DBS Group Holdings CEO Piyush Gupta has sold a portion of his shares, netting S$12.6 million amidst a rally of Singapore bank stocks, according to a bourse filing reviewed by The Business Times.
Gupta’s transaction, which involved offloading 300,000 shares across 7 and 8 November, coincided with DBS‘ share price surging past the S$40 mark.
This surge is part of a broader trend driven by impressive Q3 earnings reports from all three major Singaporean banks.
On 7 November, Gupta sold 100,000 shares at S$41.7513 each, followed by another 200,000 shares at S$42.2023 apiece on 8th November.
This reduced his stake in DBS from 2.2 million shares to 1.9 million shares.
This development unfolds as DBS prepares for a leadership transition, with Tan Su-Shan slated to take over as CEO in March 2025. Su-Shan will be the first woman to helm the bank.
Featured image credit: Edited from Freepik
