SINGAPORE, April 10 (Reuters) - The new chief executive of Singapore's DBS DBSM.SI, who joined in November last year, received S$4.2 million ($3.02 million) in his first two months in the job as his pay package was boosted by bonus shares.
Piyush Gupta, who joined from Citigroup C.N, received S$1.2 million worth of DBS shares as part of his joining terms, a DBS spokeswoman said on Saturday.
Top executives at the city-state’s other two banks received bigger payouts in 2009, albeit for the whole year, after the banking sector recovered from the credit turmoil that hit the financial sector in 2008.
United Overseas Bank UOBH.SI CEO Wee Ee Cheong earned as much as S$7.25 million last year, up 27 percent from a year ago, while Oversea-Chinese Banking Corp OCBC.SI CEO David Conner saw his pay package rise by more than 70 percent to S$6.76 million, according to latest annual reports.
Pay packages of Asian banking heads pale in comparison to those of senior executives of European and Wall Street banks, which has forced politicians from the Group of 20 countries to draft new bonus rules in the wake of the global financial crisis in an attempt to discourage short-term risk taking. [ID:nL722182]
Reporting by Saeed Azhar
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