Ranked 14th safest globally, and fourth-safest commercial bank worldwide, unchanged from 2019 and 2018
Mumbai, NFAPost: DBS Bank announced that it has been named the ‘Safest Bank in Asia’ for the 12th consecutive year by New York-based trade publication Global Finance. DBS’ rankings as the fourth-safest commercial bank in the world and 14th safest bank globally remain unchanged from 2019 and 2018.
Global Finance publisher and editorial director Joseph D. Giarraputo said for most of 2020, the world has been lashed by the Covid-19 pandemic, a steep drop-in economic activity and, in some cases, serious social unrest.
“Any of these developments could have significantly impacted banks’ credit worthiness. Surprisingly however, the relative position of the world’s largest banks on Global Finance’s World’s Safest Banks 2020 lists has been mostly stable. One can only speculate on when, or if, the changes will come. In the meantime, the rankings will be used by companies, investors and individuals to gauge the relative safety of the banks with which they choose to do business,” said Global Finance publisher and editorial director Joseph D. Giarraputo.
Bank’s resilience
Global Finance publisher and editorial director Joseph D. Giarraputo said in a year of major turbulence on several fronts, DBS is confirmed to be the safest bank in Asia for the 12th consecutive year and one of the World’s Safest Banks globally.
“It is a sign of the bank’s strength and resiliency, and the result of its strong presence in key markets across the region,” said Global Finance publisher and editorial director Joseph D. Giarraputo.
DBS Bank Chief Financial Officer Chng Sok Hui said the bank is honoured that Global Finance has recognised DBS Bank as the Safest Bank in Asia for the 12th consecutive year.
“During these challenging times, we remain committed to upholding the trust of our customers and ensuring that we continue to seamlessly provide for all their banking needs. While the environment is likely to remain uncertain, we are confident that our strong capital base, deep customer relationships and robust digital strategy will ensure that we are able to continue supporting our customers and communities,” said DBS Bank Chief Financial Officer Chng Sok Hui.
Financial wellbeing
DBS Bank India Managing Director and CEO Surojit Shome said leading the Asia’s Safest Bank ranking for over a decade is a testament to the resilience of franchise and ability to support customers, and partners even through the most challenging times.
“Ensuring the safety and financial wellbeing of our customers remains a top priority for us. We remain committed to strengthening our customer relationships by delivering a safe, secure and intuitive banking experience,” said DBS Bank India Managing Director and CEO Surojit Shome.
DBS Bank India also recently unveiled a new brand campaign around the importance of safety, featuring brand ambassador Sachin Tendulkar. The brand film emphasised on how a trusted partner can help find safe solutions even in the most difficult of times. Being named Asia’s Safest Bank for the 12th straight year reaffirms the bank’s focus on safeguarding customers and stakeholders.
Foreign currency rating
Global Finance’s annual ranking of the World’s 50 Safest Banks has been the recognised and trusted standard of financial counterparty safety for a quarter-century. Winners were selected through an evaluation of long-term foreign currency ratings – from Moody’s, Standard & Poor’s and Fitch – of the 500 largest banks worldwide.
This year, DBS was also Global Finance’s pick for ‘Best Bank in the World’ 2020. This follows a similar win in 2018. The bank was also named ‘World’s Best Bank’ by leading financial publication Euromoney in 2019, and ‘Global Bank of the Year’ by Financial Times publication The Banker in 2018. The 2020 Global Finance title marks the third consecutive year that DBS has been honoured with a global Best Bank accolade.
DBS is a leading financial services group in Asia with a presence in 18 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank’s “AA-” and “Aa1” credit ratings are among the highest in the world.
DBS Bank has been present in India for 26 years, having opened its first office in Mumbai in 1994. DBS Bank India Limited is first among the large foreign banks in India to start operating as a wholly owned, locally incorporated subsidiary of a leading global bank.
Individual consumers
DBS provides the entire range of banking services for large, medium and small enterprises and to individual consumers in India. In 2016, DBS launched India’s first, mobile-only bank – digibank, which now has over 2.6 million customers. Currently present across 25 cities, the Bank has been expanding its presence across India since converting to a wholly owned subsidiary.
Recognised for its global leadership, DBS has been named “World’s Best Bank” by Euromoney, “Global Bank of the Year” by The Banker and “Best Bank in the World” by Global Finance. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney. In addition, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for 12 consecutive years from 2009 to 2019.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers and positively impacting communities through supporting social enterprises as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all our 29,000 staff representing over 40 nationalities.
