DBS CEO Tan Su Shan took on the highest job simply earlier than an financial storm struck. The veteran of the Singapore-based financial institution, Southeast Asia’s largest, assumed the position in March, only a few days earlier than U.S. President Donald Trump slapped steep tariffs on a lot of the world economic system. That posed a problem for DBS, which serves purchasers throughout China, Southeast Asia, and India.
Her response to an unsure economic system? Diversify. “If you happen to solely promote to the U.S., you need to diversify,” Tan mentioned on the Fortune Most Highly effective Girls Summit on Tuesday.
Final week, Trump threatened to impose 100% tariffs on Chinese language items by Nov. 1 in retaliation for Beijing’s expanded export controls on uncommon earth minerals. The U.S. president has additionally slapped 50% tariffs on Brazil and India, two different main non-Western economies.
On Tuesday, Tan instructed that Trump’s broad-based tariffs might be forging new hyperlinks between these totally different economies. “China and India, traditionally, should not that shut,” Tan mentioned. “This would possibly truly create extra alternatives for Chinese language and Indian firms to do extra collectively, actually on the provision chain.”
Earlier this 12 months, China and India agreed to renew direct flights, which had been suspended for the reason that COVID pandemic. Relations between the 2 economies had been cool since lethal border clashes in 2020.
“It can take time to construct belief [between India and China],” Tan mentioned Tuesday. “However the alternatives are there.”
CEO: ‘Chief power officer‘
Tan is DBS’s first-ever feminine CEO. She’s additionally No. 1 on Fortune’s Most Highly effective Girls Asia rating and No. 6 on its world MPW rating.
But Tan downplayed that accolade on Tuesday. “I don’t understand how I really feel concerning the phrase ‘highly effective,’” she famous. “It truly is the workforce that will get stuff accomplished.”
“It’s my job as a CEO to be the chief power officer, to offer power to the workforce and ensure that everyone seems to be headed in the proper course,” she mentioned.
Studying from an airline
On stage, Tan additionally recalled her early years at DBS. The establishment is now Southeast Asia’s most dear firm and winner of numerous awards for good digital merchandise and customer support, however when Tan joined DBS in 2010, the financial institution had a decidedly totally different popularity.
“We have been the worst financial institution,” Tan recalled. “Worst financial institution for customer support, worst financial institution for the longest queues, worst financial institution for product.”
The financial institution, led by then-CEO Piyush Gupta, discovered inspiration in Singapore’s flagship provider, Singapore Airways. (Each firms boast Temasek, Singapore’s state funding firm, as a significant shareholder.)
“We have been all marshaled to Singapore Airways’s headquarters by the airport and taught easy methods to provide good ‘service high quality,’” Tan defined. “Our first studying was: How do you give good service, and the way are you respectful, straightforward to take care of, and reliable?”
DBS has now grown from a staid government-linked financial institution to a pacesetter within the nation’s banking sector. When Tan joined in 2010, DBS generated 7.1 billion Singapore {dollars} ($5.5 billion in present trade charges) in whole earnings. That determine had grown to 22.3 billion Singapore {dollars} ($17.2 billion) final 12 months.
DBS shares are up by virtually 35% over the previous 12 months; Singapore’s different “Huge Three” banks, OCBC and UOB, are up by 11% and seven% respectively.
This story was initially featured on Fortune.com
