The Wall Street Journal-20080214-Stanley Named CEO of DBS

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Stanley Named CEO of DBS

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SINGAPORE -- DBS Group Holdings Ltd. named Richard Stanley, Citigroup Inc.'s top China manager, its chief executive, an appointment that is expected to boost the bank's efforts to expand in the region. Mr. Stanley will succeed Jackson Tai, who left the bank late last year to return to the U.S.

"With extensive experience in strategy development and implementation," DBS said, Mr. Stanley "is well-equipped to help DBS Group grow its footprint in emerging markets, especially in the greater China region."

Mr. Stanley, a 47-year-old American who joined Citigroup in 1981, has worked as country officer for Citigroup in Singapore and as head of markets and banking for the Association of Southeast Asian Nations. He was named chief executive for China in February 2005. He will start at DBS on May 1, the bank said. A Citigroup spokesman in Shanghai declined to comment on the matter.

DBS is seeking to expand its presence outside Singapore and Hong Kong. It has interests in Thailand, Indonesia, Vietnam, Taiwan, India, Japan, South Korea and Malaysia.

Analysts said Mr. Stanley's familiarity with Singapore and Asian markets makes him a good choice for the job at DBS.

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Victoria Ruan in Beijing contributed to this article.