Sources say DBS Bank has nominated Rajat Verma as its next CEO for India

DBS Bank’s India division has nominated Rajat Verma, the head of institutional banking, to take over as CEO, according to two sources familiar with the matter.

Verma is set to succeed Surojit Shome, who has been leading DBS Bank India since 2015 and is planning to retire, the sources added. Due to the confidential nature of the discussions, the sources chose to remain anonymous.

DBS declined to comment on the matter, and both Verma and Shome did not respond to Reuters’ inquiries.

The bank has submitted Verma’s nomination to the Reserve Bank of India (RBI) for approval, as the RBI must authorize all CEO appointments. The central bank has not provided any comment.