‘I’ll give it my best shot’: incoming DBS CEO Tan Su Shan eyes growth in high ROE businesses

INCOMING DBS chief executive Tan Su Shan said she will focus on growing businesses that provide a high return on equity (ROE) when she takes over the helm at the lender from Mar 28, 2025.

Speaking at DBS’ fourth-quarter results briefing on Monday (Feb 10), she said she will stay focused on being humble, hungry and agile in her new role, especially amid geopolitical and technology risks ahead.

“I want to be a CEO that is conscious of the macro movement – so risk aware – and the big trends that are in the market, whether it’s technology or geopolitics, and bringing it to bear, to how DBS can optimise and be ahead of the curve.”

One key focus in the short term will be transformative technology, such as generative artificial intelligence (AI).

“(We will) continue to harness what new technology there is, and as costs come down, it’ll be useful to create better customer experiences, and to release some capacity from the mundane jobs that we have to do today, to do more customer-facing roles,” she said.

Tan also noted several growth opportunities for the lender in the region.

Among its high ROE businesses, a “standout” performer is its wealth management segment. DBS’ assets under management rose 17 per cent on the year to a record S$426 billion in 2024, and total income rose 18 per cent to S$5.2 billion.

Tan said the lender will continue to sharpen its wealth continuum, from private banking to priority banking and digital wealth.

She also noted plans to focus on its other high ROE businesses, which include its financial institutions group, its treasury sales in its institutional and consumer banking groups, and payments.

Tan takes over the reins of DBS from predecessor Piyush Gupta, who in his 15-year tenure grew the bank to become South-east Asia’s largest lender today.

Commenting on what he is proud of during his time as CEO, Gupta said he was pleased with its financial performance.

The lender’s ROE more than doubled to 18 per cent in 2024, from around 8 to 9 per cent when he first took over in 2009. Earnings also rose, reaching a record S$11.4 billion in 2024.

Gupta noted that the bank has grown its customer franchise to more than 18 million, and its customer service evaluation has risen “from middling to the top of the pack in every market”.

He said he is “most pleased” about the culture of innovation that he has built at DBS.

“We’ve been able to create a culture which is innovative, a little bit risk-taking, a little bit forward-looking, while retaining what’s special about DBS – a sense of purpose and people working together,” he said.

“I think that nimbleness and agility is going to be critical to us as we go forward. I’m of the firm belief that competitive advantage in the future will come as much from what you do, and how you do it,” he added.

Tan added: “The culture of the bank is such that we’re willing to work, not in silos, but as one bank, and be able to move fast... That gives us a hope and advantage to harness whatever new generative AI technology there is...

“What kind of CEO will I be? I’ll give it my best shot. I always say Piyush is a hard act to follow, and we wear different shoes and have different styles.”