DBS Bank
Development Bank of Singapore (Chinese: 星展银行; pinyin: XíngZhán YínHáng), often known as 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 and currently operates together with POSB Bank.
Headquarters in Marina Bay, Singapore | |
| Formerly | The Development Bank of Singapore Limited (1968–2003) |
|---|---|
| Company type | Public |
Traded as | SGX: D05 |
| Industry | Banking |
| Predecessor | Financing division of the Economic Development Board |
| Founded | 16 July 1968 |
| Headquarters | Marina Bay Financial Centre, Singapore |
Area served | Singapore, Indonesia, Malaysia, Thailand, Vietnam, India, China, Hong Kong, Taiwan, Japan, South Korea, Australia, United Arab Emirates, United Kingdom |
Key people | |
| Products | Financial services |
| Services | Retail banking, corporate banking, investment banking, mortgage loans, private banking, wealth management, credit cards, finance and insurance |
| Revenue | S$16.5 billion (2022) |
Net income | S$8.19 billion (2022) |
| Total assets | S$743.4 billion (2022) |
| Total equity | S$57.07 billion (2022) |
Number of employees | c. 36,000 (2022) |
| Rating |
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| Website | dbs |
In 16 November 1998, DBS Bank merge with POSB Bank as the merger would enable POSB to compete better with full-fledged commercial banks as well as better serve more sophisticated customers and in line with the government's call for local banks to merge and create larger and stronger banks able to compete internationally.
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. It is one of the "Big Three" banks in Singapore, along with OCBC Bank and the 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. 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.