DBS Bank has appointed Tan Su Shan as its deputy CEO in addition to her present role as group head of institutional banking.
Tan will replace Piyush Gupta as CEO in March 2025. Gupta will retire at DBS’s next annual general meeting (AGM) on March 28, 2025.
DBS made the announcement at the start of its results briefing for 1HFY2024 ended June 30 on Aug 7.
Tan comes with over 35 years of experience in consumer banking, wealth management and institutional banking. She joined DBS in 2010 and spent the first three years building the foundations of the wealth management business.
She subsequently spent almost equal lengths of time managing the consumer banking/wealth management and the institutional banking businesses, which account for 90% of DBS’s income.
Tan led the day-to-day efforts to operationalise the bank’s digitalisation strategy across the businesses she ran. She has been President Commissioner of DBS Indonesia since 2014.
Outside DBS, Tan has served on several boards in government, education and women’s leadership and was a Nominated Member of Parliament in 2012-2014. A graduate of Oxford University, she has attended leadership programmes at Harvard and Stanford.
Her appointment is the culmination of a decade-long succession process. A strong field of internal candidates was put through an extended development programme to develop their experience, exposure and skills for the role. They were also benchmarked against potential external candidates.
Following the evaluation, Tan was deemed the strongest of all the candidates.
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“Under Piyush’s leadership, DBS has been transformed into a high-performing, high-returns institution recognised simultaneously for stability and innovation. Su Shan’s strategic orientation, track record in building businesses, familiarity with technology, leadership ability as well as strong stakeholder management and communication skills make her the ideal successor. Importantly for us, she also embodies the DBS culture,” says DBS chairman Peter Seah.
“I am pleased that a Singaporean with global experience has emerged as the best candidate to lead an iconic Singapore institution and build on the legacy that Piyush will leave us,” he adds.
“Su Shan has worked closely with me for more than a decade to bring the bank to where it is today. She was instrumental in building the wealth management, consumer banking and institutional banking businesses since she joined, and took personal ownership to operationalise our digitalisation strategy. With her appointment, we can be assured that the trajectory of DBS’ transformation will continue well into the future,” says Gupta.
“I am deeply honoured to have been selected to succeed Piyush. Leading the continued transformation of DBS is a tremendous privilege and responsibility. Some months after Piyush joined as CEO, he called to persuade me to join DBS. I responded to that call and quit the foreign bank I was working at the next day,” says Tan.
“Joining DBS felt like a homecoming – it is the bank I grew up with, and also the company where I first interned. The last 14 years have been a tremendous ride. I am proud of the founding mission of DBS – financing Singapore’s growth – and will continue to ensure that it is a brand that stands tall not just in Asia but also the world stage,” she adds.
DBS reported a net profit of $2.8 billion for the 2QFY2024 ended June 30, 4% higher y-o-y, and beating the consensus estimate of $2.72 billion. For the quarter, return on equity (ROE) was 18.2%, down from 19.2% in 2QFY2024.
For the 1HFY2024, the bank’s net profit stood at a new high of $5.76 billion, 9% higher y-o-y from last year’s record figure. Its ROE for the six months stood at 18.8%.
Shares in DBS closed 90 cents higher, or 2.75% up, at $33.65 on Aug 7.
