DBS among first foreign banks to receive approval
to incorporate in China

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It will also offer RMB time deposit product to Chinese citizens

 

SINGAPORE, 27 December 2006 – DBS Bank announced today that it has received approval over the weekend from the China Banking Regulatory Commission (CBRC) to prepare for local incorporation in China. DBS is the only Singapore bank among nine foreign banks to receive this approval.

On Monday, DBS also obtained the approval from CBRC to provide time deposits of at least RMB 1 million to local Chinese residents at its Beijing, Shanghai and Shenzhen branches, strengthening its RMB offerings at these branches.

China is an integral part of DBS’ blueprint to be a premier bank in Asia and the approvals mark an important step towards growing DBS’ business in China. With the set-up of the local subsidiary, DBS will be able to offer local Chinese residents the full suite of RMB banking services.

Richard Leung, DBS Country Head for China, said: “We are pleased to receive the approvals for both our applications which will spearhead our expansion in China. The swift response from CBRC reflects their commitment to open up the market and we are excited to be part of this milestone development for the Chinese market.

“We look forward to receiving the approval for the commencement of our local subsidiary soon and roll out our full suite of wealth management services in China so that local customers can enjoy the same level of services as our customers in Hong Kong and Singapore.”

Currently, DBS has five branches in Beijing, Guangzhou, Shanghai, Shenzhen and Suzhou, one sub-branch in Shanghai, and four representative offices in Fuzhou, Hangzhou, Tianjin and Dongguan.