Probal Banerjee, DBS’s head of large corporates for India, has moved to ING in Singapore in a managing director role.
Banerjee joined ING as head of corporate clients for India on 1 September, according to a spokesperson for the bank in Singapore.
During nine years with DBS, Banerjee helped to oversee some of its business and headcount expansion on the subcontinent. DBS is now the fifth largest foreign bank in India by assets.
Banerjee led the Singapore firm’s Bangalore branch from 2008 to 2012, growing its workforce from seven to 52. He then moved to Mumbai for his most recent role.
He is currently based in Singapore, although we understand that he may relocate back to Mumbai with ING in the future.
This is Banerjee ‘s second stint at a Dutch firm, having worked as a corporate banker for ABN AMRO between 2002 and 2008 in New Delhi, Bangalore, and Kolkata, according to his online profile.
While losing a banker as experienced as Banerjee – who began his career in 1997 – is a blow for DBS, the Singapore bank plans to keep growing in India, one of its major markets.
Last week DBS secured in-principle approval from the Reserve Bank of India to convert its existing franchise to a locally incorporated wholly-owned subsidiary. This will allow it to expand its operations in the country, DBS said in a statement.
DBS has also just opened a new five-floor office in Mumbai’s Express Towers, designed to “embed a start-up culture within the bank” and featuring “activity-based workspaces and social zones” to encourage “greater interaction and ideation among employees”.
In 2016 DBS also opened a new technology hub in Hyderabad and announced that it would recruit 1,500 people there over two years.
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