MUMBAI, India, April 7, 2021 /PRNewswire/ — DBS Bank India announced that it has been named ‘India’s Best International Bank’ by Asiamoney, a financial publication of Euromoney Institutional Investor Group, which is a leading authority in the banking and financial markets globally.
The Asiamoney ‘Best Bank Awards’ aims to identify banks that have excelled across a range of core banking activities over the past 12 months. DBS was selected ‘India’s Best International Bank’ based on its operations in the country, the strength of services such as cash management, trade finance and foreign exchange; its capital markets business and M&A/advisory mandates and the cross-border business facilitated.
“DBS Bank’s long-term commitment to India – one of its six core markets, including its home base in Singapore – has not wavered since it first set up shop in the country in 1994. On the contrary, it has only strengthened in recent years,” said Asiamoney in its official announcement.
DBS Bank has been present in India for 26 years and has grown consistently by strengthening its small and medium-sized enterprise business and consumer lending operations to build scale and become a full-service bank. Further, it has showcased a long-term commitment to India with the establishment of its local wholly-owned subsidiary, DBS Bank India Limited (DBIL) and the recent acquisition of Lakshmi Vilas Bank. The amalgamation of Lakshmi Vilas Bank with DBIL in November 2020 bolstered the bank’s physical presence in the country. DBS now has a network of nearly 600 branches across 19 states in India.
The bank has demonstrated strong business fundamentals and growth for its India franchise. For the financial year ending March 31, 2020, net revenues grew 24% year-on-year to INR 14.4 billion, while net profits jumped six times to INR 1 billion. Deposits rose 5% and net advances by 6%.
DBS has been on an ongoing journey to shape the future of banking and offers end-to-end digitised solutions to seamlessly interweave banking into a customer’s everyday life by making it a part of their ecosystem. It introduced digibank, India’s first, mobile-only bank in 2016 and has acquired ~1 million savings accounts since its launch. The bank has designed solutions to cater to customers across their banking lifecycle, making banking simpler for time-strapped business owners.
DBS was named ‘Safest Bank in Asia’ for the 12th consecutive year by New York-based trade publication Global Finance. The bank was also Global Finance’s pick for ‘Best Bank in the World’ in 2020, making it the third consecutive global Best Bank accolade received by DBS. Last year, DBS Bank was recognised as ‘World’s Best Bank’ in India by Forbes. It was also named ‘World’s Best Bank’ by leading financial publication Euromoney in 2019.
Throughout the year, Asiamoney conducts in-depth reports and banking awards in up to six markets across Asia-Pacific. The deliberation and evaluation of award submissions are done by a team of senior journalists, chaired by Euromoney’s editor, in conjunction with research by the publication’s editorial committee. Asiamoney’s senior Editors also conduct interviews with leading bankers and gather feedback to gauge the banking environment.
Link to the official announcement by Asiamoney:
https://www.asiamoney.com/article/27y4zuo1kzz9nidyxbg8w/awards/best-bank-awards/best-bank-awards-2021-india
About DBS
DBS is a leading financial services group in Asia with a presence in 18 markets. Recognised for its global leadership, DBS has been named “World’s Best Bank” by Euromoney, “Global Bank of the Year” by The Banker and “Best Bank in the World” by Global Finance. DBS was also ranked No 1 in India by Forbes in its 2020 list of the World’s Best Banks.
DBS Bank has been present in India for 26 years, having opened its first office in Mumbai in 1994. DBS Bank India Limited is the first among the large foreign banks in India to start operating as a wholly-owned, locally incorporated subsidiary of a leading global bank. DBS provides an entire range of banking services for large, medium and small enterprises and to individual consumers in India. In 2016, DBS launched India’s first mobile-only bank – digibank, which now has ~1 million savings accounts. In November 2020, Lakshmi Vilas Bank was amalgamated with DBS Bank India Limited. The bank now has a network of nearly 600 branches across 19 states in India.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers and positively impacting communities through supporting social enterprises as it banks the Asian way. It has also established an SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia. In 2020, DBS introduced the “Towards Zero Food Waste” initiative as part of a global sustainability practice to encourage a shift in behaviours and mindsets to reduce food waste.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all our 30,000+ staff representing over 40 nationalities. For more information, please visit www.dbs.com.