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DBS Bank head office in Singapore. Photo: Geoff Whalan (CC License BY-NC-ND 2.0)

About DBS

Development Bank of Singapore (DBS) is headquartered in Singapore and operates all over Asia. It was established in 1968 and currently has one of the strongest capital positions in the region. It is involved in the following sectors: retail banking, capital markets, foreign exchange and derivatives, money market and securities trading to corporations and financial institutions.

Website http://www.dbs.com/
Headquarters
12 Marina Boulevard, Marina Bay Financial Centre Tower 3, Level 3
018992
Singapore
CEO/chair Piyush Gupta
Chief Executive Officer
Supervisor
Monetary Authority of Singapore (MAS)
Annual reports CSR report 2020
Annual report 2020
Ownership
listed on Singapore Stock Exchange (SGX)

DBS' complete shareholder structure can be accessed here.

Complaints and grievances

DBS operates a whistlebower service focused on workplace issues. It can be accessed here.

Related Dodgy Deals

DBS has been linked to the following "Dodgy Deals", e.g. as a current or past financier or through an expression of interest. Find out more about dodgy deals here. See the project or company profile for more details on the nature of the bank's link to the Dodgy Deal.

Dodgy Deals map

All
|
Projects
|
Companies
Targets
|
Active profiles
|
On record profiles

Policy Assessments

Banks and Climate

Bank net zero commitments

BankLast update
Country
Target 2025
Target 2030
Net zero 2050
SBT
NZBA
CCCA
Details
DBS Bank
2021-11-03
SGP
-10000
Singapore
Profile
Target 2025
Target 2030
Net zero 2050
SBT
NZBA
CCCA
20211103
Last update: 2021-11-03
Explanation

DBS has joined the NZBA in October 2021

References
2021-10-28

DBS commits to net zero by 2050 and becomes first Singapore bank to join the UN-linked Net-Zero Banking Alliance

2021-10-28 | MarketScreener
Explanation

This table tracks the net zero pledges and commitments of banks. It shows whether banks have committed to net zero by 2050 and have set an interim emissions reduction goal for 2025 and/or 2030. It also notes banks that have not yet set targets but have pledged to do so in the future, including by joining the Collective Commitment to Climate Action or Net Zero Banking Alliance. Finally, it notes whether banks have (pledged to) set Science-Based Targets. More information and references can be found by expanding the 'details' section of each bank.

  • A blue check mark means the bank has set a target or joined the alliance. A check mark does not mean that the target set by the bank meets any particular standard, just that is has set a target. In case we have identified short comings in the target, for example when it only applies to lending and not underwriting), this is noted in the 'details' section.
  • An orange dash means a bank has pledged to set a target (for example, banks commit to set 2030 and 2050 targets when they join the NZBA), but have not yet actually done so.

Abbreviations:

CCCA = Collective Commitment to Climate Action
NZBA = Net Zero Banking Alliance
SBT = Science-Based Targets

For more details see this page.

Banks and Human Rights

Human Rights Benchmark Asia 2022

BankLast update
Country
Score
Ranking
Details
DBS
SGP
3
Laggard

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0
Singapore
Score
Laggard
3
Explanation

DBS's human rights policies, processes and reporting were assessed as part of the BankTrack Human Rights Benchmark Asia 2022. The bank is assessed as a Laggard, with a total score of 3 out of 14.

Policy: 1/3
Due dilligence: 1/5
Reporting: 0.5/3
Remedy: 0.5/3

Explanation
Laggard
Follower
Front runner
Leader
0 - 3.5 points
4 - 5.5 points
6 - 8.5 points
9 - 14 points
For more details see this page.

Response Tracking

This page evaluates DBS's responses to instances of alleged human rights violations linked to its finance, raised by civil society organisations. It is not intended to be exhaustive, but covers selected impacts raised by BankTrack and other civil society partners since 2016. For the full scoring methodology, see here. For more information about BankTrack's evaluation of bank responses to human rights impacts, see the 2021 report "Actions speak louder: assessing bank responses to human rights violations".

Impacts reviewed
Responded?
Total score
Response
Action
Monitoring
Rio Tinto's Jadar mine, Serbia (Letter, Dec 2021)
0
0
0
n/a
Dodgy Deal profile
Responded?
Total score
0
Dodgy Deal profile
Response
0
Out of 1
Rationale for score
The bank did not respond.
Action
0
Out of 1
Rationale for score
No information available on whether the bank engaged with its client or took appropriate action.
Monitoring
n/a
Rationale for score
The impact was not raised over a year ago and therefore is not scored on monitoring progress.
More info
Letter to financiers of Rio Tinto, December 2021


Average
0%
0
0
0
0

News

| |
Type:
Year:
blog
external news
our news

New report: Despite ‘no deforestation’ rhetoric, major brands and banks failing to stop deforestation and human rights abuses

Annual analysis reveals that as threats facing Indigenous communities in rainforest regions increase, demand-side companies are failing to reform supply chains
2022-06-14 | Rainforest Action Network
blog
external news
our news

Asian banks falling behind in implementation of UN Human Rights Principles, new BankTrack benchmark shows

New benchmark of 18 Asian banks shows human rights performance below the global average
2022-04-05 | Nijmegen | BankTrack
blog
external news
our news

DBS commits to net zero by 2050 and becomes first Singapore bank to join the UN-linked Net-Zero Banking Alliance

2021-10-28 | MarketScreener
blog
external news
our news

World’s 50 largest banks and investors driving deforestation through weak policies and major investments, new study finds

Top investors BlackRock, Vanguard, State Street, PNB, EPF, GPIF, and KWAP all amongst lowest scoring
2021-06-08 | Forests & Finance
blog
external news
our news

New report profiles major brands and banks driving deforestation and human rights abuses, failing to meet 2020 commitments

2020-03-31 | San Francisco | Rainforest Action Network
blog
external news
our news

Global finance sector failing to apply conservation criteria to pulp and paper funding

2020-03-21 | New York/Amsterdam | Environmental Paper Network
blog
external news
our news

DBS to adopt the Equator Principles

2019-11-18 | DBS Press release
blog
external news
our news

DBS gambles on coal, as scrutiny arrives at its AGM

2019-04-25 | Market Forces
blog
external news
our news

Analysis: Singapore banks signal an end to new coal financing

2019-04-18 | Market Forces
blog
external news
our news

Every two weeks a bank, insurer or lender announces new coal restrictions

Major financial institutions restricting coal funding tops 100
2019-02-27 | IEEFA
blog
external news
our news

NGOs urge DBS: Pull out of ‘risky’ Indonesian coal power deal

As financial close approaches for a 2,000 MW coal-fired power station in Java, NGOs say Southeast Asia’s largest bank should pull out of a project that is polluting and financially risky. Meanwhile a new study has found that every two weeks another financial institution drops coal.
2019-02-26 | Eco-Business
blog
external news
our news

Gunvor joins other commodity players with sustainability-linked loan led by ING

Participating banks in the Gunvor facility include ABN Amro, CA Indosuez, Credit Suisse, DBS Bank, KfW Ipex-Bank, Mizuho, MUFG Bank, Nedbank, Rabobank, Raiffeisen, Société Générale, Sumitomo Mitsui Trust Bank and UniCredit.
2018-10-17 | Global Trade Review
blog
external news
our news

Major banks are failing Vietnam by violating Equator Principles commitments in financing coal power projects

2018-10-11 | Market Forces
blog
external news
our news

Singapore banks need to warm up to renewable energy financing

2018-10-09 | The Business Times
blog
external news
our news

Liberian communities harassed after calling on banks to halt $1.5 billion loan to Wilmar over landgrabbing concerns

2018-07-26 | Inclusive Development International
blog
external news
our news

Local NGOs push Singapore banks on coal: Stop using our money to fuel climate change

2018-07-12 | Eco-Business
blog
external news
our news

DBS’ Coal Policy fails to deliver change

2018-02-22 | Market Forces
blog
external news
our news

Global coalition petitions to end fossil power in Vietnam as deadly future looms

2018-02-09 | VnExpress
blog
external news
our news

Open letter calling on DBS, OCBC and UOB to take action on climate change

2018-02-07
blog
external news
our news

DBS is first Asian bank to launch climate policy—but it’s still funding coal

2018-02-02 | Eco-Business
blog
external news
our news

Singapore banks DBS, OCBC and UOB funding coal projects despite climate risks: Study

2018-01-20 | The Strait Times
blog
external news
our news

Singaporean banks blowing smoke on climate

2018-01-10 | Melbourne | Market Forces
blog
external news
our news

Singapore has declared 2018 the year of climate action—so why are its banks still funding coal?

2018-01-10 | Eco-business
blog
external news
our news

New report: Towards responsible and inclusive financing of the palm oil sector

2017-11-15 | Center for International Forestry Research (CIFOR), Profundo
blog
external news
our news

Divesting from fossil fuels will take time: DBS sustainability chief

2017-09-02 | Eco-Business
blog
external news
our news

Divesting from fossil fuels will take time: DBS sustainability chief

2017-09-02 | Eco-Business
blog
external news
our news

DBS drops out of Vinh Tan 3 coal-fired bank syndicate

2017-07-18 | IJGlobal
blog
external news
our news

New report linking Nordic banks and government pension funds to Indonesia’s palm oil deforestation

Nordic investments to Asian banks support rapacious palm oil producers with financing that impedes push for sustainability
2017-05-30 | Oslo, Norway | Fair Finance Guide Norway, Fair Finance Guide Sweden, Rainforest Foundation Norway
blog
external news
our news

BankTrack condemns Japanese and Singapore bank financing of Batang coal project in Indonesia as reckless to people and climate

2016-06-06 | Nijmegen, The Netherlands | BankTrack
blog
external news
our news

Adani arm to raise  $1.5 bn in overseas debt in 2014

2014-05-08 | India | Live Mint

Documents

Type:
Year:
ngo documents
2022-06-14 00:00:00

Keep forests standing 2022

Evaluating the brands and banks driving deforestation and human rights abuses
2022-06-14 00:00:00 | Rainforest Action Network
correspondence
2021-12-12 00:00:00

Letter from BankTrack to DBS on lithium mining in Serbia’s Jadar Valley

2021-12-12 00:00:00 | BankTrack
csr policies
2021-06-30 00:00:00

Modern slavery statement 2020

2021-06-30 00:00:00 | DBS
ngo documents
2021-06-28 00:00:00

Asian Banks Continue to Finance the Palm Oil Refining Sector as Leakage Declines

2021-06-28 00:00:00 | Chain Reaction Research
ngo documents
2021-06-23 00:00:00

Forests & Finance 2021 Briefing - Is Your Money Destroying Rainforests or Violating Rights?

2021-06-23 00:00:00 | Forests and Finance
ngo documents
2021-04-28 00:00:00

Keep Forests Standing

Evaluating the Brands and Banks Driving Deforestation and Human Rights Abuses
2021-04-28 00:00:00 | Rainforest Action Network
annual reports
2021-03-07 00:00:00

CSR report 2020

2021-03-07 00:00:00 | DBS
annual reports
2021-03-03 00:00:00

Annual report 2020

2021-03-03 00:00:00 | DBS
ngo documents
2020-11-19 00:00:00

Letter to banks and investors on Indofood labor exploitation

2020-11-19 00:00:00 | Rainforest Action Network
csr policies
2020-09-30 00:00:00

Responsible financing policy

2020-09-30 00:00:00 | DBS
csr policies
2020-06-30 00:00:00

Sustainable & Transition Finance Framework & Taxonomy

2020-06-30 00:00:00 | DBS
csr policies
2019-12-18 00:00:00

Our approach to the palm oil sector

Date listed represents date as accessed on website
2019-12-18 00:00:00 | DBS
annual reports
2019-06-24 00:00:00

Sustainability report 2018

2019-06-24 00:00:00 | DBS
csr policies
2019-04-24 00:00:00

Statement on financing new coal-fired power plants

2019-04-24 00:00:00 | DBS
annual reports
2019-04-16 00:00:00

Annual report 2018

2019-04-16 00:00:00 | DBS
csr policies
2019-02-11 00:00:00

Code of conduct

2019-02-11 00:00:00 | DBS
ngo documents
2018-12-10 00:00:00

Bank Policy Matrix

2018-12-10 00:00:00 | Forests & Finance Coalition
csr policies
2018-06-01 00:00:00

Guidelines on responsible finance

2018-06-01 00:00:00 | Association of Banks in Singapore
annual reports
2018-03-31 00:00:00

Annual report 2017

2018-03-31 00:00:00 | DBS
correspondence
2018-02-07 00:00:00

Letter from various civil society organisations to DBS, OCBC and UOB on climate change action

Open letter calling on DBS, OCBC and UOB to take action on climate change
2018-02-07 00:00:00 | various civil society organisations
csr policies
2018-01-26 00:00:00

Sustainable commitments on climate change

2018-01-26 00:00:00 | DBS
annual reports
2017-12-31 00:00:00

Sustainability report 2017

2017-12-31 00:00:00 | DBS
ngo documents
2017-11-30 00:00:00

Major international banks continue to finance palm oil company Indofood despite evidence of systemic labor abuses

Forest & Finance Briefing
2017-11-30 00:00:00 | RAN, TuK Indonesia & Profundo
ngo documents
2017-11-30 00:00:00

The human cost of conflict palm oil - revisited

How PepsiCo, Banks and the Roundtable on Sustainable Palm Oil perpetuate Indofood's worker exploitation
2017-11-30 00:00:00 | RAN, OPPUK & International Labor Rights Forum
annual reports
2017-07-31 00:00:00

Annual report 2016

2017-07-31 00:00:00 | DBS
annual reports
2017-07-31 00:00:00

Sustainability report 2016

2017-07-31 00:00:00 | DBS
ngo documents
2017-06-13 00:00:00

Japanese and Malaysian banks and investors continue to pump billions of dollars into forest-risk companies, without adequate environmental and social safeguards

2017-06-13 00:00:00 | RAN, TuK Indonesia & Profundo
ngo documents
2017-05-30 00:00:00

Nordic investments in banks financing Indonesian palm oil

2017-05-30 00:00:00 | Rainforest Foundation Norway, FFG Sweden and FFG Norway
ngo documents
2017-01-17 00:00:00

Dirty Bankers

How HSBC is financing forest destruction for palm oil
2017-01-17 00:00:00 | Greenpeace
ngo documents
2016-11-07 00:00:00

Protecting the Leuser Ecosystem

A Shared Responsibility
2016-11-07 00:00:00 | Rainforest Action Network
annual reports
2015-07-02 00:00:00

Annual Report 2014

2015-07-02 00:00:00 | DBS Group
annual reports
2015-07-02 00:00:00

Annual Report 2013

2015-07-02 00:00:00 | DBS Group
ngo documents
2015-02-16 00:00:00

Tycoon-controlled oil palm groups in Indonesia - Executive Summary

2015-02-16 00:00:00 | TuK, Profundo
ngo documents
2012-06-20 00:00:00

Worldwide investments in Cluster munitions, a shared responsibility

2012-06-20 00:00:00 | IKV Pax Christi & FairFin

Links

Sustainability page

https://www.dbs.com/sustainability/default.page

EPN assessment of policies against 14 minimum criteria - DBS Bank

Environmental Paper Network (EPN) evaluated the policies of 68 major financiers of the pulp and paper industry against 14 absolute minimum criteria that all financial institutions should require their clients, investments and business partners to respect in order to reduce social and environmental risks.

https://environmentalpaper.org/dbs-bank/

Policies

Voluntary standards

DBS has committed itself to the following voluntary standards:
  • ABS Guidelines on Responsible Financing
  • Banking for Impact
  • Carbon Disclosure Project
  • Dow Jones Sustainability Indices
  • Equator Principles
  • FTSE4Good Supply Chain Labour Standards Criteria
  • Global Reporting Initiative
  • Net-Zero Banking Alliance (NZBA)
  • Task Force on Climate-related Financial Disclosures
  • United for Wildlife Financial Taskforce
  • United Nations Global Compact
  • World Business Council for Sustainable Development

Investment policies

DBS' web page on sustainability can be accessed here.

Year:
csr policies
2021-06-30 00:00:00

Modern slavery statement 2020

2021-06-30 00:00:00 | DBS
csr policies
2020-09-30 00:00:00

Responsible financing policy

2020-09-30 00:00:00 | DBS
csr policies
2020-06-30 00:00:00

Sustainable & Transition Finance Framework & Taxonomy

2020-06-30 00:00:00 | DBS
csr policies
2019-12-18 00:00:00

Our approach to the palm oil sector

Date listed represents date as accessed on website
2019-12-18 00:00:00 | DBS
csr policies
2019-04-24 00:00:00

Statement on financing new coal-fired power plants

2019-04-24 00:00:00 | DBS
csr policies
2019-02-11 00:00:00

Code of conduct

2019-02-11 00:00:00 | DBS
csr policies
2018-06-01 00:00:00

Guidelines on responsible finance

2018-06-01 00:00:00 | Association of Banks in Singapore
csr policies
2018-01-26 00:00:00

Sustainable commitments on climate change

2018-01-26 00:00:00 | DBS

Equator Principles

Implementation and reporting

Contact and complaints

Equator Principles Dodgy Deals

Projects

on record

Batang Coal Power Project Indonesia

Coal Electric Power Generation
on record

Hazelwood coal power plant Australia

Coal Electric Power Generation
on record

Nghi Son 2 coal power plant Vietnam

Coal Electric Power Generation
on record

Van Phong I Vietnam

Coal Electric Power Generation

Good moves

Year:
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