SINGAPORE: DBS Bank has been named the leading bank in Southeast Asia in the first-ever Southeast Asia 500 rankings by Fortune magazine.
DBS not only secured the top spot among regional banks but also placed tenth overall among all companies in Southeast Asia.
Close behind DBS, United Overseas Bank (UOB) and Oversea-Chinese Banking Corporation (OCBC), both headquartered in Singapore, claimed the 11th and 12th positions, respectively, on the overall list.
Indonesian banks also performed well, with Bank Rakyat Indonesia taking the 15th spot, followed by Maybank from Malaysia at 17th, and Indonesia’s Bank Mandiri at 22nd.
SEA Group, the tech conglomerate behind Shopee and a key player in digital banking and payment services, came in at 20th.
Other prominent banking institutions in the rankings include Thailand’s Kasikornbank at 31st, Malaysia’s CIMB Group Holdings at 36th, Vietnam’s Agribank at 37th, the Bank for Investment and Development of Vietnam (BIDV) at 39th, and Indonesia’s Bank Central Asia at 40th.
Additionally, the Philippine conglomerate SM Investments, which operates BDO Unibank alongside its diverse business interests, was ranked 27th.
The Fortune report highlights that the banking sector in Southeast Asia collectively generated revenues amounting to USD 242 billion in 2023.
Despite DBS’s standout performance, the report notes that overall revenues and profits for banking institutions have seen a downturn over the past year.
This decline has been attributed to weakened energy markets, which have adversely affected the broader economic environment in the region.
Looking forward, DBS has set ambitious growth targets. The bank plans to expand its wealth management business significantly, aiming to increase its assets under management (AUM) to $370 billion by 2026.
This move is part of DBS’s broader strategy to enhance its service offerings and consolidate its market leadership amidst evolving economic conditions. /TISG