DBS Bank Branch in Hong Kong. Headquartered in Singapore, Development Bank of Singapore (Mandarin: 新加坡發展銀行), now simply known as DBS Bank (星展銀行), is one of the largest financial services groups in Asia. The largest bank in Singapore and the fifth largest banking group in Hong Kong as measured by assets, DBS has dominant positions in consumer banking, treasury and markets, asset management, securities brokerage, equity and debt fund raising. Beyond the anchor markets of Singapore and Hong Kong, DBS serves corporate, institutional and retail customers through its operations in Thailand, The Philippines, and Indonesia. In China, the bank has branches and representative offices in Shanghai, Beijing, Shenzhen, Fuzhou and Tianjin. The Bank's credit ratings are among the highest in the Asia-Pacific region.
Set up in 1968 as a development financing institution. Its branches, numbering more than 100, are now islandwide. It is popularly called simply DBS, by the citizens of Singapore. Temasek Holdings, the investment arm of the Singapore government, owns a large stake of DBS.
In 1998, DBS Bank merged with POSBank, giving it a dominant market share with over 4 million customers.
Now, DBS operates not only locally in Singapore, but also has branches and offices in the United States, United Kingdom, Japan, Hong Kong, India, Malaysia, Myanmar, China, Taiwan, Korea and Thailand.
DBS started its operations in Hong Kong in 1999 by acquiring Kwong On Bank from 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, and 星展銀行 in Chinese.
Mei Foo Branch Incident On October 6, 2004, DBS Bank (Hong Kong) Limited announced that, during the renovation of its branch in Mei Foo Sun Chuen, in Kowloon, when the bank attempted to remove more than 900 empty safety boxes from the branch, 83 safety boxes rented by customers and containing valuables were accidentally removed. The 83 boxes were subsequently sent to a scrapyard and crushed. The bank reported that 36 boxes were recovered, although the valuables contained inside were badly damaged. The bank has swiftly apologised to customers and offered a minimum of HK$150,000 of compensation. It has also promised a full investigation.
External link - Development Bank of Singapore (DBS) (http://www.dbs.com) Official site
|
Feeds |
Contact