VETERAN: Mr Richard Stanley, 47, an American, has worked at Citigroup for 27 years.

His appointment follows a five-month global search to replace Mr Jackson Tai, another American, who stepped down at the end of last year.

Mr Stanley, 47, is currently Citigroup's country officer for China, based in Shanghai. He has submitted his resignation and will move to Singapore to start work at DBS on May 1.

DBS is a leading listed company and the top home-grown financial institution. The CEO job usually has a multi-million dollar pay packet, though Mr Stanley's remuneration has yet to be disclosed.

Mr Stanley has lived here twice before while working for Citigroup. He was here for about six years in the 1990s. He married Singaporean Koh Li Peng, who had won the Miss Singapore crown in 1984 and later also won the Mrs Singapore title. They have three children - a son doing national service, a teenage daughter and a young son.

DBS said in a statement yesterday that Mr Stanley was picked as 'the most suitable candidate to lead DBS to the next level'.

He has worked at Citi for 27 years, mainly in investment and corporate banking roles. He was chosen from candidates who have been said to include Mr Francis Rozario, head of Temasek Holdings' financial investment firm, and Mr Mike DeNoma, Standard Chartered Bank's executive director for consumer banking.

The news was welcomed by DBS staff. One said he was 'glad that the period of waiting and uncertainty is finally over'. Another wondered about 'rotations or changes in senior management'.

Indeed, Mr Frank Wong, DBS chief operating officer and vice-chairman, will step down at the end of the year.

A DBS spokesman told The Straits Times: 'Frank expressed his desire to retire in 2006, but kindly agreed to defer his retirement plans time and again.' He would stay at DBS until later this year to ensure a smooth transition.

Analysts such as Mr Mathew Wilson of Morgan Stanley lauded the move.

He said in a note to clients that Mr Stanley is 'a leader who should be well-acquainted with the workings, opportunities and risks in the region'.

DBS chairman Koh Boon Hwee said: 'As a seasoned banker with a proven track record in Asia, Richard is well-positioned to help DBS grow our regional footprint, diversify our revenue base and focus on higher-return businesses.'

Former colleagues at Citi described him as a friendly 'people person' with 'strong skills in fostering a good culture in an organisation'.

Now, two of the three local banks will be helmed by former Citibankers. Mr David Conner, OCBC Bank chief executive, was Mr Stanley's boss more than a decade ago.

Mr Stanley had moved to Singapore in 1990 and served as Citi's head of financial institutions and securities services division. In 2004, he returned as country officer in Singapore, where he oversaw Citi's corporate banking, corporate finance, investment banking and other activities.

graceng@sph.com.sg

A 'PEOPLE PERSON', MONEY