17 Facts About DBS Bank

DBS Bank Limited, often known as DBS, is a Singaporean multinational banking and financial services corporation headquartered at the Marina Bay Financial Centre in the Marina Bay district of Singapore.

The DBS Bank was awarded the Best Digital DBS Bank in the World in 2016 by Euromoney.

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.

Formerly known as Post Office Savings DBS Bank, it was established on 1 January 1877 at the General Post Office Building in Raffles Place by the Straits Settlements government.

POSB DBS 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.

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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.

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 to prepare for local incorporation in Mainland China.

On 2 April 2012, DBS announced that it was planning to buy over a majority stake in Bank Danamon from Temasek Holdings.

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.

In May 2008, DBS integrated Taiwan's Bowa Bank into its operations after acquiring the "good bank assets" in February.

In January 2022, DBS has agreed to buy Citi's Taiwan retail business as it becomes the largest foreign bank in Taiwan by assets.

DBS Bank launched The Islamic Bank of Asia on 7 May 2007, after receiving official approval from the Monetary Authority of Singapore for a full bank licence.

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, with DBS Bank developing their Islamic compliant banking products instead.

The DBS Bank 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.

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.