DBS BANK has been named "Bank of the Year, Asia" by The Banker, a London-based magazine published by the Financial Times, in its annual Bank of the Year awards.
This is the first time that a Singapore bank has won in the category since the awards started in 2000.
Previous winners were HSBC, Standard Chartered Bank and the Industrial and Commercial Bank of China.
The Asia editor of The Banker, Ms Jane Cooper, lauded DBS' steady growth over the past year as it built on its vision to create an Asian bank with a footprint across the region.
"Its gradual emergence as a serious player in Asia comes at a time when the financial crisis and the state of the global economy have forced many international players to reconsider their strategies for the region," Ms Cooper said.
DBS group chief executive Piyush Gupta said the award validates the efficacy of the bank's strategy and its strong performance track record demonstrates its ability to execute against strategy.
"It is a privilege to have been recognised as Asia's safest bank for the past four years and today to be recognised as Asia's best as well," he said.