Temasek names former DBS chief Piyush Gupta as India chairman

Temasek has appointed former DBS Group CEO and one of Asia’s best-known banking leaders Piyush Gupta as chairman of its India operations as the Singapore state investor deepens its presence in the region.

Gupta will join the firm in a non-executive, advisory capacity from 1 December, Temasek said in a statement.

In the role, he will work alongside Ravi Lambah, head of strategic initiatives and head of India, to guide investment strategy, support portfolio companies operating in India, and strengthen Temasek’s institutional relationships with government and business leaders.

Temasek described the appointment as part of an effort to expand its access to opportunities in one of its fastest-growing markets.

Gupta’s move into Singapore’s state investment apparatus comes after he announced his retirement from DBS earlier this year.

Under his tenure, DBS pushed early into digital banking, completed major regional takeovers and became a model for financial-technology integration, a background Temasek is expected to tap as it expands into AI, energy transition and next-generation infrastructure.

Gupta led DBS Group from 2009 to 2025, steering the bank through a widely recognized digital overhaul and a decade-long regional expansion that helped cement DBS as one of the world’s highest-rated banks.

Since stepping down, he has taken on several leadership and advisory roles, including Deputy Chairman of Keppel, Chairman of the Board of Trustees at Singapore Management University, and Chairman of Mandai Park Holdings.

“Piyush brings extensive business insights and strong connections developed over decades in financial services,” said Dilhan Pillay, executive director and CEO of Temasek Holdings. “Complementing Ravi’s leadership of our India market, he will provide strategic counsel and help strengthen our institutional networks in India and beyond, enhance our franchise value, and expand our portfolio access.”

Gupta said he was “honored” to take on the advisory role. “Having been engaged with the Temasek ecosystem for many years, I look forward to collaborating with the team to deepen partnerships, pursue new opportunities, and contribute to Temasek’s continued growth in India.”

Temasek has steadily expanded its India exposure over the past decade, investing across technology, financial services, healthcare, consumer businesses, clean energy and infrastructure.

Temasek manages a global portfolio of about S$434 billion ($320 billion) and is among the world’s most influential sovereign investors, with holdings spanning technology, financial services, industrials and climate-linked sectors.