Singapore-based DBS Group has appointed Rajat Verma as chief executive officer of DBS Bank India. 

Verma will succeed Surojit Shome, who retires on 28 February.

Currently head of institutional banking group (IBG) at DBS Bank India, Verma will take over as CEO from 1 March. 

In his new role, Verma will be part of DBS’ group management committee. 

“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,” said DBS Bank CEO Piyush Gupta.

DBS, Southeast Asia’s biggest bank, has a presence in over 350 locations with India as one of its core markets, others being China, Hong Kong, Indonesia, Singapore and Taiwan.

At an annual general meeting in March 2024, Gupta told shareholders  that the group would allocate $368.54 million capital to its India operations over the next three-to-four years.

Prior to DBS, Verma worked in HSBC for more than 26 years, where he was head of commercial banking in India.

He joined DBS in June 2023, and has since significantly grown the business across all client segments through deepening existing corporate relationships, accelerating the acquisition of new customers, and identifying new opportunities across a broad spectrum of growth areas.