DBS Chairman Peter Seah to step down next year as profit dips

Singapore's largest bank by assets said Peter Seah, who has led the board, will conclude his tenure at the end of 2026 after more than a decade steering the lender through volatile market conditions and rapid digital transformation. Anthony Lim, who joined the DBS board in April 2020, will succeed Seah as chairman, the bank announced on Wednesday.

The leadership transition comes as DBS reported third-quarter earnings of $2.8 billion, representing a 5 percent contraction from the prior year period. The bank attributed the decline to normalizing net interest margins and a more challenging operating environment in key markets across South and Southeast Asia.

Lim brings extensive experience from his prior roles in banking and corporate governance. His appointment signals continuity in DBS's strategic direction as the lender continues to expand its regional footprint and invest in technology infrastructure.

DBS, which operates across 19 markets in Asia, has positioned itself as a regional powerhouse in digital banking. The retirement of Seah marks the conclusion of a significant era for the bank, though the group said Seah would remain available for advisory duties during a transition period.