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DBS definitely need some experts to turn the table over....
DBS Names Citigroup's Stanley as Chief Executive (Update1)
By Jean Chua
Feb. 13 (Bloomberg) -- DBS Group Holdings Ltd., Southeast Asia's biggest bank by assets, named Richard Stanley as chief executive officer to help the company expand in emerging markets.
Stanley, 47, CEO of Citigroup Inc.'s China operations since February 2005, starts at DBS May 1. He will replace Jackson Tai, who left the company at the end of 2007 after five years at the helm. Chairman Koh Boon Hwee has since taken over the daily operations at the Singapore bank.
The appointment ends months of speculation on a replacement for Tai, whose tenure coincided with a drive to expand overseas as foreign banks were granted licenses to compete for individual customers in Singapore. The bank said last month it would seek new investment opportunities in Asia even as investors shun financial companies amid the U.S. subprime meltdown.
Stanley ``is well-equipped to help DBS Group grow its footprint in emerging markets, especially in the greater China region,'' DBS said in a statement today to the Singapore exchange. ``His organic franchise building and inorganic mergers and acquisition skills will serve DBS well.''
Shares of DBS, the biggest of Singapore's three banks, have fallen 17 percent this year. Oversea-Chinese Banking Corp. fell 13 percent and United Overseas Bank Ltd. fell 11 percent.
Tai is a member of the Asia-Pacific advisory board of Bloomberg LP, the parent company of Bloomberg News.
To contact the reporter on this story: Jean Chua in Singapore at jchua4@bloomberg.net . Last Updated: February 13, 2008 00:07 EST
By Jean Chua
Feb. 13 (Bloomberg) -- DBS Group Holdings Ltd., Southeast Asia's biggest bank by assets, named Richard Stanley as chief executive officer to help the company expand in emerging markets.
Stanley, 47, CEO of Citigroup Inc.'s China operations since February 2005, starts at DBS May 1. He will replace Jackson Tai, who left the company at the end of 2007 after five years at the helm. Chairman Koh Boon Hwee has since taken over the daily operations at the Singapore bank.
The appointment ends months of speculation on a replacement for Tai, whose tenure coincided with a drive to expand overseas as foreign banks were granted licenses to compete for individual customers in Singapore. The bank said last month it would seek new investment opportunities in Asia even as investors shun financial companies amid the U.S. subprime meltdown.
Stanley ``is well-equipped to help DBS Group grow its footprint in emerging markets, especially in the greater China region,'' DBS said in a statement today to the Singapore exchange. ``His organic franchise building and inorganic mergers and acquisition skills will serve DBS well.''
Shares of DBS, the biggest of Singapore's three banks, have fallen 17 percent this year. Oversea-Chinese Banking Corp. fell 13 percent and United Overseas Bank Ltd. fell 11 percent.
Tai is a member of the Asia-Pacific advisory board of Bloomberg LP, the parent company of Bloomberg News.
To contact the reporter on this story: Jean Chua in Singapore at jchua4@bloomberg.net . Last Updated: February 13, 2008 00:07 EST
Thanks! Guys
I understand that if you use cpf to buy shares, you can cannot buy & sell on the same day (i.e. contra). Need at least 1 day diff, i.e. as long as you buy today and sell tomorrow. correct?
limhpp, you can sell anytime you want.. there is no holding period like u buy HDB flat, need to hold for 5 years if u are fresh buyer, heeee..
so, u can sell anytime anywhere u love.
Hi guys,
Any idea if you buy using CPF, how long can you sell?
After reading all your post, I am a bit panic.......
Thanks!
singaporegal thanks a lot, always appreciate your TA expertise.....can sound out loud when you see the bottom....still have this under my watchlist.
.. it would certainly drop another 10% easily after the new (whoever) CEO came on board. Any new CEO that just come in will do a thorough spring-cleaning exercise, throwing out all skeletons hiding in the closets... any new shocking discovery will certainly sink dbs lower... avoid this one for now.
Hi winsontkl,
This counter's TA looks bearish still. I don't see any bottoming out soon.
In may 2007 (only 6 months ago), KepCorp was at a high of 25.00.
Today, it is 16.60.
When it is at 15.00, it would have gone down (ie. lost) 10.00 (ie. $10,000 per lot) ... 
Making a few hundred bucks in the stock market is already so difficult for many...
Making $10,000 quickly is even harder (much higer risk).
Singaporegal, what's your opinion...thanks to advise...
Any new review on this counter....still looks rather expensive at current weak market, probably see them after the result is out......
Under watchlist.....
Has been on a major decline since May 2007 (high=25.00)...
Interesting read about US economy - http://www.bloomberg.com/apps/news?pid=20601087&sid=a8qLR4f6OieU&refer=home
More to fall. Good shorting target... :))
citi was badly hit by CDOs, think 15 feb, we'll see DBS announcing more CDO writeoffs
US share Citibank drop from USD 50++ to USD 28, drop about 50% more is understandable.
DBS bank drop from SGD 24 to SGD 16.. , drop 33%.... the price now can compete with Jan 26, 2004 high price of 16.1 ...
well, thinking that the stock price wipe off 2004, 2005, 2006, 2007 , all 4 years of hardwork is not very convincing, it will rebound back strongly when the day come....
yes
budget day also on 15 Feb, correct?
Result out on 15 Feb will provide some direction ......