DBS Group Holdings will appoint Rajat Verma as CEO of DBS Bank India on March 1, 2025, in line with approval accorded by the Reserve Bank of India.
Verma, currently head of the institutional banking group (IBG) at DBS Bank India, will succeed Surojit Shome as CEO upon the latter’s retirement on Feb 28, 2025. In his new role, Verma will be part of DBS’s group management committee, says the bank in a Dec 30 announcement.
Since being appointed CEO of DBS Bank India in 2015, Shome has seen the launch of Digibank, India’s first mobile-only bank, in 2016. He also led the subsidiarisation of DBS in India in 2019 and the amalgamation of Lakshmi Vilas Bank in 2020.
Today, DBS Bank India is present in more than 350 locations in 19 states.
Verma has a 27-year track record across consumer and corporate banking, including transactional banking, financial institutions, sustainable finance, micro and SME banking, as well as branch banking. Prior to joining DBS, he was managing director and country head of commercial banking at HSBC India.
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Since joining DBS as head of IBG in June 2023, he has “significantly” grown the business across all client segments, says DBS.
DBS CEO Piyush Gupta, who will himself retire on March 28, 2025, says India has been a “key market” for the bank over the last 30 years. “Under Surojit’s leadership, over the last decade, DBS India has grown impressively to become a full-service platform across the institutional banking, wealth and retail segments. We thank Surojit for his strong vision and unwavering commitment to excellence in growing DBS India into the strong franchise it is today.”
Calling Verma a “banking veteran”, Gupta says the CEO-designate of DBS Bank India has solidified the India IBG business since joining 18 months ago. “With our robust platform, DBS is well-positioned to continue participating in the India growth story over the coming years. I am confident that Rajat will build on what has been accomplished and take the business to the next level.”
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Shares in DBS closed 30 cents higher, or 0.69% up, at $43.85 on Dec 30.
Photo: DBS
