Development Bank of Singapore (DBS) will be appointing Rajat Verma as Chief Executive Officer (CEO) of DBS India with effect from 1st March, 2025, in line with approval accorded by the Reserve Bank of India (RBI). Currently heading the Institutional Banking Group at DBS India, Verma will succeed Surojit Shome upon his retirement on 28th February, 2025. In this new role, Verma will be part of DBS’s Group Management Committee, a statement from DBS has notified.
A seasoned banker, Verma has a 27-year track record across consumer and corporate banking including transactional banking, financial institutions, sustainable finance, micro and SME banking, as well as branch banking, according to the statement.
Further, the statement noted that since joining DBS as Head of IBG in June 2023, he has significantly grown the business across all client segments. This has been achieved through deepening existing corporate relationships, accelerating the acquisition of new customers and identifying new opportunities across a broad spectrum of growth areas.
Prior to joining DBS, Verma was Managing Director and Country Head – Commercial Banking, HSBC India, the statement added.
Speaking in this regard, Piyush Gupta, CEO, DBS, said in the statement, “India has been a key market for DBS over the last 30 years and under Surojit’s leadership, over the last decade, DBS India has grown impressively to become a full-service platform across the institutional banking, wealth and retail segments. We thank Surojit for his strong vision and unwavering commitment to excellence in growing DBS India into the strong franchise it is today. A banking veteran, Rajat has solidified our India IBG business since joining us 18 months ago. With our robust platform, DBS is well-positioned to continue participating in the India growth story over the coming years. I am confident that Rajat will build on what has been accomplished and take the business to the next level.”
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