DBS Bank appoints Rajat Verma as MD and Head of Institutional Banking

Before joining DBS Bank India, Verma was the managing director and country head of Commercial Banking for HSBC Bank.

Foreign lender, DBS Bank India, has appointed Rajat Verma as the managing director and head of Institutional Banking, the bank said in a press release on June 26.

Before joining DBS Bank India, Verma was the managing director and country head of Commercial Banking for HSBC Bank.

The bank also said that the current head of Institutional Banking for India, Niraj Mittal, will be the Country Head of DBS Bank in Australia.

DBS Bank results

The lender in its results for the fiscal year 2022-23 reported net profit of Rs 228 crore in FY23, a jump of 36.52 percent on a year-on-year basis.

The lender, among the first few foreign banks to operate as a wholly-owned subsidiary, had reported a net profit of Rs 167 crore in FY22.

It can be noted that in December 2022, the bank announced that integration with the domestic private sector lender Laxmi Vilas Bank has been completed but said it will take another 18 months to shed the impact of the merger with the struggling domestic bank.