DBS nominates Rajat Verma to be next India CEO: sources
DBS Bank India – the wholly-owned subsidiary of Singapore’s DBS Bank – has nominated its head of institutional banking, Rajat Verma, to be its new chief executive officer, two people familiar with the matter said.
He is slated to replace Surojit Shome, who plans to retire after leading DBS Bank India since 2015, the sources said, adding that his nomination has already been submitted to the Reserve Bank of India (RBI).
DBS confirmed Shome’s retirement plans in a media statement issued late on Tuesday (Nov 12), adding that he will retire on Feb 28, 2025.
“Following a successful career at the helm of DBS Bank India since April 2015, Surojit Shome had indicated his desire to retire some time back and has worked with the DBS Bank India board and DBS Group management to identify potential successors,” the statement said.
It said it was currently awaiting RBI’s approval on the successor and will make an announcement once regulatory approvals are in place.
India’s central bank must approve all appointments of bank CEOs. In its statement, DBS did not elaborate on Shome’s replacement.
SEE ALSO
Verma was appointed DBS managing director and head of institutional banking for India last year. Before joining DBS, he spent more than 26 years at HSBC, where he was head of commercial banking in India, according to his LinkedIn profile.
DBS Bank has been present in India for 30 years, opening its first office in Mumbai in 1994. It said last year it had more than 530 branches in 19 Indian states. REUTERS
Share with us your feedback on BT's products and services
