DBS (Development Bank of Singapore) is a multinational institution established in Singapore. It offers a wide range of banking and financial services related to corporate, investment, retail, and private banking. It also allows mortgages, finances, and insurance. It was named “World’s Best Bank” 3 times, in 2018 by Global Finance and The Banker and in 2019 by Euromoney.
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DBS was founded in 1968 to finance new and future companies of that time. The National Government established it with SGD 100 million capital. In that year, to expand the bank and its services, Hon Sui Sen, who was the president of EDB (Economic Development Board), joins DBS becoming the first president of this bank.
DBS began opening new branches to expand within the country in 1972, one of these was in Jurong. Four years later, it established an office for the first time abroad, and this was in Tokyo, Japan. Subsequently, DBS sent several employees to convert that office to DBS Tokyo Branch in 1977.
Bank customers could not generate interest in their current accounts. Therefore, in 1980, the entity developed DBS Autosave, which was a current account capable of earning interest for customers.
During the 1980s and 1990s, DBS continued to expand internationally by opening branches in several countries. It established an office in Taiwan, Jakarta, and India. The era of the Internet was beginning, and DBS saw the opportunity to facilitate the access of banking operations to customers through the Internet. So, the company decided to launch the first comprehensive online banking in 1997.
In 1998, DBS Bank acquired POSB (Post Office Savings Bank). POSB was created in 1877 and changed its name to POSBank in 1990. That allowed local banks to merge to create larger and stronger banks internationally. DBS continued to buy international companies and banks in China, Indonesia, South Korea, the United States, and in many other countries.
It is a code used to identify a banking entity during an international money transfer: DBSSSGSG.
Number of Employees
In 2018, more than 27,000 employees were calculated.
The rating measures the capacity of a bank to pay debts. Several agencies evaluate it.
DBS Bank has a rating of:
- S&P = AA-.
- Moody’s = Aa1.
- Fitch = AA-.
AA- (S&P Global) = It is a high-quality entity, very stable, and with little risk.
Aa1 (Moody’s) = It has high quality and with a little more risk to long-term risks.
AA- (Fitch) = The bank has very high security.
The bank is based in Marina Bay Financial Center Tower 3 Marina Bay, Singapore.
To access the bank’s website: http://dbs.com
DBS Bank is considered one of the best banks in the world due to a large amount of banking and financial services it offers. It provides retail, corporate, investment, and private banking services to clients and companies. On the other hand, it provides mortgage services, wealth management, credit cards, finance, insurance, and more.
It also has online banking services to perform operations quickly. Some of these are bank transfers, payments, collections, review of account statements, evaluation and application for credit cards, and many more.
Address: 12 Marina Boulevard, DBS Asia Central, Marina Bay Financial Center Tower 3, Singapore 018982.
Phone Number: 1800 111 1111 (General Enquiries), (65) 6327 2265 (General Enquiries from overseas).