DBS Group Holdings Ltd. has surpassed Singapore Telecommunications Ltd. as Southeast Asia's leading company by market capitalization
BEAM27 Nov, 2017
While enjoying the profits of investing heavily on technology, DBS Group Holdings Ltd. has surpassed Singapore Telecommunications Ltd. as Southeast Asia's leading company by market capitalization.
Since embracing a "digital to the core" approach, Singapore's biggest banking institution has indicated that it will concentrate on clients who have yielded a consistently higher return on equity.
The company had a market capitalization of SGD 62.97 billion as of Thursday's close, measured up to Singtel's SGD 60.42 billion. The telco is expected to experience more competition especially from new Singapore mobile-phone participant TPG Telecom Ltd
Diksha Gera, a Bloomberg Intelligence analyst in Singapore, said that several of these optimism may be indicative of what is taking place in the technology scene. DBS is one of the unique banks in the region who seems to be accepting the challenge directly with an extensive tech transformation.
DBS has moved 42% in 2017, 2 times the growth on the Bloomberg Asia Pacific Banks Index. Singtel added just 1.4%, trailing the 12% gain in the Bloomberg Asia Pacific Telecommunications Index.