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Interest Held By DBS Bank
Subsidiary companies
Cost of Investment Held by DBS Bank
Subsidiary Companies Country of
IncorporationBusiness Principal Activities
2002 2001 2002
2001 2002
2001
Held by DBS Bank and subsidiary companies
S’million S’million
DBS Vickers Securities USA, Inc
b
United States Securities broker
- -
100 100
4 3
Vickers Ballas UK PLC Under liquidation
b
United Kingdom Dormant
- -
100 100
1 1
PT DBS Securities Indonesia
b
Indonesia Dormant
- -
75 75
9 14
PT DBS Vickers Securities Indonesia
b
Indonesia Securities broker
- -
75 75
6 6
NDC Capital Holdings Pte Ltd Under
liquidation Singapore
Dormant 100
100 -
- 56
56
POSB Computer Services Pte Ltd
Under liquidation Singapore
Dormant 100
100 -
- 9
9
PT Bank DBS Indonesia
b
Indonesia Commercial banking and
financial services 99
99 -
- 60
38
Singapore Factory Development Ltd
Under liquidation Singapore
Dormant 100
100 -
- 5
6
Singapore Bankers Club Pte Ltd Liquidated
Singapore Dormant
- 100
- -
- -
a
Thai Danu-DBS Co Ltd
b
Liquidated Thailand
Dormant -
49 -
51 -
1
a Written down to zero value.
b Audited by associated firms of PricewaterhouseCoopers, Singapore.
c Amount under S500,000.
d Included cost of investment in preference shares held amounting to S18 million.
e Included cost of investment in preference shares held amounting to S74 million.
29.3 ACQUISITION AND DISPOSAL OF SUBSIDIARY COMPANIES
29.3.1 On June 6, 2002, Dao Heng Bank Group Limited “DHG”, an indirect 71.6 owned
subsidiary company of DBS Bank and DBS Kwong On Bank Limited “DKOB”, an indirect wholly owned subsidiary company of DBS Bank under a conditional sale and purchase
agreement, disposed their wholly owned insurance subsidiary companies, Dao Heng Assurance Ltd and DBS Kwong On Insurance Ltd, to Commercial Union International Holdings Limited
for a total cash consideration of HK295 million S66 million and HK31 million S7 million respectively. The net attributable tangible assets of Dao Heng Assurance Ltd and DBS
Kwong On Insurance Ltd at the date of disposal were HK142 million S32 million and HK31 million S7 million respectively. On completion of the sale, Dao Heng Assurance Ltd
and DBS Kwong On Insurance Ltd have ceased to be subsidiary companies of DBS Group.
As part of this transaction, DHG Group also entered into a Life Insurance Bancassurance Distribution Agreement and a General Insurance Bancassurance Distribution Agreement the
“Agreements” with Aviva Ltd formerly known as “CGNU International Insurance PLC” “CGNU”. Under the Agreements, DHG Group entered into an exclusive arrangement to
distribute CGNU life and general insurance products throughout its banking network in Hong Kong. The term of the Agreements is ten years.
The difference between the consideration received and the fair value of the assets and liabilities disposed will be recognised over the term of the Agreements as commission income to offset the
costs incurred to meet DHG Group’s obligations and responsibilities over the life of the Agreements, including the provision of employees, IT and other resources.
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29.3.2
On October 8, 2002, DBS Vickers Securities Holdings Pte Ltd, an indirect 59.5 owned subsidiary company of DBSH, disposed its 75 equity stake in DBS Capital Trust
Securities India Pvt Ltd “DBS CT” for a total cash consideration of INR107 million S4 million. The net attributable tangible assets of DBS CT at the date of disposal was INR144
million S5 million. On completion of the sale, DBS CT has ceased to be a subsidiary company of DBS Group.
29.3.3 During the financial year, indirect subsidiary companies liquidated include DBS Pte
