DBS Bank (Hong Kong)
| Company type | Subsidiary |
|---|---|
| Industry | Banking, Financial services |
| Predecessor | Kwong On Bank, Dao Heng Bank, Overseas Trust Bank |
| Founded | 1999 |
| Headquarters | Hong Kong , Hong Kong |
Area served | Hong Kong |
Key people | Sebastian Paredes (CEO, since September 2010) |
| Parent | DBS Bank |
DBS Bank (Hong Kong) Limited () operates as a licensed financial institution established in Hong Kong and functions as a subsidiary of DBS Bank, which is headquartered in Singapore. By the year 2022, it held the position of the eighth-largest bank in Hong Kong based on total assets.
History
The year 1999 marked DBS Bank's acquisition of Kwong On Bank, leading to the creation of DBS Kwong On Bank Limited. Subsequently, in 2001, DBS expanded further by purchasing Dao Heng Bank along with its subsidiary, Overseas Trust Bank, from Guoco Group.
In 2003, a consolidation took place when DBS merged DBS Kwong On Bank Limited, Dao Heng Bank, and Overseas Trust Bank, resulting in the establishment of DBS Bank (Hong Kong) Limited.
Sebastian Paredes assumed the role of Chief Executive Officer in September 2010.
On March 17, 2014, DBS completed the acquisition of the Asian private banking operations of Societe Generale across Singapore and Hong Kong, including certain trust business units. This integration, finalized by October 2014, enhanced DBS’s presence in private banking within Hong Kong and the broader North Asia region.
DBS finalized its purchase of the retail and wealth management business from Australia and New Zealand Banking Group in Hong Kong on September 11, 2017.
Most recently, on February 2, 2024, DBS inaugurated a new Treasures Centre spanning 15,000 square feet at 18 Queen's Road Central, located in Hong Kong’s central business district. The facility showcases contemporary luxury design elements.
Subsidiaries
- DBS Asia Capital Limited
- DBS Bank (Hong Kong) Limited - Macau Branch
- DBS Vickers (Hong Kong) Limited
- Hutchison DBS Card Limited
Safety deposit box mishap (2004)
On October 5, 2004, during refurbishment work at its Mei Foo Sun Chuen location in Kowloon, DBS Bank (Hong Kong) Limited inadvertently removed 83 rented safety deposit boxes containing clients' valuables, alongside more than 900 empty boxes. These were mistakenly transported to a scrapyard and destroyed. Although 36 boxes were retrieved, their contents suffered extensive damage.
HKMA penalty (2024)
On July 5, 2024, the Hong Kong Monetary Authority imposed a fine of HK$10 million (S$1.73 million) on DBS Bank (Hong Kong) Limited due to deficiencies in anti-money laundering and counter-terrorism financing procedures. The bank failed to properly oversee business relationships, implement enhanced due diligence for high-risk customers, and maintain accurate customer documentation.