SINGAPORE - DBS Bank has been named the most valuable bank brand in Asean for the second consecutive year.

The Brand Finance Banking 500 report released on Monday also showed that the bank had increased its brand value over the year by 10 per cent to $4.4 billion, and doubled it in the past five years.

DBS has also been consistently recognised as the most valuable bank brand in Singapore, since the first Brand Finance Banking 500 report seven years ago.

Mr Samir Dixit, managing director of BrandFinance Asia Pacific, said: "This year, DBS has also joined the elite list of the top 10 strongest bank brands in the world as per the brand strength rating.

"DBS is a great example of the brand driving the business and they should now target to be in the top 50 bank brands globally which is well within their reach."

The Brand Finance Banking 500 is an annual report conducted by brand valuation consultancy, Brand Finance, and published in The Banker magazine.

DBS has one of the highest customer loyalty scores in Asia, according to the report, as its customers appear to be more emotionally engaged and extremely loyal.

It also noted that DBS' satisfaction scores are also high, "indicating product features and service offerings are found to be more useful over competitors".

Ms Karen Ngui, head of group strategic marketing and communications at DBS Bank, said it is heartening that customer satisfaction is improving and there is increased engagement with the DBS brand.

"We remain committed to making banking more intuitive and interactive across physical and digital touchpoints, and further improving the customer experience," she added.