Announcements

Latest Announcement

Important Information on Accredited Investor (AI) Regime

The regulatory requirements for the Accredited Investor (“AI”) regime in Singapore have been amended to enhance investor protection. These amendments, effective from 8 January 2019, include changes to the criteria for an investor to qualify as an AI, and a requirement for AI investors to opt-in to AI status.

We at DBS are updating your records to comply with the new changes and taking this opportunity to re-emphasise our commitment to help advance your investment goals.

For more information, please refer to the FAQ, and the relevant regulatory requirements which we will be exempted from when serving you as an AI.

SGX Post Trade Modernisation

New changes to securities settlement & clearing processes starting 10 December 2018.

The new SGX framework includes the following changes:

  • SGX trade settlement cycle will be shortened from T+3 to T+2.
  • New cash settlement procedure for failed delivery in the market.

With effect from 10 December 2018, the settlement date will be shortened from T+3 to T+2, i.e. the trade is due for settlement 2 business days after the trade date.

Please refer to SGX Announcement.


DBS Bank will receive the securities for your buy transactions on T+2.

When there are insufficient securities delivered from the sellers of the security, your buy trade may not settle on the intended settlement day (ISD) and if your trade remains unsettled, cash settlement will take place.

More information can be found at SGX Post Trade Modernisation – Implementation of Securities Settlement and Depository System FAQs.

Note: ISD is also known as the settlement date.


You will be informed if your trade has been cash settled.

Note: A buy trade may be selected for cash settlement as early as ISD+1. However, the oldest buy trade in the market will be prioritised for cash settlement.


Yes, you will receive a new advice on your cash settled trade.


Yes, you may refer to your month end statement for details on your cash settled trade.


If the settlement date falls on a holiday of your foreign currency trade, both money and securities settlement will take place on the next banking day.

In the event your trades fall on an unscheduled holiday (e.g. natural disaster) resulting in the closure of a market, they will be processed on the next banking day.


Clearing fees are not levied on cash settled trades. Clearing fees remain applicable to the original trades.


The final cash settlement price will be determined by SGX.

For more information please refer to SGX Post Trade Modernisation – Implementation of Securities Settlement and Depository System FAQs.

Other Announcements

Change in USD Agent Bank

We have appointed JPMorgan Chase Bank as our USD Agent Bank.

To ensure timely receipt of incoming USD remittances to your account, please inform the remitting party of the following payment instructions for USD remittances.

Agent Bank: JPMorgan Chase Bank, N.A., New York, USA

SWIFT BIC: CHASUS33

Please ensure that your USD remitters are informed of the above information as non-receipt of incoming USD remittances to your account may result in insufficient funds to meet your payment obligations (if any).

Should you require any clarifications, please contact your Relationship Manager or DBS Wealth Management Hotline at 1800 221 1111 or +65 6221 1111. 


New Regulation related to investors residing in the EEA (the PRIIPs Regulation)

The new regulation on key information documents (KIDs) for packaged retail and insurance-based investment products (Regulation (EU) No. 1286/2014, commonly referred to as the PRIIPs Regulation) will come into effect on 1 January 2018.

The PRIIPs Regulation will impact DBS’ ability to continue to offer to retail investors who are residents (regardless of nationality) in the European Economic Area (EEA)1, structured notes and other products falling within the scope of the PRIIPs Regulation.

A retail investor is defined as a client who does not meet the criteria to qualify as a professional client. Such criteria are set out in Annex II of Directive 2014/65/EU (commonly referred to as MiFID II)2. Please note that this is different from “professional investor” and “accredited investor” criteria applicable in Hong Kong and Singapore respectively.

For clients whose beneficial owners are resident in the EEA, by default, we have classified all of them as retail investors.

The PRIIPs Regulation obliges DBS, when advising on or selling a packaged retail and insurance-based investment product (PRIIP)3 to a retail investor in the EEA, to provide such investor with a pre-contractual product disclosure document in the form of a KID.

As our product manufacturers are still evaluating the impact of the PRIIPs Regulation, KIDs will not be available for any of the structured notes or products (regardless of issuer) on our product platform for the moment. As such, until further notice, DBS will not be able to avail these products (including non-UCITs funds and ETFs4 from 1 January 2018.

For EEA clients who had previously acquired such products through us, they may continue to hold and/or sell these products in or through their DBS accounts. We encourage our clients to speak to their Relationship Manager to better understand their options and address their queries.

For more information on the PRIIPs Regulation, please visit the European Commission website or contact your Relationship Manager regarding queries.

1 Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and the United Kingdom.
2 http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32014L0065
3 A PRIIP is any investment where the amount repayable to the investor is subject to fluctuations because of exposure to reference values or to the performance of one or more assets which are not directly purchased by the investor. PRIIPs will include investment products such as investment funds, life insurance policies with an investment element, structured products and structured deposits.
4 Non-UCIT refers to non-Undertakings for Collective Investment in Transferable Securities. ETFs refers to Exchange Traded Funds Investments.


(With effect from 1 January 2018)

We wish to inform you that the Bank’s Fee Schedule has been updated.

The fee schedule shows the standard fees charged by DBS Treasures Private Client for services provided to clients. All fees are charged in Singapore Dollars (SGD).

Equities

Market Offline brokerage Custody fees
Contract value Rate Minimum charge
Singapore

Hong Kong
<$100,000 of respective currency

>=$100,000 of respective currency
0.50%

0.35%
SGD 100* Waived
HKD 700* 0.20% per annum and subject to minimum fee of SGD100* (applicable for each market and payable semi- annually)
Canada If price per stock >= CAD 10, CAD 150*
For contract value <CAD 100,000
For contract value >=CAD 100,000
1.00%
0.75%
If price per stock < CAD 10, CAD 15 cents per share
United States
Of America
If price per stock >= USD 10, USD 120*
For contract value <USD 100,000
For contract value >=USD 100,000
1.00%
0.75%
If price per stock < USD 10, USD 15 cents per share
Malaysia <MYR 100,000
>=MYR 100,000
0.75%
0.50%
MYR 350* Waived
Thailand 1.00% THB 3,700*
Japan <JPY 10,000,000
>=JPY 10,000,000
1.00%
0.75%
JPY 13,000* 0.20% per annum and subject to minimum fee of SGD100* (applicable for each market and payable semi- annually)
Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal & Spain <EUR 100,000
>=EUR 100,000
1.00%
0.75%
EUR 95*
Taiwan 0.75% TWD 5,000*
Shenzhen B HKD 700*
Shanghai B USD 100*
Indonesia 1.00% IDR 800,000*
Philippines PHP 5,000*
Australia AUD 170*
New Zealand NZD 180*
United
Kingdom
GBP 65*
Denmark DKK 700*
Norway NOK 700*
Sweden SEK 800*
Switzerland CHF 95*
Other markets 1.00% USD100*

Equity Listed Options
Equity Listed Options USD 10* per contract subject to a minimum fee of USD 150* (each excluding any external brokerage and miscellaneous fees) or its equivalent in such other currency.

All other charges for retail services will be accorded based on the DBS Treasures Pricing Guide. Please click here to find out more.

Important Notes:
  1. Account Fees (for Commodity Investment Account) and Custody Fees (for Equities, Debt Instruments and Gold Bullion) will be based on the market value as at month-end.
  2. The above fees are subject to review from time to time at the discretion of the Bank.
  3. All fees and charges are exclusive of 7% Goods & Services Tax (GST)
  4. Where "*" is indicated, the fees or charge will be subject to 7% GST, where applicable.

Online Equity Trading

Online Brokerage
Market Online Rate
Minimum Charge Custody Fees
Singapore 0.12% No minimum Waived
Hong Kong 0.15% HKD 80* 0.20% per annum and subject to minimum fee of SGD100* (applicable for each market and payable semi-annually)
Canada 0.25% CAD 20*
United States Of America 0.15% USD 18*
United Kingdom 0.25%
Stamp Duty:
0.5% applicable to buy trades
GBP 20*
USD 30*
EUR 25*
Japan 0.25% JPY 2000*
Australia 0.25% AUD 20*

All other charges for retail services will be accorded based on the DBS Treasures Pricing Guide. Please click here to find out more.

Important Notes:
  1. Account Fees (for Commodity Investment Account) and Custody Fees (for Equities, Debt Instruments and Gold Bullion) will be based on the market value as at month-end.
  2. The above fees are subject to review from time to time at the discretion of the Bank.
  3. All fees and charges are exclusive of 7% Goods & Services Tax (GST)
  4. Where "*" is indicated, the fees or charge will be subject to 7% GST, where applicable.

Debt Instruments

Market Custody Fees Transaction Fees
Equity Linked Notes Waived Waived
Singapore (bonds settled through CDP)
Other Bonds/Notes 0.20% per annum and subject to minimum of SGD100* (payable semi-annually)

All other charges for retail services will be accorded based on the DBS Treasures Pricing Guide. Please click here to find out more.

Important Notes:
  1. Account Fees (for Commodity Investment Account) and Custody Fees (for Equities, Debt Instruments and Gold Bullion) will be based on the market value as at month-end.
  2. The above fees are subject to review from time to time at the discretion of the Bank.
  3. All fees and charges are exclusive of 7% Goods & Services Tax (GST)
  4. Where "*" is indicated, the fees or charge will be subject to 7% GST, where applicable.

Commodity Investment Account

Account Fees for Commodity Investment Account
Gold 0.05% per annum and subject to a minimum of SGD 100*
(payable semi-annually)
Silver 0.25% per annum and subject to a minimum of SGD 100*
(payable semi-annually)

All other charges for retail services will be accorded based on the DBS Treasures Pricing Guide. Please click here to find out more.

Important Notes:
  1. Account Fees (for Commodity Investment Account) and Custody Fees (for Equities, Debt Instruments and Gold Bullion) will be based on the market value as at month-end.
  2. The above fees are subject to review from time to time at the discretion of the Bank.
  3. All fees and charges are exclusive of 7% Goods & Services Tax (GST)
  4. Where "*" is indicated, the fees or charge will be subject to 7% GST, where applicable.

Gold Bullion Products

Fee Schedule for Gold Bullion Products
Custody Fees 0.50% per annum and subject to a minimum amount of SGD100* (payable semi-annually)
Inward Transfer Waived
Outward Transfer USD100* per kilobar, subject to a minimum amount of USD1,000* per transfer request
Withdrawal USD100* per kilobar, subject to a minimum amount of USD1,000* per withdrawal
Visit to the vault such amount(s) as imposed by sub-custodian from time to time

All other charges for retail services will be accorded based on the DBS Treasures Pricing Guide. Please click here to find out more.

Important Notes:
  1. Account Fees (for Commodity Investment Account) and Custody Fees (for Equities, Debt Instruments and Gold Bullion) will be based on the market value as at month-end.
  2. The above fees are subject to review from time to time at the discretion of the Bank.
  3. All fees and charges are exclusive of 7% Goods & Services Tax (GST)
  4. Where "*" is indicated, the fees or charge will be subject to 7% GST, where applicable.

Investment Funds

 
Investment Funds Money Market fund: Up to 2% of the notional amount of the trade.

Fixed Income fund: Up to 3% of the notional amount of the trade.

Private Equity fund: Up to 3% of the notional amount of the trade.

All other funds: Up to 5% of the notional amount of the trade.

All other charges for retail services will be accorded based on the DBS Treasures Pricing Guide. Please click here to find out more.

Important Notes:
  1. Account Fees (for Commodity Investment Account) and Custody Fees (for Equities, Debt Instruments and Gold Bullion) will be based on the market value as at month-end.
  2. The above fees are subject to review from time to time at the discretion of the Bank.
  3. All fees and charges are exclusive of 7% Goods & Services Tax (GST)
  4. Where "*" is indicated, the fees or charge will be subject to 7% GST, where applicable.

Making Payments

Remittances/Demand Drafts/Telegraphic Transfers
MEPS Payment Waived
Inward Telegraphic Transfer
Outward Telegraphic Transfer SGD 20
(excludes agent/correspondent bank charges)
Other General Out-of-Pocket Expense Postage/ Courier charges/ SWIFT/ Telex/ Facsimile charges, Agent charges, Proxy voting fee and translation charges for Proxy material (where applicable) shall be reimbursed by the client.
Demand Draft/ Telegraphic Transfer Handling Commission

- Debit from account
- Telegraphic transfer debited from SGD account /Multi-Currency Autosave via iBanking
 
Waived
Waived

All other charges for retail services will be accorded based on the DBS Treasures Pricing Guide. Please click here to find out more.

Important Notes:
  1. Account Fees (for Commodity Investment Account) and Custody Fees (for Equities, Debt Instruments and Gold Bullion) will be based on the market value as at month-end.
  2. The above fees are subject to review from time to time at the discretion of the Bank.
  3. All fees and charges are exclusive of 7% Goods & Services Tax (GST)
  4. Where "*" is indicated, the fees or charge will be subject to 7% GST, where applicable.

Deposits

Deposits
S$ Fixed Deposit Account
- Minimum deposits for tenor of 1 month to 24 months
 
SGD 50,000

All other charges for retail services will be accorded based on the DBS Treasures Pricing Guide. Please click here to find out more.

Important Notes:
  1. Account Fees (for Commodity Investment Account) and Custody Fees (for Equities, Debt Instruments and Gold Bullion) will be based on the market value as at month-end.
  2. The above fees are subject to review from time to time at the discretion of the Bank.
  3. All fees and charges are exclusive of 7% Goods & Services Tax (GST)
  4. Where "*" is indicated, the fees or charge will be subject to 7% GST, where applicable.

Other Service Charges

Equity Placement
Equity Placement (including Initial Public Offering)1 Up to 1% of the allotment value

1 The Bank and/or its associates may additionally receive fee rebates and marketing sponsorship from the product issuer.

Managed Services
Discretionary Portfolio Management - Management fee: Up to 1.5% per annum of the average daily closing levels of the net asset value of the managed portfolio
- Transaction fee: Up to 0.30% (excluding brokerage fees
- Unit trusts and hedge funds2: Up to 1% of the subscription fee (excluding incidental charges relating to the subscription)
Managed Advisory - Advisory fee: Up to 0.85% per annum of the average daily closing levels of the net asset value of the managed portfolio
- Transaction fee: Up to 0.30% (excluding brokerage fees)
- Unit trusts and hedge funds2: Up to 1% of the subscription fee (excluding incidental charges relating to the subscription)

2 The Bank and/or its associates may additionally receive commissions, rebates and other fees from the product provider (collectively, “Incentives”). Any Incentives received by the Bank and/or any of its associates will be refunded to the client as soon as reasonably practicable upon actual receipt.

Other Charges
IPO Processing Fees Local – SGD 100*
Overseas – SGD 150*
Asset and Account
Administration Fee
0.05% p.a. on month end assets, payable semi-annually
DBS Foreign Currency Current Account
-Monthly service change (No minimum initial deposit is required)
Waived
Multi-Currency Settlement Account
Incidental overdraft interest charge
(for accounts without overdraft facility)
Prime + 5% p.a. payable on the overdrawn amount (minimum SGD 20)
Minimum overdraft interest charge
(for accounts with overdraft facility)
SGD 10
Treasures Private Client
Service Fee
SGD 1,200 per annum#

Waived at the sole discretion of DBS Treasures Private Client if the average Assets under Management (AUM) for the preceding six months, aggregated from all account relationship(s) with DBS Treasures Private Client, is more than SGD 1,500,000

# SGD 600 payable semi-annually in January and July
Banker’s Guarantee (BG)
- Financial BG
- Performance BG (less than 2 years)
- Performance BG (more than or equal to 2 years)
 
 

0.75% p.a.
0.75% p.a.

0.75% p.a. (min. SGD 100. Additional SGD 50 will be charged for non-standard format)

Above excludes incidental charges such as postage, cable, etc.
Credit Cards Waiver of Annual Fee for all DBS/POSB Credit Cards
(excludes Insignia Card)
Retrieval of Documents/ Statements (within 3 years) Waived
Processing fee for Transfer of Investments in Private Equity Funds
(The Bank does not accept the transfer-in of private equity funds from another financial institution)
SGD 5,000* per instruction

All other charges for retail services will be accorded based on the DBS Treasures Pricing Guide. Please click here to find out more.

Important Notes:
  1. Account Fees (for Commodity Investment Account) and Custody Fees (for Equities, Debt Instruments and Gold Bullion) will be based on the market value as at month-end.
  2. The above fees are subject to review from time to time at the discretion of the Bank.
  3. All fees and charges are exclusive of 7% Goods & Services Tax (GST)
  4. Where "*" is indicated, the fees or charge will be subject to 7% GST, where applicable.

(With effect from 1 January 2018)

Investment Products / Services - Monetary and non-monetary benefits receivable by DBS Bank Ltd. (the "Bank") and/or its associates

The benefits listed below are not exhaustive. In exceptional cases, the benefits for certain specialized products may fall outside the scope of the list below and, in such event, the client will be notified accordingly. If you have any queries about the below, please contact your Relationship Manager.

For accounts with the Bank managed by DBS Bank (Hong Kong) Limited (“DBSHK”), DBSHK may share a portion of the monetary and/or non-monetary benefits receivable or received by the Bank.

Section A

The Bank acting as principal and not as advisor or agent to the client1

Type of Investment / Product Monetary and/or non-monetary benefits receivable by the Bank and/or its associates2
Currency Linked Investments3 Up to half of the cost yield4, subject to a minimum of SGD 75.
Equity-Linked Notes3 Up to half of the cost yield4
OTC Derivatives Transactions5 Single Options and Bundle of Options6, covering interest rates, credit, FX, commodities and equities:
- Up to half of the option premium7 in the case of a Single Option or of each option constituting the Bundle of Options.

Forwards, Futures & Swaps, OTC Accumulators / Decumulators8, covering interest rates, credit, FX9, commodities and equities:
- Tenor up to 1 year: Up to 2.25% of the notional amount of the trade.
- Tenor greater than 1 year and up to 3 years: Up to 3% of the notional amount of the trade.
- Tenor greater than 3 years and up to 5 years: Up to 4% of the notional amount of the trade.
- Tenor beyond 5 years: Up to 5% of the notional amount of the trade.

The notional amount of the trade is calculated as unleveraged notional amount of the trade x leverage factor (if any).
Structured Notes (including Yield Enhanced Investments, Structured Investment Products, Securitized Structured Products (excluding Equity-Linked Notes), Structured Deposits, Synthetic Deposits & Loans, FX Structured Products (excluding Currency-Linked Investments), Equity Linked Investments, Interest Rate Linked Notes, Credit Linked Notes; each applicable to both Buy & Sell trades)10 - Tenor up to 1 year: Up to 2.25% of the notional amount of the trade.
- Tenor greater than 1 year and up to 3 years: Up to 3% of the notional amount of the trade.
- Tenor greater than 3 years and up to 5 years: Up to 4% of the notional amount of the trade.
- Tenor beyond 5 years: Up to 5% of the notional amount of the trade.
Bonds / Fixed Income – (Rebates for Primary issuance)11 Any rebate, commission or fee received from the issuer will be up to 1% of the notional amount of the trade and will be disclosed to the client on a pre-trade basis.

For SGD denominated bonds, the rebate is up to 0.25% of the notional amount of the trade.
Bonds / Fixed Income (Primary and secondary market) Non-distressed Bond:
- Tenor up to 5 years: Up to 2% of the notional amount of the trade
- Tenor beyond 5 years: Up to 3% of the notional amount of the trade

Distressed Bond12 (All Tenors):
- Up to 5% of the notional amount of the trade
Forward Foreign Exchange - Notional amount of trade below SGD 50,000: Bank’s board rate
- Notional amount of trade above SGD 50,000: Up to 1% of FX rate
Paper Gold / Silver Spot Up to 1% of the spot price of XAU/XAG
Physical Gold Up to 1% of the spot price of gold

1 Where the Bank acts as principal, the Bank and/or any of its associates will benefit from the client’s purchase / sale of the product.
2 The benefits receivable as described in this column are subject to any pre-sale process and/or documentation providing otherwise.
3 Fees and charges incurred by the Bank and/or any of its associates as well as profit margins, if any, are inherently contained and subsumed into the calculation of the interest rate, interest amounts and/or other variables of the product.
4 The “cost yield” refers to the market value of the option sold by the client plus the interest rate of deposit.
5 Benefits received by the Bank and/or any of its associates on the client’s purchase / sale of this product will vary depending upon a number of factors including but not limited to the notional amount, product tenor, market conditions, liquidity, etc.
6 A “bundle of options” refers to a combination of options aggregated in one transaction.
7 “Option premium” refers to the market value of the option sold or bought by the client.
8 OTC Accumulators / Decumulators include without limitation related products such as Target Accrual Redemption Forwards and Pivot Target Accrual Redemption Forwards.
9 Excluding FX forwards.
10 Fees and charges incurred by the Bank and/or any of its associates as well as profit margins, if any, are inherently contained and subsumed into the calculation of the interest rate, price, interest amounts and/or other variables of the product.
11 This relates to any rebate, commission or fee receivable by the Bank and/or any of its associates from the issuer (and is in addition to the spread described in the category below under “Bonds / Fixed Income (Primary and secondary market)”).
12 A distressed bond generally refers to a security of a company or a nation’s central bank that is (i) in default and/or the issuer of which is under bankruptcy protection, or (ii) in a distressed situation and at risk of default.

Important Notes:
  1. The Bank is an affiliate of DBS Group Holdings Ltd. The Bank may act as both issuer and distributor of a Structured Note and/or other investment product. The client, in choosing to transact in the product, acknowledges and accepts the aforementioned notwithstanding the Bank having Chinese Wall policies.
  2. In cases of early termination of an investment product before its maturity, the client may receive less than the principal amount initially invested or potentially lose the entire principal sum invested in the product. In addition, there may be administrative fees, charges and, if applicable, Premature Termination Costs (as defined in the Terms and Conditions) imposed in connection with the early termination of the product.

Section B

The Bank acting as agent and not as advisor or principal to the client

Type of Investment / Product Monetary and/or non-monetary benefits receivable by the Bank and/or its associates13
Investment Funds14 Up to 70% of the management fee receivable by the fund house15

13 The benefits receivable as described in this column are subject to any pre-sale process and/or documentation providing otherwise.
14 The Bank and/or its associates may additionally receive commissions, rebates and other fees from the product issuer and/or fund house. In addition, the Bank and/or any of its associates may receive marketing sponsorship from the product issuer and/or fund house.
15 The management fee receivable by the fund house is disclosed in the relevant offering documentation.

Important Notes:
  1. The Bank is an affiliate of DBS Group Holdings Ltd. The Bank may act as both issuer and distributor of a Structured Note and/or other investment product. The client, in choosing to transact in the product, acknowledges and accepts the aforementioned notwithstanding the Bank having Chinese Wall policies.
  2. In cases of early termination of an investment product before its maturity, the client may receive less than the principal amount initially invested or potentially lose the entire principal sum invested in the product. In addition, there may be administrative fees, charges and, if applicable, Premature Termination Costs (as defined in the Terms and Conditions) imposed in connection with the early termination of the product.

Section C

The Bank acting as referrer / distributor to the client

Type of Product / Service Referral fee receivable by the Bank from a third party / product provider
Insurance (Broker model)16 The Bank receives from the insurance broker up to 60% of the amount equivalent to the “Total Distribution Cost To-Date” payable to the insurance broker. The “Total Distribution Cost To-Date” is set out in the “Benefit Illustration” section of the insurance policy.

Type of Product / Service Monetary and/or non-monetary benefits receivable by the Bank and/or its associates
Insurance (Direct model)17 The Bank receives the amount equivalent to the “Total Distribution Cost To-Date” as set out in the “Benefit Illustration” section of the insurance policy.

16 The broker model involves the Bank referring the client to an insurance broker in respect of a sale of the third party insurance policy.
17 The direct model involves the Bank making a direct sale to the client of the third party insurance policy. The Bank acts in the capacity as distributor.

Important Notes:
  1. The Bank is an affiliate of DBS Group Holdings Ltd. The Bank may act as both issuer and distributor of a Structured Note and/or other investment product. The client, in choosing to transact in the product, acknowledges and accepts the aforementioned notwithstanding the Bank having Chinese Wall policies.
  2. In cases of early termination of an investment product before its maturity, the client may receive less than the principal amount initially invested or potentially lose the entire principal sum invested in the product. In addition, there may be administrative fees, charges and, if applicable, Premature Termination Costs (as defined in the Terms and Conditions) imposed in connection with the early termination of the product.

SINGAPORE,08 April 2015 - DBS Bank Ltd and Manulife Financial Asia Limited are pleased to announce that they have entered into a 15-year regional distribution agreement covering four mutually significant markets, namely Singapore, Hong Kong, China and Indonesia. The agreement signed today will take effect on 1 January 2016.

This new exclusive life bancassurance partnership will combine DBS’ superior Asian banking franchise with the insurance and wealth management expertise of Manulife, a global leader with a long-term commitment to Asia. In the four markets, DBS’ large and growing six million retail, wealth and SME customer base will gain access to Manulife’s best-in-class suite of life and health insurance solutions, through the bank’s extensive network of over 200 branches and its sales force of over 2,000 professionals, as well as via its internet and mobile banking platforms.

Leading to the agreement with Manulife, DBS conducted a thorough insurance partner selection process, which attracted strong interest from a number of leading regional and multinational insurers. The process considered a number of factors, including customer focus, expertise, execution track record and potential for long term value creation.

Manulife is a leading provider of insurance and wealth management solutions. It is the sixth largest[1] life insurer in the world, with a 118-year track record in Asia, and more than six million customers across 12 markets in the region. Manulife first established a presence in Singapore in 1898 and is the leading life insurance provider of retirement and wealth solutions in Hong Kong[2], where it established operations in 1897.

The partnership is expected to bring significant benefits to both parties:

  • DBS will further strengthen its regional life insurance distribution capabilities, including its position as a leading bancassurer in Singapore, while providing its customers with a full suite of innovative and customised insurance solutions.
  • Manulife will gain exclusive access to DBS customers in four highly attractive insurance markets, which remain significantly under-insured with a sizeable insurance protection gap and underfunded retirement needs.

DBS CEO Piyush Gupta said: “Bancassurance is a key focus for DBS and an important part of our overall customer value proposition. Manulife’s strong customer focus and deep commitment to Asia are aligned with our own vision. We are already working with Manulife in Singapore, Hong Kong and Indonesia, and will soon be their flagship regional bancassurance partner and their largest bancassurance partner globally. Together, we look forward to building upon the momentum we have achieved in bancassurance.”

Manulife President and Chief Executive Officer, Donald A. Guloien, said: “We are delighted to be chosen as the bancassurance partner of DBS in four important markets in Asia.  DBS is a great organisation, with a great track record and a very bright future. We know DBS well, and want to be an integral part of their continued success as a leading financial services group in Asia. This 15-year agreement builds on our existing successful relationship with DBS. It accelerates our growth in Asia, deepens and diversifies our insurance business, and gives us access to a much wider range of customers.”

Domenic Fuda, Deputy Group Head of Consumer Banking & Wealth Management at DBS, said: “We are delighted to partner with Manulife, a leading global insurer in Asia. We see many complementary opportunities to provide various leading protection and savings products to our customers, helping individuals and families achieve peace of mind when it comes to health coverage and retirement savings."

Roy Gori, President and Chief Executive Officer, Manulife Asia, said: “The strength and vision of DBS and Manulife are highly complementary, particularly our shared focus on providing an extraordinary experience for our customers. DBS offers highly attractive distribution capabilities, an extensive customer base, and proven bancassurance capabilities.  We are excited by the prospect of expanding our relationship.”

Under the agreement, there will be an initial payment by Manulife to DBS of USD 1.2 billion[3], which Manulife intends to fund with internal resources. This payment will be amortised by both parties over 15 years. There will also be ongoing, variable payments, which are based on the success of the partnership, and Manulife expects the agreement to be accretive to Core EPS in 2017. The initial payment for this regional agreement is expected to reduce Manulife’s regulatory capital ratio[4] by 10 points on or before 1 January 2016.

A slide presentation is available at www.manulife.com/investorrelations

Frequently Asked Questions

  1. What will happen to the insurance products/policies that I have bought previously?

    There will be no change to the policies you have purchased and continue to maintain. As long as you continue to service your policy, you can rest assured that you will continue to enjoy the product benefits, per the terms and conditions of your policy. DBS and our product providers are committed to ensuring that you continue to receive the high level of service and support from your existing provider.

  2. Will there be any changes to the claims process?

    There will be no change to the claims process. As long as your policy is in force, you can raise a claim as you normally would with the insurance company that underwrites your policy.

  3. Who can I contact if I have questions relating to my insurance products/policies?

    You can contact your relationship manager if you have further queries. Alternatively, you can also contact our customer service team at 1800 111 1111 or visit your nearest DBS/POSB branch.

1 Source: Forbes Global 2000 Leading Companies – 7 May 2014
2 Towers Watson MPF Express: as at 30 September 2014
3 Initial payment of SGD 1.6 billion has been converted to USD at 0.7351 USD/SGD (Source: Bloomberg as at 7 April 2015)
4 Refers to The Manufacturers Life Insurance Company’s Minimum Continuing Capital and Surplus Requirements ratio