The full form of DBS is the Development Bank of Singapore or the Singapore limited development bank, a Singaporean multinational banking and financial services corporation.
The headquarters of the Development Bank of Singapore is in Marina Bay, Singapore. The Development Bank of Singapore was established by the government of Singapore on 16th July 1968. The purpose of the establishment of the Development Bank of Singapore was to take over the industrial financing tasks from the Economic Development Board. The Development Bank of Singapore is also the biggest in Southeast Asia by the assets and among one of the largest banks in Asia.
The Development Bank of Singapore has market domination in the field of consumer banking, debt fundraising, and equity in Singapore, Taiwan, and Hong Kong.
The Development Bank of Singapore also has the highest AA and As1 credit ratings by the Moody’s and Standard and Poors and a strong capital position among the Asia Pacific region. The Development Bank of Singapore has become the first bank ever to hold three of the most prestigious global best bank awards – Euromoney, Global Finance, The Banker, etc.
Apart from this Development bank of Singapore has also become one of the first companies in Singapore to be known for gender equality efforts along with City development limited in the first Bloomberg gender equality index in 2018.
Development bank of Singapore has operations in 17 markets along with having a regional network of more than 250 branches and over 1100 ATMs across 50 cities.
The Development Bank of Singapore was established on 16th July 1968 by the government of Singapore.
The main purpose behind the establishment of the Development Bank of Singapore was to provide financial aid and loans to the processing industries and manufacturers. Through this, the Development Bank of Singapore wanted to help establish and upgrade existing industries in Singapore. The Singapore government invited a United Nations industrial survey mission to analyze the economic situation in Singapore in the 1960s.
This proposal by the Development Bank of Singapore included setting a development bank together with an economic organization to get foreign investments and manage and finance the industrial estates.
The Development Bank of Singapore acquired the post office savings bank on 16th November 1998 for $ 1.6 billion. The post office saving bank was formed on 1st January 1877 in the general post office building in raffles place by the British colonial government in Singapore.
The merger of both banks allowed their customers of either bank to share the facilities.
Apart from Singapore, the Development Bank of Singapore has branches and offices in countries such as – China, Hong Kong, Australia, Indonesia, Japan, South Korea, India, Myanmar, Philippines, Thailand, Taiwan, United Arab Emirates, United States, and Vietnam, United Kingdom, etc.
Citibank Nominees Singapore Pte Ltd is the biggest shareholder of the Development Bank of Singapore which has nearly 20 % of the total stakes in the bank. After that Maju Holdings, Pte ltd has 18% and DBS nominees Pte ltd has 17% shares of the Development Bank of Singapore. Development bank of Singapore. Temasek Holding private limited has 11% of shares of the Development Bank of Singapore. Temasek Holdings private limited is a company wholly owned by the Ministry of Finance of Singapore.
The development bank of Singapore is one of the most successful banks in the Asia Pacific. It has got many achievements such as –
The best customer service brand in Taiwan was awarded by the GLOBAL BRANDS MAGAZINE.
Global bank of the year by the Banker which is financial times group.
World’s best bank by the Global finance of New York.
Best SME banking brand in Taiwan which was awarded by the Global brands’ magazine.
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