DBS to focus on organic growth in key markets - Singapore

DBS to focus on organic growth in key markets - Singapore

By Ng Baoying,

SINGAPORE: DBS will focus on organic growth in key markets for now, said its new chief executive, Richard Stanley, during the bank’s first quarter results briefing on Wednesday.

He added that DBS will also look at inorganic growth if the opportunities arise.

One of DBS’ strengths, he said, is its strong base in Singapore and Hong Kong, and its eye on fast-growing countries like China and India.

Mr Stanley said: “We have a strong base in Singapore and Hong Kong – two core financial centres in Asia – and we have some of the largest and fastest growing countries (like) China and India.

“Putting all that together… building the client base and becoming more and more pan-Asia – that is the strategy. Execution will be key, that’s why we are focusing on the first 90 to 100 days to put the right structure in place to implement and further accelerate this strategy.”

However, he said expansion would be looked at from an organic perspective, rather than on mergers and acquisitions.

“The primary focus is on building DBS’ organic performance in all the key markets. Inorganically, if something comes up we will take a look at it, but our strategy is not predicated on waiting for a deal,” he said.

When asked about his hand – or lack of it – on the changes in upper level management in DBS, Mr Stanley said he is sure he has a good team going.

He said: “I was aware and have fully endorsed the changes that have been made thus far, and the focus for me will be to work with the existing DBS team. I do not see a wholesale change as we have a great team. One of the things I intend to do is to make sure our organisation is optimised.”

Mr Stanley took over the helm from former CEO Jackson Tai, who left DBS late last year.
- CNA/so
Source : Channel NewsAsia  - 08 May 2008

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