DBS's India unit has nominated its head of institutional banking, Rajat Verma, to be the bank's new chief executive officer, two people familiar with the matter said.

He is set to succeed Surojit Shome, who is retiring after leading DBS Bank India since 2015, according to sources. The sources also noted that his nomination has been submitted to the Reserve Bank of India (RBI). DBS later confirmed Shome's plans to retire.

It said it was currently awaiting RBI's approval on the successor and will make an announcement once regulatory approvals are in place.

India's central bank must approve all appointments of bank CEOs.

DBS did not elaborate on Shome's replacement.

The sources declined to be identified as the discussions were confidential. A spokesperson for Singapore's biggest bank declined to comment, while Verma, Shome and the RBI did not respond to Reuters queries.

Verma was appointed DBS managing director and head of institutional banking for India last year.

Prior to joining DBS, he spent over 26 years at HSBC, where he served as the head of commercial banking in India, according to his LinkedIn profile. DBS, which has had a presence in India for nearly 30 years, reported last year that it operates more than 530 branches across 19 Indian states.