DBS bank to give each employee $1,000 as part of SG50 celebrations

DBS chief executive Piyush Gupta announced a $1,000 cash gift to each of the bank's 18,000 employees on Wednesday, as part of celebrations marking Singapore's 50th birthday. -- PHOTO: REUTERS
DBS chief executive Piyush Gupta announced a $1,000 cash gift to each of the bank's 18,000 employees on Wednesday, as part of celebrations marking Singapore's 50th birthday. -- PHOTO: REUTERS

SINGAPORE - DBS Group Holdings will mark Singapore's 50th birthday by giving a $1,000 hongbao to each of its 18,000 employees.

A report by the Business Times said the bonus, which will cost South-east Asia's largest bank $18 million, is also to mark the bank's milestone for reaching $50 billion in market capitalisation.

DBS chief executive Piyush Gupta announced the good news on Wednesday, on the back of the bank posting its full-year 2014 results the day before.

Net profit for the full-year rose to a record $4.05 billion - a 10 per cent growth from $3.67 billion

Bank staff who will receive the red packet include vice-presidents and below, with some 10,000 staff in Singapore set to get it. DBS has 21,000 staff in total.