DBS Bank (DBS) has appointed Standard Chartered’s Vijay Vashist to a newly created role as group product head of open account trade within its global transaction services (GTS) business. Vashist, who has more than 20 years experience in the factoring, supply chain and traditional trade business lines, joins DBS from Standard Chartered where he was managing director and global head of open account trade finance.
Vashist will report to DBS’s group head of product management of GTS, Lum Yin Fong, who is responsible for overseeing both the bank's trade and cash management product lines.
“[Vashist] is a valuable addition to our team and I am confident that he will help accelerate the development of new products and revenue streams across our Asia franchise,” said Lum. “His recruitment represents DBS’s commitment to the GTS business as well as the high expectations we have for continued growth in all our markets.”
In his new position, Vashist will be responsible for leading the development of product innovation. He will also guide market expansion and investment to drive the bank’s growth in the region.
According to chief executive Piyush Gupta, who joined DBS from Citi in 2009, GTS is one of the key strategic businesses for the group.
“We have been focused on investing in our people, product innovation, technology and infrastructure,” said Tom McCabe, DBS’s group head of GTS, who was appointed chairman of DBS subsidiary AXS at the beginning of this year.
According to McCabe, DBS’s GTS trade assets and client liabilities grew 54% and 23% respectively in 2010. The bank announced in February that it had made core net profit of more than $2 billion in 2010.