singaporeans today

SINGAPORE, 4 June 2010 - DBS Bank announced today that it recently appointed former POSBank CEO Bertie Cheng as POSB Advisor. Cheng's appointment took effect on 1 June 2010.

Cheng, the iconic leader of the former statutory board POSBank, was associated with the Bank for over 31 years, with the last 23 years as its CEO before he retired in 1997.

During Cheng’s tenure as CEO, the distinctive identity of POSBank - the key symbol - made its mark and has remained relevant till today. The POSBank girl was also introduced as the public face and friendly service icon of the Bank. Cheng expanded and introduced several new services such as GIRO payment, the Save-As-You-Earn (SAYE) savings cum bonus scheme and the subsidiary Credit POSB, which helped finance the homes of many Singaporeans.

Said Piyush Gupta, CEO of DBS Group: “We are privileged to have Bertie on board as Advisor. During Bertie’s tenure in POSB, he transformed the bank into one of Singapore’s best-loved brands. As Advisor, I am confident that Bertie will help POSB to build on its heritage as the “People’s Bank” and further entrench itself in the hearts and minds of generations of Singaporeans."

In recent years, the bank launched a series of initiatives to reach out to children, youth, the silver haired as well as the overall working population.

In March this year, POSB started a coin deposit initiative in primary schools to inculcate the savings habit in children. In May, POSB collaborated with C3A and launched the ACTIVE debit card which provides a multitude of privileges to baby boomers or those over 45 years old.

Recently, POSB announced that it would further expand its already extensive distribution network as part of the bank’s journey to continue reaching out to its customers. POSB’s commitment to increase the number of self-service machines and the recent launch of the Mobile Banking platform are some of the ongoing initiatives to make banking more accessible to Singaporeans on the move.

Said Cheng: “POSB will always be special to me. In 1966, when I brought POSB’s headquarters back from Petaling Jaya, Malaysia to Singapore, we had only 30 staff. Today, POSB has close to one thousand employees, and continues to touch the lives of many Singaporeans. Over the past decade, I have followed the progress of POSB, and am happy to observe that it has grown into a full-service bank with a wide range of products and services."

He added: “As a bank that prides itself in being “neighbours first, bankers second”, I am pleased that POSB has remained relevant to the evolving financial needs of Singaporeans. Given my long-time association with POSB, I hope to provide insights on how the bank can build on its past to serve Singaporeans of today, and also tomorrow.”

Cheng holds a Bachelor of Arts Degree in Economics (Honours) from the University of Malaya in Singapore. He received the Public Administration Medal (Silver) in 1984 and the Public Service Medal in 2001. He also received the Friend of Labour Award from the National Trades Union Congress in 2008.

POSB today serves more than 4 million customers and has a network of 52 branches. With over 1,000 ATMs and close to 200 Cash Acceptance Machines across the island, POSB's self-service banking network is the largest in Singapore.

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About POSB
A part of the DBS Group, POSB is the largest local bank in Singapore with 4 million customers. Having served generations of Singaporeans for the past 132 years, it is known as the "People's Bank", and prides itself in being "neighbours first, bankers second".

With a good understanding of Singaporeans through the years, POSB offers products and services that are relevant to the savings, borrowing, investment and insurance needs of all Singaporeans. With 52 branches conveniently located islandwide, and close to 1,000 ATMs and Cash Acceptance Machines across the island, POSB's distribution network is the largest in Singapore.

POSB acknowledges the passion, commitment and can-do spirit in each of its staff. For more information, please visit www.posb.com.sg

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