Enter Paillart, who was hired away from Ford Motor Credit, having earlier worked at Standard Chartered. But Olds clearly had him in mind as his successor. Having been hired only in May 2000 to head consumer banking, Paillart vaulted over the heads of earlier and equally heavy-hitting recruits. It reflects the importance DBS attaches to consumer banking operations. Indeed it could be key to DBS group's future.
Investment banking is the territory of the major U.S. and European banks.
Indeed, consumer banking has been one of the bank's fastest growing businesses. That's on the back of sharply lower provisions all round, reflecting the clean-up of troubled overseas subsidiaries. Having cleared up its problems overseas, the bank's gradual approach towards acquisitions could portend bigger things. This year its stockbroking arm will merge with Vickers Ballas to create Asia's second largest stockbroker. But the cautious approach frustrates analysts, who wish that DBS would take a big bite.