DBS chief Piyush Gupta to retire in March 2025

Veteran banker Tan Su Shan, who has been appointed deputy CEO, will replace him

- Prisca Ang

DBS Bank chief executive Piyush Gupta will retire in 2025 after 15 years at the helm of South-east Asia's largest bank.

DBS banker Tan Su Shan will replace Mr Gupta, 64, when he retires at the next annual general meeting on March 28, 2025.

Ms Tan said: "I'm very grateful for this big opportunity. I'm also very mindful that this is a huge responsibility." This will be the first time the bank has filled the top job internally.

The board has also appointed Ms Tan as deputy CEO, in addition to her present role as group head of institutional banking, it announced on Aug 7.

Ms Tan, 56, has had more than 35 years of experience in consumer banking, wealth management and institutional banking, with stints in Hong Kong, Tokyo and London.

She joined DBS in 2010 and spent the first three years building the lender's wealth management unit before running the consumer banking and wealth business and the institutional banking division.

The businesses account for 90 per cent of DBS' income.

DBS chairman Peter Seah told the bank's results briefing on Aug 7 that the board had engaged an independent consultant to assess candidates for the CEO role.

The process started after Mr Gupta said in 2021 that he would like to retire by the time he turns 65 in 2025. Mr Seah said: "Su Shan stood out as the best... The board's decision to appoint Su Shan was unanimous." Other contenders included DBS head of consumer banking group and wealth management Shee Tse Koon and Singapore country head Han Kwee Juan, according to various recent media reports.