DBS Group Holdings Ltd. had its capital requirements raised by Singapore regulators after a pair of outages disrupted services to its customers.
(Bloomberg) — DBS Group Holdings Ltd. had its capital requirements raised by Singapore regulators after a pair of outages disrupted services to its customers.
Singapore’s biggest bank saw its required capital rise by S$1.6 billion ($1.2 billion) when the latest move is counted with an earlier increase in February, the Monetary Authority of Singapore said in a statement Friday. The move was in response to outages in digital banking in March and a subsequent disruption to its digital banking and ATM services earlier Friday.
Read: DBS Says Digital Systems Back to Normal After Disruption
“DBS Bank has fallen short of MAS’ expectations for banks to deliver reliable services to their customers,” Ho Hern Shin, MAS deputy managing director, said in the statement. “The repeated inconvenience caused to the public is unacceptable.”
The increase came from a boost to operational risk-weighted assets.
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