DBS : Bank India appoints Rajat Verma as Managing Director and Head of Institutional Banking

India, 26 Jun 2023 - DBS Bank India announces the appointment of Rajat Verma as Managing Director and Head of Institutional Banking for India. The current Head of Institutional Banking for India, Niraj Mittal, has recently moved to a new role as Country Head of DBS Bank in Australia as part of the bank's continued talent and leadership development program. Niraj will focus on growing the DBS franchise there, including improving linkages with South-East Asia and South Asia. Niraj was instrumental in deepening the large corporate franchise across major conglomerates in India as well as refocusing and scaling the SME business.

Rajat was, till recently, with HSBC Bank where he was Managing Director and Country Head of Commercial Banking, India. Rajat brings a wealth of knowledge and deep industry expertise to DBS. With his 26 years of banking experience, Rajat has demonstrated an outstanding record of steering business growth and delivering results. He holds an MBA from the Indian Institute of Management, Lucknow, and a Bachelor of Electrical Engineering from the Delhi College of Engineering.

In his new role, Rajat will lead the growth of the institutional banking franchise for DBS Bank in India given the significantly expanded footprint of the bank in India with presence across 350+ locations with 530+ branches. With this appointment, DBS Bank India further strengthens its leadership team and underlines its commitment to excellence in its institutional banking business.

Surojit Shome, Managing Director and CEO of DBS Bank India said, "DBS Bank India is on a strong growth trajectory, and we are very pleased to have Rajat on board to accelerate the momentum. He is a seasoned banker with a proven track record of delivering value to institutional clients across diverse sectors and markets. His appointment reinforces our commitment to growing our business in India. I am confident that under Rajat's leadership, we will further bolster our corporate banking franchise, leverage our strengths in digitalisation and deliver better value for our customers."

Rajat Verma, Managing Director and Head of Institutional Banking for DBS Bank India said, "This marks a career milestone for me as I join an organisation with a unique growth story in India. DBS has been recognised as one of the best banks in the world and is making great strides in the industry through its strong digital platform, established Asian network and deep understanding of the Indian market. I look forward to building on this solid foundation and working with the talented team at DBS to leverage these strengths as we progress towards the next stage of growth in India."

DBS Bank India Limited, a 100% wholly owned subsidiary of DBS Bank Limited, Singapore, is one of the leading banks in the country, offering a wide range of products and services to its clients across large, medium, and small enterprises along with a full suite of products for individual consumers. The Bank is committed to building long-term sustainable partnerships, co-creating solutions that enable businesses to realise their ambitions, and connecting clients through an ecosystem approach. The Bank has also seen steady growth with its large corporate and MNC clients.

*DBS Bank has been recognised as the "World's Best Bank" thrice by Global Finance since 2018.

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About DBS:

DBS is a leading financial services group in Asia across 19 markets. DBS is known for its global leadership, being recognised as the "World's Best Bank" thrice by Global Finance since 2018. DBS was also recognised as the "World's Best Bank" by Euromoney in 2021 for the second time in three years and "Global Bank of the Year" by The Banker in 2021. The bank is at the forefront of leveraging digital technology to shape the future of banking with its recognition as the "World's Best Digital Bank" by Euromoney in 2021 and the world's "Most Innovative in Digital Banking" by The Banker in the same year. Apart from these accolades, DBS has been accorded the "Safest Bank in Asia" award by Global Finance for 14 consecutive years from 2009 to 2022. Additionally, DBS Bank was ranked among the top 3 on Forbes' list of the World's Best Banks in India for three consecutive years, from 2020 to 2022.

DBS Bank has been present in India for 29 years, opening its first office in Mumbai in 1994. DBS Bank India Limited is the first among the large foreign banks in India to start operating as a wholly-owned, locally incorporated subsidiary of a leading global bank. DBS provides a range of banking services for large, medium, and small enterprises and individual consumers in India. In 2016, DBS launched India's first mobile-only bank, digibank, which now has ~1 million savings accounts. In November 2020, Lakshmi Vilas Bank was merged with DBS Bank India Limited. The bank now has a network of ~530 branches in 19 Indian states.

DBS provides a full range of consumer, SME, and corporate banking services. As a bank born and bred in Asia, DBS understands the intricacies of business in the region's most dynamic markets. DBS is committed to building lasting relationships with customers and positively impacting communities. It established an SGD 50 million foundation to strengthen its corporate social responsibility efforts across Asia by supporting social enterprises: businesses with a double bottom line of profit and social and environmental impact. In 2020, DBS introduced the "Towards Zero Food Waste" initiative as part of a global sustainability practice to encourage a shift in behaviours and mindsets to reduce food waste. In 2022, DBS committed an additional SGD 100 million to deepen the ability to create an impact beyond banking, catalysing the bank's various philanthropic and crisis relief measures.

With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment, and can-do spirit of our 30,000+ staff representing over 40 nationalities. For more information, please visit: www.dbs.com/India.

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