SINGAPORE – In an exciting development for the financial sector, DBS Group has announced that Tan Su Shan will step into the role of chief executive on March 28, marking a historic moment as she becomes the first woman to head Singapore's largest bank. A seasoned executive with 15 years of experience at DBS, Tan is known for her keen insights into the banking industry and is eager to lead the bank toward a prosperous future, emphasizing “bolt-on” acquisitions rather than extensive mergers and acquisitions (M&As).

Tan, 57, who currently serves as the deputy CEO, will take over the reins from Piyush Gupta, 65, who has successfully guided DBS for 15 years. Under Gupta's leadership, the bank achieved record annual revenue and profits, setting the stage for Tan to continue this trajectory amid a landscape filled with economic uncertainties, including geopolitical tensions and potential trade wars.

"I recognize that our journey ahead could be challenged by uncertainty in the macroeconomic environment,” Tan stated, acknowledging the possible roadblocks that could affect banking operations. However, she reassured stakeholders that the bank is well-prepared with regular scenario planning and proactive action plans to navigate market fluctuations.

Tan, an Oxford University graduate from Singapore, is keen on further enhancing DBS's formidable presence in Asian financial markets such as India, China, Taiwan, and Indonesia. While competing with global giants like HSBC and Standard Chartered, Tan has voiced her intent to concentrate on maximizing existing assets rather than overextending the bank’s reach.

"I aim to 'sweat' our acquisitions in India and Taiwan and strengthen our operational footprint across Asia," she explained, emphasizing a disciplined approach to growth. Tan’s strategy centers on maintaining focus on high-return segments like wealth management and transaction banking to drive profitability.

Moreover, in an age where technology is paramount, she has committed to harnessing digital innovation and artificial intelligence as key growth catalysts. Following the bank's push to future-proof its workforce, Tan highlighted plans to upskill around 13,000 employees, with a rigorous training regimen already underway to prepare them for advancing digital capabilities.

In a bid to enhance operational efficiency, DBS is also restructuring by creating a new chief operating officer role, which will be filled by Derrick Goh, who currently heads group audit. This strategic move will be effective from April 1, as Goh will oversee both operations and transformation, ensuring the bank remains agile amidst rapid industry changes.

"One of Su Shan's key strengths is her ability to build and empower teams,” Gupta remarked in admiration of his successor, showcasing her customer-centric leadership style and extensive network within the industry. As Tan embarks on this new leadership journey, industry experts and stakeholders alike are eager to witness how her vision will shape the future for DBS in both regional and global banking domains.

Stay tuned for what promises to be an exhilarating chapter in DBS's story!