DBS Bank India has announced that Rajat Verma will succeed Surojit Shome as Chief Executive Officer (CEO) of the bank, effective 1 March 2025. Verma, who is currently the Head of the Institutional Banking Group (IBG) at DBS India, will take over the role upon Shome’s retirement on 28 February 2025. The appointment is subject to approval by the Reserve Bank of India.
Shome, who has served as CEO since 2015, has overseen the significant expansion of DBS Bank India, including the launch of digibank in 2016, India’s first mobile-only bank. He also led the subsidiarisation of DBS India in 2019 and the amalgamation with Lakshmi Vilas Bank in 2020. Under his leadership, DBS Bank India expanded to over 350 locations across 19 states and was ranked among the top three on Forbes’ list of the World’s Best Banks in India from 2020 to 2022.
“India has been a key market for DBS over the last 30 years and under Surojit’s leadership, over the last decade, DBS India has grown impressively to become a full-service platform across the institutional banking, wealth and retail segments. We thank Surojit for his strong vision and unwavering commitment to excellence in growing DBS India into the strong franchise it is today. A banking veteran, Rajat has solidified our India IBG business since joining us 18 months ago. With our robust platform, DBS is well-positioned to continue participating in the India growth story over the coming years. I am confident that Rajat will build on what has been accomplished and take the business to the next level,” Piyush Gupta,CEO, DBS, said.
Verma has a 27-year career in banking, with experience in both consumer and corporate banking. Since joining DBS in June 2023, he has led significant growth in the bank’s institutional business. Under his leadership, DBS India was recognized as the Best Bank for Sustainable Finance – India by Global Finance in 2024. Before joining DBS, Verma was Managing Director and Country Head of Commercial Banking at HSBC India.