DBS Bank Hong Kong's Credit Rating Upgraded By Standard & Poor's
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SINGAPORE, JULY 21, 2003 - DBS Group Holdings Ltd said today that Standard & Poor's has raised its long-term counterparty credit rating on DBS Bank (Hong Kong) Limited (DBSHK) to "A+" from "A-", and its short-term counterparty credit rating on the bank to "A-1" from "A-2". Reflecting its financial strength and strong parentage, DBSHK now achieves the same rating as its parent company, DBS Bank Ltd, which is one of the highest ratings among banks in Asia.
Two other credit rating agencies, Moody's and Fitch, meanwhile also reaffirmed all the ratings of DBSHK. Both Moody's and Fitch rated DBSHK's long-term currency bank deposits at A3 and A+ respectively.
The ratings by the three credit agencies followed the completion of the legal merger of DBS' three Hong Kong banking operations, Dao Heng Bank Limited, DBS Kwong On Bank Limited and Overseas Trust Bank Limited. The combined operations in Hong Kong is named DBS Bank (Hong Kong) Limited.
DBSHK is the fourth largest banking group in Hong Kong with total assets of HK$186 billion, a retail network of 65 branches and about 3,600 employees in the Special Administrative Region of China.
About DBS
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.
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