DBS NAMED BEST BANK IN ASIA-PACIFIC
Marks first time an Asian bank has won the prestigious award
from New York-based Global Finance in over two decades
SINGAPORE, 28 March 2014 – DBS Bank has been named ‘Best Bank in Asia-Pacific’ by Global Finance, a New York-based magazine, in its annual World’s Best Banks Awards 2014. This marks the first time an Asian bank has won this prestigious award since the inception of the awards 21 years ago. DBS also clinched the ‘Best Bank in Singapore’ title.
These accolades recognise the solid progress DBS has made in establishing itself as an Asian banking powerhouse while entrenching its leadership in Singapore, its home market.
Global Finance’s World’s Best Banks Awards aim to recognise banks with which corporates across the world would most likely want to do business. Winners were selected based on objective criteria such as growth in assets, profitability, strategic relationships, customer service, competitive pricing and innovative products. Subjective criteria included the opinions of equity analysts, credit rating analysts, banking consultants and financial executives. In addition, for the first time, a poll of Global Finance’s corporate readership was conducted to increase the accuracy of the results.
Said Joseph D Giarraputo, publisher and editorial director of Global Finance, “The banks that Global Finance is honouring set themselves apart by anticipating and responding to the specific needs of their customers. With the recovery from the financial crisis moving along slowly, these banks have performed the best under very difficult conditions.”
DBS has delivered four consecutive years of strong growth since identifying its strategic priorities in 2010, with 2013 net profit hitting a record high of SGD 3.5 billion – the highest of all the Singapore banks – and total income rising 11% to a new high of SGD 8.9 billion. The double-digit top-line growth reflected the depth and resilience of DBS’ regional franchise across all its business lines in a year marked by market volatility and low interest rates. Despite the challenging operating environment, DBS achieved record income in consumer banking, wealth, SME banking and global transaction services. The bank also continued to maintain its position as a leading player in strategic advisory, syndicated finance, foreign exchange and derivatives as well as debt and equity capital markets.
In addition, to ensure that clients are at the heart of the DBS banking experience, DBS has placed innovation at the top of its agenda, and has continued to enhance its infrastructure and technological platforms to make it more convenient for customers to bank electronically or on-the-go. Today, DBS has about 2.4 million online and 840,000 mobile users across the region. It has also embarked on strategic partnerships with leaders in the technology space, such as IBM and A*STAR, to develop new and innovative products and services that will better serve its clients’ needs.
On the employee front, DBS empowers its people to develop both professionally and personally. Its employee engagement ranks among the top 10% of all financial institutions and companies surveyed by international research consultancy Gallup. The bank has also won the Gallup Great Workplace Award for two consecutive years in 2013 and 2014.
DBS also aims to deliver long-term social value to the communities it is in. As part of efforts to champion social entrepreneurship across Asia, since 2012, DBS has provided close to SGD 2 million in grants to 59 social enterprises in Asia. Earlier this year, the bank has also committed SGD 50 million to establish a DBS Foundation to strengthen its corporate social responsibility efforts across Asia.
Said Piyush Gupta, CEO of DBS Group Holdings, “DBS is very pleased to have been named the Best Bank in Singapore and the Asia-Pacific. Over the last four years, the fundamental construct of the bank has changed. Income from our higher-growth markets as well as higher-return annuity businesses has increased. We also continue to be very focused on putting the customer at the heart of the banking experience, and being at the forefront of banking innovation. To be the first Asian bank to win in the Asia-Pacific category bears testament to the fact that we are executing well on our strategy to become the Asian Bank of Choice for the New Asia.”
DBS’ strength across the region has been recognised by other established publications. In 2012, DBS was named ‘Bank of the Year, Asia’ by The Banker, and was the first Asian bank to be named ‘Derivatives House of the Year, Asia ex-Japan’ by Asia Risk. In 2013, DBS muscled into the top ranks of global banks offering trade finance services in Asia, and was the only Asian bank ranked within the top three, according to research from East & Partners Asia. DBS is also Singapore’s and ASEAN’s most valuable banking brand, according to a study published by The Banker/Brand Finance. In addition, the bank’s well-capitalised position has earned it Global Finance’s ‘Safest Bank in Asia’ accolade for five consecutive years from 2009 to 2013.
DBS - Living, Breathing Asia
DBS is a leading financial services group in Asia, with over 250 branches across 17 markets. Headquartered and listed in Singapore, DBS has a growing presence in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's capital position, as well as "AA-" and "Aa1" credit ratings, is among the highest in Asia-Pacific. DBS has been recognised for its leadership in the region, having been named “Asia’s Best Bank” by The Banker, a member of the Financial Times group, and “Best Bank in Asia-Pacific” by Global Finance. The bank has also been named “Safest Bank in Asia” by Global Finance for five consecutive years from 2009 to 2013.
DBS provides a full range of services in consumer, SME and corporate banking activities across Asia. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. These market insights and regional connectivity have helped to drive the bank’s growth as it sets out to be the Asian bank of choice. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all of our 19,000 staff, representing over 30 nationalities. For more information, please visit www.dbs.com .
Back to News List