Rajat Verma has been appointed managing director and head of institutional banking at DBS Bank India, the lender announced in a statement.
Rajat will succeed Niraj Mittal as head of institutional banking. Rajat formerly worked for HSBC as the MD and country head of Commercial Banking, India. In Australia, Mittal will assume the position of country head for DBS Bank.
With DBS Bank's greatly expanded footprint in India, Rajat will be in charge of expanding the institution banking franchise for the firm. Rajat's appointment, according to DBS Bank India, reinforces the organization's leadership team and commitment to expanding institutional banking.
Commenting on Verma's new role, Surojit Shome, Managing Director and CEO of DBS Bank India said, "He (Rajat Verma) is a seasoned banker with a proven track record of delivering value to institutional clients across diverse sectors and markets. His appointment reinforces our commitment to growing our business in India."
Rajat will lead the bank to expand its digitalization efforts and provide better value for its clients, he continued.
One of the biggest international banks in India is DBS.
With the appointment of Mittal, Singapore's largest bank is also attempting to increase the DBS franchise in Australia. Additionally, the former head of India's institutional banking will work to strengthen ties with South Asia and South-East Asia.