HISTORYCAL OF THE DEVELOPMENT BANK OF SINGAPORE

DBS Bank is a multinational banking and financial services corporation headquartered in

Marina Bay, Singapore. The company was known as The Development Bank of Singapore

Limited, before the present name was adopted in July 2003 to reflect its changing role as a

regional bank.

The bank was set up by the Government of Singapore in July 1968 to take over the industrial

financing activities from the Economic Development Board. Today, its branches numbering

more than 100 can be found island-wide. DBS Bank is the largest bank in South East Asia by

assets and among the larger banks in Asia, with total assets of S$482 billion as at 31 Dec 2016.

It has market-dominant positions in consumer banking, treasury and markets, asset

management, securities brokerage, equity and debt fund-raising in Singapore and Hong Kong.

The bank's strong capital position, as well as "AA-" and "Aa1" credit ratings by Standard &

Poor's and Moody's that are among the highest in the Asia-Pacific region, earned it Global

Finance's "Safest Bank in Asia" accolade for six consecutive years, from 2009 to 2015.[6][7]

The Bank was also awarded the Best Digital Bank in the World in the year 2016 by

Euromoney.[8] With operations in 17 markets, the bank has a regional network spanning more

than 250 branches and over 1,100 ATMs across 50 cities.

INTERNATIONAL OPERATION

DBS corporate headquarters at Marina Bay Financial Centre Tower 3 in Singapore.

DBS has branches and offices in China, Dubai, Hong Kong, India, Indonesia, Japan, South

Korea, Malaysia, Myanmar, Philippines, Taiwan, Thailand, Vietnam, United Kingdom and

United States.

DBS ENSTABLISHES FIRST ISLAMIC BANK IN SINGAPORE

The Islamic Bank of Asia (IB Asia) is a joint venture between the majority stakeholder, DBS

Bank, and 22 investors from prominent families and industrial groups in Gulf Co-operation

Council (GCC) countries.

The bank will be incorporated with an initial paid-up capital of $418 million, with DBS

contributing $250 million and holding an initial stake of 60%. IB Asia plans to attract capital

from other GCC investors in the coming weeks to increase the banks capital to $500 million.

With the proposed capital injection, DBS will continue to hold a majority stake, with no less

than 50% plus one share.

Abdulla Hasan Saif, the adviser for economic affairs to the prime minister of Bahrain, was

named chairman, and Jackson Tai, the vice-chairman and chief executive of DBS, as vice-

chairman. The seven other board members include Khalid Abdulla Al-Bassam, chairman of

Bahrain Islamic Bank, and Lee Hsien Yang, former chief executive of Singtel Group.

Vince Cook, the former general manager of Qatar National Bank in Doha, will be the banks

new chief executive. The bank has also appointed four respected Islamic scholars to its shariah
board: Nizam Mohammad Saleh Yaqouby, Mohamed Ali Elgari, Abdul Sattar Abdul Kareem

Abu Ghuddah and Mohamed Daud Bakar.

Tai said IB Asia would originate and distribute innovative wealth management and capital

market instruments for corporate and private banking clients in the Middle East and Asia.

Singapore is becoming a convenient stopover for GCC investors and capital flows bound for

Asia, Tai said.

Malaysia is far ahead of the curve in Islamic banking. The countrys first Islamic bank was set

up in 1983, and there are 12 Islamic banks in the country. The Malaysian national bank, Bank

Negara Malaysia, has set a target for Islamic banking to account for 20% of banking assets by

2010. As of March 2006, Islamic banking made up almost 12% of total assets. The central bank

had RM117 billion ($34.2 billion) in Islamic banking assets as of June 2006.