To support the growth momentum in its transaction banking business, DBS Bank has appointed Sriram Muthukrishnan as Group Head of Global Transaction Services (GTS) Trade Product Management, with effect from today.
Muthukrishnan brings with him more than 20 years of banking experience. He will be responsible for strengthening the bank’s trade products and services, with a focus on Documentary Trade and Open Account Trade. He will also take charge of driving digital initiatives across the bank’s trade products and services, for both large corporates and small businesses. As Asian economies continue to dominate global markets, his regional experience gleaned from the trading hubs of the world including Singapore, Hong Kong, Dubai and India places him in good stead to drive DBS’ market leadership in intra-Asia trade.
Muthukrishnan joins DBS from HSBC where he concurrently held the roles of Regional Head of Sales, Asia Pacific, Global Trade and Receivables Finance, as well as Regional Head of International Countries, Asia Pacific, Global Trade and Receivables Finance. Prior to that, he held several global positions in Standard Chartered Bank and headed portfolios related to trade products.
Building on DBS’ growth in both transaction and SME banking, the bank has appointed Navinder Duggal as the GTS-SME Head with effect from July this year.
This new role emphasises the bank’s commitment towards growing its market share in the SME segment. Leveraging DBS’ leadership in both the SME and Transaction Banking space, Duggal’s priority will be to shape and execute the bank’s GTS-SME strategy in core markets such as Singapore and Hong Kong. He will report jointly to the Group Head of GTS and Group Head of SME Banking, John Laurens and Joyce Tee respectively.
Taking over his previous position of Group Head of Cash Product Management is Jasmin Ng who has been with DBS for close to 10 years. Prior to her latest appointment, Ng was the Singapore Cash Product Management Head where she managed the bank’s payables, receivables and deposit products portfolio.
John Laurens, Group Head of GTS at DBS Bank, said, “Developing new and deeper relationships with SMEs and large corporates continues to be a strategic priority for the bank. Our robust growth momentum in transaction banking is a strong testament to our strength in this business. Looking ahead, we look forward to further growing our business in depth and breadth across Asia, to cater to the needs of our clients globally.”
DBS’ global transaction services accounted for 35% of the bank’s institutional banking business income in 2017, growing 17% year on year compared with 2016. At the latest third quarter, transaction service income rose 39% year on year, mainly driven by the bank's cash management business. In addition to being recognised as “Asia’s Best Bank for Transaction Services” and the “World's Best Bank for SMEs“ by Euromoney in 2018, DBS was also ranked No. 1 globally for Customer Satisfaction in Euromoney’s 2018 Cash Management Poll.