DBS has appointed Tan Su Shan because the financial institution’s subsequent chief govt officer who will change present chief govt officer (CEO) Piyush Gupta on March 28, 2025. Within the interim, Tan has change into deputy CEO of the financial institution, along with her place as group head of institutional banking.
Ushering in a brand new period for the financial institution, Tan will change into the primary feminine CEO in DBS’ historical past after Gupta’s 15 years within the management function, after he took up the place in late 2009 becoming a member of from Citi. Tan’s appointment was determined following an analysis of each inside and exterior candidates. An prolonged growth programme was attended by inside candidates, wherein Tan was thought-about the strongest candidate, based on an organization media launch.
Headquartered in Singapore, DBS is without doubt one of the largest banks in Asia with workplaces in Hong Kong, India, Indonesia, Japan, Korea, Malaysia, Myanmar, mainland China, Philippines, Taiwan, Thailand, United Arab Emirates (UAE) and Vietnam. DBS additionally has presence in Australia, the UK and the US. The financial institution offers providers to shoppers, small-medium enterprises (SME) and corporates.
In her new function, Tan will convey greater than 35 years of expertise in shopper banking, wealth administration and institutional banking. Based mostly in Singapore, Tan has additionally labored in different monetary centres resembling Hong Kong, Tokyo and London.
Tan has been with DBS since 2010, beginning her profession on the financial institution in its wealth administration enterprise earlier than transferring on to handle the financial institution’s shopper banking, wealth administration and institutional banking companies, which make up 90% of DBS’ revenue. Throughout these roles, Tan had additionally helped implement DBS’ digilisation technique, and since 2014 has been president commissioner of DBS Indonesia.
Tan has additionally been appointed to a number of advisory boards and had been nominated as a member of the Singapore parliament from 2012 to 2014.
The announcement got here as DBS revealed Q2 2024 internet revenue up 4% to S$2.8 billion ($2.1 billion) with a return on fairness of 18.2%. First-half internet revenue was up 9% to a file excessive of S$5.76 billion, pushed by “broad-based progress”, based on the financial institution.
For the primary half of the 2024 monetary yr, shopper banking and wealth administration income elevated 18% to S$5.06 billion from increased internet curiosity revenue, wealth administration charges and card charges, partly pushed by the consolidation of Citi Taiwan, an acquisition accomplished in August 2023. Institutional banking revenue was “steady” at S$4.69 billion as increased loan-related charges, money administration charges and treasury buyer revenue had been offset by decrease internet curiosity revenue. Markets buying and selling revenue was little modified at S$433 million.
The financial institution had file income of S$10.3 billion for the 2023 monetary yr, regardless of working into regulatory difficulties with the Financial Authority of Singapore after a number of outages.
DBS chairman Peter Seah mentioned in a media launch, “Below Piyush’s management, DBS has been reworked right into a high-performing, high-returns establishment recognised concurrently for stability and innovation.”
Seah continued: “Tan’s strategic orientation, monitor file in constructing companies, familiarity with know-how, management capability in addition to sturdy stakeholder administration and communication expertise make her the perfect successor. Importantly for us, she additionally embodies the DBS tradition. I am happy {that a} Singaporean with international expertise has emerged as the most effective candidate to guide an iconic Singapore establishment and construct on the legacy that Piyush will go away us.”
Gupta mentioned in the identical launch, “Tan has labored intently with me for greater than a decade to convey the financial institution to the place it’s at this time. She was instrumental in constructing the wealth administration, shopper banking and institutional banking companies since she joined, and took private possession to operationalise our digitalisation technique. Together with her appointment, we may be assured that the trajectory of DBS’ transformation will proceed nicely into the long run.”
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