DBS BANK RECEIVES FINAL APPROVAL TO
INCORPORATE LOCALLY IN CHINA
* * *
SINGAPORE, 21 MAY 2007 – DBS Bank Ltd (DBS) announced today that it
has received final approval for local incorporation from the China Banking
Regulatory Commission (CBRC). The new entity will be named DBS Bank
(China) Limited.
As a local subsidiary, DBS Bank (China) Limited will be able to offer
a comprehensive suite of RMB products and services to local residents
in China, subject to regulatory approval. DBS expects its local subsidiary
to commence business in the coming weeks.
More details will be announced in due course.
About DBS
Headquartered in Singapore, DBS is one of the largest financial
services groups in Asia with operations in 15 markets. The largest bank
in Singapore as measured by assets, and a leading bank in Hong Kong,
DBS' "AA-" and "Aa1" 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.
About DBS China
DBS first established its presence in China with a representative office
in Beijing in 1994. In 1995, DBS Shanghai Branch was one of the first
10 foreign banks to obtain a Renminbi licence when the licences were
issued in 1998.
Today, DBS has branches in Beijing, Shanghai, Suzhou, Shenzhen and Guangzhou
and representative offices in Dongguan, Hangzhou, Fuzhou and Tianjin.
Prior to the local incorporation in China, DBS branches have all the
permitted licences available to foreign banks in China, and service
corporate and institutional clients with a full range of corporate and
investment banking services.
In 2005, DBS officially launched its consumer banking business in Shenzhen,
followed by the opening of a sub-branch in Shanghai in May 2006.
More information about DBS Group Holdings and DBS Bank can be obtained
from our website www.dbs.com.