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DBS partners HDFC Bank for online remittances

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DBS customers can remit funds to India more efficiently and at their convenience

SINGAPORE, JULY 11 2005 - DBS Bank (DBS) and HDFC Bank of India have set up an online remittance service that will allow DBS customers in Singapore to transfer funds quickly and efficiently to their HDFC accounts in India.

The new service named 'Quickremit' will commence today and will appeal particularly to the many Non Resident Indians (NRIs) living and working in Singapore. HDFC Bank, one of India's leading financial institutions, has an extensive network of over 478 branches spread over 214 cities across India. All branches are linked on an online real-time basis.

Rajan Raju, Managing Director, Head of South and South East Asia for DBS Bank, said: "This latest agreement with HDFC Bank allows our customers to remit their funds back to India anytime at their convenience compared to the time-consuming effort of visiting a remittance outlet during operating hours.

"Although targeted initially at NRIs based in Singapore, we hope to extend this service to a wider audience which may include businesses as India becomes a more attractive place for Singapore companies to do business."

Users of this service must have a DBS iBanking account. All they need to do is go to the HDFC Bank's website (www.hdfcbank.com) and register the name of their beneficiary with banking details, to receive the remittance. They will receive an immediate unique transaction reference code from HDFC Bank and using this code as reference, they can remit the funds via their iBanking accounts to HDFC Bank.

Mr Raju added: "In Singapore, the majority of NRIs in Singapore have an account with DBS and are frequent users of DBS' iBanking services. The tie-up works very well as HDFC Bank actively promotes the use of technology and the internet as a delivery channel. This partnership leverages on our existing strengths to bring value to our customers."

Shyamal Saxena, Business Head - Retail Liabilities Business, HDFC Bank said: "This partnership will naturally benefit the large Indian population based in Singapore with ties back home, as they will now be able to remit money to India in a seamless manner."

Amit Kumar, Head, NRI Services, HDFC Bank, added: "HDFC Bank's large network in India, covering a vast geographical base of over 200 cities is a huge advantage that NRIs in Singapore can utilise for fast fund remittances to India."

Remittance service is part of DBS' cash management suite of products under its Global Transaction Services (GTS) unit. GTS is responsible for product management and product sales of cash management and trade finance services mainly to corporate and institutional customers.

Lum Yin Fong, Managing Director and Head of DBS' Global Transaction Services - Cash and Trade, said: "This service is a huge convenience factor for our NRI customers as they have beneficiaries located all over India. With this online service, they can send their funds back to India through HDFC Bank direct to any account in India. The turnaround time will be quicker and their beneficiaries can receive their monies within two days of initiating the transaction."

The latest arrangement between the two banks is part of ongoing efforts by HDFC Bank and the DBS Group to collaborate in areas of mutual benefit to their customers.

About DBS Group

Headquartered in Singapore, DBS is one of the largest financial services groups in Asia. The largest bank in Singapore and the fifth largest banking group in Hong Kong as measured by assets, DBS has leading positions in consumer banking, treasury and markets, asset management, securities brokerage, equity and debt fund raising. Beyond the anchor markets of Singapore and Hong Kong, DBS serves corporate, institutional and retail customers through its operations in Thailand, Malaysia, Indonesia, India and The Philippines. In China, the bank has branches and representative offices in Shanghai, Beijing, Guangzhou, Shenzhen, Fuzhou, Tianjin and Dongguan. The Bank's credit ratings are one of the highest among banks competing in the Asia-Pacific region, and the highest among banks in Singapore. More information about DBS Group Holdings and DBS Bank can be obtained from our website www.dbs.com.

About HDFC Bank

HDFC Bank was promoted in 1995 by HDFC, India's premier Housing Finance Company. Since then, HDFC Bank has grown manifold to emerge as one of India's leading private sector Banks. In a short time, the Bank has provided its customers the complete range of accounts and services such as NetBanking; BillPay facility through PhoneBanking, ATM, and NetBanking; Access to banking and financial transactions over the cellphone through 24-Hour MobileBanking; PhoneBanking; Net-based instant car loans, Personal loans, Loans against Securities; Inter-branch banking; Sweep-In facility from FDs; Cluster Deposits; the International Debit Card; International Credit Card; Advisory Services; and NRI Banking services across the country, among others.

HDFC Bank has received recognition for its business, from various leading publications, both national and international. It was named "Best Bank in India" for two consecutive years, 2004 and 2003 by leading Indian magazine Business Today and "Best Domestic Bank in India" for 2004 and 2003 by Hong-Kong-based The Asset magazine.

Asiamoney magazine has named the bank Best Local Cash Management Bank in India 2004 - US$11-100m, Best Local Cash Management Bank in India 2004 - >US$501m, Best Local Cash Management Bank in India 1989-2004 (poll of polls), Best Overall Domestic Trade Finance Services in India 2004, and Most Improved company for Best Management Practices in India 2004.

Recently, HDFC Bank was selected by Business World as "one of India's Most Respected Companies" as part of The Business World Most Respected Company Awards 2004. The bank was named by Forbes Global in its listing of 100 of the best smaller size enterprises in Asia/Pacific and Europe, (captioned "Best Under A Billion") in 2004. The bank also received The Asian Banker Excellence in Retail Banking Risk Management Award in India for 2004.

Today, HDFC Bank has a network of 478 branches and over 1150 ATMs across 214 cities, making it convenient for customers to operate their accounts from anywhere, 24 hours a day and 365 days a year.

In the year ended March 31, 2005, HDFC Bank reported a 30.6% jump in net profit to Rs 665.6 crore and 19.6% rise in deposit base to Rs 36,354 crore. For more information on HDFC Bank, please log onto www.hdfcbank.com.