The Development Bank of Sarawak Berhad (DBOS) is incorporated on 11 May 2017 as a public company limited by shares. DBOS is to carry on business as a Development Financial Institution and lending activities with sources of funding from capital injections from DBOS’ holding company, Sarawak Government’s deposits and deposits from Sarawak Government’s statutory bodies and linked companies. Its role is to support the Sarawak Government’s efforts in the development of strategic infrastructure projects.

History

The bank was first approved on 31 March 2017 by

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Najib Razak Dato' Sri Haji Mohammad Najib bin Tun Haji Abdul Razak ( ms, محمد نجيب بن عبد الرزاق, label= Jawi, script=arab, italic=unset, ; born 23 July 1953) is a Malaysian politician who served as the 6th prime minister of Malaysi ...

. The bank's logo was crowd-sourced with a logo design competition among Sarawakians. The bank received a paid up capital of RM500 million when it starts operations on 15 January 2018. By July 2019, the bank's paid-up capital (money that are not borrowed out) increased to RM 1 billion. In November 2020, the bank is listed inside the Malaysian Ministry of Finance Institution list. By December 2021, the bank's paid-up capital increased to RM 1.4 billion.

Corporate affairs

The first CEO of the bank is Dato Sim Kheng Boon. Deputy state financial secretary Datu Laura Lee Ngien Hion is appointed into the board of directors. DBOS receives deposits from government-linked companies, local authorities, statutory bodies, and the public sector. The bank carry out lending activities and allows the depositors to withdraw money anytime. The bank carry out lending activites to strategic projects in Sarawak such as public infrastructure development,

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in oil and gas sector, tourism, digital initiatives, real estates, agriculture, and green projects.

Finance

As of 31 March 2022, DBOS received RM 7.16 billion in deposits. As of November 2022, total approved loans of DBOS was RM 15.27 billion with drawdown (actual amount of credit paid out to borrowers) of RM 8.93 billion.

References

{{Reflist Sarawak Banks established in 2018 Development finance institutions