What Is The Full Form Of DBS ?
DBS Full Form: Development Bank of Singapore
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. DBS was established in 1968 as a statutory board under the Ministry of Finance of the Government of Singapore. Today, DBS has a wide network of over 200 branches across 15 countries and territories in the Asia Pacific, including Singapore, Hong Kong, Taiwan, Indonesia, China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, Philippines, and Australia. The bank has also office in Dubai.
DBS offers a comprehensive range of products and services to suit the needs of individuals, businesses, and institutional investors. These include personal banking products and services such as savings accounts, credit cards, loans, and mortgages; business banking products and services such as SME loans, corporate banking, and trade finance; and investment banking products and services such as equity and fixed income securities.
DBS is one of the three largest banks in Singapore, with over S$500 billion in assets under management as of 31 December 2017. The bank has been consistently ranked among the World’s best banks by leading financial publications such as The Banker, Euromoney, and Global Finance. In 2016, DBS was named the “World’s Best Digital Bank” by Euromoney magazine.
The Development Bank of Singapore (DBS) acquired the Post Office Savings Bank (POSB) on 16 November 1998 for $1.6 billion. The acquisition helped to strengthen DBS’s market position as Singapore’s largest bank. The POSB was formed on 1 January 1877 in the General Post Office building in Raffles Place by the British colonial government in Singapore. As of 31 March 1999, the POSB had S$29.9 billion in deposits and S$6.7 billion in loans outstanding.
DBS shareholders and international operations
DBS is one of the three largest banks in Singapore, with shareholders from all over the World. The Development Bank of Singapore has many 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, Vietnam, United Kingdom, etc. The bank also has a presence in major financial centers such as New York, London, and Tokyo. DBS provides a full range of banking services to meet the needs of its customers. These include deposit-taking, loans and advances, foreign exchange trading, money market operations, and investment banking services. DBS’s international operations are supported by a strong network of correspondent banks located around the World.
- DBS Awards is one of the most successful banks in the Asia Pacific. It has got many awards such as –
- Best Consumer Digital Bank in Singapore
- Best Retail Bank in Singapore
- Best SME Bank in Singapore
It also has one of the largest branch networks in Singapore, with over 100 branches island-wide. DBS is committed to providing quality service and products to its customers. In recognition of this, DBS has been awarded the following awards:
- Service Excellence Award by The Straits Times
- Reader’s Digest Trusted Brand Award
- BCC Customer Service Champion Award
- ISO 9001:2008 Quality Management System Certification
- SAP Ariba Innovation Partner of the Year
DBS has also been recognized as one of the World’s 50 Safest Banks by Global Finance for 10 consecutive years. This is a testament to DBS’ strong risk management practices and sound financial position.
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