DBS PE chief assumes dual role

Melvin Teo, head of private equity at Singapore-based DBS Bank, will replace Teresa Lin as country manager for DBS China, subject to regulatory approval. Teo will retain his current role and responsibilities as head of the bank’s private equity arm, according to a DBS statement.

From 1 January 2010, Lin will assume a senior adviser role, advising senior management on the Singapore-based bank’s growth and institutional banking group business in China.

Teo joined DBS in July 2005. His banking experience, which includes institutional banking, corporate finance, private equity credit, finance and operations, spans various countries in Asia, the Middle East, Europe and the US.

This February, DBS Private Equity set up DBS Private Equity Enterprises, a $100 million fund focused on unlisted companies in China. The fund will invest between $10 million to $20 million per deal for minority stakes in mid-to-late stage companies. It aims to eventually list the companies on China’s A-share market.

At the same time, the firm said it planned to open an office in Shanghai to boost its deal sourcing capabilities. Presently, its Singapore and Hong Kong offices cover the South and North Asia markets respectively.

DBS Private Equity has been investing in China since 2002. Its previous investments include Yingli Green Energy, Yangzijiang Shipbuilding and China Infrastructure Machinery. Typically, the firm provides capital and mezzanine debt financing to portfolio companies. It also supports them in business development, strategic planning and corporate finance activities.

DBS Bank is the largest bank in Southeast Asia by assets. It provides services in corporate, SME, consumer and wholesale banking activities across Asia and the Middle East.