What does Temasek own in India? Top of mind are the subsidiary and branch networks of two banks, DBS India and Standard Chartered Bank (StanChart), India, respectively. Temasek Holdings owns 17.82% of StanChart and 28.26% of DBS Group Holdings.
Piyush Gupta, DBS’s former group CEO, took on his former role in 2009 when the bank’s net profit was just $2 billion and its share price was around $12. He took the bank to a profit of $10 billion in FY2023 (DBS’s share price on Gupta’s last day in March this year was $46.47.) On Dec 1, Gupta joined Temasek India as chairman.
“In this non-executive role, he will work closely with Mr Ravi Lambah (head, strategic initiatives, and head, India) and the India team on our investment strategies, partner with and support Temasek Portfolio Companies as they identify opportunities in India, and also take on an institutional focus for Temasek by engaging with the Indian government and business communities,” Temasek says in a press release.
