DBS has promoted Tan Su Shan to group head of consumer banking and wealth management.
Tan has been head of wealth management since July 2010, when she left Morgan Stanley to join the Singaporean bank. She will take on her expanded role with effect from April 15, and will be taking over from Tan Kong Khoon, who is leaving DBS and will be relocating from Singapore for personal reasons.
With her new role, Tan will also be appointed to the group executive committee. Sim Lim, country head for DBS Singapore, and Sebastian Paredes, country head for DBS Hong Kong, will also join the group executive committee.
Tan sits on the investment committee of Ministry of Health Holdings and is a member of the Monetary Authority of Singapore private banking advisory group, and a nominated member of parliament.
At most banks, the wealth side of the business is usually well separated from the consumer bank, but in DBS’s case, it often sources private banking clients from its consumer bank.
“Wealth management is a key part of our consumer banking strategy so this really does not veer too much away from what we have always focused on,” Tan tells FinanceAsia.
In addition to Tan’s appointment, Domenic Fuda, currently chief financial officer of consumer banking, has been named deputy group head of consumer banking and wealth management.
Tan will continue to oversee the wealth management business personally and Fuda will take responsibility for the rest of the consumer banking business, reporting to Tan. He will also be appointed to DBS’s group management committee.
Fuda joined DBS in March 2010, and has almost 20 years’ experience in consumer banking and wealth management. Prior to joining DBS, he spent more than 15 years at Citi in a variety of senior management roles across Asia.
His entire working career has been in consumer banking and wealth management, covering a wide range of functions from frontline sales and branch management, to senior roles in credit risk management and finance. Before joining DBS, Fuda was Citi’s chief operating officer for Southeast Asia Pacific, Australia and New Zealand.
