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

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.