DBS Bank today announced that it has been named the 'Safest Bank in Asia' for the 12th consecutive year by New York-based trade publication Global Finance.
DBS' rankings as the fourth-safest commercial bank in the world and 14th safest bank globally remain unchanged from 2019 and 2018.
"For most of 2020, the world has been lashed by the COVID-19 pandemic, a steep drop-in economic activity and, in some cases, serious social unrest. Any of these developments could have significantly impacted banks' credit worthiness. Surprisingly however, the relative position of the world's largest banks on Global Finance's World's Safest Banks 2020 lists has been mostly stable," said Joseph D. Giarraputo, Global Finance publisher and editorial director.
"One can only speculate on when, or if, the changes will come. In the meantime, the rankings will be used by compes, investors and individuals to gauge the relative safety of the banks with which they choose to do business," said Joseph D. Giarraputo.
"In a year of major turbulence on several fronts, DBS is confirmed to be the safest bank in Asia for the 12th consecutive year and one of the World's Safest Banks globally. It is a sign of the bank's strength and resiliency, and the result of its strong presence in key markets across the region," added Global Finance.
"We are honoured that Global Finance has recognised us as the Safest Bank in Asia for the 12th consecutive year. During these challenging times, we remain committed to upholding the trust of our customers and ensuring that we continue to seamlessly provide for all their banking needs. While the environment is likely to remain uncertain, we are confident that our strong capital base, deep customer relationships and robust digital strategy will ensure that we are able to continue supporting our customers and communities," said Chng Sok Hui, Chief Financial Officer of DBS Bank.
"Leading the Asia's Safest Bank ranking for over a decade is a testament to the resilience of our franchise and our ability to support customers, and partners even through the most challenging times. Ensuring the safety and financial wellbeing of our customers remains a top priority for us. We remain committed to strengthening our customer relationships by delivering a safe, secure and intuitive banking experience," said Surojit Shome, Managing Director and CEO, DBS Bank India.
DBS Bank India also recently unveiled a new brand campaign around the importance of safety, featuring brand ambassador Sachin Tendulkar. The brand film emphasised on how a trusted partner can help find safe solutions even in the most difficult of times. Being named Asia's Safest Bank for the 12th straight year reaffirms the bank's focus on safeguarding customers and stakeholders.
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.
This year, DBS was also Global Finance's pick for 'Best Bank in the World' 2020. This follows a similar win in 2018. The bank was also named 'World's Best Bank' by leading financial publication Euromoney in 2019, and 'Global Bank of the Year' by Financial Times publication The Banker in 2018. The 2020 Global Finance title marks the third consecutive year that DBS has been honoured with a global Best Bank accolade.
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( With inputs from ANI )
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