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10 Facts About Tan Su Shan, The First Female CEO for DBS

2024-08-11 , 9:54 pm

Are you still looking for a man in finance? Well, it’s time to switch things up as Singapore’s finance scene is about to witness a pretty historic change.

56-year-old Tan Su Shan, a seasoned veteran of the local banking scene with an impressive career spanning over three decades to boot, is set to become the very first female CEO of DBS Bank.

A She-E-O, if you will?

Taking over from predecessor Piyush Gupta when he retires in March 2025, Tan’s appointment marks not only a significant milestone for the bank and the industry, but honestly a huge W for women everywhere as well.

Here are 10 facts about Tan Su Shan that highlight her journey, achievements, and what she brings to the table.

Tan was the Top Choice for CEO

As mentioned earlier, come March 2025, Tan Su Shan will be taking over from Piyush Gupta, who has been at the helm for a solid 14 years, becoming DBS Bank’s first-ever female CEO.

Experts weighed in that in the banking industry, a CEO is selected heavily based on merit, regardless of gender. According to DBS Chairman Peter Seah, Tan was the standout candidate among both internal and external contenders, and she was unanimously voted as CEO as a result.

A momentous occasion not just for her, but for the bank as well. She is also following in the footsteps of Helen Wong from OCBC, who broke the glass ceiling to become the first female CEO of a Singaporean bank in 2021.

Currently leading DBS’ institutional banking group, Ms Tan was appointed as deputy CEO on Wednesday, 7 August. She will shadow Mr Gupta for about seven months before formally taking over the reins.

She has Impressive Academic Credentials

Tan’s academic journey is, naturally, nothing short of impressive, having graduated from the esteemed Hwa Chong Junior College.

Not only that, she is also an Oxford University graduate with a master’s degree in Politics, Philosophy, and Economics. That’s right, folks, she’s got the classic PPE trifecta from one of the world’s top universities.

Her education didn’t just stop there; she also attended executive leadership courses at Harvard and Stanford Business Schools.

(You know that cousin every mother would compare you to during every family gathering? That’s her, she is that cousin.)

Her Career has Spanned Decades

You probably can’t guess it from her radiant-looking portraits, but Tan has already worked for over 35 years in the finance and banking sector, and had certainly made her mark during that time.

After graduation, she kicked off her career at ING Baring Securities before moving to Morgan Stanley in 1997. Then came a stint at Citigroup in 2005 as the regional head for Brunei, Malaysia, and Singapore. She later returned to Morgan Stanley as the head of private wealth management for Southeast Asia.

After joining DBS as an intern in 2010, Tan has been instrumental in growing its wealth management business, and held leadership roles in consumer banking and institutional banking.

She is a Strong Advocate for Digital Transformation

Tan has been a driving force behind DBS’s digitalisation strategy, stepping into her new role with a clear focus on DBS’s technological capabilities.

During her tenure, she led the day-to-day efforts to integrate digital solutions across the bank’s operations. Her focus on technology aims to enhance customer experience and operational efficiency, ensuring that DBS remains at the forefront of the banking industry’s digital revolution.

Though the bank has faced some tech hiccups recently, Gupta has emphasized that Tan will dive even deeper into enhancing the bank’s tech resilience.

Given her track record and involvement in the bank’s digital strategy, it is safe to say she’s up for the challenge.

She is a Role Model to Women

Navigating a male-dominated industry is no easy feat, but Tan has done it with resilience and even a touch of grace. Recounting her days working at an Arab country, Tan once said, “I remember walking into this group of men, they all took a collective gasp of horror.”

When the men she had worked with appeared to doubt her abilities, Tan boldly demanded a test from them, passed with flying colours and asserted herself as an expert in her field. After which, she continued to prove her worth time and time again.

Heck, she started off as an intern at DBS, and fought her way to the top position! When asked how she handles the challenges thrown her way, she said, “If they throw something at you, throw it back with gusto.”

It’s this kind of attitude that has helped her rise to the top, proving that grit and determination can break through even the toughest barriers.

Her Family Life

Balancing a demanding career and family life, especially in Singapore, is no small feat, but who says its impossible?

Tan has been married to her husband Chris for over 25 years, and they have two children. Tan credits her mother for helping with the kids when they were young and highlights the importance of having a supportive husband and understanding colleagues.

She is also candid about the sacrifices she’s had to make, such as missing some important moments in her children’s lives, but she always strives to be there for the big milestones.

Her advice to young mothers? Trust your instincts and communicate, communicate, communicate!

She was a Nominated Member of Parliament

Tan served as a Nominated Member of Parliament (NMP) from 2012 to 2014, where she was an advocate for women’s rights.

During this time, she pushed for policies like allowing women to freeze their eggs before marriage, a practice only legalized in 2023.

Her passion for championing women’s issues extends beyond her parliamentary stint, as she continues to be involved in various boards and initiatives aimed at empowering women.

Activities Outside of Work

Tan isn’t all business; she’s also got a creative side to her!

According to media interviews, Tam was passionate about tap dancing in her youth and even considered it as a career path. She was apparently an avid piano player too.

(Now I swear she’s that one fabled cousin my mother forever compares me to…)

Tan also contributed to charity and education, serving on the board of trustees at Singapore Management University (SMU) from 2017 to 2021!

Her Own Role Models

Of course, everybody has someone that they look up to for motivation. In this case, Tan has often expressed her admiration for the late British Prime Minister Margaret Thatcher.

She’s inspired by Thatcher’s single-minded pursuit of what she believed was right, despite leading her to become deeply unpopular during the British’s conservative years.

Tan also sees parallels with Singapore’s first Prime Minister Lee Kuan Yew, who similarly prioritised doing the right thing over being popular.

Her Accolades and Recognitions

Clearly, her contributions to the finance industry have not gone unnoticed, as Tan has received numerous accolades throughout her career.

In 2014, she was the first Singaporean to be recognised as the world’s best leader in private banking by The Banker, a publication by the Financial Times Group. Forbes even named her one of the “Top 25 Emergent Asian Woman Business Leaders” in 2018, and she was honoured as “Retail Banker of the Year” by Digital Banker.

So, with Tan’s extensive experience, academic prowess, and unwavering resilience, she is undoubtedly ready to lead DBS to new heights, and may very well pave the road for many more powerful women in the future!