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Created before Nov 2016
Last update: 2021-11-09 15:59:53
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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.
12 Marina Boulevard, Marina Bay Financial Centre Tower 3, Level 3
Piyush Gupta |
Chief Executive Officer
CSR report 2020|
Annual report 2020
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
Dodgy Deals map
Banks and Climate
Bank net zero commitments
DBS has joined the NZBA in October 2021
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.
CCCA = Collective Commitment to Climate Action
NZBA = Net Zero Banking Alliance
SBT = Science-Based Targets
Banks and Human Rights
Human Rights Benchmark Asia 2022
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.
Due dilligence: 1/5
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".
Asian banks falling behind in implementation of UN Human Rights Principles, new BankTrack benchmark shows
DBS commits to net zero by 2050 and becomes first Singapore bank to join the UN-linked Net-Zero Banking Alliance
World’s 50 largest banks and investors driving deforestation through weak policies and major investments, new study finds
New report profiles major brands and banks driving deforestation and human rights abuses, failing to meet 2020 commitments
Global finance sector failing to apply conservation criteria to pulp and paper funding
Every two weeks a bank, insurer or lender announces new coal restrictions
NGOs urge DBS: Pull out of ‘risky’ Indonesian coal power deal
Gunvor joins other commodity players with sustainability-linked loan led by ING
Major banks are failing Vietnam by violating Equator Principles commitments in financing coal power projects
Liberian communities harassed after calling on banks to halt $1.5 billion loan to Wilmar over landgrabbing concerns
Local NGOs push Singapore banks on coal: Stop using our money to fuel climate change
Global coalition petitions to end fossil power in Vietnam as deadly future looms
Open letter calling on DBS, OCBC and UOB to take action on climate change
DBS is first Asian bank to launch climate policy—but it’s still funding coal
Singapore banks DBS, OCBC and UOB funding coal projects despite climate risks: Study
Singapore has declared 2018 the year of climate action—so why are its banks still funding coal?
New report: Towards responsible and inclusive financing of the palm oil sector
New report linking Nordic banks and government pension funds to Indonesia’s palm oil deforestation
BankTrack condemns Japanese and Singapore bank financing of Batang coal project in Indonesia as reckless to people and climate
Keep forests standing 2022
Forests & Finance 2021 Briefing - Is Your Money Destroying Rainforests or Violating Rights?
Keep Forests Standing
Letter from various civil society organisations to DBS, OCBC and UOB on climate change action
Major international banks continue to finance palm oil company Indofood despite evidence of systemic labor abuses
The human cost of conflict palm oil - revisited
Japanese and Malaysian banks and investors continue to pump billions of dollars into forest-risk companies, without adequate environmental and social safeguards
Voluntary standardsDBS 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
DBS' web page on sustainability can be accessed here.