DBS CEO Tan Su Shan Open to ‘Bolt-On’ Acquisitions and Focused on High-Return Businesses

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DBS Group’s incoming CEO, Tan Su Shan, has expressed openness to “bolt-on” acquisitions as part of her strategy to boost the bank’s high-return businesses, particularly wealth and transaction banking. Tan, who will become DBS’ first female CEO and the first appointed from within the bank, will succeed Piyush Gupta on March 28.

Currently the deputy CEO, Tan has been with DBS for 15 years and will take on the leadership role at a time when the bank is posting record annual revenue and profits. However, she will need to navigate global economic and market volatility, including geopolitical uncertainties and potential policy shifts. “We recognize that there will be significant uncertainty in the macroeconomic environment,” Tan said, emphasizing the importance of scenario planning and targeted early warning triggers.

While DBS has a strong presence in Singapore, Hong Kong, India, China, Taiwan, and Indonesia, Tan aims to strengthen the bank’s operations in its existing markets. She emphasized the importance of focusing on these areas rather than expanding too quickly. “We are only interested in bolt-on deals rather than large-scale M&As,” she explained, adding that acquisitions would need to align with DBS’s strategy and offer clear value.

Additionally, Tan is committed to upskilling the bank’s workforce, with a focus on AI and data-related skills. Approximately 13,000 staff members are targeted for upskilling or reskilling, with 10,000 already in training. DBS has also appointed Derrick Goh as its new Chief Operating Officer, effective April 1, to oversee both operations and transformation.

Rapid7 Nears Settlement with Activist Investor Jana Partners

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Rapid7, a cybersecurity company, is nearing a settlement with activist investor Jana Partners following discussions about boosting the company’s share price and exploring strategic options, including a potential sale. Under the terms being discussed, three new members would be added to Rapid7’s eight-member board, sources familiar with the matter told Reuters.

An agreement could be finalized as early as Monday, though the situation remains fluid, according to the sources. Neither Rapid7 nor Jana Partners commented on the negotiations.

The Boston-based company, which specializes in vulnerability management, has faced challenges as its stock has dropped 41% over the past 52 weeks and 28% this year, bringing its market value down to approximately $1.8 billion. Jana Partners owns a 5.8% stake in Rapid7, according to a March regulatory filing.

In addition to the ongoing settlement talks, Rapid7 had previously attracted acquisition interest from buyout firms like Advent, Bain Capital, and EQT.

LME Market Data Issues Resolved, Service Provider Reports

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Trading Technologies, the service provider for the London Metal Exchange (LME), confirmed that market data issues reported earlier on Monday have been resolved, though further checks are being conducted to ensure the stability of the system.

The problems, which were related to missing prices on the LMEtrader and Standard TT GUI screens, primarily affected several LME member firms. These missing data points included carry prices, according to the LME. However, there were no reported issues from other independent software vendors (ISVs) providing data to the exchange.

On the same day, the LME launched its new trading platform, “LMEselect v10,” and the market data platform “LMEsource v4,” as planned. The exchange, owned by Hong Kong Exchanges and Clearing Ltd., reassured stakeholders that both platforms were now running as expected after the initial disruption.