DBS Bank

DBS Bank Ltd

Living, Breathing Asia
Type	Public
Traded as	SGX: D05
Industry	Banking
Founded	1968 (1968)
Headquarters	Singapore
Key people	Peter Seah Lim Huat (Chairman)
Products	Financial Services
Operating income	SGD8.927 billion (2013) SGD8.064 billion (2012) [1]
Net income	SGD3.501 billion (2013) SGD3.359 billion (2012)
Total assets	$332.6 billion (2015)[2]
Number of employees	21,000[3]
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.^[4]

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.^[5]

With operations in 17 markets, the bank has a regional network spanning more than 250 branches and over 1,100 ATMs across 50 cities.^[5]

Acquisition of 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.^[6]

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^[7] 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

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.^[8] 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.^[9] 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.^[10]

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.^[11]

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

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. ^[12]

DBS has a total of 2.4 million Internet banking users in Singapore as of 2013. ^[13]

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.^[14]

As of 2013, there were 839,000 mBanking users in Singapore. ^[13]

Awards

• 'Best SME Banking Brand in Taiwan awarded by GLOBAL BRANDS MAGAZINE^[15]
• 'Best Customer Service Brand in Taiwan awarded by GLOBAL BRANDS MAGAZINE^[16]

References

Banking in Singapore List of banks in Singapore Ministry of Finance Monetary Authority of Singapore Local banks Bank of Singapore1 DBS Bank POSB Bank3 Far Eastern Bank2 The Islamic Bank of Asia3 Oversea-Chinese Banking Corporation Singapore Island Bank1 United Overseas Bank Foreign banks Qualifying full banks ANZ Bank of China BNP Paribas Citibank Singapore HSBC Bank ICICI Bank Industrial and Commercial Bank of China Maybank Standard Chartered State Bank of India Full banks Bangkok Bank Bank Negara Indonesia Bank of America Bank of East Asia Bank of India The Bank of Tokyo-Mitsubishi UFJ CIMB Bank Citibank N.A. Crédit Agricole Corporate and Investment Bank Hong Leong Bank Indian Bank Indian Overseas Bank JPMorgan Chase Mizuho Corporate Bank RHB Bank Sumitomo Mitsui Banking Corporation UCO Bank Wholesale banks ABN AMRO Agricultural Bank of China Banco Bilbao Vizcaya Argentaria Banco Santander Bank Julius Baer Morgan Stanley Bank of Communications Bank of Nova Scotia Barclays Bank BNP Paribas Wealth Management China CITIC Bank China Construction Bank Chinatrust Commercial Bank Commerzbank Commonwealth Bank of Australia Crédit Industriel et Commercial Credit Suisse Deutsche Bank DnB NORD Bank DZ Bank AG Singapore Branch Emirates NBD First Commercial Bank First Gulf Bank Habib Bank HSBC Private Bank (Suisse) ING Bank KBC Bank Korea Exchange Bank Landesbank Baden-Württemberg Macquarie Bank Mega International Commercial Bank National Australia Bank National Bank of Kuwait Natixis Norddeutsche Landesbank Northern Trust Portigon Qatar National Bank Rabobank The Royal Bank of Scotland Société Générale Société Générale Bank & Trust State Street Bank and Trust Company UBS UniCredit Bank VTB Capital Wells Fargo Bank Westpac Offshore banks Arab Bank Bank Hapoalim Bank of Baroda Bank Mandiri The Bank of New York Mellon Bank of Taiwan Bank Sarasin & CIE Banque Internationale a Luxembourg Canadian Imperial Bank of Commerce Chang Hwa Commercial Bank Clearstream Banking S.A. Crédit Agricole Hana Bank Hang Seng Bank HSH Nordbank Hua Nan Commercial Bank Korea Development Bank Krung Thai Bank Land Bank of Taiwan Lloyds Bank Mitsubishi UFJ Trust and Banking Corporation Nordea Bank Finland Norinchukin Bank Philippine National Bank Raiffeisen Bank International Royal Bank of Canada Shinhan Bank Siam Commercial Bank Skandinaviska Enskilda Banken Standard Bank Sumitomo Mitsui Trust Bank Svenska Handelsbanken Toronto-Dominion Bank Union de Banques Arabes et Francaises Woori Bank Interbank networks and payment systems atm5 NETS EZ-Link 1 Subsidiary of OCBC Bank. 2 Operates under UOB's brand name. 3 Subsidiary of DBS Bank.

FTSE STI companies of Singapore As of 21 September 2015: Ascendas Real Estate Investment Trust CapitaLand CapitaMall Trust City Developments ComfortDelGro DBS Group Genting Singapore Global Logistic Properties Golden Agri-Resources Hongkong Land Hutchison Port Holdings Jardine Cycle & Carriage Keppel Noble Group OCBC SATS SembCorp Industries SembCorp Marine SIA Engineering Singapore Airlines Singapore Exchange Singapore Press Holdings ST Engineering Singapore Telecommunications StarHub Thai Beverage United Overseas Bank UOL Group Wilmar International Yangzijiang Shipbuilding Holdings