Development Bank of Singapore
Living, Breathing Asia
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|
| Public company | |
| Traded as | SGX: D05 |
| Industry | Banking |
| Founded | 1968 |
| Headquarters | Singapore |
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Key people
|
Peter Seah Lim Huat (Chairman) |
| Products | Financial Services |
| Total assets | US$332.6 billions (2015) |
|
Number of employees
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21,000 |
| Website | www.dbs.com |
DBS Bank Ltd is a Singaporean multinational banking and financial services corporation headquartered in Marina Bay, Singapore. The company was known as The Development Bank of Singapore Limited, before the present name was adopted in July 2003 to reflect its changing role as a regional bank.
The bank was set up by the Government of Singapore in July 1968 to take over the industrial financing activities from the Economic Development Board. Today, its branches numbering more than 100 can be found island-wide. DBS Bank is the largest bank in South East Asia by assets and among the larger banks in Asia, with total assets of S$482 billion as at 31 Dec 2016. It has market-dominant positions in consumer banking, treasury and markets, asset management, securities brokerage, equity and debt fund-raising in Singapore and Hong Kong. The bank's strong capital position, as well as "AA-" and "Aa1" credit ratings by Standard & Poors and Moody's that are among the highest in the Asia-Pacific region, earned it Global Finance's "Safest Bank in Asia" accolade for six consecutive years, from 2009 to 2015. With operations in 17 markets, the bank has a regional network spanning more than 250 branches and over 1,100 ATMs across 50 cities.
Established on 16 July 1968 by the Government of Singapore to take over the industrial financing activities from the Economic Development Board, the bank's main purpose was to provide loans and financial aid to the manufacturing and processing industries and to help establish and upgrade existing industries in Singapore. In 1960, the Singapore government invited a United Nations (UN) industrial survey mission to assess the economical situation in Singapore and to come up with an industrialisation programme for the city. The proposal included setting up a development bank, together with an economic body to attract foreign investments and provide financing and managing the industrial estates. The bank was incorporated in July 1968 and began operations in September of the same year.
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