DBS: Finally an admission that FTs goofed?

In Banks, Uncategorized on 05/06/2010 at 11:19 am

In an implicit admission that the FTs have messed up POSB very badly,DBS has appointed Bertie Cheng, the former CEO of POSB, as an adviser on POSB.

True-blue S’poreans; POSB customers; and investors can only cheer the move! And ask, “Why not earlier?”

Bertie Cheng was the man who via POSB brought basic banking services to the majority of S’poreans with a blend of technology and personal service.


Extract from BT article

(If POSB so damned gd under under “Blow up Treasured Clients” Rajan, why the recent initiatives mentioned below and Bertie Cheng’s return? A spin too far?

Mr Cheng, who during his tenure as CEO of POSBank had helped to craft its identity as a people’s bank, was appointed as adviser on Tuesday.

Said Piyush Gupta, CEO of DBS Group: ‘I am confident that Bertie will help POSB to build on its heritage as the ‘People’s Bank’ and further entrench itself in the hearts and minds of generations of Singaporeans.’

‘Cheng, the iconic leader of the former statutory board POSBank, was associated with the bank for over 31 years, with the last 23 years as its CEO before he retired in 1997,’ said POSB.

Mr Cheng said he hopes ‘to provide insights on how the bank can build on its past to serve Singaporeans of today, and also tomorrow’.

In recent months, DBS Group has acted to fix its consumer banking business, particularly the POSB network, which – plagued by long queues at bank branches and ATMs – has lost market share to rivals that chipped away at its customer base.

In May, POSB announced that it would expand its distribution network as part of its move to reach out to customers.

It also announced in April two initiatives to make banking more accessible to Singaporeans on the move – increasing the number of self-service machines available and launching a mobile-phone banking service.


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