SINGAPORE – DBS, touted as the “world’s best bank,” has elevated Tan Su Shan to the role of CEO after “a decade-long succession process,” the bank announced. She will take over from Piyush Gupta when he ends his 15-year tenure as CEO in March 2025.

Tan will become the first-ever female CEO of DBS. As an industry veteran with more than three decades of experience, she brings “solid credentials” to the top job, the company said.

The incoming CEO has worked in wealth management, consumer banking, and institutional banking and across key markets such as Singapore, Hong Kong, Tokyo and London. She was also instrumental in DBS’s digital transformation projects.

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The ‘ideal successor’ to Piyush Gupta

Prior to the appointment, Tan has been at the helm of DBS’s institutional banking group, which generates 90% of the bank’s income. Apart from her role in Singapore, she also serves as President Commissioner of DBS Indonesia.

“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,” DBS Chairman Peter Seah said.

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Tan was deemed the top choice out of a “strong field” of internal and external candidates after a rigorous talent and leadership development process at DBS. The programme gave internal candidates the opportunity to gain senior executive experience and competencies, as well as exposure to the day-to-day functions of the CEO role. The candidates were also benchmarked against potential external hires, DBS said.

“Importantly for us, she also embodies the DBS culture. 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,” Seah said.

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DBS aims for continued transformation

Outgoing CEO Gupta praised Tan for her role in growing DBS in the past decade and taking “personal ownership” of the bank’s digitalisation strategy. He expressed confidence in Tan’s ability to carry on DBS’s transformation.

The job of continuing the transformation at DBS is a “tremendous privilege and responsbility,” Tan said.

“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,” she recounted.

“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.”