SINGAPORE’S largest lender DBS has appointed its current group audit head, Derrick Goh, to assume the newly created role of group chief operating officer, said the bank on Wednesday (Feb 12).
Goh, who is also a Member of Parliament for the Nee Soon Group Representation Constituency, will be overseeing both the bank’s operations and transformation divisions, and will also join its executive committee.
Koh Kar Siong, who is currently group head of corporate and SME (small and medium enterprise) banking, will take over from Goh as head of audit. He will be a member of the bank’s management committee.
Both appointments take effect from Apr 1.
Goh, 56, has been with DBS since 2008 – before he joined politics and ran in the 2020 general election – and has held a number of senior roles in the bank.
Before he became the head of the group’s audit team in 2018, he led its regional wealth management programme. Prior to that, he was head of POSB and consumer banking group distribution in Singapore.
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His other roles in DBS include being regional chief operating officer and chief financial officer of the bank’s institutional banking group, as well as its head of finance, group planning and analytics.
As for Koh, he joined DBS in 2003 and was head of SME banking in Singapore. Before that, he held various roles in consumer banking group as well as wealth management.
In addition, Jimmy Ng, who is currently the group’s head of operations, will retire from executive duties from Jul 1.
He will be the bank’s senior adviser for its artificial intelligence efforts until the end of the year.
DBS’ outgoing chief executive officer, Piyush Gupta, said that these management changes reflect the bank’s robust bench and its success in grooming the next generation of leaders from within the company.
Tan Su Shan, who is presently the group head of institutional banking, had previously been appointed as deputy CEO and will the reins when Gupta retires at the next annual general meeting on Mar 28, 2025.
Shares of DBS rose 0.25 per cent or S$0.11 to close at S$44.96 on Wednesday, before the announcement.
