DBS Bank (Hong Kong)

DBS Bank (Hong Kong) Limited (Chinese: 星展銀行（香港）有限公司) is a licensed bank incorporated in Hong Kong. It is a subsidiary of DBS Bank headquartered in Singapore and it is also the seventh-largest bank in Hong Kong by total assets.[2]

DBS Bank (Hong Kong) Limited
Native name
星展銀行（香港）有限公司
TypeSubsidiary of DBS Group Holdings Ltd
IndustryBanking
Predecessor
FoundedHong Kong (July 21, 2003 (2003-07-21))
Headquarters
Hong Kong
Key people
ServicesFinancial services
Increase HKD11.9 billion (2018)[1]
Increase HKD5.1 billion (2018)[1]
Total assetsIncrease HKD445.7 billion (2018)[1]
Total equityDecrease HKD38.0 billion (2018)[1]
ParentDBS Group Holdings Ltd
Websitewww.dbs.com.hk

History

In 1999, DBS Bank acquired Kwong On Bank and formed the DBS Kwong On Bank Limited. In 2001, DBS Bank acquired Dao Heng Bank, including its subsidiary, Overseas Trust Bank, from Guoco Group.[3]

In 2003, DBS Bank merged the three banks, DBS Kwong On Bank Limited, Dao Heng Bank and Overseas Trust Bank, to form DBS Bank (Hong Kong).[4]

Mei Foo Branch Incident

On October 5, 2004, DBS Bank (Hong Kong) Limited announced that, during the renovation of its branch in Mei Foo Sun Chuen, in Kowloon, when the bank attempted to remove more than 900 empty safety boxes from the branch, 83 safety boxes rented by customers and containing valuables were accidentally removed. The 83 boxes were subsequently sent to a scrapyard and crushed. The bank reported that 36 boxes were recovered, although the valuables contained inside were badly damaged.[5]

In 2009, the safe deposit box incident was portrayed on TVB television series Born Rich.

DBS Bank Branch on Des Voeux Road Central, Central, Hong Kong.

Subsidiaries
  • DBS Asia Capital Limited
  • DBS Asset Management (Hong Kong) Limited
  • DBS Vickers Securities (Hong Kong) Limited
  • DBS Vickers Securities (Singapore) Private Limited

See also

References
  1. "DBS Hong Kong 2018 Annual Report" (PDF).
  2. "Banks in Hong Kong - Learn About Top 10 Hong Kong Banks". Corporate Finance Institute.
  3. "DBS Group in Deal to Acquire Controlling Stake in Dao Heng Bank". en.people.cn.
  4. "DBS' operations in Hong Kong legally merged to become DBS Bank (Hong Kong) Limited". hk.dbs.com. Archived from the original on 20 September 2008. Retrieved 12 June 2020.
  5. DBS Bank offers explanation on safety deposit box fiasco SCMP 2004-10-29
  • Feng, Bangyan; (1861). A Century of Hong Kong Financial Development. Joint Publishing Hong Kong. ISBN 962-04-2129-9.
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