SINGAPORE - DBS Group Holdings Monday announced that nominated member of parliament, Tan Su Shan, will be promoted to group head of consumer banking/wealth management with effect from April 15, 2013.
Here is the press release from DBS:
SINGAPORE - DBS Group Holdings announced today that Tan Su Shan will be promoted to Group Head of Consumer Banking/Wealth Management. Tan, who has been DBS' Head of Wealth Management since July 2010, will take on her expanded role with effect from April 15, 2013. Her appointment underlines DBS' continued focus on becoming a leading wealth management player across the region.
At DBS, Tan has overseen the growth of the Wealth Management business and led the development of the DBS wealth continuum which encompasses DBS Treasures, DBS Treasures Private Client and DBS Private Bank. In her expanded role, Tan will be taking over from Tan Kong Khoon, who is leaving DBS, and will be relocating from Singapore for personal reasons.
In addition, Domenic Fuda, currently Chief Financial Officer (CFO) of Consumer Banking (CBG), has been named Deputy Group Head of Consumer Banking/Wealth Management. Tan will continue to personally oversee the Wealth Management business and Fuda will take responsibility for the rest of the Consumer Banking business, reporting to Tan. He will also be appointed to DBS' Group Management Committee.
Having been CFO of CBG the past few years, Fuda has played a key role in shaping the bank's consumer banking portfolio, and his appointment ensures momentum and continuity.
Said DBS CEO Piyush Gupta, "Kong Khoon has been an important part of our team, and we are sorry to see him leave for personal reasons. As we further entrench our position as a leading bank in Asia, I believe that it is important to groom the next generation of leaders from within. Recognising the bank's continued focus on becoming a leading wealth management player across the region, I have asked Su Shan, an industry veteran who is well respected in our various markets, to take over from Kong Khoon as Group Head of Consumer Banking/Wealth Management and for Domenic to assist her."
Tan was the founder and past president of the Financial Women's Association in Singapore. She 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.
Fuda joined DBS in March 2010, and has almost 20 years of experience in consumer banking and wealth management. Prior to joining DBS, he spent over 15 years at Citigroup in a variety of senior management roles across Asia. His entire working career has been in Consumer Banking and Wealth Management covering the whole range of functions from front line sales, branch management and business line management to senior roles in credit risk management and finance. Before joining DBS, Fuda was Citi's Chief Operating Officer for South East Asia Pacific, Australia and New Zealand.
With her new role, Tan will be appointed to the Group Executive Committee (Exco). At the same time, as the bank continues on its journey to become an Asian bank of choice, Sim S. Lim, Country Head, DBS Singapore and Sebastian Paredes, Country Head, DBS Hong Kong, will also join the Group Exco.