Latest news with #PiyushGupta
BusinessToday
09-06-2025
- Business
- BusinessToday
DBS Breaks US$100 Billion Barrier, Becomes Singapore's First Bank To Hit Milestone
DBS Group Holdings Ltd has become the first Singapore-based bank to cross the US$100 billion mark in market capitalisation, bolstered by a rally in its share price and a strengthening Singapore dollar. Shares of Southeast Asia's largest lender rose as much as 0.8% on June 9 to S$45.50, pushing its market value to S$129 billion (US$100.2 billion). The stock has gained 4.3% so far in 2025, with much of the appreciation amplified in US dollar terms due to a 6% rise in the Singapore dollar against the greenback. The milestone comes on the heels of robust financial performance and investor confidence. Singaporean banks, including DBS, have committed to returning billions in surplus capital to shareholders following record earnings in 2024. DBS' gains were driven by higher lending activity and wealth management fees. Tan Su Shan, who succeeded longtime Chief Executive Officer Piyush Gupta in March, said during her debut earnings call that the bank is positioning itself to capture value from supply chain shifts and increasing demand for foreign exchange hedging services. DBS is also strengthening its foothold in private banking. According to Asian Private Banker, it remains the third-largest wealth manager in Asia outside mainland China. The bank recorded S$21 billion in net new money last year, marking its third consecutive year of inflows above S$20 billion. Related
Business Times
09-06-2025
- Business
- Business Times
DBS tops US$100 billion market value in Singapore Exchange first
[SINGAPORE] DBS Group Holdings became the first listed company in Singapore to top US$100 billion in market value, helped by a softer US currency that amplified gains on the local stock market. South-east Asia's top lender gained as much as 0.9 per cent in Singapore trading on Monday (Jun 9), and is trading at a market capitalisation of S$129.2 billion, extending its gains this year to more than 4 per cent. The advance in DBS's share price in US dollar terms was driven by the weaker greenback. So far this year, the Singapore dollar has appreciated about 6 per cent against the US dollar. In local currency terms, DBS has eased slightly from its record closing high of S$46.67 on Feb 26. At the current market value, DBS ranks about 22nd among global banks, according to data compiled by Bloomberg. That is ahead of Tokyo-based Sumitomo Mitsui Financial Group, but half that of HSBC Holdings. Some of Asia's biggest banks like Commonwealth Bank of Australia and India's HDFC Bank have bigger market capitalisations. The milestone comes after the Republic's lenders pledged in recent months to hand over billions of US dollars in surplus capital to investors, encouraged by record-high earnings last year. DBS in particular, has benefited from increases in lending and wealth fees. Other than DBS, Singapore-based Sea that is listed in New York reached this valuation before. Chief executive officer Tan Su Shan took charge of DBS in March from Piyush Gupta after his 15-year leadership. Tan said at her first earnings call last month that the bank seeks to benefit from supply-chain changes undertaken by its clients and increased demand for hedging foreign exchange exposure amid US President Donald Trump's tariff moves. 'A lot of DBS's out-performance has been due to the larger growth of its wealth management, which is really starting to challenge top players in Asia,' said Michael Makdad, a senior analyst at Morningstar, adding he sees the business continuing to grow. 'Despite Trump's tariffs, the environment remains relatively benign for Singapore banks which are increasing share dividends and buybacks more than we would've expected a year ago.' DBS is the third-largest wealth manager in Asia, excluding mainland China, according to data compiled by industry publication Asian Private Banker. Net new money for its business catering to the rich came in at S$21 billion last year, demonstrating the strong inflows that have exceeded S$20 billion for the past three years through 2024. BLOOMBERG
Business Times
30-05-2025
- Business
- Business Times
Stocks to watch: IHH Healthcare, Keppel, Jardine Matheson, Cordlife
[SINGAPORE] The following companies saw new developments that may affect trading of their securities on Friday (May 30). IHH Healthcare : The integrated healthcare operator on Thursday posted a 33 per cent fall in net profit to RM514 million (S$156.3 million) for its first quarter ended Mar 31, from RM768 million the year before. The drop came mainly from a lower net monetary gain from the application of MFRS 129, and the recognition of a deferred tax credit in 2024 arising from the revaluation of certain assets in Turkey, the mainboard-listed group said. Shares of IHH Healthcare closed flat at S$2.09 on Thursday, before the results were announced. Keppel : The company has appointed former DBS chief executive Piyush Gupta as deputy chairman and non-executive independent director of its board, effective Jul 1. Gupta will also be appointed a member of the nominating committee, remuneration committee and the board sustainability and safety committee in July. Shares of Keppel closed at S$6.85, up S$0.06 or 0.9 per cent on Thursday, before the announcement. Jardine Matheson Holdings : The Hong Kong-based conglomerate on Thursday announced the appointment of Lincoln Pan as chief executive officer designate as group managing director John Witt retires from the company as at end-November. Pan, a partner and co-head of private equity at investment business PAG, will join to helm the group as CEO with effect from Dec 1. The counter ended on Thursday 2.2 per cent or S$1 higher at S$45.60. Cordlife : The company has appointed Novus Corporate Finance as the independent financial adviser for a voluntary conditional cash partial offer it has received from a Thai company, said the private cord-blood bank on Thursday. Medeze Treasury, a wholly owned subsidiary of Thai-listed stem cell company Medeze Group, had offered to buy a 10 per cent stake in Cordlife, or about 25.6 million shares, at S$0.25 apiece. Shares of Cordlife closed flat at S$0.27 on Thursday.
Time of India
29-05-2025
- Business
- Time of India
Keppel Appoints Former DBS CEO Piyush Gupta as New Deputy Chairman, ETHRWorld
Advt Join the community of 2M+ industry professionals Subscribe to our newsletter to get latest insights & analysis. Download ETHRWorld App Get Realtime updates Save your favourite articles Scan to download App Singapore-based manager and asset operator Keppel said on Thursday it has appointed ex-DBS Group CEO Piyush Gupta as its deputy chairman , effective July left DBS, Southeast Asia's largest lender by assets, in March this year after serving as CEO for around 15 joining DBS, he was Citi's CEO for its Southeast Asia-Pacific will also be appointed as a non-executive independent director of the board along with the deputy chairman role, in addition to other committee his appointment, Keppel's board will comprise nine directors, of whom seven are independent directors, the firm added in its statement.(Reporting by Shivangi Lahiri in Bengaluru; Editing by Tasim Zahid)
CNA
29-05-2025
- Business
- CNA
Piyush Gupta to join Keppel as deputy board chairman
SINGAPORE: Keppel has announced the appointment of Mr Piyush Gupta as deputy chairman and non-executive independent director of the board with effect from Jul 1. In a media release on Thursday (May 29), the company said Mr Gupta, 65, will also join as a member of its nominating committee, remuneration committee, as well as board sustainability and safety committee on the same date. Welcoming Mr Gupta, Keppel chairman Danny Teoh said: "Piyush is joining us at an exciting time in Keppel's journey and I am confident that his leadership and experience in driving business and digital transformation will be invaluable for Keppel as we accelerate our progress towards becoming a leading global asset manager and operator. "Piyush's strong track record is well-known, after successfully leading DBS for more than 15 years, and earning DBS international accolades such as the 'World's Best Bank' and the 'World's Best Digital Bank'," he added. Mr Gupta was CEO of DBS Group from November 2009 until his retirement in March this year, during which he led the bank to become a global financial powerhouse, Keppel said in the release. On his appointment, Mr Gupta said: "Keppel is an iconic Singapore institution, with a great history and track record. It is currently at an important threshold, as it reinvents itself as a global asset manager with strong operating capabilities. "I am excited about the possibilities, and look forward to contributing to this journey in the coming future," he added. Prior to DBS, Mr Gupta had 27 years of international banking experience and was also Citi's CEO for Southeast Asia-Pacific. He holds various other appointments, including as board member of the Ministry of Trade and Industry's The Future Economy Advisory Panel, board member of the Singapore National Research Foundation, chairman of the board of trustees of Singapore Management University and chairman of Mandai Park Holdings. Singapore-based Keppel is a global asset manager and operator in sustainability-related solutions spanning the areas of infrastructure, real estate and connectivity.
