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DBS named world’s best bank by New York-based financial publication

SINGAPORE — Southeast Asia’s biggest lender DBS has been recognised as the world’s best bank by New York-based financial publication Global Finance, announced the bank on Sunday (Sept 6).

SINGAPORE — Southeast Asia’s biggest lender DBS has been recognised as the world’s best bank by New York-based financial publication Global Finance, announced the bank on Sunday (Sept 6).

This is the second time in three years Global Finance named DBS “Best Bank in the World” in its World’s Best Global Banks 2020 Awards.

It won the award in 2018, the same year it was named “Global Bank of the Year” by The Banker, a Financial Times publication.

DBS was also named “World’s Best Bank” by Euromoney magazine in 2019.

Mr Joseph Giarraputo, publisher and editorial director of Global Finance, said: “This year, a worldwide pandemic has upended commerce and made forecasting even more difficult, yet business must continue. DBS Bank is (an example) of a bank that was ready for the sharp rise in demand for digital banking services during the pandemic.

“Over the past decade, it invested heavily in all things digital and created a culture for banking that is inclusive and efficient. Those investments are paying off at a time of economic uncertainty. They have strengthened the bank’s resilience and helped it to serve its customers in their time of need.”

The chief executive officer of DBS Bank, Piyush Gupta, said it is honoured to receive the recognition.

“Without a doubt, Covid-19 is the crisis of our generation. In this extraordinarily difficult time, we recognise the integral role that banks play in supporting employees, customers and the wider community.

“We are humbled by the acknowledgement of our efforts on this front, particularly how our investments in digital, and our culture of inclusivity, have enabled us to serve customers in their time of need.”

DBS was also named Singapore’s Most Valuable Brand by valuation consultancy Brand Finance in its 2020 Top 100 Singapore Brands report.

This is the eighth year in a row that DBS received this recognition.

The bank placed first in this year’s ranking with a brand value of US$8.47 billion (S$11.6 billion).

Mr Samir Dixit, managing director of Brand Finance, said: “DBS is a very brand-focused business, and that’s what will be their key strength for continued value growth. Their very early digital push puts them in a strategic position during the Covid-19 pandemic when digital and online offerings are the key for customer service.”

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