What is the full form of DBS?
The full form of DBS is the Development Bank of Singapore Limited. DBS Bank Ltd, based in Marina Bay, Singapore, is a Singaporean multinational banking and financial services corporation. Before the current name was introduced on 21 July 2003 to represent its changing status as a leading bank, the organization was identified as The Development Bank of Singapore Limited.
The bank was established by the government of Singapore on 16 July 1968 to carry over from Economic Development Board the activities of commercial financing. Currently, its divisions can be located island-wide, counting more than a hundred. With a liquid wealth of S$518 billion as of 31 December 2017, DBS is the biggest bank in Southeast Asia by capital and among the largest Asian bank. The bank has a regional network of more than two fifty subsidiaries and over 1,100 ATMs across fifty cities, with activities in seventeen markets.
A brief history of DBS
- DBS developed by the Government of Singapore on 16 July 1968 to take over the Economic Development Board’s manufacturing capital expenditures.
- The primary objective of the bank would be to provide loans & financial assistance to the manufacturing sector and to help build and upgrade existing industries in Singapore.
- In 1960, a United Nations industrial analysis mission was invited by the Singapore government to examine the financial condition in Singapore and to establish an industrialization program for the area.
- The concept has included the creation, along with an administrative body, of a development bank to attract foreign investors as well as provide funding and management of industrial sites.
- In July 1968, the bank was established and started operations in September of that year.