DBS has poached Dorian Delteil from Standard Chartered as its new head of oil and gas. Delteil joined earlier this month, in a sign that DBS is now hiring from global banks following the payment of front-office bonuses.
Delteil worked in Stan Chart’s oil and gas group in Singapore for five and a half years, latterly as an executive director. He’s now in DBS’s energy, chemical and infrastructure team within its institutional banking group, according to his online profile.
It’s unlikely that Delteil will be the only high-profile hire in institutional banking over the coming weeks. DBS is now looking to expand the unit following strong 2018 results, says a Singapore-based headhunter. Profit before tax in the division tripled to $3.37bn in 2018 compared with the previous year.
Recent front-office recruits at DBS include Eddy Tan, who joined last month as an executive director in project finance following 16 months as CEO of First Oil, a fuel trading firm. Tan worked for Standard Chartered in Singapore between 2008 and 2013, latterly as a director in oil and gas corporate finance.
The new head of DBS’s institutional banking group, Tan Su Shan, has a track record of adding headcount. Tan, who started her job on February 1, previously spent about six years as head of consumer banking and wealth management, during which time she oversaw the expansion of DBS’s private bank.
Delteil’s former firm, Standard Chartered, is a prime headhunting ground for DBS because it operates in similar sectors, has a large Singaporean workforce, but is currently trying to cut US$700m in costs. Senior bankers at DBS don’t have to deal with ongoing restructuring drives like their counterparts at Stan Chart do, says the recruiter.
Delteil graduated in 2002 with an MSc in Civil Engineering from ESTP in Paris and then worked mainly for Credit Agricole until 2011, latterly as a director focused on the upstream oil and gas sector. In December 2011, he joined Sumitomo Mitsui in Singapore in a senior oil and gas role.
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