The Development Bank Of Singapore Ltd is Now DBS Bank Ltd
* * *
SINGAPORE, JULY 21, 2003 - DBS Group Holdings Ltd (DBSH) announced that the legal name of its banking entity "The Development Bank of Singapore Ltd" has officially changed to "DBS Bank Ltd" with effect from today, July 21, 2003.
DBS' Chinese name "新加坡发展银行"has also officially changed to "星展银行".
Today is also the effective date of the legal merger of DBS' Hong Kong entities, Dao Heng Bank Limited, DBS Kwong On Bank Limited, and Overseas Trust Bank, Limited.
Integration of DBS' Hong Kong operations was virtually complete at the time DBS Group executed the purchase of the second and final tranche of Dao Heng Bank shares earlier this year. However, under Hong Kong regulatory and legislative requirements, consolidation to a single banking license requires the passing of a Merger Ordinance by the Hong Kong Legislature. The necessary legislative approvals were granted recently, paving the way for a full legal merger, effective today.
The combined DBS Hong Kong operations will adopt the new legal name "DBS Bank (Hong Kong) Limited" and the new Chinese name "星展银行(香港)有限公司".
DBS Group's subsidiaries in Hong Kong will also take on the well-recognised, widely-used DBS name. The new names further unify the DBS brand across Asia.
The legal name change to "DBS Bank Ltd" will not affect our customers' banking and financial transactions as existing contracts will be honoured. The marketing collateral customers currently hold, including ATM cards, credit cards, passbooks, or chequebooks, will continue to be accepted.
DBS Bank is the largest bank in Singapore as measured by assets, with dominant positions in consumer banking, treasury and markets, securities brokerage, and equity and debt fund raising. With the merger of its wholly-owned Dao Heng Bank and DBS Kwong On Bank operations in Hong Kong, DBS Bank is now the fourth largest banking group in Hong Kong. Beyond the anchor markets of Singapore and Hong Kong, DBS Bank serves corporate, institutional and retail customers through its operations in Thailand, The Philippines, and Indonesia. In China, the bank has branches and representative offices in Shanghai, Beijing, Shenzhen, Fuzhou and Tianjin. The Bank's credit ratings are amongst the highest in the Asia-Pacific region. More information about DBS Group Holdings and DBS Bank can be obtained from our website www.dbs.com.