Reported by local prestigious press Lianhe Zaobao (Singapore United Morning Paper) on May 30th, Piyush Gupta has been paid a contract with annual salary of $7.38 million by DBS, the biggest Singapore commercial bank. Mr. Gupta, therefore, again hit the top of Asian Executive Ranking, and named by local as the ¨King of Employee¨ in Singapore. (King of Employee is a slang to describe executives hired by large companies with very high pays)
According to DBS annual report last year, Mr. Gupta´s pay last year is included cash salary, cash bonus, benefits from company share incentive plan, non-cash benefits, etc. Gupta´s pay climbed from S$ 7.35 million ($ 5.82 million) in 2011. During his 3-year charge of DBS, Mr. Gupta has achieved a new record of group net profit by S$3.81 billion in 2012.
With the strong Indian personality, Mr. Gupta has an ambitious plan for DBS business strategy in the future – make DBS become the first-choice Asia bank in the New Emerging Asia Market. As mentioned in the DBS annual Asia Forum, Mr. Gupta points out DBS should focus on Asia Market in order to achieve unique competitive advantage over other strong competitors.
As he said, DBS´s market leader position now is threatening by 2 types of competitors; strong local banks and powerful international banks. In his opinion, on one hand, these local banks have a solid customer base, customer relationship and large local fortune, but they cannot manage well a cross-regional business because of their weak capacity to finance in dollar. On the other hand, international banks have strong brand strength and mature product lines while they still have a limited coverage of the customer and a more cautious lending due to the consideration of balance sheet. All the weakness above in these two types of banks, are the strength of DBS, which leaves wide business space for DBS to develop in the industry.
Mr. Gupta would like to build up DBS as an Asia-centric commercial bank, the first-choice of Asia Banks in New Emerging Asia Market. The strength of DBS is the business network system within the region, covering a relatively wide range of customers and focusing on Asian companies and wealthy people. In regard to the product, DBS provides a healthier balance sheet and a more Asian-market-oriented service, which also consist of its strength.
In the future DBS would adopt a strategy in the following areas.
- Market Focus: 6 main markets included Singapore, mainland China, Hong Kong, China, China Taiwan, India, and Indonesia
- Business Focus: 3 major areas included large enterprises, SMEs that provides regional financial platform to these companies, high-end personal banking service in 9 main markets.
¨DBS is a leading financial services group in Asia, with over 200 branches across 15 markets. Headquartered and listed in Singapore, DBS has a growing presence in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank’s capital position, as well as “AA-” and “Aa1” credit ratings, is among the highest in Asia-Pacific. DBS has been recognised as “Asia’s Best Bank” by The Banker, a member of the Financial Times group, and “Best Managed Bank in Asia-Pacific” by The Asian Banker. The bank has also been named “Safest Bank in Asia” by Global Finance for five consecutive years from 2009 to 2013.¨
Edited by Simeng Zhang
Related Vacancies in GrowinFinance.com
Sales/Business Development – Tokyo
Prácticas profesionales en China (CRCC Asia) – Shanghai
Strategic Sourcing Manager for End User Computing – Singapore
Procurement and Strategic Sourcing professionals – Singapore
Accounting Project Manager – Singapore
Strategic Sourcing Manager for Data centre Technology – Singapore
¨Growinfinance.com is an international financial job site specializing in bringing together top companies, business schools and candidates to one networking platform. More than 1,000 recruiters, banks and financial institutions have advertised their vacancies on our job board. We are keen to provide the best job opportunities and career advice for all the professionals working in banking and financial markets. ¨