DBS Group’s head of wealth management, Tan Su Shan, has been promoted to group head of consumer banking and wealth management, the Singapore-headquartered firm said as it made a number of senior management changes.

DBS Group will promote Tan Su Shan to group head of consumer banking/wealth management, and Domenic Fuda has been named deputy 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 15 April 2013, DBS Group said yesterday. She will take over from Tan Kong Khoon, who is leaving DBS, and will be relocating from Singapore for personal reasons.

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, the firm said.

While Tan will continue to personally oversee the wealth management business, 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, DBS said.

“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,” DBS chief executive, Piyush Gupta, said.

“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,” he continued.

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, is a member of the Monetary Authority of Singapore Private Banking Advisory Group, and a nominated member of Parliament.

With her new role, Tan will be appointed to the group executive committee. She will be joined by Sim S. Lim, country head, DBS Singapore and Sebastian Paredes, country head, DBS Hong Kong, who have also been appointed to the committee.

Fuda, who joined DBS in March 2010 has almost 20 years of experience in consumer banking and wealth management. His experience covers a wide range of functions from front line sales, branch management and business line management to senior roles in credit risk management and finance.

Prior to joining DBS, Fuda spent over 15 years at Citigroup in a variety of senior management roles across Asia, most recently serving as its COO for South East Asia Pacific, Australia and New Zealand.  

DBS has over 200 branches across 15 markets. Headquartered and listed in Singapore, DBS has a growing presence in the three key Asian axes of growth:  Greater China, Southeast Asia and South Asia.