Home » Singapore’s DBS has seen inflows in SVB aftermath, CEO says

Singapore’s DBS has seen inflows in SVB aftermath, CEO says

by CoinVeem

People use DBS automated teller machines (ATMs) in Singapore March 31, 2022.
Folks use DBS automated teller machines (ATMs) in Singapore March 31, 2022.

DBS Group DBSM.SI, Singapore’s largest financial institution, has benefited from inflows amounting to a “few hundred hundreds of thousands” within the aftermath of the collapse of Silicon Valley Financial institution, its chief govt mentioned on Friday.

Piyush Gupta, chatting with shareholders at an annual common assembly (AGM), didn’t specify a foreign money for the inflows.

He added DBS had usually been benefiting from safe-haven inflows into Singapore since final yr, which had been boosted by the latest banking disaster within the West.

Singapore has been attracting wealth, particularly from China, lately by being one of many first Asian cities to considerably ease pandemic restrictions, on high of its tax-friendly regime and being seen as politically steady.

DBS Chair Peter Seah, in the meantime, informed the AGM that DBS had arrange a particular board committee to analyze Wednesday’s disruption to its digital providers and would interact exterior knowledgeable to look into the matter.

 

Reporting by Yantoultra Ngui
Modifying by Mark Potter

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