DBS adds Chng Kai Fong to boards of DBS Holdings and DBS bank

DBS Group Holdings on Friday said it was appointing senior civil servant Chng Kai Fong as a new non-executive director to the boards of DBS Holdings (DBSH) and DBS Bank.

Mr Chng joins the boards on March 31.

In addition to serving on DBS' main boards, he will also serve as a member of their audit committees and nominating committees.

As part of DBS' board-renewal process, three long-serving directors, Euleen Goh, Ow Foong Pheng and Andre Sekulic will step down as board members on March 30.

Mr Chng is currently the managing director of Singapore Economic Development Board (EDB), having held the post since October 2017. Before this, he was the principal private secretary to the Prime Minister of Singapore.

Mr Chng currently serves on the boards of EDB Investments, EDBI Pte Ltd, Manakin Investments, Singapore-Israel Industrial R&D Foundation, Singapore Symphonia Company and Agency for Science, Technology and Research (A*Star).

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He is also an advisory board member of the Singapore Management University's Lee Kong Chian School of Business and Shell Gas & Power Development BV's New Energies Advisory Board, and serves as a member of the Board of Trustees of Singapore University of Technology and Design.

Peter Seah, chairman of DBSH and DBS Bank, said: "Kai Fong brings with him invaluable insights and points of view from the public sector. He joins us amid an intense period of transformation of the Singapore economy, where post the Covid-19 pandemic, we find ourselves having to further entrench our relevance in the global arena."

He said he believes Mr Chng will deepen DBS' global banking and digital leadership in this climate.