Chairman of Southeast Asia's largest lender Peter Seah to retire at end of 2026

Peter Seah, the chairman of Southeast Asia's largest lender DBS, announced his retirement at the end of 2026. Seah, who is 80 years old, will continue to serve as a senior adviser for a year before stepping down. His successor, Anthony Lim, a board member of DBS, will assume the chairman role on January 1, 2027.

DBS credited Seah with providing consistent leadership and strategic direction throughout the bank's digital transformation and expansion into higher-yield businesses. Seah also strengthened DBS' connection to its heritage and helped shape an organizational culture that combines a sense of purpose with a focus on customers and innovation.

Temasek, a major shareholder of DBS, praised Seah's stewardship, describing his contribution as "profound and enduring." The bank's market capitalization has increased more than sixfold since Seah took over in 2010, from about SGD35 billion to over SGD200 billion. Its annual net profit also rose from SGD2.65 billion to SGD11 billion in fiscal 2025.

Seah's tenure coincided with DBS' rise as a leading digital bank. He played a crucial role in the bank's early investments in digital transformation, which helped establish DBS among the world's top digital banks. In 2016, DBS became the first bank to receive Euromoney's World's Best Digital Bank title.

Former CEO Piyush Gupta credited Seah with giving management the confidence and mandate to invest early in digital transformation, which helped DBS become among the world's leading digital banks. Gupta said Seah's leadership was instrumental in DBS' success over the past 16 years, and he balanced guiding management while giving them elbow room to operate exceptionally well.