DBS' Incoming CEO Tan Su Shan Open to Strategic Acquisitions
DBS Group's incoming CEO, Tan Su Shan, is open to "bolt-on" acquisitions while prioritising high-return businesses such as wealth and transaction banking.
Tan, 57, currently serves as deputy CEO and will take over as DBS' first female CEO on 28 March. She will succeed Piyush Gupta, 65, who has led Southeast Asia's largest lender for 15 years.
A Singaporean and an Oxford University graduate, Tan steps into the role as DBS reports record annual revenue and profits. However, she will also face global economic and market volatility.
"We recognise that there will be significant uncertainty in the macroeconomic environment and geopolitical landscape, driven by ongoing military conflicts, the risk of escalating tariffs, and potential shifts in policy," Tan said.
She emphasised that DBS conducts regular scenario planning and has early warning triggers and action plans in place.
DBS operates in key Asian financial hubs such as Singapore and Hong Kong, with major markets in India, China, Taiwan, and Indonesia. It competes with global banks such as HSBC and Standard Chartered in these regions.
"I am also focused on ‘sweating’ our acquisitions in India and Taiwan, and building on the strength of our Asia footprint and markets outside Singapore," Tan said.
She stated that DBS aims to remain focused on its existing operational footprint and avoid overextending itself.
"We will only do the deal if it fits our strategy, creates additional value, and is accretive within an acceptable period of time," she said.
Tan clarified that DBS is only interested in bolt-on deals rather than large-scale mergers and acquisitions, which could divert attention from key focus areas such as digital and artificial intelligence.
DBS has identified about 13,000 employees for upskilling or reskilling, particularly in AI and data-related skills. Around 10,000 have already begun training to ensure they are future-ready.
The bank has also introduced a new Chief Operating Officer role, which will be assumed by current group audit head Derrick Goh from 1 April. He will oversee both operations and transformation.
Gupta praised Tan’s leadership, highlighting her ability to build and empower teams, identify areas for improvement, and develop people and culture.
"She is also a hands-on leader, customer-centric, and well-connected, and should play off these strengths," Gupta said.
Tan Su Shan will become DBS' first female CEO on 28 March, succeeding Piyush Gupta.
She is open to "bolt-on" acquisitions but will avoid large-scale mergers.
DBS will focus on high-return businesses such as wealth and transaction banking.
Source: REUTERS