What is the full form of DBS?
The DBS full form is the Development Bank of Singapore Limited. DBS Bank Ltd is a Singaporean international banking and financial services organization with headquarters in Marina Bay, Singapore. Prior to adopting its current name on 21 July 2003 to reflect its evolving position as a prominent bank, the institution was known as The Development Bank of Singapore Limited.
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The government of Singapore formed the bank on 16 July 1968 to take over the Economic Development Board’s commercial finance activities. Currently, its divisions are dispersed around the island and number over a hundred. With S$518 billion in liquid assets as of 31 December 2017, DBS is the largest bank in Southeast Asia by capital and one of the largest banks in Asia. The bank’s regional network consists of over 250 branches and over 1,100 ATM in fifty locations, and it operates in seventeen markets.
A quick overview of DBS
- The Government of Singapore created DBS on 16 July 1968 to assume responsibility for the Economic Development Board’s manufacturing capital expenditures.
- The primary purpose of the bank would be to give loans and financial assistance to Singapore’s manufacturing sector and to aid in the development and modernization of Singapore’s current industries.
- In 1960, the government of Singapore asked a United Nations industrial analysis mission to analyze Singapore’s financial situation and develop an industrialization program for the region.
- In addition to an administrative body, the plan includes the establishment of a development bank to attract international investors and provide funding and management of industrial sites.
- The bank was founded in July 1968 and began operations in September of that year.
