Main operating subsidiaries Consolidated structured entities

22.1 Main operating subsidiaries

The main operating subsidiaries within the Group are listed below: Effective shareholding Name of subsidiary Country of incorporation 2014 2013 Commercial Banking DBS Bank Ltd Singapore 100 100 DBS Bank Hong Kong Limited Hong Kong 100 100 DBS Bank China Limited China 100 100 DBS Bank Taiwan Limited Taiwan 100 100 PT Bank DBS Indonesia Indonesia 99 99 Merchant Banking The Islamic Bank of Asia Limited Singapore 50 50 Stockbroking DBS Vickers Securities Holdings Pte Ltd Singapore 100 100 Audited by PricewaterhouseCoopers network firms outside Singapore The Group’s main subsidiaries are regulated banks and non-bank financial institutions. Statutory, contractual or regulatory requirements as well as protective rights of non-controlling interests may restrict the ability of the Company to access and transfer assets freely to or from other entities within the Group and to settle liabilities of the Group. Since the Group did not have any material non-controlling interests as at the balance sheet dates, any protective rights associated with these did not give rise to significant restrictions in 2013 and 2014. Refer to Note 35 for information on non-controlling interests. 22.1.1 Acquisition of interest in joint venture ACQUISITION OF HUTCHISON DBS CARD LIMITED SINCE RENAMED AS DBS COMPASS LIMITED On 16 June 2014, DBS Bank Hong Kong Limited, an indirect wholly-owned subsidiary, acquired the remaining 50 stake it did not own in Hutchison DBS Card Limited since renamed as DBS Compass Limited for a cash consideration of 88 million HK 546 million from Whampoa Limited Note 23. The acquisition resulted in the recognition of goodwill amounting to 27 million and intangible assets of 6 million. The Group equity accounted the profits of DBS Compass Limited up to 30 June 2014. With effect from 1 July 2014, DBS Compass Limited was consolidated as a subsidiary.

22.2 Consolidated structured entities

The main structured entities controlled and consolidated by the Group are listed below. These entities are inactive as at 31 December 2014. Name of entity Purpose of consolidated structured entity Country of incorporation Zenesis SPC Issuance of structured notes Cayman Islands Constellation Investment Ltd Issuance of structured notes Cayman Islands The Group uses these entities for the issuance of rated credit linked notes and enters into credit default swaps to provide hedging on the credit risks of the reference portfolio. The Group has contractual arrangements which may require it to provide financial support. No financial support was provided by the Group. 23 ASSOCIATES AND JOINT VENTURE The Group In millions 2014 2013 Quoted equity securities, at cost a 71 148 Unquoted equity securities, at cost 779 783 Sub-total 850 931 Share of post acquisition reserves 145 235 Total 995 1,166 a The market value of quoted associates amounted to 50 million 2013: 525 million The Group’s share of income and expenses, assets and liabilities and off-balance sheet items of the associates and joint venture at 31 December are as follows: The Group In millions 2014 2013 Income statement Share of income 222 367 Share of expenses 143 282 Balance sheet Share of total assets 1,700 3,937 Share of total liabilities 705 2,712 Off-balance sheet Share of contingent liabilities and commitments 46 Amount under 500,000

23.1 Main associates and joint venture