DBS sets up $50m foundation

DBS Bank yesterday launched a $50 million foundation as it scales up to make a positive impact on the communities in the region.

From the $50 million, the foundation expects to have an income of $2.5 million-$3 million a year which it can spend on initiatives to address the region's evolving social needs, said Piyush Gupta, DBS chief executive.

The foundation will support community programmes, provide grants to nurture social enterprises, as well as donations for natural disaster relief.