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DBS reaffirms its commitment to growth in China with opening of Shanghai sub-branch

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Showcase of contemporary artwork in new Shanghai sub-branch reflects the dynamism of modern Asia

SINGAPORE & HONG KONG, 30 MAY 2006 – DBS Bank Ltd (星展银行) reaffirms its commitment in China with the opening of its DBS Shanghai Luwan Sub-branch in the heart of Shanghai’s bustling commercial centre on Middle Huaihai Road. The opening was officiated by Koh Boon Hwee on his first official trip to China as Chairman of DBS Bank Ltd; Frank Wong, Vice Chairman and Chief Operating Officer of DBS Bank Ltd; and Jiang Xiao Long, Luwan Deputy Governor.

DBS Bank will also be opening its Suzhou Branch on 31 May, making it the first Singapore-based bank to establish a presence in the fast growing Suzhou region.

This expansion in Shanghai and Suzhou is part of DBS’ overall strategy to grow its presence and business in the Yangtze Delta region, Pearl-River Delta and the Northern China Economic Development Zone. The opening of a branch in Suzhou will further strengthen DBS’ position in the Yangtze Delta region, bringing it closer to its foreign and local corporate customers in that geographic area.

Mr Koh said: “China’s rapid economic progress has inevitably led to a growing demand for more sophisticated financial services. Deepening our presence in China thus forms an integral part of our plans as DBS becomes a premier bank in Asia. Over the years, we have steadily grown in the Pearl River Delta region, Yangtze Delta region and the Northern China Economic Development Zone. We believe these three areas attract the largest share of foreign direct investments. Many of our targeted customers are located in these regions and we look forward to serving them.”

DBS’ flagship consumer banking branch in Shanghai enables customers to enjoy a wide range of banking services in Renminbi and foreign currencies including deposit, mortagages, exchange and remittance services.

Mr Wong, who is also the Chairman of DBS Bank (Hong Kong) Limited said: “As a bank that is born and bred in Asia, we have a deep understanding of the region, the local cultures and insights. To reflect the dynamism and energy of a fast growing bank in Asia, selected contemporary artwork from the Museum of Contemporary Art Shanghai (MoCA) will be showcased in the new branch. The artwork epitomises the bank’s contemporary and forward thinking approach, and reinforces our passion in harnessing the energy of modern Asia.”

Wong added: “Leveraging our extensive experience in consumer banking, expertise and infrastructure in Singapore and Hong Kong, we are confident that DBS' range of products and services will meet the needs of customers in China, and will allow us to reach out to Asia’s rising affluent."

In response to the growing demand for customised wealth management solutions from affluent local residents and foreign individuals, a DBS Treasures Priority Banking Centre is also housed within the new branch.

The DBS Treasures Centre will provide high net worth customers with access to a wide range of wealth management and investment products, including mutual funds, insurance, direct equity, bonds and portfolio management services.

DBS Shanghai was among the first batch of ten foreign banks in 1998 to obtain a Renminbi license and DBS' historical relationship with China is grounded by many years of support for China's many development and infrastructure projects. Its first representative office in China opened in Beijing in 1993, DBS Shenzhen opened in 1993 and DBS Shanghai Branch opened in 1995.

In addition to DBS’ Shanghai Luwan Sub-branch, DBS also has a Shanghai branch in Pudong, branches in Beijing, Shenzhen and Guangzhou, as well as representative offices in Dongguan, Hangzhou, Fuzhou and Tianjin, offering a full range of commercial and corporate banking services.

About DBS

Headquartered in Singapore, DBS is one of the largest financial services groups in Asia with almost five million customers and operations in 14 markets. The largest bank in Singapore and the fifth largest banking group in Hong Kong as measured by assets, DBS’ “AA-” and “Aa2” credit ratings are among the highest in the Asia-Pacific region. 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 China, India, Indonesia, Malaysia, Thailand and The Philippines. More information about DBS Group Holdings and DBS Bank can be obtained from our website www.dbs.com.