DBS’ Tan Su Shan to guide the financial institution in 2025; H1 revenue hits report excessive

DBS has appointed Tan Su Shan because the financial institution’s subsequent chief government officer who will substitute present chief government officer (CEO) Piyush Gupta on March 28, 2025. Within the interim, Tan has turn 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 turn into the primary feminine CEO in DBS’ historical past after Gupta’s 15 years within the management position, 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 inner and exterior candidates. An prolonged improvement programme was attended by inner candidates, wherein Tan was thought of the strongest candidate, in line with an organization media release. 

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 gives companies to customers, small-medium enterprises (SME) and corporates.

In her new position, Tan will carry greater than 35 years of expertise in client banking, wealth administration and institutional banking. Based mostly in Singapore, Tan has additionally labored in different monetary centres equivalent to 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 shifting on to handle the financial institution’s client banking, wealth administration and institutional banking companies, which make up 90% of DBS’ earnings. 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 web revenue up 4% to S$2.8 billion ($2.1 billion) with a return on fairness of 18.2%. First-half web revenue was up 9% to a report excessive of S$5.76 billion,  pushed by “broad-based progress”, according to the bank. 

For the primary half of the 2024 monetary 12 months, client banking and wealth administration income elevated 18% to S$5.06 billion from larger web curiosity earnings, wealth administration charges and card charges, partly pushed by the consolidation of Citi Taiwan, an acquisition accomplished in August 2023. Institutional banking earnings was “steady” at S$4.69 billion as larger Loan-related charges, money administration charges and treasury buyer earnings had been offset by decrease web curiosity earnings. Markets buying and selling earnings was little modified at S$433 million.

The financial institution had report income of S$10.3 billion for the 2023 monetary 12 months, 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, “Underneath Piyush’s management, DBS has been remodeled right into a high-performing, high-returns establishment recognised concurrently for stability and innovation.”

Seah continued: “Tan’s strategic orientation, monitor report in constructing companies, familiarity with Technology, management capability in addition to robust 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 world expertise has emerged as the very best 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 carefully with me for greater than a decade to carry the financial institution to the place IT is immediately. She was instrumental in constructing the wealth administration, client banking and institutional banking companies since she joined, and took private possession to operationalise our digitalisation technique. Together with her appointment, we will be assured that the trajectory of DBS’ transformation will proceed effectively into the long run.”

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