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What is Development Bank of Singapore mean?
DBS Bank Ltd (DBS) 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 on 21 July 2003 to reflect its changing role as a global bank.
The bank was set up by the Government of Singapore on 16 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 Southeast Asia by assets and among the larger banks in Asia, with total assets of S$518 billion as at 31 December 2017. It has market-dominant positions in consumer banking, treasury and markets, asset management, securities brokerage, equity and debt fund-raising in Singapore, Hong Kong and Taiwan.DBS Bank's largest, and controlling, shareholder is Temasek Holdings, Singapore's second-largest sovereign wealth fund (after GIC). As of 31 March 2018, Temasek owns 29% of DBS shares.
The bank's strong capital position, as well as "AA−" and "Aa1" credit ratings by Standard & Poor's 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. The Bank was also awarded the Best Digital Bank in the World in the year 2016 by Euromoney. In July 2019, DBS became the first bank ever to concurrently hold three of the most prestigious global best bank honours (Euromoney, Global Finance, The Banker). In addition, DBS Bank is 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 Gender-Equality Index (GEI) published in 2018.
With operations in 17 markets, the bank has a regional network spanning more than 250 branches and over 1,100 ATMs across 50 cities.
referencePosted on 07 Dec 2024, this text provides information on Miscellaneous in Banking related to Banking. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.
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