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Singapore's DBS Group has appointed Rajat Verma as chief executive officer of DBS Bank India, it said on Monday, to succeed Surojit Shome, who retires at the end of February.
Reuters reported in November that Verma had been nominated, pending approval from the Reserve Bank of India that is needed for all appointments of bank CEOs.
In a statement, DBS said Verma, current head of institutional banking group at DBS Bank India, had been appointed, effective from March 1, in line with RBI approval.
In his new role, he will be part of DBS' group management committee, DBS, Southeast Asia's biggest bank, said.
India, where DBS is present in more more than 350 locations, has been one of DBS' core markets. Others are China, Hong Kong, Indonesia, Singapore and Taiwan.
DBS Group CEO Piyush Gupta told shareholders at an annual general meeting in March that DBS will allocate S$300 million to S$500 million ($368.54 million) capital to its India operations over the next three-to-four years.
Before joining DBS, Verma spent more than 26 years at HSBC, where he was head of commercial banking in India, his LinkedIn profile shows.
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