MARKETS & INVESTING | Staff Reporter, Singapore

DBS beats Singtel as Southeast Asia's largest company by market cap

DBS is now valued at $62.97b.

Reaping the rewards of going big on tech, DBS Group Holdings Ltd. has pushed past Singapore Telecommunications Ltd. to become Southeast Asia’s biggest company by market capitalization, Bloomberg reports.

Adopting a “digital to the core” strategy, Singapore’s largest bank has signalled that it will focus on customers who have generated a consistently higher return on equity.

The lender had a market capitalization of $62.97b (US$46.8b) as of Thursday’s close, compared with Singtel’s $60.42b. The telecommunications company is expected to face more competition from new Singapore mobile-phone entrant TPG Telecom Ltd.

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