June 1, 2012 / 8:53 AM / 6 years ago

DBS hires veteran banker to head China business

SINGAPORE, June 1 (Reuters) - Singapore’s DBS Group Holdings has hired the head of a Credit Suisse-backed securities joint venture as CEO-designate in China, bringing in a veteran Chinese banker to boost its growing business in the world’s second-biggest economy.

Neil Ge, ex-head of Credit Suisse Founder Securities, will replace current head of its China unit, Melvin Teo who will move to a new role within DBS Group, the bank said in a statement.

Ge, who has 20 years of banking experience, grew up in Shanghai, China, and was educated in China and the United States.

Greater China excluding Hong Kong contributed almost six percent of the bank’s net profit in the first quarter, while nearly 80 percent of its net profit came from Singapore and Hong Kong.

Last year, DBS China’s net profit doubled from the previous year, crossing the 500 million yuan ($78.51 million)mark for the first time. ($1 = 6.3690 Chinese yuan) (Reporting by Eveline Danubrata; Editing by Saeed Azhar)

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