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DBS Bank-DBS Bank Full Form, Services, Native Country, History, FAQs, and more

If you are new to DBS Bank and want to know about the DBS Bank, especially its full form and native country then you are at the right place, as here We will share all the details about DBS Bank, in this post. Let's get started one by one:

DBS Bank-DBS Bank Full Form, Services, Native Country, and History and more

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What is DBS or DBS Bank?

There are very few people, who actually know that DBS Bank is Singaporean Bank and the full form of DBS is the Development Bank of Singapore. DBS Bank Ltd, headquartered in Marina Bay, Singapore, is a popular multinational banking and financial services corporation in Asia.

It is mostly known as The Development Bank of Singapore Limited, the bank was renamed to DBS Bank Ltd on 21 July 2003 to reflect its evolving status as a leading financial institution.

A Brief History of DBS Establishment and Early Years

The Singaporean government founded DBS on July 16, 1968. The Economic Development Board (EDB) had to transfer its commercial financing operations to a separate banking organization, which was why the bank was established.

DBS's main goal was to support Singapore's manufacturing industry financially and with loans in order to help it grow and modernize its industries. First mentioned in a study by the UN Industry Survey Mission, headed by Dutch economist Albert Winsemius, was the plan to form DBS.

After visiting Singapore in 1960 and 1961, the mission suggested setting up an economic organization to oversee the nation's industrialization efforts. This organization would be in charge of managing industrial estates, luring in foreign investment, and offering industrial finance.

August 1, 1961, saw the founding of the EDB, and in April 1968, the government of Singapore declared its intention to create a development bank that would involve public equity participation. In September 1968, DBS formally started operating, and Hon. Sui Sen served as both its first chairman and president.

Expansion and Milestones

DBS has grown dramatically over the years, completing several acquisitions and growth projects. It was the first bank in Singapore to issue Asian dollar bonds, doing so in December 1971. In 1977, the bank expanded its global reach by establishing a branch in Tokyo, Japan.

In 2017, DBS operated over 1,100 ATMs in 50 cities and employed around 24,174 individuals across 17 markets.

Global Recognition and Achievements

Over the years, DBS has received many honors. In 2018 and 2020, DBS was named the 'Best Bank in the World' by the New York-based financial newspaper "Global Finance". DBS also received the 2019 title of "Global Bank of the Year." The bank was named 'Singapore's most valuable brand' in 2021 for the seventh year in a row.

Services Offered by DBS

If you open a bank account in DBS Bank then it may be a good choice for you as DBS provides a wide range of services as follows:

Retail Banking- Personal banking services, savings accounts, and loans.
Corporate Banking- Financial solutions for businesses.
Investment Banking- Advisory services and capital raising.
Mortgage Loans- Home financing solutions.
Private Banking- Wealth management for high-net-worth individuals.
Credit Cards- Various credit card options tailored to customer needs.
Finance and Insurance- Comprehensive financial and insurance services.

Opening a Bank Account with DBS

The process of opening a bank account with DBS is simple. In Singapore, people have the option of applying in person or online. Identification (a valid passport and re-entry permission for permanent residents, or an NRIC for Singaporeans) and evidence of residential address (a utility bill or bank statement) are required papers.

Similar steps, including an online application and document verification, are involved in the procedure in India. ID proof (passport, Aadhar card, etc.) and address proof (utility bills, rental agreement, Aadhar card, etc.) are examples of required documentation.

DBS Presence in India

There are about 12 DBS branches across India's largest cities, including Mumbai, Pune, Hyderabad, Chennai, and Delhi. In India, Sachin Tendulkar represents the bank as its brand ambassador.

Notably, DBS combined with Laxmi Vilas Bank in November 2020 as a result of a directive from the Reserve Bank of India. This was the first time the RBI has permitted a foreign bank to support an Indian bank that was having financial issues. An estimated $335 million will be invested by DBS's Indian affiliate to acquire a 51% share in Laxmi Vilas Bank.

Recent Initiatives and CSR Activities

DBS is actively involved in corporate social responsibility (CSR) initiatives. The bank supports social entrepreneurial enterprises and contributes to the zero-waste economy through collaborations and programs such as 'Do it for the Gram', 'Leading by Example', and 'Clean up Act'.