Singapore Largest Bank DBS Appoints 17-Year Veteran & Management Associate Calvin Ong as Singapore Consumer Banking Head Effective 2025 Succeeding Jeremy Soo Who is Retiring, Calvin Ong Joined DBS as Management Associate in 2007 & Held Various Roles Including Private Equity, Head of Capital & Funding, Deputy Corporate Treasurer and is Currently DBS Group Head of Investment Products & Advisory, Graduated from University of Oxford in 2006 & Masters from Harvard University in 2007
6th September 2024 | Hong Kong
Singapore largest bank DBS ($79 billion market value) has appointed 17-year veteran & Management Associate Calvin Ong as DBS Singapore Consumer Banking Head (1/1/24), succeeding Jeremy Soo who is retiring. Calvin Ong joined DBS as a Management Associate in 2007, and held various roles at DBS including Private Equity, Head of Capital & Funding, Deputy Corporate Treasurer and currently is DBS Group Head of Investment Products & Advisory. Calvin Ong graduated from University of Oxford in 2006, and Masters from Harvard University in 2007. In 2024 August, DBS appointed Tan Su Shan (Age 56) as the next DBS CEO, succeeding Piyush Gupta (Age 64) who will be retiring on 28th March 2025 after 43 years including 15 years as DBS CEO & 27 years at Citigroup (last role was Citi CEO South East Asia, Australia & New Zealand). With the announcement, Tan Su Shan is appointed as Deputy CEO in addition to her current role as DBS Group Head of Institutional Banking.
“ Singapore Largest Bank DBS Appoints 17-Year Veteran & Management Associate Calvin Ong as Singapore Consumer Banking Head Effective 2025 Succeeding Jeremy Soo Who is Retiring, Calvin Ong Joined DBS as Management Associate in 2007 & Held Various Roles Including Private Equity, Head of Capital & Funding, Deputy Corporate Treasurer and is Currently DBS Group Head of Investment Products & Advisory, Graduated from University of Oxford in 2006 & Masters from Harvard University in 2007 “
Singapore Largest Bank DBS Appoints Tan Su Shan (Age 56) as Next DBS CEO Succeeding Piyush Gupta (Age 64) Who Will be Retiring on 28th March 2025 after 43 Years Including 15 Years as DBS CEO & 27 Years at Citigroup, Tan Su Shan Appointed as Deputy CEO in Addition to Current Role as Group Head of Institutional Banking, Tan Su Shan Joined DBS in 2010 & Has 35 Years of Financial Industry Experience Including at Citi & Morgan Stanley in London, Tokyo, Hong Kong & Singapore, Held Senior Roles at DBS Including Group Head of Consumer Banking & Wealth Management and President Commissioner of DBS Indonesia, Tan Su Shan was Singapore Nominated Member of Parliament from 2012 to 2014, Board Member of Mapletree Pan Asia Commercial Trust & Advisory Board Member of UK Billionaire James Dyson Family Office Weybourne Holdings
7th August 2024 – Singapore largest bank DBS ($73 billion market value) has appointed Tan Su Shan (Age 56) as the next DBS CEO, succeeding Piyush Gupta (Age 64) who will be retiring on 28th March 2025 after 43 years including 15 years as DBS CEO & 27 years at Citigroup (last role was Citi CEO South East Asia, Australia & New Zealand). With the announcement, Tan Su Shan is appointed as Deputy CEO in addition to her current role as DBS Group Head of Institutional Banking. Tan Su Shan joined DBS in 2010, and has 35 years of financial industry experience including at Citi & Morgan Stanley in London, Tokyo, Hong Kong & Singapore. Tan Su Shan had held senior roles at DBS including as Group Head of Consumer Banking & Wealth Management and President Commissioner of DBS Indonesia. Tan Su Shan was Singapore Nominated Member of Parliament from 2012 to 2014, is a Board Member of Mapletree Pan Asia Commercial Trust, and is an Advisory Board Member of UK billionaire James Dyson family office Weybourne Holdings.
DBS (7/8/24): “We announced today that the Board had appointed Tan Su Shan as Deputy CEO, in addition to her present role as Group Head of Institutional Banking. She will succeed Piyush Gupta as CEO when he retires at the next AGM on 28 Mar 2025. Su Shan, 56, 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. Su Shan 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 / Wealth Management and the Institutional Banking businesses, which account for 90% of DBS’ income. Su Shan led the day-to-day efforts to operationalise the bank’s digitalisation strategy across the businesses she ran. She has been President Commissioner of DBS Indonesia since 2014. Her appointment is the culmination of a decade-long succession process where we benchmarked external candidates against a strong field of internal candidates. Following the evaluation, Su Shan was deemed the strongest of all the candidates.”
DBS Chairman Peter Seah: “Under Piyush’s leadership, DBS has been transformed into a high-performing, high-returns institution recognised simutaneously for stability and innovation. Su Shan’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. 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 Piyush will leave us.”
Piyush Gupta: “Su Shan 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.”
Tan Su Shan: “I am deeply honoured to have been selected to succeed Piyush. Leading the continued transformation of DBS is a tremendous privilege and responsibility. Some months after Piyush joined as CEO, he called to persuade me to join DBS. I responded to that call and quit the foreign bank I was working at the next day. 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.”
Tan Su Shan, Institutional Banking, Group Executive, DBS – Su Shan is the Global Head of Corporate and Commercial Banking at DBS. DBS is the largest bank in Southeast Asia with a market capitalisation of US$100 billion (May 2024). Prior to leading the corporate banking business, she was Group Head of Consumer Banking and Wealth Management for close to a decade. Su Shan sits on the advisory board of Dyson’s family office, Weybourne Holdings, and is a board member of Mapletree Pan Asia Commercial Trust. She previously served as a Nominated Member of Parliament in Singapore from 2012 to 2014. In October 2014, Su Shan became the first Singaporean to be recognised as the world’s “Best Leader in Private Banking” by PWM/The Banker, a wealth publication by the Financial Times Group. In 2018, she was nominated by Forbes Magazine as a “Top 25 Emergent Asian Woman Business Leader”. In the same year, she was also named “Retail Banker of the Year” by the Digital Banker in their inaugural Global Retail Banking Innovation Awards. Su Shan graduated with a Master of Arts from Lincoln College, Oxford University where she studied Politics, Philosophy and Economics. She has also completed executive leadership courses in Harvard Business School, Stanford Business School and Singularity University.
Piyush Gupta, CEO, DBS Group – Mr. Piyush Gupta has been Chief Executive Officer and Director of DBS Group since 2009. DBS is a leading financial services group in Asia, headquartered in Singapore. Recognised for its global leadership, DBS has been named “World’s Best Bank” by several global publications like Euromoney and Global Finance. The bank is at the forefront of leveraging digital technology to shape the future of banking, and was also named “World’s Best Digital Bank” by Euromoney. In addition, in 2019, DBS was listed among the top ten most transformative organisations of the decade by Harvard Business Review. Prior to joining DBS, Piyush had a 27 year career at Citigroup, where his last position was Chief Executive Officer for South East Asia, Australia and New Zealand. Piyush is currently the Chairman of the Board of Trustees of Singapore Management University, and Chairman of the Mandai Park Holdings Board. He is also Vice-Chairman of the Institute of International Finance, Washington, and Vice-Chairman of the World Business Council for Sustainable Development (WBCSD) Executive Committee. In addition, he is a member of Singapore’s Advisory Council on the Ethical Use of AI and Data. He sits on the boards of Singapore’s National Research Foundation, and the Singapore’s Council for Board Diversity. Piyush is a term trustee of the Singapore Indian Development Association (SINDA). Previously, he has been a member of the Singapore Emerging Stronger Taskforce, aimed at defining Singapore’s future in a post-Covid world, the UN Secretary General’s Task Force on Digital Financing of the Sustainable Development Goals, and the McKinsey Advisory Council. Piyush has a Bachelor of Arts (Honours) Degree in Economics from St. Stephen’s College, Delhi University, India and a Post Graduate Diploma in Management from IIM, Ahmedabad. Piyush was awarded the Public Service Star by the President of Singapore for his meritorious services to the nation in 2020. He is a recipient of the 2023 Pravasi Bharatiya Samman Award, the highest honour conferred by the Indian Government on the country’s diaspora. Piyush was named one of the world’s top 100 best-performing chief executives in Harvard Business Review – 2019 edition of “The CEO 100”. He was named Global Indian of the Year by the Economic Times in 2021, Singapore Business Awards’ Outstanding Chief Executive of the Year in 2016, and Singapore Business Leader of the Year by CNBC in 2014. In his personal capacity, Piyush takes a keen interest in nature, and is a Co-Chairman of the BirdLife International Advisory Group.
About DBS – DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank’s “AA-” and “Aa1” credit ratings are among the highest in the world.
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