DBS Full Form

DBS Full Form: Full form of DBS stands for Development Bank of Singapore. Its headquarters is in Singapore. It is a Well Known financial services provider. This financial organization is formerly known as the Development Bank Of Singapore Limited.

It is operational in more than 18 countries and Southeast Asia is the Main Market of the Development Bank of Singapore. A financial Publication called “Global Finance”  has crowned DBS the “best bank in the world” for the foreseeable future. This Recognition was given in the year 2018 and it was named “Global Bank Of The Year“.

History of DBS:

DBS was started in the early 1960s. This concept was first introduced in United Nations Industry Survey Mission’s report. In this report creation of a company to manage the country’s industrialization program was recommended. Various works like managing industrial parks, offering financing to companies, and attracting foreign investment were proposed in this company. Then later Singaporean government announced plans to establish a development bank with a public equity investment in April 1968. And in July 1968, the DBS was legally founded and in September 1968 it was inaugurated.

In December 1971, it was the first company in Singapore to issue Asian dollar bonds. The bank opened its first office in Singapore’s Jurong. As of 2017, according to reports, there were 24174 employees working for the bank. The bank currently provides services such as mortgage loans, insurance, credit cards, retail banking, business finance, wealth management, and private banking.

DBS in INDIA:

In India Development Bank Of Singapore currently has 12 branches open in well known cities like Mumbai, Pune, Chennai, Hyderabad etc. Sachin Tendulkar is Brand ambassador of DBS bank in India. Now the Reserve Bank of India ordered the merger of Laxmi Vilas bank with DBS, which took place in November 2020. This was the first time that RBI permitted foreign bank to assist an Indian bank which was having financial difficulties. The Singaporean corporation has also joined a number of collaborations to expand its business potential in India.

Interesting Fact About of DBS:

1. DBS received the global award for “Financial Leadership in Sustaining Communities”.
2. It was also recognized among leading examples of stewardship excellence in Asia-Pacific by Stewardship Asia.
3. It’s Global wins includes  “World’s Best Bank” from Global Finance and “Digital Workplace of the Year: Cutting Edge Award” from Digital Workplace Group.
4. DBS was also featured in the “100 Best Workplaces for Innovators” ranking from Fast Company.