DBS Bank Ltd, based in Marina Bay, Singapore, is a Singaporean multinational banking and financial services company. Before the present name was adopted on 21 July 2003 to reflect its changing position as a global bank, the business was known as The Development Bank of Singapore Limited.
DBS Bank Company Profile
The bank was set up by the Government of Singapore on 16 July 1968 to take over from the Economic Development Board the operations of industrial financing. Today, its branches can be found island-wide, numbering more than 100. With total assets of S$518 billion as of 31 December 2017, DBS Bank is the largest bank in Southeast Asia by assets and among the larger banks in Asia. It has market-dominant positions in Singapore, Hong Kong, and Taiwan in consumer banking, treasury and markets, asset management, stock brokerage, equity, and debt fund-raising. Temasek Holdings, Singapore’s second-largest sovereign wealth fund, is the largest and most powerful shareholder of DBS Bank (after GIC). Temasek holds 29 percent of DBS shares as of 31 March 2018.
For six consecutive years, from 2009 to 2015, the strong capital position of the bank, as well as Standard & Poor’s and Moody’s “AA-” and “Aa1” credit scores, which are among the highest in the Asia-Pacific region, won it Global Finance’s “Safest Bank in Asia” accolade. In the year 2016, Euromoney also awarded the Bank the Best Digital Bank in the World. In July 2019, DBS became the first bank to hold three of the world’s most prestigious top bank awards at the same time (Euromoney, Global Finance, The Banker). In addition, since October 2, 2018, DBS Bank has been listed on the Dow Jones Sustainability Asia Pacific Index, making it the first bank to do so in Southeast Asia. In the first Bloomberg Gender-Equality Index (GEI) published in 2018, DBS was one of the first companies in Singapore to be recognized for gender equality efforts, along with City Developments Limited.
The bank has a regional network spanning more than 250 branches and over 1,100 ATMs across 50 cities with operations in 17 markets.
Established by the Government of Singapore on 16 July 1968 to take over the Economic Development Board’s industrial financing activities, the main purpose of the bank was to provide loans and financial aid to the manufacturing and processing industries and to help establish and upgrade existing industries in Singapore. A United Nations (UN) industrial survey mission was invited by the Singapore government in 1960 to assess the economic situation in Singapore and to establish an industrialization program for the region. The proposal included the creation, along with an economic body, of a development bank to attract foreign investment and to provide financing and management of industrial estates. In July 1968, the bank was incorporated and started operations in September of the same year.
Formerly known as the Post Office Savings Bank, it was founded by the British Colonial Government in Singapore on 1 January 1877 in the General Post Office House, in Raffles Place.
POSB had one million depositors by 1976, while deposits reached the mark of S$1 billion. In 1990, the bank was renamed POSBank before being acquired by DBS Bank for S$ 1.6 billion on 16 November 1998 (first announced on 24 July 1998), giving it a commanding market share of more than four million customers. POSB Bank still operates one of Singapore’s largest bank branches, especially in suburban neighborhoods, and operates the largest number of ATM outlets in the whole of Singapore. The integration of both banks allowed either bank’s customers to share the facilities; the Cash Deposit Machine installed islandwide in POSBank branches can be used by DBS Bank depositors, as well as for POSB Bank depositors.
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