Development Bank of Sarawak

The Development Bank of Sarawak Berhad (DBOS) was incorporated on 11 May 2017 as a public company limited by shares. DBOS is to carry on business as a Development Financial Institution and lending activities with sources of funding from capital injections from DBOS’ holding company, Sarawak Government’s deposits and deposits from Sarawak Government’s statutory bodies and linked companies. Its role is to support the Sarawak Government’s efforts in the development of strategic infrastructure projects.

Development Bank of Sarawak Berhad
TypePublic limited company
Founded11 May 2017 (2017-05-11)
HeadquartersLevel 2, Menara SEDC, Lot 2878, The Isthmus, Off Jalan Bako,
93050 Kuching
,
Sarawak, Malaysia.
Key people
  • Amar Haji Mohamad Morshidi (Chairman)
  • Laura Lee Ngien Hion (CEO
OwnerGovernment of Sarawak
ParentCapital Development Resources (Sarawak) Sdn Bhd
Websitedbos.gov.my

History

The bank was first approved on 31 March 2017 by Malaysian prime minister Najib Razak.[1] The bank's logo was crowd-sourced with a logo design competition among Sarawakians.[2] The bank received a paid up capital of RM500 million when it starts operations on 15 January 2018.[3][4] By July 2019, the bank's paid-up capital (money that are not borrowed out) increased to RM 1 billion. In November 2020, the bank is listed inside the Malaysian Ministry of Finance Institution list. By December 2021, the bank's paid-up capital increased to RM 1.4 billion.[4]

Corporate affairs

The first CEO of the bank is Dato Sim Kheng Boon. Deputy state financial secretary Datu Laura Lee Ngien Hion is appointed into the board of directors.[3] DBOS receives deposits from government-linked companies, local authorities, statutory bodies, and the public sector.[5] The bank carry out lending activities and allows the depositors to withdraw money anytime.[6] The bank carries out lending activities to strategic projects in Sarawak such as public infrastructure development, downstream processing in oil and gas sector, tourism, digital initiatives, real estates, agriculture, and green projects.[7]

Finance

As of 31 March 2022, DBOS received RM 7.16 billion in deposits.[8] As of November 2022, total approved loans of DBOS was RM 15.27 billion with drawdown (actual amount of credit paid out to borrowers) of RM 8.93 billion.[9]

References
  1. "Development Bank of Sarawak to boost state economically". Bernama. Archived from the original on 17 March 2018. Retrieved 20 November 2022.
  2. "RM5,000 for DBOS logo design contest winner". BorneoPost Online | Borneo , Malaysia, Sarawak Daily News. 2017-09-05. Retrieved 2017-11-15.
  3. "DBOS to have RM500 million in paid-up capital by Jan 2018". BorneoPost Online | Borneo , Malaysia, Sarawak Daily News. 2017-11-03. Retrieved 2017-11-15.
  4. "History and Milestones". Development Bank of Sarawak. 2022. Archived from the original on 20 November 2022. Retrieved 20 November 2022.
  5. Teo, Ronnie (13 January 2019). "DBOS – an alternative financing route for Sarawak". The Borneo Post. Archived from the original on 14 June 2021. Retrieved 17 June 2022.
  6. Ten, Marilyn (15 November 2020). "DBOS clarifies that it is mandated to fund state strategic infrastructure projects". The Borneo Post. Archived from the original on 11 June 2021. Retrieved 17 June 2022.
  7. "Financing solutions". Development Bank of Sarawak. Archived from the original on 20 November 2022. Retrieved 20 November 2022.
  8. Ten, Marilyn (27 May 2022). "Uggah: RM7.16 billion placed in DBOS as of March 31". The Borneo Post. Archived from the original on 15 June 2022. Retrieved 18 June 2022.
  9. C, Irene (30 October 2022). "DBOS' total assets grow to RM9.47 bln as of Oct, 2022, says chairman". The Borneo Post. Archived from the original on 10 November 2022. Retrieved 19 November 2022.
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