DBS Group’s chief executive, Piyush Gupta, earned $8.08 million in 2011 when the Singaporean lender's net profit rose to a record.
The pay package did not include $773,240 of shares Gupta will receive as part of shares option or a so-called “retention award”, Singapore's biggest bank said on Thursday.
In 2010, Gupta earned $7.35 million without the retention award, which, when included, took his total compensation to $8.04 million, DBS said.
Gupta has been praised by investors for turning around the bank as he focused on boosting revenue from existing businesses such as wealth management and avoiding pricey acquisition.
The chief executive of Oversea-Chinese Banking Corp, David Conner, who will retire next month, earned S$7.08 million in 2011, its annual report showed.
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