DBS names board director Anthony Lim as new chairman; Peter Seah retires after 16 years
Mr Lim, a DBS board member since 2020, will take over on Jan 1, 2027, as Mr Seah steps down after overseeing a period of significant growth and digital transformation at Singapore's largest bank.
DBS incoming chairman Anthony Lim (left) and current chairman Peter Seah. (Photos: DBS)
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SINGAPORE: DBS chairman Peter Seah will retire at the end of the year after 16 years at the helm, with independent director Anthony Lim set to succeed him on Jan 1, 2027, the bank announced on Thursday (Nov 5).
Mr Seah, 80, will retire from the boards of DBS Group Holdings and DBS Bank on Dec 31 before taking on a one-year appointment as senior advisor.
Mr Lim, 68, will assume the chairmanship of both entities as part of the bank's ongoing board renewal process.
Mr Lim has served on the boards of DBS Group Holdings and DBS Bank since April 2020. He currently chairs the bank's compensation and management development committee (CMDC). He also sits on its board risk management and executive committees.
DBS said these roles have given him a deep understanding of the bank's culture and strategy.
As CMDC chairman, Mr Lim played a key role in management succession planning, including the transition to chief executive Tan Su Shan, as well as overseeing remuneration governance and talent development.
Before joining DBS, Mr Lim spent 19 years at Singapore sovereign wealth fund GIC, retiring in 2017.
He had joined GIC as its president of the London office and was appointed in 2009 as its president (Americas) based in New York.
Prior to that, he held senior leadership positions at American bank Bankers Trust, with management and trading roles in the global markets' division in Singapore and London from 1987 to 1998.
Mr Lim was also previously with the Monetary Authority of Singapore, where he spent three years in its New York office. His last role there was as its head of the foreign exchange, gold and liquidity division.
"His global perspective, extensive financial markets experience and strong risk management expertise position him well to help DBS navigate an increasingly complex operating environment," DBS said.
Currently, Mr Lim also serves on the boards of CapitaLand Hope Foundation, CapitaLand Investment, the Central Provident Fund Board and NorthLight School.
He is a senior international advisor at Temasek International Advisors, as well as a member of the Queensway Secondary School advisory committee.
PETER SEAH'S 16-YEAR LEGACY
Mr Seah joined the boards of DBS Group Holdings and DBS Bank in November 2009 and became chairman in May 2010.
During his tenure, DBS underwent a major digital transformation and expanded its higher-return businesses, cementing its position as one of Asia's leading banks.
"As chairman since 2010, Seah provided steadfast leadership and strategic oversight as DBS pursued a strategy of digital transformation and growth in high-return businesses," said DBS.
Under his chairmanship, the group's income more than tripled and net profit grew more than fourfold, the bank said.
DBS' market capitalisation also surpassed S$200 billion in July 2026, making it Singapore's largest listed company by a significant margin. Its market value was approximately six times that recorded at the end of 2009.
Before DBS, Mr Seah was a banker for 33 years before retiring as vice chairman and CEO of the former Overseas Union Bank (OUB) in 2001, the year it was acquired by UOB for S$10 billion.
DBS CEO Tan Su Shan paid tribute to Mr Seah's leadership, describing him as one of Singapore's most distinguished bankers and business leaders.
"It has been a privilege to work with Peter, one of Singapore’s most distinguished bankers and business leaders," she said.
"Beyond his strategic and business acumen, he possesses a rare ability to read people, forge strong relationships and earn trust. As chairman, he provided thoughtful strategic oversight while giving management the space and confidence to lead and execute."
She added that Mr Seah's visionary leadership has "shaped DBS in profound ways, as have his wisdom, steadfast support and guidance".
Former DBS CEO Piyush Gupta said that Mr Seah's leadership was "instrumental" in DBS' success and that he "couldn't have asked for a better partner and mentor".
"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."
In a letter of appreciation, Temasek Holdings noted that Mr Seah came into the DBS chairmanship with a "sterling reputation as one of Singapore's leading bankers".
The letter, signed off by Temasek chairman Teo Chee Hean and CEO Dilhan Pillay Sandrasegara, said he had developed a strong relationship with Temasek before joining DBS.
Temasek holds a stake of about 28 per cent in DBS Group.
Mr Seah had chaired some of Temasek's key companies, including ST Engineering and Sembcorp Industries, and was also president and CEO of Singapore Technologies Group from 2001 until it was merged into Temasek Holdings in 2004.
"His 15-year extraordinary partnership with Piyush exemplified how a chairman and CEO can bring out the best in each other and in the institution they lead, and serves as a beacon for other companies in the Temasek stable."
Temasek added that this is now a key factor for success that it looks at when evaluating its portfolio companies.
"As the stewardship baton is passed from Peter to Anthony, we are confident that DBS, under the leadership of Anthony and Su Shan, will continue to build on the foundations laid by Peter and Piyush."
Welcoming Mr Lim as the incoming chairman, Ms Tan said he has consistently brought valuable perspectives to board discussions, spanning geopolitics, risk management, organisational leadership and talent development.
"With his global perspective, deep expertise and extensive networks, he is exceptionally well placed to guide DBS as we strengthen our position as a trusted, pan-Asian, AI-enabled bank with a heart," she said.
