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DBS Announces New Board Appointments

by Jared Heng

DBS Group Holdings has appointed consumer goods veteran Nihal Kaviratne as well as banker and investment manager Ho Tian Yee to the boards of DBS Group Holdings and DBS Bank.

Kaviratne, 67, was previously at Unilever Group for 40 years, holding various senior-level management positions across Asia, Europe and Latin America.

He is said to have led the recovery of Unilever Indonesia after the financial crisis of 1998. Kaviratne retired from Unilever in March 2005.

Ho, 58, has over 30 years of experience in managing and investing in global financial markets.

As a principal shareholder and managing director of Pacific Asset Management, he oversees the management of the company and assumes responsibilities for all investment decisions and risks.

Previously, he had spent 19 years with Bankers Trust Company, and was responsible for the Singapore branch operation and the strategic direction of the bank’s global trading business in Asia.

DBS Group said in a statement that both men will complement and strengthen the overall composition of the DBS boards.

Peter Seah, Chairman of DBS Group Holdings and DBS Bank, said both men “are well-respected stalwarts in their fields. Nihal’s solid credentials in the FMCG sector in markets such as India and Indonesia will serve us well as we strengthen our consumer banking franchise across the region. Tian Yee’s many years of experience as a banker and risk manager also make him an invaluable addition to the board as banks today operate in an increasingly complex, fast-changing and highly-regulated environment.”

Seah also thanked Andrew Buxton, Ang Kong Hua, John Ross and Ravi Menon for their contributions to DBS.

Buxton, Ang and Ross stepped down from the DBS boards at the group’s Annual General Meeting on Thursday and Menon recently stepped down on March 31.

With the appointment of Kaviratne and Ho, DBS Group Holdings’ board of directors now comprises nine members. They are: Peter Seah Lim Huat, Chairman; Piyush Gupta, Chief Executive Officer; Bart Broadman; Cheng Wai Chee (Christopher); Euleen Goh; Ho Tian Yee; Nihal Kaviratne; Kwa Chong Seng; and Teoh Leong Kay (Danny).