DBS Wins Euromoney's Best Bank for CSR Award

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KnowESG_DBS Wins Euromoney's Best Bank for CSR Award
Image courtesy of DBS

DBS, a prominent financial services group in Asia, has received the prestigious Euromoney Awards for Excellence 2023, being crowned the World's Best Bank for Corporate Responsibility.

Adding to its achievements, DBS has also secured the title of Asia's Best Bank for Wealth Management for the second year running.

Renowned as a benchmark for excellence and best practices in the banking industry, the Euromoney Awards for Excellence recognise institutions that exhibit exceptional performance, innovation, and leadership across various sectors, including banking, investment banking, asset management, and capital markets.

According to Louise Bowman, Editor of Euromoney, DBS becomes the first bank in Singapore to receive the World's Best Bank for Corporate Responsibility award since its inception in 2014.

DBS's commitment to responsible corporate citizenship is deeply ingrained, with corporate responsibility principles integrated into its sustainability strategy at the group level. In 2022, the bank continued its efforts to make a positive impact by empowering underserved communities through initiatives focused on digital and financial literacy, as well as ensuring food security and resilience.

DBS follows a sustainability approach based on three pillars: responsible banking, responsible business practices, and impact beyond banking.

In terms of responsible banking, DBS is dedicated to supporting its customers in transitioning to lower-carbon business models, facilitating access to ESG investments, and offering personalised retail solutions like LiveBetter to promote sustainable living.

The bank set comprehensive decarbonisation targets for its Scope 3 financed emissions in September 2022, positioning it among the leaders in the global banking industry. Additionally, DBS actively collaborates with customers to incorporate sustainable practices into their overall strategies, resulting in a sustainable finance portfolio of SGD 61 billion by the end of 2022, surpassing the initial target of SGD 50 billion two years ahead of schedule.

DBS also integrates environmental and social considerations into its operations as part of responsible business practices. The bank has formalised its commitment to diversity, equity, and inclusion with a dedicated policy, fostering an equitable and inclusive workplace while ensuring equal opportunities for employees.

Moreover, DBS supports employees in building long-term careers through iGrow, a digital career coach powered by AI and machine learning that identifies career aspirations and recommends relevant training for upskilling or reskilling. Data governance is a priority for the bank, ensuring the safety, security, and responsible use of data.

Beyond banking, DBS strives to be a force for good by championing businesses with positive social impact and supporting causes that equip communities with future-ready skills. In 2022, DBS pledged an additional SGD 100 million to the DBS Foundation, broadening its scope and establishing a new Community Impact Chapter alongside other philanthropic and relief efforts.

Piyush Gupta, CEO of DBS, said there is an urgency for sectors to address climate change, biodiversity loss, and social inequity challenges. DBS, guided by a strong sense of purpose, has made significant strides in these areas. Being recognised as the World's Best Bank for Corporate Responsibility serves as a testament to DBS's commitment and encourages the bank to continue its efforts to build a better world.

DBS's commitment to excellence has earned it numerous accolades, including multiple "World's Best Bank" titles from renowned global publications such as Euromoney, Global Finance, and The Banker.

The bank has been recognised as the "World's Best Digital Bank" by Euromoney and "Most Innovative in Digital Banking" by The Banker. Furthermore, DBS has secured a place in Fast Company's "Top 100 Best Workplaces for Innovators" and has been named the "Safest Bank in Asia" by Global Finance for 14 consecutive years.

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Source: DBS

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