ENP Newswire - 02 September 2014
Release date- 01092014 - DBS Bank, which has made significant strides in its transaction banking over the past few years, today announced two senior management appointments which will enable it to build on the solid momentum of the past five years.
These changes reinforce DBS' commitment to building a regional leading transaction banking business, one of the bank's strategic priorities.
John Laurens, an industry veteran with over 30 years of banking experience, will join DBS on 10 November as Head of Global Transaction Services (GTS). Laurens will be taking over the reins from Tom McCabe, who after 18 years in Asia, will be relocating back to the US to head up the DBS franchise there.
Laurens is currently HSBC's Asia-Pacific Head of Global Payments and Cash Management, and oversees the business across 19 Asia-Pacific markets. In this role, he has been transformational in building a payments and cash management business for HSBC in Asia Pacific. Prior to HSBC, he had also spent more than 13 years in Citibank in various roles, including as Regional Head of Global Cash & Trade Product Management, and Regional Sales Head of Global Transaction Services. Laurens is familiar with Asia, having lived in the region for the past 20 years.
McCabe, who has been instrumental in growing DBS' GTS franchise in recent years, will be head of the bank's US franchise, effective from 1 October. McCabe's role will help strengthen the bank's connectivity with US multinationals, for both transaction banking as well as Treasury & Markets, to Asia. At the same time, he will build up DBS' institutional investor business and play an oversight role for the bank's US-based brokerage and investor relation activities.
Said DBS CEO Piyush Gupta, 'While DBS is focused on Asia, leveraging our network offices in Los Angeles and London to connect Western MNCs and institutional investors to Asia is also part of our strategy. As a leading Asian bank, DBS has had good success in intermediating the growing capital and trade flows between Asia and the rest of the world, and we will continue to build on this.'
GTS was identified as one of the bank's strategic priorities five years ago. In this time, the business has generated year on year double-digit revenue growth, with 2013 income at a record high of SGD1.48 billion. The business has introduced new product capabilities including liquidity management structures and supply chain financing, and continues to make a significant impact with its online platform, IDEAL 3. Today, DBS' GTS business contributes more than 30% of the Institutional Banking Group's business. The nature of the GTS business, with its annuity income streams and high returns on capital, has helped improve the Group's profitability and earnings quality. GTS has garnered more than 200 industry awards.
'Our GTS business has over the years progressed to compete with some of the larger GTS banks in the region. The business has delivered sterling results, making it one of the solid profit contributors to the bank. We are very pleased to have John on board to continue our journey of making transaction banking a key growth driver for the bank. Tom's new role will leverage his experience and strength in transaction banking to help us build greater connectivity with our western MNC clients in Asia,' said Jeanette Wong, Head of Institutional Banking Group, DBS Bank.
DBS - Living, Breathing Asia
DBS is a leading financial services group in Asia, with over 250 branches across 17 markets. Headquartered and listed in Singapore, DBS has a growing presence in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's capital position, as well as 'AA-' and 'Aa1' credit ratings, is among the highest in Asia-Pacific. DBS has been recognised for its leadership in the region, having been named 'Asia's Best Bank' by The Banker, a member of the Financial Times group, and 'Best Bank in Asia-Pacific' by Global Finance. The bank has also been named 'Safest Bank in Asia' by Global Finance for five consecutive years from 2009 to 2013.
DBS provides a full range of services in consumer, SME and corporate banking activities across Asia. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region's most dynamic markets. These market insights and regional connectivity have helped to drive the bank's growth as it sets out to be the Asian bank of choice. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.
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 in all of our 20,000 staff, representing over 30 nationalities. For more information, please visit www.dbs.com.