economy

DBS Bank Has Appointed Tan Su Shan As The New Deputy CEO

DBS Bank Ltd. has announced today that the Board of Directors has appointed Tan Su Shan as the new Deputy CEO, alongside her current role as Group Head of Institutional Banking. She will take over as CEO from Piyush Gupta when he retires at the next annual general meeting on March 28, 2025.

At 56 years old, Tan Su Shan comes with a solid background, boasting over 35 years of experience in consumer banking, wealth management, and institutional banking. She has worked not only in Singapore but also in major financial hubs like Hong Kong, Tokyo, and London.

Tan joined DBS Bank in 2010, spending her first three years laying the groundwork for the Wealth Management business. For nearly the next three years, she managed the retail banking/Wealth Management and institutional banking sectors, which together accounted for 90% of DBS Bank's revenue.

She oversees the daily operations for the bank's digital strategy across all the businesses she leads. Additionally, she has served as the President Commissioner of DBS Bank Indonesia since 2014.

Outside of DBS, Tan Su Shan has held various board positions in government, education, and women's leadership, and she was nominated as a Member of Parliament in Singapore from 2012 to 2014. A graduate of Oxford University, she has also participated in leadership programs at Harvard and Stanford.

Her appointment marks the culmination of a decade-long succession process, during which several strong internal candidates underwent development programs to enhance their experience, exposure, and skills for this role. These candidates were also compared with potential external candidates, and after thorough evaluation, Tan Su Shan was deemed the strongest among them.

Peter Seah, the Chairman of DBS Bank, shared, "Under Piyush's leadership, DBS has transformed into a high-performing institution recognized for its stability and innovation. Tan Su Shan's strategic vision, proven track record in business development, tech-savviness, strong leadership skills, and ability to communicate effectively with stakeholders make her the perfect successor. Most importantly, she embodies the culture of DBS Bank. I'm thrilled that a Singaporean with global experience has emerged as the top candidate to lead this iconic Singaporean institution and build on the legacy that Piyush will leave behind."

Piyush Gupta, the CEO of DBS Bank, remarked, "Tan Su Shan has been my partner for over ten years in elevating this bank to where it stands today. She has played a crucial role in developing our Wealth Management, retail banking, and institutional banking sectors since she joined, and she has personally taken charge of implementing our digital strategy. With her appointment, we are confident that DBS's transformation will continue into the future."

Tan Su Shan, the Deputy CEO of DBS Bank, expressed, "I am truly honored to be chosen to succeed Piyush. Leading the ongoing transformation of DBS is both a privilege and a significant responsibility. A few months after Piyush became CEO, he reached out to invite me to join DBS. I accepted and left my position at a foreign bank the very next day. Joining DBS felt like coming home—it's the bank where I grew up and the company where I first interned. The past 14 years have been an incredible journey, and I take pride in DBS's mission to finance Singapore's growth."

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