Private Banks

DBS remains Singapore’s most valuable brand

Singapore brands ranked within the world’s 500 most valuable brands are shining through the overcast of the global tech downturn and posted double-digit percentage growth in their brand values, according to leading brand valuation consultancy Brand Finance’s Global 500 2023 report. The report will be launched today in Davos during the World Economic Forum.

DBS (brand value up 21% to US$10.5 billion) led the pack and remained Singapore’s most valuable brand, followed by UOB (brand value up 13% to US$5.5 billion) and OCBC (brand value up 13% to US$5.4 billion). All three brands improved their positions within the rankings while also maintaining 2022’s brand strength ratings – with an AAA rating for DBS and AAA-ratings for UOB and OCBC.

Brand Finance’s research showed that stronger revenues were main reasons for brand value growth of all three brands. Important contributors to stronger revenues included acquisitions such as DBS’ acquisition of Lakshmi Vilas Bank and investment in Shenzhen Rural Commercial Bank, and UOB's acquisition of Citigroup's retail-banking business in Malaysia, Thailand, Indonesia and Vietnam. In addition, the region's economic recovery alongside a more aggressive pace of rate tightening by the US Federal Reserve could continue to boost profits.


Karen NGUI, Head of Group Strategic Marketing & Communications, DBS Bank said: “At DBS, all that we do as a bank has always been defined by our strong sense of purpose. In these volatile times, strong brands are quick to adapt to fast-changing stakeholder needs and we demonstrate our purpose as a bank by standing by our customers through market cycles. We have been proactively disrupting ourselves with a singular goal in mind: to integrate banking seamlessly into everyday life. A strong brand has a clear brand promise, ie. one that stands for something, and we will continue building a forward-looking brand with conscience, by putting our thoughts into action to create lasting impact.”