---
endpoint: analytics
pattern: Financial Services
status: done
latency_ms: 144519
conversation_id: e9a9b2d7-727b-4fb6-81f8-c2a9c683f3a5
citations: 2
created: 2026-05-31 18:27:05Z
---

# Who are the key shareholders of DBS?

## Key Shareholders of DBS Group Holdings (SGX: D05)

DBS Group Holdings is **majority float-listed but anchored by Singapore's sovereign holding company, Temasek**, which together with its wholly-owned subsidiary Maju Holdings is the only substantial shareholder under SGX disclosure rules. The remaining float is held by a long tail of institutional investors via custodian/nominee accounts.

### Substantial Shareholders (per DBSH FY2023 Letter to Shareholders – latest disclosed)

| Substantial Shareholder | Direct Interest | Deemed Interest | Total | % of Issued Ordinary Shares |
|---|---|---|---|---|
| **Maju Holdings Pte. Ltd.** (wholly-owned by Temasek) | 458,899,869 | — | 458,899,869 | **17.79%** |
| **Temasek Holdings (Private) Limited** | 284,145,301 | 464,974,240 | 749,119,541 | **29.05%** |

Maju is a wholly-owned subsidiary of Temasek, so Temasek's "deemed interest" includes all of Maju's shares plus a further 6,074,371 ordinary shares held by other Temasek subsidiaries and associated companies under Section 4 of the Securities and Futures Act 2001. Temasek itself is wholly-owned by the Minister for Finance, Singapore. Percentages are calculated on 2,579,142,135 issued ordinary shares (excluding treasury shares) as at the AGM 2024 Latest Practicable Date [1].

### Combined Temasek-group Stake
- **~29.05%** of DBSH's issued ordinary shares (excluding treasury), making the Temasek complex the **single anchor shareholder**.
- All other DBSH shareholders (banks, insurers, mutual funds, retail, custodians) are individually below the 5% substantial-shareholder disclosure threshold.

### Top of the Register (Twenty Largest Shareholders snapshot – FY2019 annual report, illustrative of the nominee structure that persists)

Most of the non-Temasek float sits behind custodian/nominee accounts that hold for many underlying beneficial owners — these are NOT individual beneficial holders:

| Rank | Registered Holder | Shares | % |
|---|---|---|---|
| 1 | CITIBANK NOMINEES SINGAPORE PTE LTD | 508,445,541 | 19.86% |
| 2 | DBS NOMINEES PTE LTD | 460,877,174 | 18.00% |
| 3 | **MAJU HOLDINGS PTE. LTD.** | 458,899,869 | 17.92% |
| 4 | **TEMASEK HOLDINGS (PRIVATE) LIMITED** | 284,145,301 | 11.10% |
| 5 | DBSN SERVICES PTE LTD | 276,324,904 | 10.79% |
| 6 | HSBC (SINGAPORE) NOMINEES PTE LTD | 142,124,925 | 5.55% |

The Citibank, DBS Nominees, DBSN Services, and HSBC Nominees lines are custodial wrappers — the beneficial ownership behind them is fragmented across global asset managers (BlackRock, Vanguard, State Street, Norges Bank, etc.) and is not separately broken out in the SGX register [2].

### Market-Cap and Free-Float Context (CLSA, June 2025)

Per CLSA's most recent DBS company note (10 June 2025):
- Shares in issue: **2,840.0m**
- Free float (est.): **~71.0%** (consistent with Temasek group's ~29% anchor stake)
- Market cap: **US$100.4bn**
- Foreign shareholding: **~50.0%** [3]

### Bottom Line

- **Temasek group (Temasek + Maju + associated entities) is THE key shareholder of DBS at ~29% combined**, and is effectively a state-owned investor (Minister for Finance is the sole shareholder of Temasek) [1].
- **No other party crosses Singapore's 5% substantial-shareholder disclosure threshold** — the remaining ~71% free float is held via custodian nominees on behalf of a diversified base of global and Singapore institutional and retail investors [2].
- The Temasek anchor + Banking/FHC Act shareholding limits (which cap any single non-approved holder at 5%) explain why DBS has no other strategic blockholders [1].

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**Sources**
[1] DBS Group Holdings — Letter to Shareholders / Annual Report (FY2023, AGM 2024) — Substantial Shareholders' Interests table (Manticore: annual_report, ticker D05)
[2] DBS Group Holdings — Annual Report (FY2019) — Twenty Largest Shareholders (Register of Members and Depository Register) (Manticore: annual_report, ticker D05)
[3] CLSA — *DBS – O-PF (Wealth of Returns)* — Free float / market cap / foreign shareholding panel, 10 June 2025 — 607961689LinqAlpha.PDF

## Citations

- [1] **Annual Reports and Related Documents** · external
- [2] **Annual Reports and Related Documents** · external

