View source for DBS Bank

{{Short description|Singaporean multinational banking and financial services company}}
{{Use dmy dates|date=January 2025}}
{{Use Singapore English|date=November 2021}}
{{Infobox company
| name = DBS Bank Limited
| former_name = The Development Bank of Singapore Limited (1968–2003)
| logo = DBS Bank Logo (alternative).svg
| logo_size = 120px
| image = Marina Bay Financial Centre, Singapore - 20121110.jpg
| image_size = 250px
| image_caption = Headquarters in [[Marina Bay, Singapore|Marina Bay]], Singapore
| type = [[Public company|Public]]
| traded_as = {{sgx|D05}}
| foundation = {{start date and age|df=y|1968|07|16}}
| predecessor = Financing division of the [[Economic Development Board]]
| location = [[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 = {{plainlist|
* {{wd-chairperson}}
* {{wd-ceo}}
}}
| industry = [[Financial services]]
| products = {{hlist| [[Retail banking|consumer banking]] | [[Commercial bank|corporate banking]]| [[investment banking]]| [[insurance]]| [[private banking]]| [[private equity]]| [[mortgage loans]]| [[credit cards]]| [[investment management]]| [[wealth management]] | [[asset management]] | [[mutual funds]]| [[exchange-traded fund]]s| [[index fund]]s }}
| revenue = {{increase}} {{SGD|16.5 billion|link=on}} (2022)<ref name=AR2022>{{Cite web |title=DBS Annual Report 2022 |url=https://www.dbs.com/annualreports/2022/files/media/dbs-annual-report-2022.pdf  |website=DBS}}</ref>
| operating_income = 
| net_income = {{increase}} SGD${{FXConvert|SGP|8.19|b}} (2022)<ref name=AR2022 />
| assets = {{increase}} SGD${{FXConvert|SGP|743.4|b}} (2022)<ref name=AR2022 />
| equity = {{decrease}} SGD${{FXConvert|SGP|57.07|b}} (2022)<ref name=AR2022 />
| num_employees = {{circa|36,000}} (2022)<ref name=AR2022 />
| rating = {{plainlist|
* [[Moody's Investors Service|Moody's]]: Aa1
* [[Standard & Poor's|S&P]]: AA−
* [[Fitch Ratings|Fitch]]: AA-
}}
| homepage = {{official URL}}
}}

'''DBS Bank Limited''' is a Singaporean [[multinational corporation|multinational]] banking and [[financial services]] corporation headquartered at the [[Marina Bay Financial Centre]] in the [[Marina Bay, Singapore|Marina Bay]] district of [[Singapore]]. 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.<ref name=":0">{{Cite web |date=21 July 2003 |title=The Development Bank Of Singapore Ltd is Now DBS Bank Ltd |url=http://www.dbs.com/newsroom/2003/Pages/press030721.aspx |archive-url=https://web.archive.org/web/20140714172805/http://www.dbs.com/newsroom/2003/Pages/press030721.aspx |archive-date=14 July 2014 |access-date=3 October 2020 |website=DBS Bank}}</ref> It is one of the "Big Three" local banks in Singapore, along with [[OCBC Bank|Oversea-Chinese Banking Corporation]] (OCBC) and [[United Overseas Bank]] (UOB).

DBS is the [[List of largest banks in Southeast Asia|largest bank]] in Southeast Asia by assets and among the largest banks in Asia, with assets totaling [[Singapore dollar|S$]]739 billion {{as of|2023|12|31|post=.|lc=y}}<ref>{{Cite web |title=About DBS - DBS 2023 snapshot |url=https://www.dbs.com/about-us/default.page |access-date=31 March 2024 |website=www.dbs.com}}</ref> It also holds market-dominant positions in [[Retail banking|consumer banking]], [[Securities market|treasury and markets]], [[Broker-dealer|securities brokerage]], equity and debt fund-raising in other regions aside from Singapore, including in China, Hong Kong, Taiwan and Indonesia.<ref name=":0" />

According to [[Asian Private Banker]] magazine in 2023, DBS replaced [[Credit Suisse]] as the third-largest [[private banking|private bank]] in Asia, excluding onshore China, with approximately [[United States dollar|US$]]201 billion ([[Singapore dollar|S$]]271 billion) assets under management.<ref>{{Cite web |title=Asia 2023 AUM league table|url=https://asianprivatebanker.com/insights/asia-2023/private-banking-aum/ |access-date=31 January 2024 |website=[[Asian Private Banker]] |language=en}}</ref><ref>{{Cite news |date=29 May 2024 |title=DBS expands Hong Kong private banking headcount by 25% on better flows |language=en |work=[[The Straits Times]] |url=https://www.straitstimes.com/business/dbs-expands-hong-kong-private-banking-headcount-by-25-on-better-flows}}</ref>

==Overview==
Listed on the [[Singapore Exchange]], DBS was officially incorporated by the [[Government of Singapore]] on 16 July 1968 to take over the industrial financing responsibilities of the [[Economic Development Board]] (EDB).

DBS's largest and controlling shareholder is [[Temasek Holdings]], Singapore's second-largest [[sovereign wealth fund]] after [[GIC Private Limited|GIC]]. {{As of|2023|3|31|post=,}} Temasek owns 29% of DBS shares.<ref>{{Cite web |title=Temasek > Our Portfolio > Financial Services |url=https://www.temasek.com.sg/en/what-we-do/our-portfolio/financial-services.html |access-date=1 June 2023 |website=Temasek }}</ref> The bank's reliable capital position has garnered a "AA&minus;" and "Aa1" credit ratings by [[Standard & Poor's]] and [[Moody's]], which are among the highest in the Asia-Pacific region, as well as earning the [[Global Finance (magazine)|Global Finance]]'s "Safest Bank in Asia" accolade for fifteen consecutive years, from 2009 to 2023.<ref>{{Cite web |title=DBS named Safest Bank in Asia for the 15th consecutive year by Global Finance |url=https://www.dbs.com/newsroom/DBS_named_Safest_Bank_in_Asia_for_the_15th_consecutive_year_by_Global_Finance_sg |date=12 October 2023 |access-date=15 December 2023 |website=www.dbs.com}}</ref> The Bank was also awarded the Best Digital Bank in the World in 2016 by [[Euromoney]].<ref>{{Cite web |title=World's best digital bank 2016: DBS @Euromoney |url=http://www.euromoney.com/Article/3566974/Worlds-best-digital-bank-2016-DBS.html |access-date=24 April 2017 |website=Euromoney |date=6 July 2016 |language=en-gb |archive-date=4 July 2019 |archive-url=https://web.archive.org/web/20190704003229/https://www.euromoney.com/article/b12kq6p8mv5rh3/world39s-best-digital-bank-2016-dbs |url-status=dead }}</ref> In July 2019, DBS became the first bank in the world to concurrently hold three of the most prestigious global best bank honours from Euromoney, Global Finance and [[The Banker]].<ref>{{Cite news |date=12 July 2019 |title=DBS named World's Best Bank by Euromoney, a first for an Asian bank |language=en |work=The Straits Times |url=https://www.straitstimes.com/business/dbs-named-worlds-best-bank-by-euromoney-a-first-for-an-asian-bank}}</ref>

DBS has been listed on the [[Dow Jones Sustainability Indices#DJSI Asia Pacific Index|Dow Jones Sustainability Asia Pacific Index]] since 2 October 2018, making it the first bank in Southeast Asia to do so.<ref>{{Cite web |date=2 October 2018 |title=DBS – First bank in Southeast Asia included in Dow Jones Sustainability Index (Asia Pacific) |url=https://www.dbs.com/newsroom/DBS_first_bank_in_southeast_Asia_included_in_Dow_Jones_Sustainability_Index_Asia_Pacific |access-date=24 September 2019 |website=DBS}}</ref> DBS was one of the first companies in Singapore to be recognised for [[gender equality]] efforts along with [[City Developments Limited]] in the first [[Bloomberg L.P.]] Gender-Equality Index (GEI) that was published in 2018.<ref>{{Cite web |date=23 January 2018 |title=DBS, CDL among firms recognised for gender-equality efforts on Bloomberg index |url=https://www.channelnewsasia.com/news/singapore/dbs-cdl-among-firms-recognised-bloomberg-gender-equality-index-9886462 |access-date=6 June 2020 |website=CNA |archive-date=31 October 2020 |archive-url=https://web.archive.org/web/20201031193655/https://www.channelnewsasia.com/news/singapore/dbs-cdl-among-firms-recognised-bloomberg-gender-equality-index-9886462 |url-status=dead }}</ref>

==History==
The Development Bank of Singapore Limited was established on 16 July 1968 by the Singapore government to take over the industrial financing responsibilities of the [[Economic Development Board]] (EDB) and began operations on 1 September 1968.<ref name="FoundingDBS">Development Bank of Singapore Ltd. (1969). [http://eservice.nlb.gov.sg/item_holding_s.aspx?bid=4182069 First annual report 1968 (p. 4).] Singapore: Development Bank of Singapore Ltd.</ref> The bank's main function upon its establishment was to finance Singapore’s [[industrialisation]] and the government’s [[Urbanization|urban development]] projects.<ref name="DBSNLB">{{Cite web|url=https://www.nlb.gov.sg/main/article-detail?cmsuuid=4b282e32-27a3-4c09-a652-8966d6b00b9b|title=Development Bank of Singapore|website=[[National Library Board]] - Singapore Infopedia|access-date=30 January 2019}}</ref> Back in 1960, the government invited a [[United Nations]] (UN) industrial survey mission to assess the economic situation in Singapore and to come up with an industrialization programme for the city.<ref>United Nations. (1963). [http://eservice.nlb.gov.sg/item_holding_s.aspx?bid=4981700 A proposed industrialization programme for the State of Singapore (pp. 1–3, 118–123).] Singapore: U.N. Commissioner for Technical Assistance, Dept. of Economic and Social Affairs. Call no.: RCLOS 338.095951 UNI.</ref> The proposal included setting up a development bank, together with an economic body to attract [[Foreign direct investment|foreign investments]] to Singapore and also provide industrial financing and management of industrial estates.<ref name="DBSNLB" />

In April 1968, then [[Ministry of Finance (Singapore)|Minister for Finance]], [[Goh Keng Swee]] revealed the government’s plans to form a development bank with equity participation from the public in order to have greater financing for Singapore’s industrialisation project. The establishment of the DBS marked the first time the [[private sector]] was allowed to fully participate in the financing of [[manufacturing]] and other industrial projects in Singapore. With a startup capital of S$100 million, share ownership in its first year of operations comprised the following: S$48.6 million by the Singapore government; S$25.9 million by commercial banks; S$7.6 million by insurance companies and other financial institutions; and S$17.9 million by other companies and members of the public.<ref name="DBSNLB" />

DBS launched its [[logo|trademark logo]] in 1972. Set against a white backdrop, the mark consisted of a cluster of four inward-pointing red arrows shaped after the [[Caisson (engineering)|caissons]] of its former headquarters – DBS Building on [[Shenton Way]].<ref name="DBSNLB" /><ref>{{Cite web |title=BREAKING NEW GROUND - Big City Dreamer: How DBS Land transformed Singapore from a third-world to first-world metropolis |url=https://www.dbs.com/dbs-heritage/stories/big-city-dreamer-how-dbs-land-transformed-singapore-from-a-third-world-to-first-world-metropolis.html |date=2 August 2023 |access-date=31 October 2023 |website=www.dbs.com}}</ref>

===Acquisition of POSB Bank===
{{main|POSB Bank}}
Formerly known as Post Office Savings Bank, it was established on 1 January 1877 at the [[The Fullerton Hotel Singapore|General Post Office Building]] in [[Raffles Place]] by the [[Straits Settlements]] government.<ref>{{Cite web |title=Establishment of The Post Office Saving Bank |url=http://eresources.nlb.gov.sg/history/events/b1c18cda-b48b-4dd7-8521-ecbd1d445c0b |access-date=13 September 2015 |publisher=National Library Board}}</ref>

By 1976, POSB had one million depositors, while deposits crossed the [[Singapore dollar|S$]]1&nbsp;billion mark. The bank was then renamed POSBank in 1990, before being acquired by DBS Bank on 16 November 1998 for S$1.6&nbsp;billion (first announced on 24 July 1998),<ref>{{Cite web |date=24 July 1998 |title=Ministry of Finance Press Statement: Privatisation of POSBank |url=http://www.nas.gov.sg/archivesonline/data/pdfdoc/1998072402.htm |access-date=3 October 2020 |website=NAS}}</ref><ref>{{Cite web |date=24 July 1998 |title=The Development Bank of Singapore Ltd to acquire the business undertaking of the Post Office Savings Bank of Singapore strengthening its position as the largest Southeast Asian bank with total assets of approximately $93 billion |url=http://www.dbs.com/newsroom/1998/press980724.html |archive-url=https://web.archive.org/web/20061019135904/http://www.dbs.com/newsroom/1998/press980724.html |archive-date=19 October 2006 |access-date=29 September 2019 |website=DBS Bank}}</ref> giving it a dominant market share with over four million customers.<ref>{{Cite web |date=16 November 1998 |title=DBS Bank completes POSBank and credit POSB acquisition |url=http://www.dbs.com/newsroom/1998/press981116.html |archive-url=https://web.archive.org/web/20061018000855/http://www.dbs.com/newsroom/1998/press981116.html |archive-date=18 October 2006 |access-date=29 September 2019 |website=DBS Bank}}</ref> The merger was seen to enable POSB to compete better with full-fledged commercial banks, to better serve more sophisticated customers, and in line with the government's call for local banks to merge and create larger and stronger banks to compete internationally.<ref>{{cite web |title=MINISTRY OF FINANCE PRESS STATEMENT: PRIVATISATION OF POSBANK |url=https://www.nas.gov.sg/archivesonline/data/pdfdoc/1998072402.htm |website=www.nas.gov.sg |access-date=21 February 2025}}</ref>

POSB Bank still operates one of the highest numbers of bank branches in Singapore, especially in the heartlands, and operates the highest number of ATM outlets throughout the country. 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.<ref>{{Cite web |date=3 November 2019 |title=DBS Bank Singapore » BanksinSG.COM |url=https://banksinsg.com/banks/dbs-bank-singapore/ |access-date=17 April 2020 |website=BanksinSG.COM |language=en-US |archive-date=25 September 2022 |archive-url=https://web.archive.org/web/20220925075717/https://banksinsg.com/banks/dbs-bank-singapore/ |url-status=dead }}</ref>

===The Islamic Bank of Asia (2007 – 2015)===
{{Main|The Islamic Bank of Asia}}
DBS Bank launched The Islamic Bank of Asia (IB Asia) on 7 May 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.<ref>{{Cite web |date=7 May 2007 |title=DBS Bank and prominent Middle Eastern investors launch The Islamic Bank of Asia |url=http://www.dbs.com/newsroom/2007/press070507.html |archive-url=https://web.archive.org/web/20080305003308/http://www.dbs.com/newsroom/2007/press070507.html |archive-date=5 March 2008 |access-date=24 September 2019 |website=DBS}}</ref><ref>{{Cite web |date=8 May 2007 |title=DBS invests $380m in 'S'pore's first Islamic bank |url=http://eresources.nlb.gov.sg/newspapers/Digitised/Article/straitstimes20070508-1.2.64.35 |access-date=6 August 2019 |website=The Straits Times (retrieved from NLB)}}</ref>

On 14 September 2015, DBS Bank announced that it will progressively cease IB Asia as it was not able to achieve [[economies of scale]] when operated as a single entity. The process was estimated to ''take'' about 2 to 3 years.<ref>{{Cite web |date=15 September 2015 |title=DBS to wind down Islamic banking unit |url=https://www.straitstimes.com/business/banking/dbs-to-wind-down-islamic-banking-unit |url-status=live |archive-url=https://web.archive.org/web/20190423074854/https://www.straitstimes.com/business/banking/dbs-to-wind-down-islamic-banking-unit |archive-date=23 April 2019 |access-date=6 August 2019 |publisher=The Straits Times}}</ref> DBS stated that it would be developing its own [[Islamic banking and finance|Islamic compliant banking products]] instead.

===DBS iB Secure Device and Internet banking (2006 – present)===
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.<ref>{{Cite web|url=http://www.dbs.com.sg/personal/ibanking/newtoken/faq.page|title=DBS online banking - Skip visits to DBS branches &#124; DBS Singapore}}</ref>

DBS had a total of 2.4&nbsp;million [[Internet banking]] users in Singapore as of 2013.<ref name="autogenerated1">{{Cite web |title=DBS Key Highlights – Customer |url=http://www.dbs.com/annualreports/2013/pdfs/highlights.pdf |url-status=live |archive-url=https://web.archive.org/web/20140913083622/http://www.dbs.com/annualreports/2013/pdfs/highlights.pdf |archive-date=13 September 2014}}</ref>

===Digital banking (2010 – present)===
On 15 April 2010, DBS Bank launched digibank 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 using digibank will be protected by DBS Bank's 'money-safe' guarantee. The bank promised reimbursements if were are any unauthorised transactions.<ref>{{Cite web |title=DBS launches mobile banking |url=http://www.asiaone.com/Business/News/My+Money/Story/A1Story20100413-210089.html |url-status=dead |archive-url=https://web.archive.org/web/20100418195946/http://www.asiaone.com/Business/News/My+Money/Story/A1Story20100413-210089.html |archive-date=18 April 2010 |publisher=[[AsiaOne]]}}</ref>

As of 2013, there were 839,000 digibank users in Singapore.<ref name="autogenerated1" />

In 2014, DBS released its mobile wallet service named PayLah!, which garnered more than 100,000 users less than two months after its launch in Singapore. As of 2018, PayLah! had more than 1 million users.<ref name=":1">{{Cite news |last1=Aw |first1=Cheng Wei |last2=Yahya |first2=Yasmine |date=11 November 2018 |title=DBS aims to be the 'D' in Gandalf |language=en |work=The Straits Times |url=https://www.straitstimes.com/business/banking/dbs-aims-to-be-the-d-in-gandalf |access-date=9 November 2023 |issn=0585-3923}}</ref>

In 2014, CEO Piyush Gupta and his leadership team launched a digital transformation programme intended to "Make Banking Joyful". Under this programme, the bank would consider itself "a technology company delivering banking services" and benchmark its progress against leading technology companies and aim to be the "D" in the acronym GANDALF, alongside [[Google]], [[Amazon (company)|Amazon]], [[Netflix]], [[Apple Inc.|Apple]], [[LinkedIn]], and [[Facebook]].<ref>{{Cite web |last=Peh |first=Chan Chao |date=25 December 2017 |title=DBS puts the D in Gandalf and conjures up blue skies |url=https://www.theedgesingapore.com/views/print-week/dbs-puts-d-gandalf-and-conjures-blue-skies |access-date=8 November 2023 |website=The Edge}}</ref><ref>{{Cite web |last=Speculand |first=Vinika D. Rao {{!}} Robin |date=15 November 2021 |title=How DBS Became the 'World's Best Bank' |url=https://knowledge.insead.edu/economics-finance/how-dbs-became-worlds-best-bank |access-date=9 November 2023 |website=INSEAD Knowledge |language=en}}</ref><ref>{{Cite web |date=28 September 2018 |title=DBS's journey to becoming the best bank in the world through digital and cultural transformation |url=https://www.euromoney.com/article/b1b4r2s1022h68/sponsored-content/dbss-journey-to-becoming-the-best-bank-in-the-world-through-digital-and-cultural-transformation |access-date=9 November 2023 |website=Euromoney |language=en}}</ref>

In 2016 and 2018, the [[Euromoney|Euromoney magazine]] named DBS the world's best digital bank and the world's best small and medium-size enterprise bank.<ref name=":1" />

===Digital banking disruptions (2023)===
On 29 March 2023, DBS experienced a service outage that prevented users from using its digital banking services, including its mobile app and PayLah! app, from about 8.30am until about 5.45pm.<ref>{{Cite web |title=DBS digital banking services, including PayLah!, restored after day-long outage |url=https://www.channelnewsasia.com/singapore/dbs-customers-unable-use-bank-digital-services-paylah-digibank-online-3381206 |access-date=4 November 2023 |website=CNA |language=en}}</ref> The [[Monetary Authority of Singapore]] (MAS) stated that the disruption was "unacceptable" and that the bank had fallen short of MAS's expectations that the bank would maintain "high system availability and ensure its IT systems are recovered expeditiously". The regulator stated that it would "take the commensurate supervisory actions against DBS after gathering the necessary facts".<ref>{{Cite web |title=DBS service outage 'unacceptable', says MAS |url=https://www.channelnewsasia.com/singapore/dbs-digital-banking-service-outage-disruption-mas-2023-3382681 |access-date=4 November 2023 |website=CNA |language=en}}</ref> At the bank's annual general meeting held on 31 March 2023, CEO Piyush Gupta apologised for the service outage that had occurred  earlier in the month. Chairman Peter Seah announced that a special board committee had been set up to investigate the incident and that external experts would be brought in to assist the bank.<ref>{{Cite web |title=DBS chairman, CEO apologise for service disruption; special committee set up to investigate outage |url=https://www.channelnewsasia.com/business/dbs-service-outage-special-board-committee-investigation-agm-3388216 |access-date=4 November 2023 |website=CNA |language=en}}</ref>

On 5 May 2023, DBS's online banking and payment services, as well as its ATM services, were disrupted from about noon until about 3.10pm. The disruption affected the bank's PayLah! service as well as the 'paywave' feature on credit and debit cards. Following the incident, the MAS imposed additional capital requirements on DBS, requiring it to apply a multiplier of 1.8 times to its risk-weighted assets for operational risk, such that its total additional regulatory capital would need to amount to approximately S$1.6 billion.<ref>{{Cite web |title=DBS digital banking services disrupted for second time in under 2 months; ATMs also affected |url=https://www.channelnewsasia.com/singapore/dbs-digital-banking-services-outage-disrupted-atm-paylah-may-5-3467041 |access-date=4 November 2023 |website=CNA |language=en}}</ref> On 14 October 2023, DBS suffered a service disruption that affected its digital banking services, including its online banking and payment services as well as its ATM services. The disruption lasted from began from 3pm and lasted for at least several hours. At 10.10pm, DBS announced that all ATMs were back up and running, although some digital services, such as digital banking and its PayLah! service continued to be disrupted.<ref>{{Cite web |title=DBS and Citi digital banking services down; all ATMs working again |url=https://www.channelnewsasia.com/singapore/dbs-citi-digital-banking-services-down-disrupted-atm-not-working-paylah-paynow-3846026 |access-date=4 November 2023 |website=CNA |language=en}}</ref>

On 1 November 2023, in response to the incidents, the MAS imposed restrictions on DBS: prohibiting it from acquiring any new business ventures and requiring it to pause all non-essential IT changes for 6 months. DBS was also prohibited from reducing the size of its branch and ATM networks in Singapore. CEO Piyush Gupta apologised for the disruption and stated that the bank will set aside a special budget of S$80 million to enhance system resiliency.<ref>{{Cite web |title=MAS bars DBS from acquiring new business ventures for 6 months after repeated banking service disruptions |url=https://www.channelnewsasia.com/singapore/dbs-digital-banking-disruption-barred-new-business-acquisitions-mas-3888646 |access-date=4 November 2023 |website=CNA |language=en}}</ref> According to CEO Piyush Gupta, four out of five of the bank's major disruptions in 2023 were related to software bugs, and further that "in at least two or three of these incidents, the bug was so deep that we wouldn't be able to pick it up". He also cited "working from home" as a possible cause for these software bugs and said that the bank intended to improve the depth of its engineering team. DBS has set aside a special budget of S$80 million to enhance system resiliency and hopes to have a more robust recovery process in place by the end of Q1 2024.<ref>{{Cite news |last=Ang |first=Prisca |date=6 November 2023 |title=4 of the 5 major DBS disruptions in 2023 were bug- or software-related: CEO Piyush Gupta |language=en |work=The Straits Times |url=https://www.straitstimes.com/business/banking/4-of-the-5-major-dbs-disruptions-in-2023-were-bug-or-software-related-ceo-piyush-gupta |access-date=9 November 2023 |issn=0585-3923}}</ref>

==Senior leadership==
* ''Chairman:'' Peter Seah (since May 2010)
* ''Chief Executive:'' Tan Su Shan (since March 2025)

===List of former chairmen===
# [[Hon Sui Sen]] (1968–1970)
# [[Howe Yoon Chong]] (1970–1979)
# [[J. Y. Pillay]] (1979–1985)
# [[Howe Yoon Chong]] (1985–1990)
# Ngiam Tong Dow (1990–1998)
# [[S. Dhanabalan]] (1999–2005)
# [[Koh Boon Hwee]] (2006–2010)

===List of former CEOs===
# Patrick Yeoh Khwai Hoh (1993–1995)
# John Olds (1998–2001)
# Philippe Paillart (2001–2002)
# Jackson Tai (2002–2007)
# Richard Stanley (2008–2009)
# [[Piyush Gupta]] (2009–2025)

==Shareholders==
The ten largest shareholders as of 10 February 2023 are:<ref name="DBS-SL-00">{{Cite web |title=DBS Annual Report 2022 |url=https://www.dbs.com/annualreports/2022/files/media/dbs-annual-report-2022.pdf |url-status= |archive-url= |archive-date=}}</ref>
{| class="wikitable"
!
!Name of Shareholders
!No. of Shareholdings
!%*
|-
|1.
|Citibank Nominees Singapore Pte Ltd
|506,573,088
|19.68
|-
|2.
|Maju Holdings Pte Ltd
|458,899,869
|17.83
|-
|3.
|DBSN Services Pte Ltd
|304,505,697
|11.83
|-
|4.
|[[Temasek Holdings]] (Private) Ltd
|284,145,301
|11.04
|-
|5.
|RAFFLES NOMINEES (PTE) LIMITED
|229,954,978
|8.94
|-
|6.
|HSBC (Singapore) Nominees Pte Ltd
|224,771,577
|8.73
|-
|7.
|DBS NOMINEES PTE LTD
|174,360,762
|6.77
|-
|8.
|BPSS Nominees Singapore (Pte) Ltd
|26,200,171
|1.02
|-
|9.
|Lee Foundation
|11,512,813
|0.45
|-
|10.
|DBS VICKERS SECURITIES (SINGAPORE) PTE LTD
|11,380,066
|0.44
|}
''* Percentage is calculated based on the total number of issued ordinary shares, excluding treasury shares

[[Temasek Holdings|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 Bank has branches and offices in [[Australia]], [[China]], [[Hong Kong]], [[India]], [[Indonesia]], [[Japan]], [[South Korea]], [[Malaysia]], [[Myanmar]], the [[Philippines]], [[Taiwan]], [[Thailand]], the [[United Arab Emirates]], the [[United Kingdom]], the [[United States]] and [[Vietnam]].

===China===
Strategically located in the key trade and financial hubs of mainland [[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 Mainland China.<ref>{{cite news |title=With over 30 years in China, DBS Bank eyes China's long-term opportunities |url=https://www.chinadaily.com.cn/a/202402/29/WS65e04879a31082fc043b9d3c.html |access-date=21 March 2025 |work=www.chinadaily.com.cn |date=29 February 2024}}</ref> 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 mainland China.

===Hong Kong===
{{Main|DBS Bank (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 Limited]]. 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 Bank (Hong Kong) Limited]].<ref>{{cite news |title=From food security to future-ready skills, DBS Foundation improves lives in Hong Kong |url=https://www.scmp.com/native/news/hong-kong/topics/enhancing-lives-hong-kong/article/3273575/dbs-foundation |work=South China Morning Post |date=9 August 2024 |language=en}}</ref>

===India===
DBS has been present in India for 30 years, opening its first office in [[Mumbai]] in 1994. DBS Bank India Limited is the first among the large foreign banks in India to start operating as a wholly owned, locally incorporated subsidiary of a leading global bank. The bank now has a network of 530+ branches across 19 states in India<ref>{{Cite web |title=DBS Bank India reports strong profit and balance sheet growth for FY22-23 |url=https://www.dbs.com/newsroom/DBS_Bank_India_reports_strong_profit_and_balance_sheet_growth_for_FY22_23 |date=20 June 2023 |access-date=30 June 2023|website=www.dbs.com}}</ref> with presence in cities such as [[Bengaluru]], [[Chennai]], [[Cuddalore]], [[Calicut]], [[Thiruvananthapuram]], [[Kochi]], [[Hyderabad]], [[Kolhapur]], [[Kolkata]], [[Coimbatore]], [[Moradabad]], [[Indore]], [[Mumbai]] ([[Andheri]], [[Nariman Point]]), [[Nashik]], [[New Delhi]], [[Noida]], [[Gurugram]], [[Pune]], [[Salem, Tamil Nadu|Salem]], [[Surat]] and [[Vadodara]].<ref>{{Cite web |title=DBS Bank Branches and ATMs {{!}} DBS Bank India |url=https://www.dbs.com/in/index/locator.page |access-date=31 July 2019 |website=www.dbs.com}}</ref> On 17 November 2020, [[Reserve Bank of India]] instructed [[Lakshmi Vilas Bank]] (LVB) to be merged with DBS Bank India Limited after LVB having placed under moratorium for 30 days.<ref>{{Cite web |last1=Nair |first1=Vishwanath |title=Lakshmi Vilas Bank Under RBI Moratorium, To Be Merged With DBS India|url=https://www.bloombergquint.com/business/rbi-places-lakshmi-vilas-bank-under-moratorium |access-date=17 November 2020 |website=BloombergQuint |date=17 November 2020 |language=en}}</ref>

===Indonesia===
DBS has a 99%-owned subsidiary, '''PT Bank DBS Indonesia''', with 39 branches and sub-branches in 11 cities.

On 2 April 2012, DBS announced that it was planning to buy over a majority stake in [[Bank Danamon]] from Temasek Holdings.<ref>{{Cite web |last1=Azhar |first1=Saeed |last2=Lim |first2=Kevin |date=2 April 2012 |title=DBS to pay $7.2 billion for Indonesia's Bank Danamon |url=https://www.reuters.com/article/uk-dbs-danamon/dbs-to-pay-7-2-billion-for-indonesias-bank-danamon-idUKBRE83102920120402 |access-date=1 October 2019 |website=Reuters}}</ref><ref>{{Cite web |title=DBS mindful of possible headwinds to Bank Danamon deal |url=http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1194557/1/.html |access-date=11 April 2012 |publisher=Channel NewsAsia |archive-date=22 June 2012 |archive-url=https://web.archive.org/web/20120622103217/http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1194557/1/.html |url-status=dead }}</ref> 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.<ref>Esther Samboh, '[http://www.thejakartapost.com/news/2012/04/12/dbs-confident-approval-danamon-takeover.html DBS 'confident' of approval for Danamon takeover'], ''The Jakarta Post'', 12 April 2012.</ref>

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 the franchise.<ref>{{Cite web|url=http://www.dbs.com/newsroom/newsreleases/default.aspx?NewsID=550&Country=All|title=World's Best Bank &#124; DBS}}</ref>

===Taiwan===
DBS first established a presence in Taiwan in 1983.
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]].<ref>{{cite news |last1=Chew |first1=Elffie |last2=Baigorri |first2=Manuel |title=DBS Is Said to Tap Goldman Sachs to Help Find Insurance Partner in India, Taiwan |url=https://www.bloomberg.com/news/articles/2024-09-10/dbs-is-said-to-tap-goldman-sachs-to-help-find-insurance-partner-in-india-taiwan |access-date=10 April 2025 |work=Bloomberg.com |date=10 September 2024 |language=en}}</ref>

In January 2022, DBS announced the acquisition of [[Citigroup]]’s consumer banking business in Taiwan, paying a premium of [[Singapore dollar|S$]]930 million ([[New Taiwan dollar|NT$]]22 billion) at the close of the deal. After completing the acquisition on 14 August 2023, DBS became the largest foreign bank by assets in Taiwan.<ref>{{Cite news |title=DBS becomes largest foreign bank in Taiwan after merger with Citi's consumer banking unit |url=https://www.straitstimes.com/business/banking/dbs-becomes-largest-foreign-bank-in-taiwan-after-merger-with-citi-s-consumer-banking-unit |access-date=30 September 2023 |newspaper=[[The Straits Times]]|date=14 August 2023 }}</ref>

==Controversies==
===1Malaysia Development Berhad fund fiasco===
{{See also| 1Malaysia Development Berhad scandal}}

In October 2016, the [[Monetary Authority of Singapore]] (MAS) imposed financial penalties amounting to [[Singapore dollar|S$]]1 million on DBS for 10 breaches of anti-[[money laundering]] requirements and control lapses in relation to [[Malaysia]]’s scandal-tainted [[1Malaysia Development Berhad]] (1MDB) related fund flows.<ref>{{Cite web |title=DBS and UBS Fined Over 1MDB Fund Flows|date=11 October 2016 |url=https://www.finews.asia/finance/23165-dbs-ubs-1mdb-standard-chartered-aml-breaches |access-date=11 October 2016 |publisher=Finews Asia}}</ref>

===Wirecard scandal===
{{See also| Wirecard scandal}}

In June 2023, DBS was fined [[Singapore dollar|S$]]2.6 million by the Monetary Authority of Singapore (MAS) for breaching anti-money laundering and countering the financing of terrorism requirements, in a matter related to the [[Germany|German]] payments provider [[Wirecard]] scandal between July 2015 and February 2020, in relation to the accounts of 11 corporate customers.<ref>{{Cite news |title=
DBS, OCBC, Citibank and Swiss Life fined a total of $3.8m for breaches linked to Wirecard saga: MAS|url=https://www.straitstimes.com/business/dbs-ocbc-citibank-and-swiss-life-fined-a-total-of-38m-for-breaches-linked-to-wirecard-saga-mas |access-date=30 June 2023 |newspaper=[[The Straits Times]]|date=21 June 2023 }}</ref> DBS had failed to maintain relevant and up-to-date [[due diligence]] information on the customers’ [[Beneficial ownership|beneficial ownerships]], and to update their risk ratings for [[money laundering]] and [[terrorism financing]]. The bank also failed to adequately establish the source of wealth of higher-risk customers and their beneficial owners. In addition, it did not adequately inquire into the background and purpose of unusually large transactions that were not consistent with its knowledge of the customers, or had no apparent economic purpose.<ref>{{Cite web |title=MAS fines DBS, OCBC, Citi, Swiss Life for money-laundering rule breaches uncovered in Wirecard probe|date=21 June 2023 |url=https://www.businesstimes.com.sg/companies-markets/banking-finance/mas-fines-dbs-ocbc-citi-swiss-life-money-laundering-rule-breaches |access-date=30 June 2023 |publisher=[[The Business Times (Singapore)|The Business Times]]}}</ref>

===HKMA fine (2024)===
On 5 July 2024, DBS Bank (Hong Kong) Limited was fined [[Hong Kong dollar|HK$]]10 million ([[Singapore dollar|S$]]1.73 million) by [[Hong Kong Monetary Authority]] (HKMA) for lapses in adhering to anti-money laundering and counter-terrorist financing regulations. DBS Bank (Hong Kong) failed to continuously monitor [[Business relationship management|business relationships]] and conduct enhanced due diligence in high risk situations. The bank also failed to keep records on some of its customers.<ref>{{Cite news |title=DBS unit fined $1.7m in Hong Kong for anti-money laundering breach|url=https://www.straitstimes.com/business/banking/dbs-fined-173m-by-hong-kong-for-violating-anti-money-laundering-rules |access-date=7 July 2024 |newspaper=[[The Straits Times]]|date=5 July 2024 }}</ref><ref>{{Cite news |title=The Monetary Authority takes disciplinary action against DBS Bank (Hong Kong) Limited for contraventions of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance |url=https://www.hkma.gov.hk/eng/news-and-media/press-releases/2024/07/20240705-3/ |access-date=7 July 2024 |newspaper=[[Hong Kong Monetary Authority]]|date=5 July 2024 }}</ref>

==References==
{{Reflist}}

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