SINGAPORE — DBS today (Feb 12) announced a S$50 million foundation that will spearhead its corporate social responsibility (CSR) efforts.
The foundation, which could be in the form of endowment fund, will likely generate S$2.5-3 million in investment return per year that will give greater consistency to the bank’s support for communities across Asia.
“Apart from creating long term economic value, we also seek to positively benefit the communities we are present in, and deliver social value,” DBS Chief Executive Piyush Gupta said. “The DBS Foundation will enable us to be a further catalyst of change.”
How the foundation provides its fund will be decided later, he added, but it can be direct grants or micro-financing, among other options.
The foundation follows some S$1.8 million in grants that DBS has already provided to 56 social enterprises since 2012, of which over $550,000 was given in Singapore.
The Singapore bank has also been active in supporting disaster relief, Mr Gupta said, having given over S$1 million in relief to victims of Typhoon Haiyan in the Philippines last year.