DBS Group, Singapore's largest bank, is reportedly developing a succession plan for Peter Seah, its chairman of over 16 years. Sources indicate the process has begun. A DBS spokesperson declined to comment on the search, stating Seah remains non-executive chairman. Shareholders re-elected Seah as chairman at the bank's annual meeting in March.
Under Seah's leadership, DBS's market value surpassed S$200 billion in July. The bank recently reported a 9% rise in its second-quarter net profit. It also raised its full-year guidance. DBS shares rose 0.4 percent to S$76 in market trading on Wednesday.