DBS Group Holdings is working on a succession plan for Peter Seah who has been the Singapore bank’s chairman for more than 16 years, according to people with knowledge of the matter.
Seah, 79, has fulfilled his responsibilities in guiding the country’s largest bank since he joined the DBS board in 2009 and became chairman a year later, said the people, who asked not to be identified discussing private matters.
Seah, a non-executive chairman, is also chairman of the board executive committee and DBS’ Hong Kong unit.
In addition, he is a member of the audit, board risk management, technology, compensation, management development and nominating committees, according to DBS’ website.
Seah was re-elected chairman at the most recent annual shareholders’ meeting in March.
“Mr Peter Seah remains non-executive chairman of DBS Group Holdings,” the bank said in response to queries from Bloomberg.
A veteran banker with many senior roles, Seah is credited for being instrumental in driving the growth of DBS, thanks to his good working relationship with former bank chief executive officer Piyush Gupta and his successor Tan Su Shan.
Over recent months, DBS’ stock price has soared backed by strong earnings and a thriving wealth management business, catapulting the lender to become one of the world’s largest banks by market value.
Wealth boom propels Singapore bank stocks to all-time highs
The Ministry of Manpower said on Aug 19 that Seah is resigning from his chairman post at the National Wages Council for personal reasons.
Seah has also been the chairman of Singapore Airlines since 2017. The city-state’s flagship carrier said in July 2025 when Seah was re-elected that it was “critical” he remains on its board as non-independent and non-executive chairman to provide leadership and continuity as the company navigates global uncertainties and challenges ahead.
Elsewhere, he sits on the board of GIC, Singapore’s sovereign wealth fund. He is also a member of the country’s Council of Presidential Advisers.
A banker for more than three decades, Seah was CEO of the former Overseas Union Bank until 2001. BLOOMBERG
