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DBS Bank
DBS Bank Limited is a Singaporean multinational banking and financial services corporation headquartered at the Marina Bay Financial Centre in the Marina Bay district of Singapore. The bank was previously known as The Development Bank of Singapore Limited, which "DBS" was derived from, before the present abbreviated name was adopted on 21 July 2003 to reflect its role as a global bank. It is one of the "Big Three" local banks in Singapore, along with Oversea-Chinese Banking Corporation (OCBC) and United Overseas Bank (UOB).
DBS is the largest bank in Southeast Asia by assets and among the largest banks in Asia, with assets totaling S$739 billion as of 31 December 2023.[update] It also holds market-dominant positions in consumer banking, treasury and markets, securities brokerage, equity and debt fund-raising in other regions aside from Singapore, including in China, Hong Kong, Taiwan and Indonesia.
According to Asian Private Banker magazine in 2023, DBS replaced Credit Suisse as the third-largest private bank in Asia, excluding onshore China, with approximately US$201 billion (S$271 billion) assets under management.
Listed on the Singapore Exchange, DBS was officially incorporated by the Government of Singapore on 16 July 1968 to take over the industrial financing responsibilities of the Economic Development Board (EDB).
DBS's largest and controlling shareholder is Temasek Holdings, Singapore's second-largest sovereign wealth fund after GIC. As of 31 March 2023,[update] Temasek owns 29% of DBS shares. The bank's reliable capital position has garnered a "AA−" and "Aa1" credit ratings by Standard & Poor's and Moody's, which are among the highest in the Asia-Pacific region, as well as earning the Global Finance's "Safest Bank in Asia" accolade for fifteen consecutive years, from 2009 to 2023. The Bank was also awarded the Best Digital Bank in the World in 2016 by Euromoney. In July 2019, DBS became the first bank in the world to concurrently hold three of the most prestigious global best bank honours from Euromoney, Global Finance and The Banker.
DBS has been listed on the Dow Jones Sustainability Asia Pacific Index since 2 October 2018, making it the first bank in Southeast Asia to do so. DBS was one of the first companies in Singapore to be recognised for gender equality efforts along with City Developments Limited in the first Bloomberg L.P. Gender-Equality Index (GEI) that was published in 2018.
The Development Bank of Singapore Limited was established on 16 July 1968 by the Singapore government to take over the industrial financing responsibilities of the Economic Development Board (EDB) and began operations on 1 September 1968. The bank's main function upon its establishment was to finance Singapore’s industrialisation and the government’s urban development projects. Back in 1960, the government invited a United Nations (UN) industrial survey mission to assess the economic situation in Singapore and to come up with an industrialization programme for the city. The proposal included setting up a development bank, together with an economic body to attract foreign investments to Singapore and also provide industrial financing and management of industrial estates.
In April 1968, then Minister for Finance, Goh Keng Swee revealed the government’s plans to form a development bank with equity participation from the public in order to have greater financing for Singapore’s industrialisation project. The establishment of the DBS marked the first time the private sector was allowed to fully participate in the financing of manufacturing and other industrial projects in Singapore. With a startup capital of S$100 million, share ownership in its first year of operations comprised the following: S$48.6 million by the Singapore government; S$25.9 million by commercial banks; S$7.6 million by insurance companies and other financial institutions; and S$17.9 million by other companies and members of the public.
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DBS Bank
DBS Bank Limited is a Singaporean multinational banking and financial services corporation headquartered at the Marina Bay Financial Centre in the Marina Bay district of Singapore. The bank was previously known as The Development Bank of Singapore Limited, which "DBS" was derived from, before the present abbreviated name was adopted on 21 July 2003 to reflect its role as a global bank. It is one of the "Big Three" local banks in Singapore, along with Oversea-Chinese Banking Corporation (OCBC) and United Overseas Bank (UOB).
DBS is the largest bank in Southeast Asia by assets and among the largest banks in Asia, with assets totaling S$739 billion as of 31 December 2023.[update] It also holds market-dominant positions in consumer banking, treasury and markets, securities brokerage, equity and debt fund-raising in other regions aside from Singapore, including in China, Hong Kong, Taiwan and Indonesia.
According to Asian Private Banker magazine in 2023, DBS replaced Credit Suisse as the third-largest private bank in Asia, excluding onshore China, with approximately US$201 billion (S$271 billion) assets under management.
Listed on the Singapore Exchange, DBS was officially incorporated by the Government of Singapore on 16 July 1968 to take over the industrial financing responsibilities of the Economic Development Board (EDB).
DBS's largest and controlling shareholder is Temasek Holdings, Singapore's second-largest sovereign wealth fund after GIC. As of 31 March 2023,[update] Temasek owns 29% of DBS shares. The bank's reliable capital position has garnered a "AA−" and "Aa1" credit ratings by Standard & Poor's and Moody's, which are among the highest in the Asia-Pacific region, as well as earning the Global Finance's "Safest Bank in Asia" accolade for fifteen consecutive years, from 2009 to 2023. The Bank was also awarded the Best Digital Bank in the World in 2016 by Euromoney. In July 2019, DBS became the first bank in the world to concurrently hold three of the most prestigious global best bank honours from Euromoney, Global Finance and The Banker.
DBS has been listed on the Dow Jones Sustainability Asia Pacific Index since 2 October 2018, making it the first bank in Southeast Asia to do so. DBS was one of the first companies in Singapore to be recognised for gender equality efforts along with City Developments Limited in the first Bloomberg L.P. Gender-Equality Index (GEI) that was published in 2018.
The Development Bank of Singapore Limited was established on 16 July 1968 by the Singapore government to take over the industrial financing responsibilities of the Economic Development Board (EDB) and began operations on 1 September 1968. The bank's main function upon its establishment was to finance Singapore’s industrialisation and the government’s urban development projects. Back in 1960, the government invited a United Nations (UN) industrial survey mission to assess the economic situation in Singapore and to come up with an industrialization programme for the city. The proposal included setting up a development bank, together with an economic body to attract foreign investments to Singapore and also provide industrial financing and management of industrial estates.
In April 1968, then Minister for Finance, Goh Keng Swee revealed the government’s plans to form a development bank with equity participation from the public in order to have greater financing for Singapore’s industrialisation project. The establishment of the DBS marked the first time the private sector was allowed to fully participate in the financing of manufacturing and other industrial projects in Singapore. With a startup capital of S$100 million, share ownership in its first year of operations comprised the following: S$48.6 million by the Singapore government; S$25.9 million by commercial banks; S$7.6 million by insurance companies and other financial institutions; and S$17.9 million by other companies and members of the public.