THERE is a remarkable change in the mindset of DBS Bank's top management.

Long gone were the days when the local lender was associated with the acquisition of almost every bank up for sale in Asia when it was then helmed by John Olds and his successor, Philippe Paillart, several years ago.

Instead, there was a spirit of conservatism when the bank had a media briefing on its fourth quarter results which old-time market reporters like me find quite endearing.

Even the ladies were dressed somberly in black suits. It seemed to emphasise a sense of business continuity.

DBS Group chairman Koh Boon Hwee took pains to dismiss suggestions that the bank was on the lookout for acquisitions when a Reuters reporter asked him if there would be any interest from DBS if Royal Bank of Scotland put its Indian operations up for sale.

He stressed that the bank would grow organically and that it should not be difficult to grab market share under the current difficult financial conditions when other lenders were strapped for cash.

Investors will probably breathe a big sigh of relief at his remarks. After all, the bank did suffer from a chequered history of acquisition.

In late 1997, the bank bought Thai Danu Bank only to find red ink from the unhappy purchase swamping its balance sheet the following year.

And in 2001 when the dotcom bust had already soured investors' appetite for stocks, it purchased Hong Kong Dao Heng Bank at an eye-watering three times price-to-book value.

DBS CFO Mrs Chng Sok Hui gave a gentle reminder of the unhappy past when she said that bad debts during the current slowdown were unlikely to hit the same levels last seen during the Asian financial crisis a decade ago when it had Thai Danu Bank in its fold.

This time round, it has not made any mistake on the acquisition.

As the statement accompanying its results noted, DBS had taken measures to bolster its base against the growing uncertainties by raising $5.5 billion last year.

It seems well-positioned to weather the financial storm threatening to drown lenders elsewhere.