DBS Welcomes Further Banking Liberalisation

SINGAPORE, JUNE 29 - DBS Group Holdings Ltd ("DBS") said today it welcomes the latest liberalisation initiatives by the Monetary Authority of Singapore (MAS) to enhance foreign competition in Singapore. The initiatives were announced by Deputy Prime Minister and Chairman of the MAS, Lee Hsien Loong at the Association of Banks in Singapore's annual dinner today.

DBS said the latest MAS announcement is an important development for Singapore and it welcomes increased competition and liberalisation.

"The new MAS initiatives are good as they will spur our banks to consolidate and become stronger. It is also good for Singapore, as we enhance our position as the leading Asian financial centre. Finally, it is good for the consumer who will have access to a wider range of higher quality products which is a normal result of stronger and more vibrant competition," said S. Dhanabalan, Chairman of DBS.

He added: "Our position has always been both leader and a formidable competitor in our core markets. Our competitive strategy is clear and it is straightforward. We will continue to implement best practices, standards and systems. We expect to become as efficient and competitive as we can. We will also continually focus on managing our business to deliver good service to our customers and create value for our shareholders."