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.