DBS working on succession plan for long-serving chairman Peter Seah, Bloomberg News reports

DBS Group, Singapore's biggest bank, is working on a succession plan for its long-time Chairman Peter Seah, Bloomberg News reported on Wednesday (Aug 19), citing people familiar with the matter.

Seah, who has led the bank for more than 16 years, has fulfilled his responsibilities in guiding the lender since joining the board in 2009 and becoming chairman in 2010, the report added.

In response to Bloomberg's queries, DBS said, "Mr Peter Seah remains non-executive chairman of DBS Group Holdings."

DBS did not immediately respond to a Reuters request for comment.

A veteran Singapore banker, Seah has served as non-executive chairman of DBS and chairs its board executive committee and Hong Kong unit, according to the bank's website.

He was re-elected as chairman at the bank's most recent annual shareholders' meeting in March, Bloomberg said in its report, and also currently serves as the chairman of Singapore Airlines since 2017.

Previously, Seah was the chief executive of Overseas Union Bank until 2001 and also at Singapore Technologies.

During his tenure, DBS became the first Singapore stock to surpass $200 billion in market value earlier in July.

Earlier this month, the lender raised its full-year guidance while reporting a nine per cent rise in its second-quarter net profit.

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