DBS has appointed Ken Stratton as managing director and its first global head of sales for global transaction services (GTS), the latest move in its plan to double the segment's revenue in less than three years.
Stratton is responsible for all cash management, trade finance and securities and fiduciary services sales at DBS. Previously head of financial institution sales for Australia and New Zealand at J.P. Morgan treasury services, he is currently on gardening leave but will join the bank later this summer. When he does, Stratton will oversee a team of just under 100 people in 16 markets and report to Tom McCabe, recently appointed global head of transaction banking.
"As we expand our franchise, Ken's strong management and strategic skills will enable us to accelerate our pace of growth and bring us closer to our goal of becoming a leading transaction bank in Asia," said McCabe in a statement.
Stratton has more than 25 years of experience in financial services and has worked in both cash and trade positions at Standard Chartered as well as J.P. Morgan in Asia-Pacific and the US.
DBS also announced the promotion of Lee Tze Tze as its first head of supply chain product management. Formerly head of cash management collections, she will drive development and deployment of an improved supply chain proposition, which includes cash management, credit, foreign exchange, reporting and trade services. Based in Singapore, Lee will oversee a team of eight people and report to Yeo How Ngee, managing director and head of trade finance. Her promotion is effective July 1.
Zee Ying Yew will replace Lee as head of cash management collections. Zee joined DBS from Standard Chartered where he was director for cross-border payments and clearing services. He reports to Navinder Duggal, GTS head of cash management.
Also confirmed was the appointment of Chan Tuck Wai as head of GTS for China. He joined DBS in February from the Royal Bank of Scotland where he held the same position. The bank said he oversees a staff of 25 but will expand that by 30% in the next six months.
DBS is in the midst of an ambitious expansion plan that calls for doubling transaction banking revenues in Asia within three years. Chief executive Piyush Gupta outlined these plans as part of nine strategic priorities for the bank during its fourth quarter 2009 earnings press conference earlier this year, included were leveraging its strong trade finance franchise to bank more small and medium-sized enterprises and building out its cash management capabilities across Asia. China, India and Hong Kong were named as key markets for the bank.
