DBS Named Safest Bank in Asia for the 15th Consecutive Year by Global Finance
Oct 12, 2023
BusinessWire India
Mumbai (Maharashtra) [India], October 12: DBS Bank today announced that it has been named "Safest Bank in Asia" by New York-based trade publication Global Finance. This is the 15th consecutive year that DBS has achieved this accolade, extending a track record stretching back to 2009. The bank also retained its position at 2nd in the 'World's Safest Commercial Banks' list.
The Global Finance annual rankings of the World's Safest Banks have been the recognised and trusted standard of financial counterparty safety for more than three decades. 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.
Joseph D. Giarraputo, Global Finance founder and editorial director, said, "With the rise in inflation and bank runs, bank soundness remains the cornerstone of worldwide commerce during these stressful times. With a strong capital base, Singapore's DBS has ranked Safest Bank in Asia for the 15th year."
Chng Sok Hui, Chief Financial Officer of DBS Bank, said, "It is an honour to be recognised once again by Global Finance as the Safest Bank in Asia. During these uncertain times, Singapore continues to stand out as a safe haven with its robust legal system, regulatory framework and political stability. As the largest bank in Singapore and Southeast Asia, DBS' resilient franchise, underpinned by a solid balance sheet, robust risk management capabilities and strong risk culture, position us well to continue to be an important and trusted partner to our customers and the community."
This year, DBS was also named World's Best Bank for Corporate Responsibility by leading financial publication Euromoney, making it the first bank in Singapore to receive this award since the category's inception in 2014. DBS has also been named "World's Best Bank" multiple times by leading global publications including Euromoney, Global Finance and The Banker, "World's Best Digital Bank" by Euromoney, "Most Innovative in Digital Banking" by The Banker, and "Top 100 Best Workplaces for Innovators" by Fast Company.
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