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.