DBS Group’s incoming CEO Tan Su Shan, set to take the helm on March 28, 2025, is open to pursuing “bolt-on” acquisitions that align with the bank’s digital and AI-driven priorities. As the first female CEO and the first to be promoted from within the organization, Tan aims to focus on enhancing high-return businesses such as wealth management and transaction banking
Key Points:
Acquisition Strategy:• Tan is interested in bolt-on deals rather than large-scale mergers and acquisitions • The focus of these acquisitions will be on digital technologies and artificial intelligence • DBS aims to stay concentrated on its existing operational footprint without overextending
Business Focus:• Emphasis on boosting high-return sectors like wealth management and transaction banking • Commitment to upskilling and reskilling approximately 13,000 employees, with 10,000 already engaged in training programs for AI and data-related competencies
Leadership Transition:• Tan, 57, will succeed Piyush Gupta, who led DBS for 15 years • She will assume the role against a backdrop of record annual revenue and profits for the bank • A new Chief Operating Officer position has been created, to be filled by Derrick Goh, effective April 1, 2025
Challenges Ahead:• Tan acknowledges the need to navigate global economic fluctuations and market instability • The bank has implemented scenario planning and early warning systems to address potential challenges
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