Seah, 80, will remain a senior adviser for a year. Anthony Lim, a member of the bank’s board, will take over as chairman on Jan. 1, 2027, DBS said in a statement.
The bank credited Seah with providing consistent leadership and strategic direction throughout its digital transformation and expansion into businesses offering higher returns.
It said he had also strengthened DBS’ connection to its heritage and helped shape an organizational culture that combines a longstanding sense of purpose with a strong focus on customers and a spirit of innovation.
In a letter of appreciation dated Wednesday, Temasek, a major DBS shareholder, praised Seah’s stewardship, calling his contribution to the bank “profound and enduring.”
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Peter Seah, DBS Group Holdings chairman, March 2010. Photo by SPH Media via AFP |
When Seah took over in May 2010, he set out to make DBS the Asian bank of choice for the “New Asia,” supported by a nine-point strategy built on the humility to serve and the confidence to lead.
Temasek said that 16 years later, DBS had fulfilled that ambition and gone further.
The bank’s market capitalization has increased more than sixfold since 2010, from about SGD35 billion to more than SGD200 billion (from US$27 billion to $157 billion). Its annual net profit rose from SGD2.65 billion to SGD11 billion in fiscal 2025.
Temasek also credited Seah with giving management, led by former Chief Executive Piyush Gupta, the confidence and mandate to invest early in digital transformation, when few banks were ready to commit the substantial financial, technological and personnel resources required.
Those investments helped establish DBS among the world’s leading digital banks. In 2016, it became the first bank to receive Euromoney’s World’s Best Digital Bank title.
Gupta said: “Peter’s leadership was instrumental in DBS’ success over the past 16 years. He was the force behind our culture change, giving us the confidence to be bold and to invest for the future.”
“As chairman, he balanced between guiding management while giving us elbow room to operate exceptionally well. I couldn’t have asked for a better partner and mentor.”
Seah said the world was only beginning to emerge from the global financial crisis when he became DBS chairman.
With the CEO transition to Tan Su Shan complete, the bank is entering its next chapter from a position of strength.
“I am therefore able to hand over the reins to Anthony with confidence, knowing that DBS is in very capable hands,” Seah said.
Lim, 68, has served on the bank’s board since April 2020. Before retiring from executive roles in 2017, he held senior leadership positions at GIC and Bankers Trust, with assignments in Singapore, London and New York.