DBS Group Holdings announced Thursday that its Chief Executive Officer Richard Stanley, 48, has been diagnosed with leukemia and will begin treatment immediately.

The bank said in a press release attached to a filing on the Singapore Stock Exchange’s website that his condition was confirmed this morning after being treated for flu-like symptoms over the weekend.

Stanley’s acute myelogenour leukemia “is treatable and full remission is possible,” the company said. However he is expected to take a leave of absence of about three to six months.

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