Development Bank Singapore

By: EconomyWatch Content   Date: 5 November 2009

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Development Bank Singapore is considered one of the largest financial service providers across Asia. Development Bank Singapore was established by the Government of Singapore with the underlying concept of promoting development banking to aid economic activity in the newly independent nation that was Singapore.

 

Over the years, the bank has diversified its business to include modern banking solutions. In 2003, its name was changed to DBS Bank to reflect an increasingly global consumer base. Development Bank Singapore has presence in 16 nations in Asia and Middle East. In Singapore, the bank has a network of above 200 branches and more than 1,000 ATMs.

Development Bank Singapore: Products and Services

Development Bank Singapore offers a range of personal, institutional and private banking products and services. Their personal banking products include:

  • Deposits: current account, foreign currency accounts, savings, fixed deposits.
  • Investments: regular savings, bonds, currency investments and retirement plans.
  • Insurance: car, home, travel, health and life insurance.
  • Loans: home, auto and educational loans with refinance schemes.
  • DBS credit and debit cards in association with MasterCard and Visa.

 

In the institutional banking area, they offer:

  • Business accounts
  • Commercial insurance
  • Capital markets
  • Cash management
  • Credit facilities
  • Treasury market
  • Trade finance

 

Under their private banking solutions, the bank assigns dedicated relationship manager to each account holder. They offer advisory services to the customer for investment in equities, mutual fund and commodities.

 

The bank has two specific banking services, DBS Treasures and POSB (Post Office Savings Bank). DBS Treasures is a service available to their most valued clients who receive priority banking and financial profiling services. POSB, on the other hand, offers mass banking products and services specific to residents of Singapore.

Development Bank Singapore: Islamic Banking

Development Bank Singapore offers Islamic banking in resonance with Shariah structure. DBS Islamic banking is available in selected regions of Asia and entire Middle East. The products and services available under this segment are:

 

  • Syndicated financing
  • Project finance
  • Working capital finance
  • Islamic Letter of Credit
  • Capital markets advisory
  • Wealth management solutions.

 

DBS bank enjoys ‘AA1’ credit ratings (Moody's Global Credit Research) and ‘AA-‘ (Standard & Poor's), one of the highest in the Asian region.

 

 

 


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