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.[2] 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.[3] 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.[2]
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.[4][5]
Overview
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, Temasek owns 29% of DBS shares.[6] 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.[7] The bank was also awarded the Best Digital Bank in the World in 2016 by Euromoney.[8] 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
History
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.[12] The bank's main function upon its establishment was to finance Singapore’s industrialisation and the government’s urban development projects.[13] 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.[14] 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.[13]
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.
Senior leadership
- Chairman: Peter Seah (since May 2010)
- Chief Executive: Tan Su Shan (since March 2025)
List of former chairmen
- 1) Hon Sui Sen (1968–1970)
- 2) Howe Yoon Chong (1970–1979)
- 3) J. Y. Pillay (1979–1985)
- 4) Howe Yoon Chong (1985–1990)
- 5) Ngiam Tong Dow (1990–1998)
- 6) S. Dhanabalan (1999–2005)
- 7) Koh Boon Hwee (2006–2010)
List of former CEOs
Shareholders
The ten largest shareholders as of 10 February 2023 are:[42] * Percentage is calculated based on the total number of issued ordinary shares, excluding treasury shares
Temasek Holdings (Pte) Ltd, a company wholly owned by the Ministry of Finance, is deemed to be interested in all the ordinary shares held by Maju. In addition, Temasek is deemed to be interested in 4,449,781 ordinary shares in which its other subsidiaries and associated companies have or are deemed to have an interest pursuant to Section 4 of the Securities and Futures Act, Chapter 289.
International operations
DBS Bank has branches and offices in Australia, China, Hong Kong, India, Indonesia, Japan, South Korea, Malaysia, Myanmar, the Philippines, Taiwan, Thailand, the United Arab Emirates, the United Kingdom, the United States and Vietnam.
China
Strategically located in the key trade and financial hubs of mainland China, DBS has a network of full service branches in Beijing, Guangzhou, Shanghai, Shenzhen, Suzhou, Tianjin, Dongguan, Nanning and Hangzhou; and representative offices in Fuzhou which provide a comprehensive range of commercial and corporate banking services. In December 2006, DBS Bank received approval from the China Banking Regulatory Commission (CBRC) to prepare for local incorporation in Mainland China.[43] DBS is the only Singapore bank among nine foreign banks to receive this approval. In 2010, it also became the first Singapore bank to issue UnionPay debit cards in mainland China.
Controversies
1Malaysia Development Berhad fund fiasco
In October 2016, the Monetary Authority of Singapore (MAS) imposed financial penalties amounting to S$1 million on DBS for 10 breaches of anti-money laundering requirements and control lapses in relation to Malaysia’s scandal-tainted 1Malaysia Development Berhad (1MDB) related fund flows.[54]
Wirecard scandal
In June 2023, DBS was fined S$2.6 million by the Monetary Authority of Singapore (MAS) for breaching anti-money laundering and countering the financing of terrorism requirements, in a matter related to the German payments provider Wirecard scandal between July 2015 and February 2020, in relation to the accounts of 11 corporate customers.[55]
References
- DBS Annual Report 2022 DBS^
- The Development Bank Of Singapore Ltd is Now DBS Bank Ltd DBS Bank, 21 July 2003, retrieved 3 October 2020^
- About DBS - DBS 2023 snapshot www.dbs.com, retrieved 31 March 2024^