General Announcement::DBS' RESPONSE TO MAS' ACTIONS ON DIGITAL DISRUPTIONS

Issuer & Securities

Announcement Title: General Announcement
Date &Time of Broadcast: 05-May-2023 23:26:05
Status: New
Announcement Sub Title: DBS' RESPONSE TO MAS' ACTIONS ON DIGITAL DISRUPTIONS
Announcement Reference: SG230505OTHRA3YY
Submitted By (Co./ Ind. Name): MARC TAN
Designation: GROUP SECRETARY
Description (Please provide a detailed description of the event in the box below): Singapore, 5 May 2023 - MAS today issued an announcement on DBS' recent digital disruptions. Please see DBS' response below:

Said DBS CEO Piyush Gupta, "We apologise for the digital disruptions that have recently occurred. Our customers rightly expect more of us, and we are committed to doing better. Following the 29 March incident, the bank convened a Special Board Committee to oversee a full review of our technology resiliency with an independent external expert. We will complete the review as a matter of utmost priority and implement all recommendations expeditiously."

MAS' supervisory action requires DBS to set aside additional capital amounting to 1.8 times of its risk-weighted assets for operational risk. This includes its previous supervisory action initiated in February 2022 in response to the bank's November 2021 digital disruption. MAS' latest action will have an incremental 0.3% point impact on DBS Group's 31 March 2023 Common Equity Tier 1 capital ratio, reducing it from 14.4% to 14.1%.