DBS Bank Limited (SGX: D05), Referred To As DBS Bank, Is Singapore's Largest Commercial Bank And Was Named "Asia's Safest Bank" By Global Finance Magazine.
DBS Bank Was Formerly Known As "Development Bank Of Singapore" And Changed Its Current Name On July 21, 2003 To Reflect Its Changing Role As A Global Bank.
DBS Bank's Current Largest Controlling Shareholder Is Temasek Holdings , Temasek Holdings Is Singapore's Second Largest Sovereign Wealth Fund (after The Government Investment Corporation). As Of March 31, 2018, Temasek Owned 29% Of DBS Bank.
In 1968, Development Bank Of Singapore Was Established, Referred To As DBS Bank, And Its Original Purpose Was To Develop Investment Projects.
In 1998, DBS Bank Merged With POSBank And Monopolized Singapore.
In November 2000, DBS Bank's Real Estate Developer - Development Land Was Separated From DBS And Merged With Patten Land, Which Was Spun Off From STAR Holdings, To Form CapitaLand, A Wholly-owned Subsidiary Of Temasek Holdings (later Renamed CapitaLand).
On December 22, 2008, DBS Group Raised S $4 Billion (approximately HK $21.40 Billion At The Time) With A Rights Issue For Every Two Shares At S $5.42 (approximately HK $29) Per Share.
On November 11, 2013, DBS Group Sold The Remaining 9.9% Stake In Bank Of The Philippine Islands For S $850 Million (nearly US $681 Million). The 5.6% Stake Will Be Sold To The Government Of Singapore Investment Corporation (GIC). In Addition, A 4.3% Stake Will Be Sold To Ayala Corp. Of The Philippines. Ayala Itself Is The Largest Shareholder Of Bank Of The Philippine Islands.
On March 17, 2014, DBS Group Acquired Socie ́ Te ́ Ge ́ Ne ́ Rale's Private Banking Business In Hong Kong And Singapore, As Well As Part Of Its Trust Business, For US $220 Million.
On April 8, 2015, DBS Group And Manulife Financial (945) Reached A 15-year Bancassurance Agreement, With Manulife Required To Pay US $1.20 Billion (approximately HK $9.30 Billion) In Installments. The Agreement Stipulates That Nearly 200 Branches Of DBS In Hong Kong, Singapore, China And Indonesia Will Sell Manulife Products Exclusively In The Coming Year.
On October 31, 2016, DBS Group Acquired The Personal Finance And Wealth Management Business Of AXA Bank In Five Markets: The Republic Of China, Singapore, Hong Kong, The People's Republic Of China, And Indonesia For More Than S $110 Million (approximately HK $613 Million) Of Carrying Value. The Acquisition Involves The Sale Of Retail And Private Banking Businesses In Five Markets, Including Loans And Total Assets Worth 11 Billion Australian Dollars (approximately HK $64.79 Billion), Credit Risk-weighted Assets Worth Approximately 7 Billion Australian Dollars, And Deposits Worth Approximately 17 Billion Australian Dollars. This Year, The Related Business Earned 50 Million Australian Dollars. AXA Bank Currently Serves Nearly 1.3 Million Customers, Including 100,000 Wealth Management And Private Banking Customers And 1.2 Million Personal Finance Customers.
In December 2017, Taiwan Aosheng Was Fully Merged Into Taiwan DBS Bank And Exited The Taiwan Market. Aosheng Bank's Asia Pacific (including Taiwan) Consumer Finance Business And Credit Card Department Were Transferred To DBS Bank.
