DBS completes purchase of DBS Vickers Securities Holdings Pte Ltd

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SINGAPORE, SEPTEMBER 12, 2003 - DBS Group Holdings Ltd ("DBS Group") today announced that its principal, wholly-owned subsidiary, DBS Bank Ltd ("DBS Bank"), has completed the acquisition of the remaining 40.5% stake in DBS Vickers Securities Holdings Pte Ltd ("DBSV") for a total cash consideration of S$238.4 million on September 11, 2003. This follows the exercise of a put option by Singapore Technologies Pte Ltd on July 18, 2003 to sell its 40.5% stake in DBSV to DBS Bank. The cash consideration was arrived at based on the original acquisition price plus carrying cost and adjusted for dividends paid.

This acquisition completes the offer to acquire DBSV that was initiated on September 12, 2001.

This transaction will not have a material impact on DBS Group's operations, and has no impact on DBSV's clients or business operations. The capital impact associated with this 40.5% acquisition has been fully accounted for at the time of the original 59.5% acquisition in September 2001, and reflected in the reported June 30, 2003 DBS Group's 9.7% Tier 1 and 14.2% total capital adequacy ratios, measured under BIS guidelines.

MASNET Announcement No. 75 of 12.09.2003