DBS transforms into Asian banking powerhouse

The world's economic centre of gravity is shifting eastwards, propelled by rapid urbanisation and industrialisation in Asia's developing countries. The economic shift is creating wealth in the region, opening up enormous opportunities for business and investments. Embodying the dynamism of the new Asia, DBS Bank has ascended to greater heights as one of a few institutions to have developed the organisational flexibility, financial strength and product capability to cater to the region's evolving financial needs. 

"We have focused our strategy to capitalise on the surging megatrends in the region," says Piyush Gupta, DBS Bank CEO. "In addition to a rising middle class and affluent population, there is a fundamental shift in consumption patterns as Asia is not just producing, but now consuming a lot more of its own production. Notably, it is becoming a more integrated Asia with burgeoning intraregional trade and capital flows. Here, DBS is uniquely placed as an intermediary in the growing regional connectivity."

Headquartered and listed in Singapore, DBS has been making strides since launching its "Living, Breathing Asia" position more than a decade ago. Under the dynamic leadership of Gupta, who took the helm in 2009, and with strong support from the board and a quality management team, DBS has undergone a transformative development into one of the biggest names in Asian banking through hard work, innovation and disciplined execution of strategy. As an Asia-centric commercial bank, DBS has outperformed local financial players through its reach and sophistication. Global banks, meanwhile, have to contend with DBS' deep understanding of the local culture and business environment.

Gupta also attributes the bank's leading position to its successful marriage of the best business practices from the East and West. "What we've built in DBS is quite unique because it relies on established, hard-core processes that are Western in the way they have been architected, while incorporating Asian values," Gupta says. "This has become our distinct brand of banking we call 'banking the Asian way'." 

From pioneer to Asian powerhouse

Previously known as The Development Bank of Singapore, DBS was established in 1968 by the Singaporean government to help bolster the economy of the then newly independent city state. The bank played an important role in accelerating Singapore's industrialisation in the 1970s and 1980s by providing funding support to the manufacturing and processing industries and assisting in the establishment of new industries and the upgrade of existing ones.