DBS Group Holdings, Singapore's largest bank, said Friday that its chief executive Richard Stanley, who has leukemia, is in critical care after acquiring an infection, according to a report.

Stanley, 48, was diagnosed with leukemia in January, initiating treatment at the time.

The company’s Chairman Koh Boon Hwee, 58, took over, assuming an active management oversight role, working closely with the company’s Management Committee.

“Unfortunately the unpredictability of the disease has led to severe complications due to infection, the bank said in a statement late on Friday. Stanley's condition has deteriorated rapidly in the last 24 hours and he is now in critical care.

The bank said Stanley’s doctors believed that his cancer was in remission after two rounds of chemotherapy, Reuters said.

In January, he was expected to take a leave of absence of about three to six months.