06 Jan '12, 3pm

DBS' reputation may be hit

DBS' reputation may be hit

SINGAPORE: DBS Bank's reputation may be hit following a string of fraudulent withdrawals of funds involving 400 of its customers. But the bank's stock price remained resilient on Friday, rebounding quickly after Thursday's losses. Still, analysts said the incident would push DBS to put more preventive measures in place, and other Singapore banks could follow suit. DBS shares fell 0.5 per cent on Thursday when news first broke of the unauthorised ATM withdrawals. But the stock clawed back all its losses by the close of trade on Friday, finishing at S$11.86. Analysts said investors were unfazed because they believe compensating depositors hit by the fraud will not cause a big dent in DBS' earnings. Instead, the loss of confidence may have a longer-term impact on its market share. To date, DBS has over 4 million customers in Singapore and Hong Kong. Liu Jinshu, deputy lead an...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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