DBS CEO Piyush Gupta makes over $17.8M in 2 weeks by selling more than 500K shares

SINGAPORE: Piyush Gupta, the chief executive of Singapore’s largest bank DBS, cashed out DBS Group shares several times this month, earning an estimated profit of more than $17.8 million over a period of two weeks.

According to information disclosed by DBS Group to the Singapore Exchange on 17 May, Mr Gupta sold 50,000 shares at $35.42626 per share on 15 May and another 75,000 shares at $35.62 per share on 16 May.

Mr Gupta’s selling spree began earlier this month, when he sold 75,000 shares at $35.7443 per share on 3 May. He then sold 20,000 shares at $35.78 per share on 6 May and a further 130,000 shares at $35.90 per share the very next day (7 May). He also cashed out 150,000 shares on 10 May at $35.40 per share.

In total, Gupta has sold over 500,000 shares of DBS this month, with the lucrative transactions earning him more than $17.8 million.

Interestingly, the profits from the sale of the shares this month exceed the $11.2 million pay he was slated to receive in 2023 – a pay package that was slashed by 27 per cent due to a string of service outages involving the banking giant.

This flurry of share sales comes at a remarkable time for DBS Bank. Earlier this year, DBS reached a historic milestone, becoming the first Singapore company to achieve a market capitalization of over $100 billion.

Read more: DBS CEO Piyush Gupta sells bank shares worth S$2.7M

TISG/