DBS CEO Piyush Gupta cashes out $12.6m in shares as bank stock hits record high

Outgoing CEO of DBS Piyush Gupta offloaded some 300,000 of his DBS shares for a total of $12.6 million last week.

He sold his shares in two transactions amid a major rally in DBS' stock price following a strong net profit in the third quarter.

In a bourse filing, DBS reported that Gupta, 64, had sold 100,000 of his shares at $41.7513 per share on Thursday and the other 200,000 shares at $42.2023 per share on Friday. 

Stock prices for Singapore's major banks — DBS, OCBC and UOB — have surged in the past week and hit all-time highs on Friday following stellar earnings reports for the third quarter. 

Gupta currently has 1.9 million DBS shares remaining after the two transactions, The Business Times reported.

In May, he made $2.7 million after selling 75,000 of his shares.

He will be stepping down from his leadership role and retiring in March next year, with veteran banker Tan Su Shan taking over the reins.

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dana.leong@asiaone.com