DBS Group's incoming CEO is open to "bolt-on" acquisitions and plans to focus on enhancing the bank's high-return businesses, such as wealth and transaction banking.
Tan, currently deputy CEO and set to become DBS' first female CEO on March 28, will succeed Piyush Gupta, who has led the bank for 15 years. A Singaporean and an Oxford University graduate, Tan takes on this role as the bank faces global economic uncertainties and market volatility.
She acknowledges the significant unpredictability in the macroeconomic environment and geopolitical landscape, influenced by ongoing military conflicts, tariff escalation risks, and potential policy shifts. Tan mentioned that the bank regularly conducts scenario planning and has established targeted early warning triggers along with action plans to navigate these challenges.
In addition to its strong presence in Singapore and Hong Kong, DBS also operates in key markets such as India, China, Taiwan, and Indonesia, competing with global banks like HSBC and Standard Chartered. Tan emphasized the importance of maximizing the bank's existing acquisitions in India and Taiwan while reinforcing their strength in Asia and beyond.
DBS aims to concentrate on its operational footprint without spreading itself too thin. Tan stated that any acquisitions would need to align with the bank's strategy, create additional value, and be accretive within an acceptable timeframe. She expressed a preference for smaller, bolt-on deals over large-scale mergers and acquisitions that might distract from core focuses, including digital initiatives and artificial intelligence.
The bank has identified approximately 13,000 employees for upskilling or reskilling, particularly in AI and data-related competencies, with around 10,000 already undergoing training to ensure they are future-ready.
A new role of Chief Operating Officer, to be filled by current group audit head Derrick Goh effective April 1, will oversee both operations and transformation at the bank. Gupta praised Tan's strengths in building and empowering teams, promoting improvement, and fostering a culture that maximizes team performance, highlighting her hands-on leadership and strong customer focus as key assets for her new role.