DBS chief executive Richard Stanley dies of cancer

Richard D Stanley, 48, CEO of Singapore's DBS Group Holdings Ltd, has died of leukemia. Southeast Asia's biggest banking group said it will continue to be run by chairman Koh Boon Hwee while the board develops a succession plan.

Stanley joined DBS last May and was diagnosed with acute myelogenous leukemia in January and died Saturday, the bank said in a statement. Stanley, a US citizen, is survived by his wife Koh Li Peng and three children.

"All of us at DBS are deeply saddened by the loss," the bank said. "The board of directors will announce succession plans in due course."

Stanley, who spent 18 of his more than 27-year banking career in Asia, including stints in Thailand, Singapore and Shanghai, was a surprise choice for CEO last year. There had been speculation the job might go to Francis Rozario, another ex-Citibanker who works for Temasek.

Stanley was chosen for his experience in China, where DBS wants to aggressively expand its business. Stanley came with a track record of acquisitions in China.

He helped lead a Citi consortium's $3.1 billion acquisition of a controlling stake in Guangdong Development Bank in 2006 and Citi's purchase of a minority stake in another Chinese lender, Shanghai Pudong Development Bank.

Stanley joined Citi in 1981 and became China country manager in 1999. He took a regional position in Singapore in 2004, overseeing Southeast Asian markets and banking, before returning to Shanghai in 2005 as China CEO.