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     FrontPage Edition: Tue 25 September 2007

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Jackson Tai to step down as CEO of DBS

Source: www.dbs.com.sg

JACKSON TAI TO STEP DOWN AS CEO OF DBS

Chairman Koh Boon Hwee to take on active management oversight role pending appointment of new CEO

DBS Group Holdings said today that Jackson Tai will step down as Vice-Chairman and Chief Executive Officer (CEO) to be with his family in the United States, and his last day at the bank will be towards the end of this year.
Tai, 57, joined DBS Bank in July 1999 as Chief Financial Officer. He was President and Chief Operating Officer from January 2001 to June 2002, and was appointed CEO thereafter.
DBS has initiated an extensive global search for the new CEO. In the interim, with the endorsement of the Boards, Koh Boon Hwee, Chairman of DBS Group Holdings and DBS Bank, will with immediate effect take on an active management oversight role. He will oversee the Corporate Office to ensure continued strong leadership and a smooth transition over the next few months.
Said Tai: "Under my watch, DBS has established a sound platform for growth. Today, DBS has extended its geographic presence beyond Singapore with inroads into Hong Kong , China , India and Indonesia . I am confident the team will build on the strong momentum created in a resurgent Asia to further strengthen our position as a leading bank in this region."
He added: "For more than eight years, I have dedicated myself to DBS and Singapore , even as my family remained in the States. There's never a perfect time to leave but having been CEO for five years, I believe it's now right for me to catch up with my family."
Over the past five years, the bank grew its asset base; re-balanced its business mix to higher-margin, higher-return segments, namely, consumer and enterprise banking; and achieved strong credit ratings and asset quality. At 30 June 2007, DBS' non-performing loan ratio was 1.4%, compared to 6.1% at December 2002. DBS' "AA-" and "Aa1" credit ratings from Standard & Poor's and Moody's, respectively, are among the highest for banks in Asia.
Said Koh: "Jack has helped to transform DBS from a Singapore-centric bank into a leading regional bank. At DBS, he is known for his sharp intellect, relentless drive, tireless dedication and strong attention to detail. As CEO, he was instrumental in growing DBS' geographical reach and strengthening our Asian franchise. On behalf of the Board, I thank Jack for his many contributions and wish him all the best in the future."
DBS' strategy remains on course
As an Asian bank, DBS has strong regional access to retail customers, SMEs, Mid-Caps and leading corporate clients. The bank has the customer base, product structuring skills and distribution power to provide end-to-end capital intermediation and wealth management solutions.
Said Koh: "These are exciting times for all of us in Asia. While challenges are aplenty, and competition is frenetic, at DBS, our strategy to expand our regional footprint, diversify our revenue base and focus on higher-return businesses is sound. Our people are talented and I am confident that, together, we will make DBS a financial institution that is well respected and admired in Asia."
About DBS
Headquartered in Singapore, DBS is one of the largest financial services groups in Asia with operations in 15 markets. The largest bank in Singapore as measured by assets, and a leading bank in Hong Kong, DBS' "AA-" and "Aa1" credit ratings are among the highest in the Asia-Pacific region. DBS has leading positions in corporate, SME and consumer banking, treasury and markets, wealth management, securities brokerage, equity and debt fund raising.
Beyond the anchor markets of Singapore and Hong Kong, DBS serves corporate, institutional and retail customers through its operations in China, India, Indonesia, Malaysia, Thailand and The Philippines. More information about DBS Group Holdings and DBS Bank can be obtained from our website www.dbs.com.

Source: www.dbs.com.sg News Release 24 Sep 2007

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