SINGAPORE: DBS Group Holdings (DBSH) has announced Koh Boon Hwee will step down as chairman of the DBSH and DBS Bank (DBS) boards after the AGM and EGM on April 30.

It said on Friday, March 19 that DBS board member Peter Seah Lim Huat will assume chairmanship of both boards on May 1.

Koh, a corporate leader and formerly chairman of Singapore Airlines and Singapore Telecom, was first appointed to the DBS boards in June 2005. He assumed the role of DBS chairman on Jan 1, 2006.

Koh steered DBS during a tumultuous time for the global financial industry, and is stepping down with the economy having turned the corner. In spite of challenging economic conditions last year, DBS’ strong customer franchise enabled the bank to report record full-year revenues and profit before allowances.

Koh said: “During my time as chairman, we’ve entrenched our positions in Singapore and Hong Kong, and expanded our presence in China, India, Indonesia and Taiwan.

"DBS has also emerged from the financial crisis in a solid position with strong capital, liquidity and good credit ratings, and is today seen as a worthy competitor in Asian banking. Our new CEO Piyush Gupta is on board and settling in very well, and with Peter Seah agreeing to be Chairman of the DBS Boards, I am now able to move on, knowing that DBS is in good hands.”