DBS names board director Anthony Lim as new chairman; Peter Seah retires after 16 years

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 from executive roles in 2017. He previously held senior leadership positions at Bankers Trust, with postings in Singapore, London and New York."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.PETER SEAH'S 16-YEAR LEGACYMr 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.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".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.