Rajat Verma to take over as DBS Bank India CEO in March 2025
- Verma is currently the head of the Institutional Banking Group at DBS Bank India, and will succeed Surojit Shome who will retire on 28 February.
Mumbai: Singapore-based DBS Bank has appointed Rajat Verma as the chief executive officer of DBS Bank India with effect from 1 March, the bank said in a release.
Verma, currently the head of Institutional Banking Group (IBG) at DBS Bank India, will succeed Surojit Shome who will retire on 28 February. In this new role, Verma will also be a part of DBS’ Group Management Committee.
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.
He joined DBS in June 2023, and has since significantly grown the business across all client segments through deepening existing corporate relationships, accelerating the acquisition of new customers, and identifying new opportunities across a broad spectrum of growth areas, the release said.
Before DBS, he was managing director and country head of Commercial Banking at HSBC India.
Also read: DBS Bank India plans to double small business book in 3 years
“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,” said DBS Bank chief executive officer Piyush Gupta.
Shome was appointed CEO of DBS Bank India in 2015, with his tenure seeing a significant expansion in the Indian franchise and the launch of ‘digibank’—India’s first mobile-only bank in 2016. He also led the subsidiarization of DBS in India in 2019 and the amalgamation of Lakshmi Vilas Bank in November 2020.
India as key market
“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,” Gupta said.
Headquartered and listed in Singapore, DBS is a leading financial services group in Asia with a presence in 19 markets. DBS Bank has been present in India for 30 years, opening its first office in Mumbai in 1994. DBS Bank India Ltd is the first among the large foreign banks in India to start operating under a wholly owned, locally incorporated subsidiary of a leading global bank—DBS Bank India. The Indian arm has a presence in more than 350 locations across 19 states.
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First Published:30 Dec 2024, 08:08 PM IST
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