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DBS Pays CEO Piyush Gupta S$8.08 Million on Record Net

(Corrects currency in second paragraph.)

March 29 (Bloomberg) -- DBS Group Holdings Ltd. Chief Executive Officer Piyush Gupta’s annual salary increased to S$8.08 million ($6.4 million) last year as profit at Southeast Asia’s biggest bank climbed to a record.

Gupta’s pay climbed from S$7.35 million in the previous year, the bank said. The Singapore-based lender’s profit jumped 15 percent to S$3.04 billion, while staff costs gained 20 percent to S$1.71 billion on an expanded headcount, according to the bank’s annual report.

Oversea-Chinese Banking Corp., Singapore’s second-largest bank, said in its annual report outgoing Chief Executive Officer David Conner’s compensation in 2011 declined 5.3 percent to S$7.08 million. He’s entitled to receive 488,029 shares on the completion of his employment contract, the report showed, valued at S$4.4 million as of yesterday’s close.

Conner will retire as CEO next month after a decade running OCBC. He will be replaced on April 15 by Samuel Tsien, who has run the bank’s global corporate bank since 2007.

OCBC shares fell 0.9 percent to S$8.85 at the close in Singapore, and DBS declined 0.8 percent to S$14.21.

To contact the reporter on this story: Sanat Vallikappen in Singapore at vallikappen@bloomberg.net

To contact the editor responsible for this story: Chitra Somayaji at csomayaji@bloomberg.net

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