At the current market value, DBS ranks about 22nd among global banks

 

[SINGAPORE] DBS Group Holdings became the first listed company in Singapore to top US$100 billion in market value, helped by a softer US currency that amplified gains on the local stock market.

 

South-east Asia&rsquo s top lender gained as much as 0.9 per cent in Singapore trading on Monday (Jun 9), and is trading at a market capitalisation of S$129.2 billion, extending its gains this year to more than 4 per cent.

 

The advance in DBS&rsquo s share price in US dollar terms was driven by the weaker greenback. So far this year, the Singapore dollar has appreciated about 6 per cent against the US dollar. In local currency terms, DBS has eased slightly from its record closing high of S$46.67 on Feb 26.

 

At the current market value, DBS ranks about 22nd among global banks, according to data compiled by Bloomberg. That is ahead of Tokyo-based Sumitomo Mitsui Financial Group, but half that of HSBC Holdings. Some of Asia&rsquo s biggest banks like Commonwealth Bank of Australia and India&rsquo s HDFC Bank have bigger market capitalisations.

 

The milestone comes after the Republic&rsquo s lenders pledged in recent months to hand over billions of US dollars in surplus capital to investors, encouraged by record-high earnings last year. DBS in particular, has benefited from increases in lending and wealth fees. Other than DBS, Singapore-based Sea that is listed in New York reached this valuation before.

 

Chief executive officer Tan Su Shan took charge of DBS in March from Piyush Gupta after his 15-year leadership. Tan said at her first earnings call last month that the bank seeks to benefit from supply-chain changes undertaken by its clients and increased demand for hedging foreign exchange exposure amid US President Donald Trump&rsquo s tariff moves.

 

&ldquo A lot of DBS&rsquo s out-performance has been due to the larger growth of its wealth management, which is really starting to challenge top players in Asia,&rdquo said Michael Makdad, a senior analyst at Morningstar, adding he sees the business continuing to grow. &ldquo Despite Trump&rsquo s tariffs, the environment remains relatively benign for Singapore banks which are increasing share dividends and buybacks more than we would&rsquo ve expected a year ago.&rdquo

 

DBS is the third-largest wealth manager in Asia, excluding mainland China, according to data compiled by industry publication Asian Private Banker. Net new money for its business catering to the rich came in at S$21 billion last year, demonstrating the strong inflows that have exceeded S$20 billion for the past three years through 2024.

The project is located at Tengah Garden Avenue and is slated for launch in 2026

 

[SINGAPORE] A consortium led by Hong Leong Holdings has secured a S$692 million green loan to finance the development of Tengah&rsquo s first nature-centric private mixed-use residential project.

 

DBS : D05 -0.76%, the anchor lender and sole green advisor for the deal, will contribute S$484 million to the green loan, the bank said on Tuesday (Jun 3). OCBC : O39 -0.62%will provide the remaining S$208 million.

 

Structured in line with internationally recognised Green Loan Principles, the financing will support the consortium&rsquo s investments in green infrastructure and ecological integration. The consortium includes joint venture partners GuocoLand : F17 0% and CSC Land Group.

 

Chew Chong Lim, DBS&rsquo group head of real estate and shipping, aviation, logistics and transportation, institutional banking, noted that climate change is accelerating, and changing the way residents live, work and play.

 

&ldquo In this evolving landscape, integrating nature into urban development is of growing importance to build more sustainable and resilient townships where people can thrive and enjoy nature,&rdquo he said. 

 

The project is located on a 25,458.4-square-metre site at Tengah Garden Avenue. It can potentially yield around 860 homes with integrated retail amenities, and is slated for launch in 2026.

 

It will feature biodiversity-friendly design, native landscaping, and smart construction technologies to enhance ecological integration, reduce environmental impact and support sustainable urban living.

 

Hong Leong Holdings&rsquo general manager for projects, Loke Kee Yeu, said the group aims to anchor an eco-conscious private housing community in Tengah while embedding responsible green practices in line with the shift towards a low-carbon economy.

 

The project aligns with national plans to develop Tengah &ndash Singapore&rsquo s first new Housing Board town since Punggol more than 20 years ago &ndash as an eco-friendly, car-lite &ldquo forest&rdquo town. 

 

When fully developed, Tengah is expected to offer about 42,000 homes set within a 100 metre-wide and 5km-long forest corridor.

 

DBS Group Holdings Ltd. has shelved plans to form an insurance partnership in India and Taiwan after initial offers from prospective bidders didn&rsquo t match value expectations, according to people familiar with the matter.

 

The Singapore-based lender and its advisers have paused work on the transaction, the people said, asking not to be identified because the information is private. A bancassurance agreement for the two Asian markets, as well as certain products in Singapore, had attracted interest from other insurers and financial services firms, the people said.

 

DBS could opt to revive considerations for potential deal in the future, the people said.

 

A representative for DBS declined to comment.

 

In September 2024, Bloomberg News reported DBS was working with Goldman Sachs Group Inc. as it weighed forming insurance partnerships in India and Taiwan, and some products in Singapore, in a transaction that could have been valued at a few hundred million dollars.

 

DBS already has a bancassurance partnership with Toronto-based Manulife Financial Corp. for markets including China, Hong Kong, Indonesia and Singapore.

 

DBS has had a presence in India for about three decades, having opened its first office in Mumbai in 1994. In 2020, DBS Bank India Ltd. merged with Lakshmi Vilas Bank Ltd., and it now has about 500 branches in 19 states, according to a recent press release. It entered Taiwan even earlier, in 1983, and has more than 70 branches across the island, expanding organically and via acquisitions including Citigroup Inc.&rsquo s consumer banking assets in the country in 2023.