SINGAPORE, March 24 (Reuters) – DBS Group’s incoming CEO Tan Su Shan is open to “bolt-on” acquisitions, and will focus on boosting the Singaporean lender’s high-return businesses such as wealth and transaction banking.
Tan, 57 and currently deputy CEO, will become DBS’ first female CEO and also the first to be appointed from within the ranks of the bank on March 28. She will replace Piyush Gupta, 65, who has led the Southeast Asia’s No.1 lender for 15 years.
A Singaporean and an Oxford University graduate, Tan will take up the top job against the backdrop of the bank posting record annual revenue and profits, although in the near-term she will have to deal with 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,” she said.
“We do scenario planning regularly, and have in place targeted early warning triggers, along with action plans,” Tan, who has been with the bank for 15 years, told Reuters in response to questions emailed to the bank.
Besides its presence in Asian financial hubs Singapore and Hong Kong, DBS’ main markets in the region include India, China, Taiwan and Indonesia. It competes with global banks such as HSBC and Standard Chartered in those markets.
“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,” she said.
Tan said that DBS would like to stay focused on its existing operational footprint and not spread itself “too thin”.
“We will only do the deal if it fits our strategy, creates additional value and is accretive within an acceptable period of time,” she added.
“We are only interested in bolt-on deals rather than large-scale M&As which will divert attention from our areas of focus, including digital and AI – key drivers of the future,” Tan said.
DBS has identified about 13,000 staff for upskilling or reskilling, including for AI and data-related skills, with around 10,000 having already begun training, to ensure employees are future-ready, she added.
The bank has also created a new role of Chief Operating Officer, to be assumed by current group audit head Derrick Goh and will be effective from April 1, will oversee both the bank’s operations and transformation.
“One of Su Shan’s key strengths is her ability to build and empower teams, identifying areas for improvement and developing people and culture so that the team can perform at full potential,” Gupta said about his successor in response to questions emailed to the bank.
“She is also a hands-on leader, customer-centric and well-connected, and should play off these strengths.”
