DBS Bank

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DBS Bank Ltd
Public
Traded as SGX: D05
Industry Banking
Founded 1968; 56 years ago (1968)
Headquarters Singapore
Key people
 Peter Seah Lim Huat
(Chairman)
Products Financial Services
  • Increase SGD8.927 billion (2013)
  • Increase SGD8.064 billion (2012)
[1]
  • Increase SGD3.501 billion (2013)
  • Increase SGD3.359 billion (2012)
Total assets
  • Increase SGD402.008 billion (2013)
  • Increase SGD353.033 billion (2012)
Number of employees
 21,000[2]
Website www.dbs.com

DBS Bank Ltd is a Singaporean multinational banking and financial services company. 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.[3]

The bank was set up by the Government of Singapore in June 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. 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 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 2014.[4]

With operations in 17 markets, the bank has a regional network spanning more than 250 branches and over 1,100 ATMs across 50 cities.[4]

Acquisition of POSB Bank

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Main article: POSB Bank

Formerly known as Post Office Savings Bank, it was established on 1 January 1877 in the General Post Office Building, in Raffles Place by the British Colonial Government in Singapore.[5]

By 1976, POSB had one million depositors, while deposits crossed the S$1 billion mark. The bank was then renamed POSB Bank in 1990, before being acquired by DBS Bank for S$1.6 billion, giving it a dominant market share with over four million customers. POSB Bank still operates one of the highest number of bank branches in Singapore, especially in the suburban neighbourhoods, and operates the highest number of ATM outlets throughout Singapore. The integration of both banks allowed customers of either bank to share the facilities; DBS Bank depositors may use the Cash Deposit Machine installed islandwide in POSBank branches, likewise for POSB Bank depositors.

Shareholders

The largest shareholders as of 24 February 2015[6] are:

  1. Citibank Nominees Singapore Pte Ltd 471,246,909 shares 19.01%
  2. Maju Holdings Pte. Ltd. 428,888,448 shares 17.30%
  3. DBS Nominees Pte Ltd 428,434,073 shares 17.28%
  4. Temasek Holdings (Private) Ltd 284,145,301 shares 11.46%
  5. DBSN Services Pte Ltd 210,026,315 shares 8.47%
  6. HSBC (Singapore) Nominees Pte Ltd 159,863,455 shares 6.45%

* 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 corporate headquarters at Marina Bay Financial Centre Tower 3 in Singapore.

DBS has branches and offices in China, Dubai, Hong Kong, India, Indonesia, Japan, South Korea, Malaysia, Myanmar, Philippines, Taiwan, Thailand, Vietnam, United Kingdom and United States.

China

DBS Bank Hong Kong branch head office at The Center.

Strategically located in the key trade and financial hubs of 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 China. 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 China.

Hong Kong

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Main article: DBS Bank (Hong Kong)

DBS started its operations in Hong Kong in 1999 by acquiring Kwong On Bank from Leung's family & Japanese-based Fuji Bank, and renamed it as DBS Kwong On Bank. It acquired Dao Heng Bank (and its subsidiary Overseas Trust Bank) in 2001. The three banks were later merged under the trading name of DBS.

Taiwan

In May 2008, DBS integrated Taiwan's Bowa Bank into its operations after acquiring the "good bank assets" in February. There are 40 distribution outlets across the country, half of which are based in Taipei.

India

Headquartered in the commercial capital of Mumbai, DBS operates via a network of 12 bank branches across India in Bangalore, Chennai, Cuddalore, Kolhapur, Kolkata, Moradabad, Mumbai, Nashik, New Delhi, Pune, Salem and Surat.[7] DBS India had a 37.5% stake in DBS Cholamandalam Finance, a non-bank financial institution, in April 2009, it transferred its shares to the parent company Tubes Investments of India Limited, thus terminating its shared holder agreement in Cholamandalam DBS .

Indonesia

DBS has a 99%-owned subsidiary, PT Bank DBS Indonesia, with 39 branches and sub-branches in 11 cities.

On April 2012, DBS announced that it was planning to buy over a majority stake in Bank Danamon from Temasek Holdings.[8] Initial reactions to the proposed purchase in Indonesia were cautious with most commentators saying that the deal was expected to be approved but that government regulators would doubtless wish to look at some of the details, including reciprocity from Singapore policy makers, quite closely before making a final decision.[9]

On 31 July 2013, DBS announced that it had allowed the Bank Danamon bid to lapse, but that they remained committed to Indonesia and will continue to invest and grow franchise.[10]

The Islamic Bank of Asia

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Main article: The Islamic Bank of Asia

DBS Bank launched The Islamic Bank of Asia (IB Asia) on May 7, 2007, after receiving official approval from the Monetary Authority of Singapore for a full bank licence. IB Asia's founding shareholders include majority stakeholder DBS and 34 Middle Eastern investors from prominent families and industrial groups from Gulf Cooperation Council (GCC) countries.

DBS iB Secure Device and Internet banking

File:DBS iSecure Device.JPG
DBS iB Secure Device showing code number

Starting in late 2006, the bank began releasing to its Internet banking customers a Dual Factor Authentication device to assist in thwarting phishing attacks. The DBS iB Secure Device is a hardware device with a key fob form factor that generates a password that is linked to the log-on name. The password changes every sixty seconds and once used is no longer valid. The institution Code for DBS is 7171.

In 2012, DBS introduced a New Generation IB Secure Device as part of the financial industry-wide initiative for an even safer online banking experience. The device has stronger authentication capabilities and provides users with an extra layer of security against potential fraudulent activities and threats. [11]

DBS has a total of 2.4 million Internet banking users in Singapore as of 2013. [12]

Mobile banking

On 15 April 2010, DBS Bank launched mobile banking service, mBanking, to both DBS and POSB customers. It allows customers to view their banking and credit card accounts, transfer funds and pay bills via their mobile phones. Customers will need to download an application from the google play store or iTunes app store by searching DBS mBanking or POSB mBanking to use the service.

mBanking was already soft-launched on both DBS and POSB websites on 10 April 2010 with more than 2,300 downloads.

Customers using mBanking will be protected by DBS Bank's 'money-safe' guarantee. The bank promised reimbursements if there are any unauthorised transactions.[13]

As of 2013, there were 839,000 mBanking users in Singapore. [12]

Awards

  • 'Best SME Banking Brand in Taiwan awarded by GLOBAL BRANDS MAGAZINE[14]
  • 'Best Customer Service Brand in Taiwan awarded by GLOBAL BRANDS MAGAZINE[15]


References

  1. ↑ DBS Annual Report 2013
  2. ↑ DBS Bank - Newsroom
  3. ↑ DBS Bank - DBS Group, Newsroom, News Releases 2003
  4. ↑ 4.0 4.1 DBS Bank - Newsroom
  5. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  6. ↑ DBS Shareholding Statistics (24 February 2015)
  7. ↑ [1]
  8. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  9. ↑ Esther Samboh, 'DBS 'confident' of approval for Danamon takeover', The Jakarta Post, 12 April 2012.
  10. ↑ DBS Bank - Newsroom
  11. ↑ FAQs - DBS iBanking Secure Device Frequently Asked Questions | DBS Bank Singapore
  12. ↑ 12.0 12.1 Lua error in package.lua at line 80: module 'strict' not found.
  13. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  14. ↑ http://www.globalbrandsmagazine.com/award-winners-2015/
  15. ↑ http://www.globalbrandsmagazine.com/award-winners-2015/
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