DBS CEO Piyush Gupta sells S$12.6 million worth of bank shares in 2 days

Piyush Gupta, the Chief Executive Officer (CEO) of DBS, has sold even more of his shares.

He did so in a bank rally on Nov. 7 and 8, during which DBS shares climbed to over S$40, reported The Business Times.

The bank had charted a record profit of S$3.03 billion for the third quarter of 2024.

UOB and OCBC shares also rose steadily amid the rally, breaking record prices on Nov. 11.

A lot of money

The bank revealed that Gupta sold a total of 300,000 shares in two transactions.

He let go of 100,000 shares at S$41.75 each on Nov. 7.

The next day, he sold 200,000 more at S$42.20 per share.

By the end of the two days, the transactions totalled S$12.6 million — albeit a drop in his current holdings in the bank, which were reduced from 2.2 million to 1.9 million.

Not the first time

Gupta has been known to sell his shares on occasion.

Following a 27 per cent pay cut in 2023, he began dabbling in the open market selling of DBS shares since the beginning of May 2024, according to The Edge Singapore.

That month, he trimmed his personal stake significantly by selling 500,000 shares.

Gupta will be stepping down from his post in March 2025.

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Top image via DBS