RETAIL BANKING | Terry Gangcuangco, Singapore

Asia mourns loss of DBS CEO Richard Stanley

Richard Stanley, DBS Chief Executive Officer, passed away on 11 April 2009 after being diagnosed with acute myelogenous leukemia in late January.

Responding well to treatment, Stanley was believed to be in remission after two rounds of chemotherapy. However, he became susceptible to infection due to his weakened immune system. Stanley’s condition worsened within two days until he succumbed to the infection at 8:36 a.m.

A father of three children and the husband of Koh Li Peng, Richard Stanley joined DBS on 1 May 2008. Working closely with the senior management team, DBS Chairman Koh Boon Hwee took on an active management oversight role while Stanley was on medical leave.

Chairman Koh Boon Hwee said, "All of us at DBS are deeply saddened by the loss. Although Rich had been with DBS for less than a year, he had endeared himself to many people in the bank and helped strengthen the DBS franchise during a very challenging time for the industry. We will miss Rich and our thoughts and prayers are with his family during this time of bereavement."

The DBS Chairman will continue to oversee the bank, and the board will announce succession plans in due course.

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