DBS named World's Safest Commercial Bank
DBS, also named Asia’s Safest Bank for the 13th consecutive year, rises three positions to 11th on the World’s Safest Banks list.
DBS Bank has announced that it has been named “World’s Safest Commercial Bank” by New York-based trade publication Global Finance, marking the first time the bank has achieved this accolade. DBS was also named Asia’s Safest Bank for the 13th consecutive year, extending a track record stretching back to 2009. The bank was ranked 11th on the World’s Safest Banks list, up three positions from 2020.
Joseph D. Giarraputo, Global Finance publisher and editorial director, said, “The past year demonstrates the resilience of the banking sector, which stood as a bulwark against collapse during the coronavirus pandemic, supplying critical emergency funding as well as, in many cases, emergency equipment and supplies. The safest banks are paragons of stability, and continue to provide necessary support for governments and communities as they seek to recover from the pandemic’s economic shocks.”
Chng Sok Hui, Chief Financial Officer of DBS Bank, said, “We are honoured that Global Finance has named DBS the World’s Safest Commercial Bank. This comes alongside our 13th consecutive year as the Safest Bank in Asia. Amidst the pandemic, we remain a trusted partner for our customers, providing for all their banking needs in safe and innovative ways. Uncertainties in the global economy are likely to persist, but our resilient franchise, underpinned by a solid capital base, healthy business momentum, and long-standing customer relationships, ensure our ability to strongly support customers and communities.”
Global Finance’s annual ranking of the World’s 50 Safest Banks has been the recognised and trusted standard of financial counterparty safety for a quarter-century. Winners were selected through an evaluation of long-term foreign currency ratings — from Moody’s, Standard & Poor’s and Fitch — of the 500 largest banks worldwide by asset size.
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