DBS Bank has picked Former Standard Chartered Banker Nitin Chengappa to run its wealth management business in India. Chengappa joined DBS this July as Managing Director and Head of Treasures Business and Wealth Management, working out of Mumbai. He now reports to Ambuj Chandna, who runs consumer banking for DBS Bank India. Chengappa has been in banking for almost 30 years. Prior to joining DBS, he worked at Standard Chartered Bank, where he was Managing Director and Head of Affluent Distribution and Branch Network. Before that role, he was heading the bank’s NRI business.
Before Standard Chartered, he was at HSBC, leading the Non-Resident Indian Business and Digital Channels for their retail bank. He also worked at ABN Amro as Assistant Vice President, GE Money, and at GE as a Regional Sales Manager. On the education side, he did his postgraduate degree in finance and marketing at the Loyola Institute of Business Administration. Before that, he studied economics at Loyola College and went to school at The Lawrence School in Lovedale as a kid.
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This hire fits into a bigger trend: banks, both Indian and foreign, are all trying to grab a bigger share of India’s wealth management space right now. There’s a good reason for that: India has close to 917,000 dollar millionaires and nearly 200 billionaires at this point, per UBS numbers, so it’s become one of the fastest-growing wealth markets globally.
