On 9 August 1977, Bank Pembangunan Sabah Berhad was incorporated by the State Government of Sabah, as a public limited company under the Companies Act, 1965. The following year, it changed its name to the present Sabah Development Bank Berhad (SDB). It was granted with specific consent from the Federal Ministry of Finance to use the word ‘Bank’ in its name.
As a newly-born, SDB adopted its distinctive logo based on a Chinese character which means “BILLION”. The character has been stylized to incorporate local culture heritage, the gongs and beads which are very synonymous to Sabah ethnic culture. The two arms indicate continuous outward expansion of activities and forms protective shield against any adversity. The overall logo, in effect, symbolizes SDB’s financial strength and security.
In principle, the setting up of SDB was in response to the desire of the State Government of Sabah to create a network of financial institutions that can respond and are capable and effective in meeting the needs of economic development in the State.
With this in mind, SDB commenced operations in June 1978 at its first office at Wisma Sabah in Kota Kinabalu, under the stewardship of Tan Sri (then Datuk) Hj Abdul Majid Khan as its first Chairman and Datuk Richard W. Maning as the first Managing Director and Chief Executive Officer. In 1981, SDB moved office to the Berjaya Headquarters Building in Karamunsing before relocating to the current premise at Wisma Tun Fuad Stephens four years later.
Over the years, SDB has gone through a number of changes as evident by the dynamic developments in the financial industry. In 1996, SDB was privatized when it was acquired by a Sabah-based investment holding company, Suria Capital Holdings Berhad. However in 1999, SDB was reacquired by the State Government of Sabah to enable SDB to be revived as an active financial intermediary of the State Government. Today, as a wholly-owned subsidiary of the Sabah State Government, SDB functions as a healthy development financial institution.
SDB now operates as a profitable company under the guidance of the Board of Directors, which has been specially appointed to ensure SDB moves in tandem with the State’s and Country’s development plan and objectives. The Board together with the management runs parallel in ensuring that SDB bears the mark of a financial institution with good corporate governance and undoubted integrity.
In its capacity as the Sabah State Government’s financial intermediary, SDB is committed to raise funds for projects undertaken by the Sabah State Government and its related agencies; to provide advisory services to the Sabah State Government as well as its agencies in relation to project financing and investment matters, and to manage the surplus funds of the Sabah State Government and its related agencies.
To this end, SDB offers its services through a staff force that pursues a mission to build a people that are Skillful, Adaptable, Believable, Accountable and Honorable. In this way, SDB endeavors to move forward with strong confidence as a respected and financially sound institution towards the challenging world of the financial industry.