DBS makes clean sweep of all country awards by financial magazine
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Bank wins Best Cash Management Bank, Best Trade Finance Bank
and Best Sub-Custodian Bank in Singapore
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DBS extends corporate internet banking services into the region
SINGAPORE, 24 MARCH 2006 – DBS Bank made a clean sweep of all three Singapore
awards in The Asset Triple A Transaction Banking Awards 2006 in February
this year. DBS was named Best Cash Management, Trade Finance and Sub-Custodian
Bank in Singapore over other global and local banks in Singapore.
In considering DBS for the awards, The Asset assessed DBS' capabilities
and performance based on submissions from the Bank, evaluations on the
business strength of a participating bank, new initiatives undertaken,
the Bank's market position, and the type of customers a bank is servicing.
According to The Asset, "DBS cash management business trades not just
on its status as Singapore's largest domestic bank with the most extensive
branch network, but also on its highly reputed technology base and effective
management and market expertise." The magazine also recognised the Bank's
strength in recent years in Trade Finance on intermediating intra-Asia
trade, and further commented that "DBS's commitment to the sub-custody
market is beyond question."
Managing Director, Head of South and South East Asia, and Head of Global
Transaction Services, DBS Bank, Mr Rajan Raju, said "Being awarded all
three Singapore awards is an affirmation of the Bank's commitment to delivering
the best services to our clients. The awards are a testament to the fact
that our transaction banking products and services are tailored to meet
our customers' unique Asian requirements. Not only do we partner our clients
in offering quality solutions but we also initiate and support the development
of transaction banking infrastructure that benefits the whole industry.
These awards validate the Bank’s focus on helping our clients, both the
large corporates and the SMEs, push into the region. Moving forward, we
will expand our successful business model, expertise and value-added propositions
to the regional market as we grow with our customers."
DBS has been given the go-ahead to introduce their corporate internet
banking platform, IDEALTM in China in February this year. IDEALTM is an
integrated web-based solution that will enable corporates and institutions
to manage their cash management and trade finance requirements more effectively.
IDEALTM was introduced to India and Indonesia in the fourth quarter of
2005 to complement existing cash management and trade finance services
being provided in these countries. DBS’ corporate internet banking channel
is currently offered in Asia, including Singapore and Hong Kong. PT. Bank
DBS Indonesia (DBSI) had also signed a strategic alliance with PT. Bank
Internasional Indonesia (BII) that allows DBSI’s corporate customers to
access BII’s nationwide branch network for cash management services in
Indonesia from May last year.
"We are enhancing the breadth of transaction banking services and products
that the Bank offers in the region in tandem with the growth of the Bank
throughout the region. Our Cash Management and Trade Finance services
are already being offered in India, Indonesia and China, on top of Singapore
and Hong Kong" said Rajan Raju, "As an Asian player who knows Asia deeply,
DBS hopes to bring our advantage of local knowledge and expertise to better
service our clients."
Note to Editor:
DBS’ performance in transaction banking services has been recognised
over the years
- 5 time winner of Global Finance's Best Trade Finance Bank Award (2001-2004,
2006)
- Named Best Cash Management Bank in Singapore by The Asset in 2005
- Voted Best Local Cash Management Bank (Singapore) by Corporates and
Best Domestic Bank For Local Currency Cash Management Services (SGD)
by Financial Institutions in the Asiamoney Cash Management Polls 2005
- Global Finance named DBS as the World’s Best Corporate/Institutional
Internet Bank in Asia-Pacific and Singapore in 2005
- Ranked 1st (weighted category) for Global Investor’s Best sub-custody
providers in Asia 2005
- Named Top-Rated Bank in Singapore by Global Custodian 5 years in succession
(2001—2005)
About DBS
Headquartered in Singapore, DBS is one of the largest financial services
groups in Asia with almost five million customers and operations in 14
markets. The largest bank in Singapore and the fifth largest banking group
in Hong Kong as measured by assets, DBS’ "AA-" and "Aa2" credit ratings
are among the highest in the Asia-Pacific region. DBS has leading positions
in consumer banking, treasury and markets, asset management, securities
brokerage, equity and debt fund raising. Beyond the anchor markets of
Singapore and Hong Kong, DBS serves corporate, institutional and retail
customers through its operations in China, India, Indonesia, Malaysia,
Thailand and The Philippines. More information about DBS Group Holdings
and DBS Bank can be obtained from our website www.dbs.com.
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