DBS Bank India appoints 30-year veteran banker as CEO

Sanjiv Bhasin's extensive banking experience to take DBS to the next level of growth.

DBS Bank, one of the largest financial services groups in Asia, announced today that Sanjiv Bhasin will head the bank as its CEO replacing Pranam Wahi who is moving to Singapore as Managing Director and Head of DBS Bank’s Group Global Transaction Services.

Mr. Bhasin will take charge after necessary formal approvals are received from the Reserve Bank of India, the Bank said in a statement. Mr. Bhasin has spent most of his 30-year banking career in various geographical and business assignments in India.

Mr. Bhasin joined DBS Bank from Rabo India Finance, the Indian subsidiary of Rabobank Nederland, where he has been CEO & Managing Director since 2004. Before that, Mr. Bhasin was the Chief Operating Officer (COO) of HSBC India. He was in HSBC for 25 years, spearheading the bank’s Corporate Banking (Western India), Investment Bank, Credit & Risk Management and Corporate & Institutional Banking businesses in India. He also worked in HSBC London and was the CEO of HSBC Mauritius from 1999 to 2002.

 

Mr. Bhasin will focus on deepening DBS Bank’s customer franchise in the India market. In addition to its existing branches in New Delhi and Mumbai, the bank recently received approval from the Reserve Bank of India to open eight new branches in the cities of Bengaluru, Chennai, Kolkata, Moradabad, Nasik, Pune, Salem and Surat. Four branches across Bengaluru, Chennai, Kolkata and Pune were opened in September 2008.

Richard Stanley, CEO of DBS Group Holdings and DBS Bank said: “We are delighted to have Sanjiv join us as our new CEO in India. India remains an important growth market for DBS, and as a seasoned banker with a proven track record in the country, I am confident that Sanjiv will play a significant role in growing our network and strengthening relationships with our corporate, small and medium-sized enterprises and individual customers in India.”

About DBS India
DBS Bank, one of the largest financial services groups in Asia, currently operates with a network of six branches in cities of Bengaluru, Chennai, Delhi, Kolkata, Mumbai and Pune. DBS started its operations in India in 1994 through a representative office in Mumbai, which was upgraded into a full branch one year later. A second branch was opened in New Delhi in 2005. In the same year, DBS acquired a 37.48% stake in Cholamandalam Investment and Finance Co. Ltd, a non-bank financial services firm with interests in consumer finance, asset management and securities. In 2008, the bank received approval to set up eight additional branches in key cities across the country.

DBS provides innovative financial solutions to individual clients, small and medium-sized enteprises (SMEs) and a number of blue-chip companies in India. The bank offers wealth management solutions through its “DBS Treasures” proposition, and provides a wide range of corporate and investment banking services, including corporate lending, treasury services, transaction services and mergers and acquisitions (M&A) advisory. With a net worth of INR 1,136 crore and balance sheet size of INR 9,086 crore, DBS’ operations in India are well-capitalised with an 18.15% capital adequacy ratio as of March 2008.

With a strong regional franchise, DBS has the capacity to provide an Asia-specific focus in banking to clients, at a time when trade and investment flows between India and Asia are on the rise. Rated “Best Small Bank"* in a recent survey, DBS will employ over 450 people in India by end 2008. DBS is actively involved with local communities through its association with established voluntary charitable organizations in India. For more information, please visit www.dbs.com.sg/in

About DBS
DBS Group Holdings (DBS) is the largest commercial banking group in Singapore and Southeast Asia. Listed on the Singapore Exchange (SGX), the bank’s asset quality is one of the best in Asia and its "AA-" and "Aa1" credit ratings are among the highest in the region.

DBS was established in 1968 as the development bank of Singapore. It was the catalyst to Singapore’s economic development during the nation’s early years of independence. Since then, DBS has transformed into a successful financial services institution, offering a comprehensive range of innovative products and solutions to meet its clients’ needs. With operations in 16 markets, the bank has a regional network spanning more than 200 branches and over 1,000 ATMs across 50 cities.

As one of the leading banks in Asia, DBS also acknowledges the passion, commitment and can-do spirit in each of its 15,000 staff, representing over 30 nationalities. We are committed to empowering, educating and engaging our staff so as to build a high performance organisation renowned for its good customer service and innovative business solutions.