DBS named Asia’s Safest Bank for 12th consecutive year by New York-based trade publication Global Finance
- Ranked 14th safest globally, and fourth-safest commercial bank worldwide, unchanged from 2019 and 2018
DBS Bank on October 20 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.
Joseph D. Giarraputo, Global Finance publisher and editorial director, 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.”
“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,” added Global Finance.
DBS named favourably in a prestigious publication will prompt the bank to do more
Said Chng Sok Hui, Chief Financial Officer of DBS Bank, “We are honoured that Global Finance has recognised us 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.”
DBS named Asia’s safest bank after facing much competition
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.
In September, the bank was recognised as the World’s Best Bank for the third year in a row, underscoring the bank’s growing presence among banking leaders worldwide. DBS’ latest global best bank accolade comes from the New York-based financial publication Global Finance, which named DBS ‘Best Bank in the World’ for the second time in three years in its World’s Best Global Banks 2020 Awards.
This award underscores the bank’s leadership and standing in the global financial community in defining the future of banking, and its commitment to delivering a purpose beyond banking to create a more sustainable future.
DBS was also Global Finance’s pick for ‘Best Bank in the World’ in 2018, and was named ‘Global Bank of the Year’ by Financial Times publication The Banker in the same year.
DBS named ‘World’s Best Bank’ by leading financial publication Euromoney in 2019. The 2020 Global Finance title makes it the third consecutive year that DBS has been honoured with a global Best Bank accolade.
Joseph D. Giarraputo, publisher and editorial director of Global Finance, said: “This year, a worldwide pandemic has upended commerce and made forecasting even more difficult, yet business must continue. DBS Bank is exemplary of a bank that was ready for the sharp rise in demand for digital banking services during the pandemic. Over the past decade, it invested heavily in all things digital and created a culture for banking that is inclusive and efficient. Those investments are paying off at a time of economic uncertainty. They have strengthened the bank’s resilience and helped it to serve its customers in their time of need.”
Piyush Gupta, DBS CEO, said: “We are honoured to be named Best Bank in the World for the third consecutive year. Without a doubt, Covid-19 is the crisis of our generation. In this extraordinarily difficult time, we recognise the integral role that banks play in supporting employees, customers and the wider community. We are humbled by the acknowledgement of our efforts on this front, particularly how our investments in digital, and our culture of inclusivity, have enabled us to serve customers in their time of need. This underlies our whole focus on being a purpose-driven bank doing real things for real people for real economies.”
In Hong Kong, DBS has consistently supported sustainable SME growth, as a leader in SME banking. In 2020, faced with the impact of the pandemic, we worked to urgently help alleviate the working capital pressure of businesses and their suppliers, with comprehensive relief measures, and contact-free digital solutions. In recognition of our dedicated efforts in supporting SMEs, DBS Hong Kong was recently named Best Bank for SMEs at the Asiamoney Banking Awards in 2020.