DBS Group announced on August 3rd the appointment of Jonathan Larsen to the boards of DBS Group Holdings and DBS Bank, effective immediately. Larsen, aged 60, served at Ping An Insurance (Group) Company Of China, Ltd. from May 2017 until his retirement this February, where he was responsible for introducing new technologies, platforms, and business models. He previously held the roles of Chief Innovation Officer at China's Ping An Group, as well as Chairman and CEO of the Ping An Global Voyager Fund.

Prior to joining Ping An, Larsen spent 18 years at Citigroup, where he oversaw retail banking and mortgage operations across 19 countries before his departure. He also served as the head of consumer finance for Citigroup in the Asia-Pacific region and as the head of its Singapore operations. DBS Group Holdings reported that in the first half of this year, its total revenue and net profit grew by 3% and 5% respectively, reaching S$12 billion and S$6.01 billion, both setting new historical records.