NEW MOVE: Leaving DBS for Carlyle are: Mr Chew, regional head of strategy; Mr Ang (above), chief operating officer of DBS consumer banking; and Mr Koh, head of regional consumer banking. -- PHOTOS: ST FILE PHOTO, BT FILE PHOTO, CHEW MUN YEW

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In a surprise move, Mr Edmund Koh, 47, is joining private equity group Carlyle - and taking two colleagues with him.

They are Mr Raymond Ang, the chief operating officer of DBS consumer banking, and Mr Chew Mun Yew, the regional head of strategy. The three will leave on March 31.

Mr Ang, 37, and Mr Chew, 38, were among the young high-flyers who had helped Mr Koh turn around the image and operations of DBS' consumer bank over the past few years.

News of the resignations followed the announcement on Feb 13 that American Richard Stanley, a Citibanker, would be the new DBS chief executive. On the same day, chief operating officer Frank Wong announced he would retire at the end of the year.

Mr Koh rejected suggestions that his departure was linked to the appointment of Mr Stanley. Some analysts said Mr Stanley was likely to bring in some of his own staff.

SELECTING THE TEAM The Straits Times understands that Carlyle, which is aggressively expanding in Asia, made an offer to the three bankers because of their strong experience and track record in building a banking franchise.

'It was entirely a pull factor from my new employer that prompted me to leave,' said Mr Koh, adding: 'I will miss the DBS team tremendously, having worked with them for years.'

The Straits Times understands that Carlyle, which is aggressively expanding in Asia, made an offer to the three bank executives because of their strong experience and track record in building a banking franchise.

Mr Koh told his consumer banking managers about his departure at a 4.30pm meeting yesterday that one staff described as 'subdued'.

'Edmund is a charismatic boss, so obviously the staff have developed strong feelings working under him,' said another employee.

Mr Koh has a strong record in the finance industry, having held senior management posts with HSBC, Citibank and Prudential Assurance Company Singapore.

He joined DBS as the managing director of consumer banking in May 2001 and was named regional head of consumer banking in 2006.

Under his leadership, the consumer banking business delivered net profits of $1.05 billion last year - 46 per cent of DBS' earnings and up from 22 per cent in 2003.

Mr Chew, a former deputy director at the Monetary Authority of Singapore, had a stint as the regional head of government affairs and strategy for the Asia-Pacific at American Express before joining DBS three years ago.

Mr Ang, an ex-Citibanker, joined DBS in 1999 from insurer Prudential to set up the bank's Cashline revolving credit business.

These young guns helped Mr Koh push growth on all fronts, as POSB was revitalised, the credit cards segment scored major successes with products like the Black Card, and DBS grabbed market share in loans and unsecured credit.

Until replacements are appointed, Mr Koh's regional responsibilities will be covered by Mr Jeremy Soo, DBS' managing director and head of consumer banking, and Mr Sunny Cheung, the consumer banking head for Greater China.

Mr Soo will also cover Mr Ang's and Mr Chew's roles in Singapore.