“I don’t see the flows to suffer,” CEO Piyush Gupta says
reports Chief Executive Officer Piyush Gupta as saying on Monday . In August, police rounded up 10 Chinese-born nationals holding various foreign passports, nine men and one woman, connected to a money-laundering case involving S$2.8 billion. The large-scale case has caused the country’s financial institutions to tighten policies.
During a briefing where the bank reported an 18 per cent increase in third-quarter net profit on the back of higher interest rates, Mr Gupta said that DBS, Singapore’s biggest bank and South East Asia’s biggest lender, has filed so-called suspicious transaction reports to authorities. Despite the money laundering scandal, the biggest in Singapore’s history, funds continue to flow into Singapore, he added. Bloomberg quotes him as saying, “I don’t see the flows to suffer.”In late August, it was reported that DBS Group Holdings and Bank of Singapore, the private banking arm of OCBC Bank, had been creditors to the investment companies linked to accused persons who had been arrested in the round-up by police.
Last week, Singapore’s central bank, the Monetary Authority of Singapore , ordered a six-month pause on the bank from making non-essential IT changes.According to MAS, “DBS Bank will not be allowed to acquire new business ventures during this period or reduce the size of its branch and ATM networks in Singapore. The actions were taken following the repeated and prolonged disruptions of DBS’ banking services this year.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
DBS had $100m exposure to money laundering bust; Q3 profit of $2.63b beats forecastsSingapore and South-east Asia’s largest lender expects net profit next year to match 2023’s level. Read more at straitstimes.com.
Read more »
Japan's Itochu H1 net profit down 14.5% y/y, sets buy backJapanese trading house Itochu on Monday posted a 14.5 per cent drop in six-month net profit but raised its full-fiscal year profit forecast on stronger non-resource business development expectations and weaker yen.Itochu's net profit to Sept. 30 was 412.90 billion yen ($2.
Read more »
DBS net profit up 18%; 48 cents interim dividend announcedpstrongCiti Taiwan contributed S$10b in loans./strong/p pDBS’ net profit rose 18% to S$2.63b in Q3 2023, buoyed by total income reaching a record high $5.19b during the quarter. /p pCompared to the previous quarter, net profit dipped slightly by 2%, as higher expenses and total allowances offset the higher income.
Read more »
DBS, Citi outages prevented 2.5 million payment and ATM transactions from being completedAround 810,000 attempts to access DBS and Citibank's digital banking platforms failed during the Oct 14 to Oct 15 disruption, said Minister of State for Trade and Industry Alvin Tan.
Read more »
DBS, Citi outages prevented 2.5 million payment and ATM transactions from being completedSINGAPORE — Around 2.5 million payment and ATM transactions could not be completed during last month’s DBS and Citibank service disruptions, Minister of State for Trade and Industry Alvin Tan said in parliament on Monday (Nov 6).
Read more »
Singapore bank DBS posts 18% jump in third quarter profit, beating estimatesDBS CEO Piyush Gupta also addressed the recent banking disruptions.
Read more »