Singapore’s largest bank, DBS, is on the brink of a historic leadership change as current Chief Executive Officer Piyush Gupta is set to retire. The announcement, made in a bourse filing on Wednesday, August 7, marks a significant moment not only for DBS but also for the banking industry in Singapore. Succeeding Gupta will be Tan Su Shan, the current Group Head of Institutional Banking, who will take over as CEO at the next Annual General Meeting scheduled for March 28, 2025.
Tan Su Shan’s journey to this prestigious position is nothing short of remarkable. With a wealth of experience spanning over 35 years, Tan has been a key figure in shaping DBS’s consumer banking, wealth management, and institutional banking divisions since she joined the bank in 2010. Her track record speaks volumes, as she was instrumental in expanding DBS’s wealth management business during her initial years with the bank, a feat that set the stage for her later achievements.
“I am really deeply honoured and humbled by this… very grateful for this big opportunity,” Tan expressed during a media briefing on Wednesday. Clad in DBS colours, she acknowledged the immense responsibility that comes with the role, noting, “I’m also very mindful that this is a huge responsibility.”
Tan’s banking career began long before she joined DBS. After graduating from Oxford University with a master’s degree in politics, philosophy, and economics, her first internship was at DBS itself—a full-circle moment as she now prepares to lead the bank. Her professional journey took her through notable stints at ING Baring Securities, Morgan Stanley, and Citigroup, where she held significant roles in institutional equity, derivative sales, and private wealth management. Notably, it was Gupta who recruited her from Morgan Stanley in 2010, bringing her back to DBS.
Beyond her contributions to DBS, Tan has also made her mark outside the bank. She served as a Nominated Member of Parliament in Singapore from 2012 to 2014, a role that allowed her to bring independent perspectives to the table. Additionally, she sits on the advisory board of Weybourne Holdings, the family office of Dyson founder James Dyson, and is involved with several other boards, including the Singapore-listed Mapletree Pan Asia Commercial Trust.
As the first woman to hold the CEO position at DBS, Tan is breaking new ground. Yet, she is no stranger to pioneering roles, having already been the first woman to lead the bank’s institutional banking group. Her upcoming transition to CEO will also make her the second woman to lead a major Singaporean bank, following OCBC Bank’s appointment of Helen Wong in 2021.
Looking ahead, Tan’s immediate focus will be on DBS’s technology capabilities, an area that has seen its share of challenges with recent service disruptions leading to regulatory penalties. Tan, who has been involved in the bank’s tech resiliency program over the past year, is expected to dive even deeper into this critical aspect in the coming months.
Reflecting on her impending leadership role, Tan acknowledged the comparisons she faces: “Everybody has told me Piyush has very big shoes to fill, and of course he does.” However, she added with a touch of optimism, “But guess what? Our shoes are different. We wear different kinds of shoes, so our styles may be different, but some things will not change going forward,” she said, emphasizing the importance of culture, customers, collaboration, and continuity within DBS.
Five Things to Know About Tan Su Shan
- First Woman CEO of DBS: Tan will make history as the first female CEO of DBS, and she will be only the second woman to lead a major Singaporean bank, following Helen Wong of OCBC Bank.
- Oxford Educated: Tan holds a master’s degree in politics, philosophy, and economics from Oxford University, one of the world’s most prestigious institutions.
- Vast Experience in Banking: With over 35 years in the industry, Tan has worked at top financial institutions, including Morgan Stanley and Citigroup, before joining DBS in 2010. Her leadership roles have spanned institutional banking, wealth management, and consumer banking.
- Public Service: From 2012 to 2014, Tan served as a Nominated Member of Parliament in Singapore, contributing independent views on key issues.
Passion Beyond Banking: In her youth, Tan was passionate about tap dancing and even considered it as a potential career. She is also an avid piano player and has expressed admiration for the late British Prime Minister Margaret Thatcher.