DBS chief executive Piyush Gupta to step down after 15 years

DBS chief executive Piyush Gupta will be stepping down after 15 years heading the bank. He will be succeeded by DBS banker Tan Su Shan as of March 2025 which is the date of the bank's next annual general meeting, according to a statement by DBS.

Tan brings solid credentials to her new role, having had more than 35 years of experience in consumer banking, wealth management and institutional banking. Besides Singapore, she has worked in major financial centres such as Hong Kong, Tokyo and London. She will take on the role of deputy CEO in addition to her present role as group head of institutional banking.

Don't miss :DBS CEO interviews SG kitefoiler ahead of Paris Olympics

Tan joined DBS in 2010 and spent the first three years building the foundations of the wealth management business. She subsequently spent almost equal lengths of time managing the consumer banking and wealth management sector and the institutional banking businesses, which account for 90% of DBS’ income, it said.

Tan led the day-to-day efforts to operationalise the bank’s digitalisation strategy across the businesses she ran. She has also been the president commissioner of DBS Indonesia since 2014.

Outside DBS, Tan has served on several boards in government, education and women’s leadership and was a Nominated Member of Parliament in 2012-14. A graduate of Oxford University, she has attended leadership programmes at Harvard and Stanford.

Her appointment is the culmination of a decade-long succession process. A strong field of internal candidates was put through an extended development programme to develop their experience, exposure and skills for the role.

They were also benchmarked against potential external candidates. Following the evaluation, Tan was deemed the strongest of all the candidates, said DBS. 

“Under Gupta's leadership, DBS has been transformed into a high-performing, high-returns institution recognised simultaneously for stability and innovation. Tan’s strategic orientation, track record in building businesses, familiarity with technology, leadership ability as well as strong stakeholder management and communication skills make her the ideal successor," said DBS chairman Peter Seah. 

"Importantly for us, she also embodies the DBS culture. I am pleased that a Singaporean with global experience has emerged as the best candidate to lead an iconic Singapore institution and build on the legacy that Gupta will leave us,” he said.

“Tan has worked closely with me for more than a decade to bring the bank to where it is today. She was instrumental in building the wealth management, consumer banking and institutional banking businesses since she joined, and took personal ownership to operationalise our digitalisation strategy. With her appointment, we can be assured that the trajectory of DBS’ transformation will continue well into the future,” added Gupta. 

“I am deeply honoured to have been selected to succeed Gupta. Leading the continued transformation of DBS is a tremendous privilege and responsibility," said Tan. She added that some months after Gupta joined as CEO, he called to persuade her to join DBS. She responded to that call and quit the foreign bank she was working at the next day.

She added:

Joining DBS felt like a homecoming – it is the bank I grew up with, and also the company where I first interned.

"The last 14 years have been a tremendous ride. I am proud of the founding mission of DBS – financing Singapore’s growth – and will continue to ensure that it is a brand that stands tall not just in Asia but also the world stage,” said Tan.

Gupta has been a well-known figure at DBS for many years. Some of the biggest campaigns that have happened under his charge was when DBS changed its tagline from “Living, Breathing Asia” to “Live more, Bank less”, the former being the company’s brand promise since 2006.

An initial investment of SG$30million was set aside to bring this new brand proposition to markets the brand has a presence in across Southeast Asia, Greater China and South Asia, the bank said in 2018. 

Following the move, the bank rolled out a new brand marketing campaign across all markets it is present in starting with Singapore. This includes 10 video collaterals in a campaign which also comprises digital assets, print, out of home, cinema as well as content marketing. Tribal Worldwide Singapore was involved in developing the work for the rebrand at the time. 

Since then, DBS has continued to embody its tagline and brand values with campaigns that seek to involve the region and lend a personal touch. 

In 2022, DBS made a big splash with a regional campaign that reflects its belief that, by behaving more like a startup, more like a techie, more like an eco-warrior, and less like a "traditional bank, it can be a bank for the times – because a post-COVID world demands for a different kind of bank.

The brand campaign builds on what DBS wants to stand for and aims to defy the status quo of what being a bank means.

Most recently, Gupta fronted a campaign with Singaporean kitefoiler Maximilian (Max) Maeder to galvanise youth to believe in themselves and pursue their aspirations, even if it means taking the path less travelled. 

In an interview with DBS CEO Piyush Gupta and Maeder, the pair discussed the parallels between the bank and athletes, and how being empowered to overcome doubt and aim high enabled the organisation and kitefoiler to perform at their highest level. 

Throughout the interview, both Gupta and Maedar emphasise on "trusting their spark" too. 

“I’m very impressed by how young Maeder is driven by an unwavering sense of purpose and by how much he has achieved on the world stage. It gives us great pride in joining him on his journey ahead, both in and out of the water," said Gupta.

"His drive to do better, combined with hard work and determination, resonates with all of us at DBS, young and old alike. These qualities attest to how we can achieve more when we lean into our spark within, believe in it and trust it," he added.

Related articles: 
DBS inspires HKers to trust their ‘spark’ with new campaign 
DBS SME Banking HK highlights service speed with tunnel billboards 
DBS HK fined HK$10m for anti-money laundering breaches