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It is one of the "Big Three" local banks in Singapore, along with Oversea-Chinese Banking Corporation (OCBC) and United Overseas Bank (UOB). DBS is the largest bank in Southeast Asia by assets and among the largest banks in Asia, with assets totaling S$739 billion as of 31 December 2023.
When UOB acquired the Overseas Union Bank in January 2002, the operations of the branches in Brunei was handed over to UOB. On 1 October 2005, the bank relocated its branch office in Bandar Seri Begawan. [23] In 2015, UOB sold its retail banking business to Baiduri Bank Berhad for S$65.044 million. The bank currently provides a full range of ...
In 1974, the bank was transferred to become part of the Ministry of Finance and Credit POSB Pte Ltd was established in the same year to provide custom-tailored loans relating to HDB housing ownership. By 1976, POSB had one million depositors, while deposits crossed the S$1 billion mark.
Commercial banks in Singapore may undertake universal banking, such as the taking of deposits and the provision of cheque services and lending, as well any other business authorised by the Monetary Authority of Singapore, including financial advisory services, insurance brokering and capital market services, as long as they are permitted under section 30 of the Banking Act.
In 2009, as a regulatory response to the revealed vulnerability of the banking sector in the financial crisis of 2007–08, and attempting to come up with a solution to solve the "too big to fail" interdependence between G-SIFIs and the economy of sovereign states, the Financial Stability Board (FSB) started to develop a method to identify G-SIFIs to which a set of stricter requirements would ...
NETS was first introduced to the public on 27 June 1985 as a 2-month pilot project involving 10,000 ATM card holders from the five local banks, namely DBS Bank, OCBC Bank, UOB, POSB Bank and OUB through 64 terminals installed at participating government offices, supermarkets, department stores and petrol kiosks. [2]
After putting aside a part of these deposits as mandated bank reserves, the balance is available for the making of further loans by the bank. This process continues multiple times, and is called the multiplier effect. The multiplier may vary across countries, and will also vary depending on what measures of money are being considered.
Money Multiplier: M1 / MB. As of December 3, 2015, it was 0.756. [ 33 ] While a multiplier under one is historically an oddity, this is a reflection of the popularity of M2 over M1 and the massive amount of MB the government has created since 2008.