DBS named world's best bank, world's best digital bank by Euromoney

DBS has been named the world's best bank by UK-based financial publication Euromoney, making it the fourth consecutive year it has gained the accolade from a financial publication.

The Singapore-headquartered bank was also named the world's best digital bank, making it the first time a bank worldwide has held both titles concurrently, it said in a statement on Friday.

DBS received its first global best bank accolade from New-York based publication Global Finance in 2018, and was also named Global Bank of the Year by Financial Times publication The Banker in the same year. In 2019, Euromoney also named DBS the World's Best Bank, and in 2020, Global Finance named it the Best Bank in the World.

Earlier in 2021, DBS was also named the global winner in The Banker's Innovation in Digital Banking Awards.

Editor of Euromoney Louise Bowman said DBS "demonstrated a rare skill: not just surviving a crisis, but using it as a chance to innovate and to be a better bank". She also noted the bank's digital leadership.

During the pandemic, DBS said it "doubled down to help its customers and the wider community remain resilient in crisis", which includes using its tech infrastructure to facilitate digital payouts from the Singapore government.

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At the same time, the bank grew its business by amalgamating Lakshmi Vilas Bank in India, and acquiring stakes to become the largest shareholder in Shenzhen Rural Commercial Bank in China.

DBS' chief executive Piyush Gupta said: "In a difficult pandemic year, we are heartened that we have been able to strongly support customers, employees and the community, while delivering a resilient set of earnings. At the same time, we decided early on to use the crisis as a platform to further reposition ourselves fundamentally as a bank of the future."

Mr Gupta added that the bank had looked at key trends it believes will re-shape the post-pandemic world, which resulted in its new initiatives including its digital exchange, its new blockchain payments joint venture and its artificial intelligence (AI) digital adviser NAV Planner.