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DBS Bank is still looking to fill its CEO spot. Whoever steps into the role will have a big influence on its investment bank.

Banking sources say the appointment, expected in the first quarter, could come as early as 15 Feb when DBS reports its full-year results.

The frontrunners are Mike DeNoma, group executive director for consumer banking at Standard Chartered Bank, and Francis Rozario, who heads Temasek's Fullerton Financial Holdings. Both have lived in Singapore for years, though they have never worked at DBS.

Analysts say that DBS, having had a string of foreign CEOs in the past, is likely to want a 'localised' banker to set its future strategic direction.

"It is important for DBS to find someone who understands the Asian-ness of the bank and knows how to work with and deal with the Board. For the first part, some, in the past, have failed," says Tan Soo Jin, vice-chairman of Amrop Hever Group.

Internally, some feel DBS chief financial officer Jeanette Wong is more suitable, as she understands the bank's culture better. "But the conventional wisdom has always been if the company requires a complete change in strategy and direction, an external candidate is favoured by the investment community," explains Na Boon Chong, director of consultancy for South-east Asia at Aon Consulting.

According to Leon Perera, group managing director of Spire Research, the nationality of the next DBS CEO matters less than whether he or she has experience in driving banking businesses in the region. In that respect, pundits feel Rozario may be better CEO material, due to his global network of connections, which could make DBS a pan-Asian heavyweight.