The full form of DBS is Development Bank of Singapore Limited. DBS Bank Ltd is a multinational banking and financial services company headquartered in Marina Bay, Singapore. The Development Bank of Singapore Limited was the company’s name before the current name was adopted on July 21st, 2003, to reflect its evolving standing as a leading bank.
On July 16th, 1968, the Singaporean government founded the bank to take over the Commercial Financing activities from the Economic Development Board. There are currently over a hundred of its divisions dispersed around the island. DBS is the largest bank in Southeast Asia by capital and one of the biggest banks, with liquid assets of S$518 billion as of December 31st 2017. ‘
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The DBS’s brief history
- On July 16th, 1968, the Singaporean government created DBS to replace the Economic Development Board’s manufacturing capital expenditures.
- The bank’s main goals would be to lend money to the manufacturing sector, aid financing projects, and support the development of new and improved industries in Singapore.
- The Singaporean government invited a United Nations industrial analysis mission in 1960 to assess Singapore’s financial situation and develop an industrialization plan for the city-state.
- The proposal has called for establishing a development bank coupled with an administrative agency to draw in international investors, finance, and administer industrial sites.
- The bank was founded in July 1968, and its operations got underway in September of the same year.