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Singapore's DBS names Citi's Gupta as CEO

Singapore's DBS Group Holdings Ltd., Southeast Asia's largest bank, named Citigroup executive Piyush Gupta as chief executive to help lead an expansion in the region.
/ Source: The Associated Press

Singapore's DBS Group Holdings Ltd., Southeast Asia's largest bank, named Citigroup executive Piyush Gupta as chief executive to help lead an expansion in the region.

Gupta, 49, is currently chief executive of Citigroup's Southeast Asia-Pacific division and will join DBS in November, the bank said in a statement Tuesday.

"We are confident that he will help to strengthen our franchise and grow our footprint in Asia," DBS Chairman Koh Boon Hwee said.

Gupta's appointment comes five months after DBS's previous chief executive, Richard Stanley, died from complications of leukemia in April.

The bank said last month profit in the second quarter fell 15 percent from a year earlier as bad debt charges jumped.

Gupta has worked in Asia for most of his 27 years in banking and is a Singapore permanent resident, DBS said.