SINGAPORE - Singapore's largest lender, DBS, has been named Global Bank of the Year by The Banker, a publication of the Financial Times.

DBS was also chosen as the publication's Asia-Pacific Bank of the Year and the Singapore Bank of the Year.

The awards assess the world's leading financial institutions on their ability to deliver returns, gain strategic advantage and serve their markets.

Editor of The Banker, Brian Caplen, noted that DBS is a "world leader in digital transformation", and has "successfully shown how banks must change culture - as well as technology - to counter the threat to their business from big tech companies".

On the win, DBS CEO Piyush Gupta said in a media release: "Winning the Global Bank of the Year caps off a year of global accolades for the bank. This is testament to our strengths not just in Asia, but among banking leaders worldwide.

"In particular, I am very pleased that our commitment to reimagining banking is clearly setting us apart as a different kind of bank, one that is leading the way amid a time of rapid change and industry disruption. All of us at DBS are honoured to fly the Singapore flag high once again."

In August, DBS became the first Asian bank to be named Global Finance's Best Bank in the World. Earlier in the year, Euromoney also selected it as the World's Best Digital Bank and the World's Best Bank for SMEs.