DBS Brings In New Head Of India Operations

Tom Burroughes

2 March 2015

DBS Group Holdings has hired Rabobank’s Surojit Shome to replace Sanjiv Bhasin as head of its Indian operations after a surge in soured debt.

“After almost 7 years as CEO of DBS India, Sanjiv Bhasin has decided to leave the bank. Sanjiv just turned 60 this month and after an illustrious banking career that spanned more than three decades, he would like to pursue different interests. His last day in the bank will be 30 June. Pending regulatory approval, Surojit Shome, CEO & Country Head of Rabobank, India, will assume the role of CEO of DBS India with effect from 15 April," a statement from DBS said.

DBS, as noted in a report on the matter, has reported its “lowest quarterly profit in more than two years”after trading income fell and allowances for bad loans surged in South Asia. Bhasin has been at DBS since September 2008 – the very month that saw Lehman Brothers crash and financial markets fall into the worst crisis in decades. The DBS statement made no reference to such performance, however.