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DBS rides on digital drive to overtake Singtel as most valuable Singapore company

Fintech

DBS rides on digital drive to overtake Singtel as most valuable Singapore company

Chan Chao Peh Published on Wed, Nov 22, 2017 / 4:03 PM GMT+8

DBS Piyush Gupta. Photo by Chan Chao Peh.

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SINGAPORE (Nov 22): DBS Group Holdings has overtaken Singtel as the largest company incorporated in Singapore by market value, with the lender putting forward numbers to show progress and better returns from its digitisation efforts.

Singtel, on the other hand, has been weighed down by a lower-than-expected special dividend payout and looming competition from the fourth mobile operator this coming year.

As at Nov 22, DBS is valued at $63.71 billion, ahead of Singtel’s $60.25 billion.