Richard Stanley, the chief executive of DBS Group (DBSM.SI) died from an infection resulting from leukaemia this morning, the bank said, after his medical condition deteriorated yesterday.

Stanley went on medical leave in January just eight months after the 48-year old former chief of Citigroup’s China operations had joined DBS, Southeast Asia’s biggest banking group. DBS chairman Koh Boon Hwee has been running the bank in Stanley’s absence. There was no word on Stanley’s permanent replacement.

“After a brave fight Rich, passed on at about 8.45 am this morning. His immediate family was by his side as he slipped away peacefully," a DBS spokeswoman told Thomson Reuters. “All of us at the bank are deeply saddened,” she said.

Stanley is survived by his wife and three children.

DBS, which is 28% owned by Singapore state investor Temasek Holdings (TEM.UL), said yesterday that Stanley was in critical care due to an infection.

Doctors had believed earlier this week his cancer was in remission after two rounds of chemotherapy.

Analysts have said DBS may need to quickly find Stanley’s successor, as the bank faces a tough business environment in its key markets, Singapore and Hong Kong, which are both in recession.

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