DBS Bank India has appointed Rajat Verma as its new chief executive officer, effective 1 March 2025. Verma, currently serving as head of the Institutional Banking Group (IBG) at DBS India, will take over from Surojit Shome, who retires on 28 February 2025.
The appointment has been approved by the Reserve Bank of India. Verma will join DBS’ Group Management Committee as part of his new role.
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Verma brings nearly three decades of banking experience, spanning consumer and corporate banking, sustainable finance, and SME banking. Since joining DBS in mid-2023, he has led the IBG division to substantial growth by expanding client relationships and tapping into new business areas.
In addition to this, he has previously served as managing director and country head of commercial banking at HSBC India before joining DBS.
His leadership also earned DBS recognition as the Best Bank for Sustainable Finance in India by Global Finance in 2024.
DBS CEO Piyush Gupta stated: “India has been a key market for DBS over the last 30 years and 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. A banking veteran, Rajat has solidified our India IBG business since joining us 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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By GlobalDataMoreover, Shome’s decade-long tenure as CEO saw DBS India expand its presence to over 350 locations across 19 states, launch India’s first mobile-only digibank in 2016, and integrate Lakshmi Vilas Bank in 2020.
