MEDIA STATEMENT
***
We are concerned about customers who have purchased investment products with Lehman exposure and understand the anxiety they are facing. We have set up a dedicated 'Investor Care Centre' staffed by 20 senior managers specially trained to handle queries on DBS' High Notes 2 & High Notes 5.
To provide added assurance that the bank is acting in our customers' best interests, we have appointed Mr Gerard Ee as an independent external consultant to review our customer complaints handling process in Singapore. Ee began his career as an accountant and became a practicing auditor in 1976. Ee was made a Partner of the Ernst and Young accounting firm, where he remained in the position until his retirement on 30 June 2005.
In addition to the bank's existing compliance and audit process, Ee's appointment is intended to provide the assurance that every customer complaint will be reviewed fairly, effectively and promptly.
We will also be appointing international accounting firm KPMG to ensure a fair and transparent valuation process of the final credit event redemption amount for High Notes 5.
About DBS
DBS is one of the largest financial services groups in Asia with operations in 16 markets. Headquartered in Singapore, DBS is the largest bank in the country as measured by assets, and a leading bank in Hong Kong. DBS' "AA-" and "Aa1" credit ratings are among the highest in the Asia-Pacific region.
As a bank that specialises in Asia, DBS leverages its deep understanding of the region, local culture and insights to serve and build lasting relationships with its clients. DBS provides the full range of services in corporate, SME, consumer and wholesale banking activities across Asia and the Middle East. The bank is committed to expand its pan-Asia franchise by leveraging its growing presence in mainland China, Hong Kong and Taiwan to intermediate the increasing trade and investment flows between these markets. Likewise, DBS is focused on extending its end-to-end services to facilitate capital within fast-growing countries in Indonesia and India.
DBS acknowledges the passion, commitment and can-do spirit in each of its 15,000 staff, representing over 30 nationalities. For more information, please visit www.dbs.com.