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.
