DBS Bank has been recognised as the “Safest Bank in Asia” for the 12th consecutive year by New York-based trade publication Global Finance on Oct 12.
The publication has also awarded the bank “Best Bank in the World” for 2020. In addition, DBS also ranked fourth as the safest commercial bank globally, and 14th safest bank worldwide, unchanged since 2018.
Winners in Global Finance’s annual ranking of the World’s 50 Safest Banks were selected through an evaluation of long-term foreign currency ratings – from Moody’s, Standard & Poor’s and Fitch – of the 500 largest banks around the globe.
Joseph D. Giarraputo, Global Finance publisher and editorial director says, “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,” he notes.
“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,” Giarraputo adds.
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DBS Bank’s chief financial officer Chng Sok Hui says, “We are honoured that Global Finance has recognised us as the Safest Bank in Asia for the 12th consecutive year”.
“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,” Chng adds.
As at 12.15pm, shares in DBS were trading 26 cents lower or 1.2% down at $21.31.
