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DBS Bank Annual Report 1998

Performance at a Glance

Financial Highlights

Letter to Shareholders

Corporate Governance

Operations Review

Financial Report



Letter to Shareholders

Organisational Effectiveness

Building a world-class regional bank starts with a willingness to rethink and, if required, redesign key elements of our business ö beginning with the way we work together to better serve our customers. 

We operate in a highly competitive marketplace at a very volatile time in history. We face competition from local, regional and foreign banks, as well as global investment banks and a wide range of non-bank financial institutions. We conduct our business in a rapidly-changing global environment that is increasingly shaped by advances in information technologies and a customer base that puts more and more emphasis on efficiency, added value and personalised service. The bottom line: we must make sure our employeesâ talents and energies are directed toward satisfying our customers and growing our business. Weâre confident our new organisation will achieve the required efficiencies and the financial results will follow. 

We believe our ability to focus externally and coordinate internally is a critical competitive advantage. Accordingly, we have made fundamental changes to our organisation that will better align our businesses with the marketplace, and in so doing make our services more efficient and DBS Bank more focused and responsive to customer needs. We have embarked on the centralisation of critical support functions to leverage operating skills and more clearly direct the talent and energy of our employees as well as to control investments and expense.

At the same time, our new organisation has prompted changes to our internal committee structure, resulting in a business model that fosters cross-functional, pro-active, participative management throughout the DBS family, generating new ideas that will further enhance the franchise. We merged titles at certain levels to flatten the organisation structure and allow DBS to seize opportunities faster, respond to market dynamics, and deliver global banking capabilities by customer segment.

At the core of our new organisation is a workforce that is encouraged to take initiative, challenges the status quo and is accountable for its actions ö on earnings, quality, growth, and corporate reputation. We value our people as our most important resource. We seek to develop them to their full potential through training and job enrichment. We ask employees to think and act like owners. To that end, in 1999 we plan to introduce a new stock-based compensation programme that will allow employees to share in the future growth and success of DBS.

The Way Forward