(Bloomberg) -- DBS Group Holdings Ltd. chairman Peter Seah said it was a “wild rumor” that he’s planning to stand in Singapore’s presidential election. 

“I think politics life is not for everybody,” Seah told Bloomberg News after the bank’s annual general meeting Friday.

The next presidential election in Singapore is slated to be held no later than mid September, though it’s not yet clear which candidates will surface. Former foreign minister George Yeo, who was seen as a possible favorite, has also ruled out a bid.

While the president is a largely ceremonial role, the position holds some powers such as the right to veto spending bills or government requests to draw on past reserves, which was done to help shore up the budget during the pandemic. The president also must sign off on civil service appointments.  

--With assistance from Philip J. Heijmans.

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