DBS CHINA TO OFFER RMB PRODUCTS & SERVICES
TO CHINESE RESIDENTS
Range of RMB services available to local residents in Shanghai
SINGAPORE, 8 OCTOBER 2007 - DBS Bank (China) Limited (DBS China), a fully-owned subsidiary of Singapore's DBS Bank Ltd, today announced the launch of its RMB products and services to local Chinese residents, following the approval from the China Banking Regulatory Commission (CBRC).
"This marks an important milestone for DBS China. We are confident our suite of products and services will meet the increasingly sophisticated financial needs of customers in China. By leveraging DBS' extensive experience, expertise and infrastructure in consumer banking in Singapore and Hong Kong, DBS is well on its way to building a customer franchise across China," said Mrs Teresa Lin, Vice Chairman and CEO of DBS China.
The new products and services will be rolled out in phases. For a start, DBS China will offer a range of RMB deposit services (savings, call deposits and time deposits), mortgage loans as well as general insurance products to local residents in Shanghai. A range of RMB wealth management and investment products are in the pipeline and will be rolled out upon approval from CBRC.
DBS China will focus on the affluent priority banking segment whereby a minimum Asset Under Management (AUM) of RMB 400,000 is required. DBS Treasures Priority Banking customers can look forward to a suite of wealth management banking solutions and enjoy exclusive and personalised banking service at dedicated DBS Treasures Centres.
Mrs Lin continued: "As a bank that is born and bred in Asia, we embrace and embody the Asian brand of hospitality and this is part of what makes DBS unique. Coupled with our Asia banking expertise and deep understanding of local insights and cultures, we are well placed to meet the growing needs of China 's rising affluent."
DBS China will adopt a holistic customer-centric approach and complement its brick-and-mortar touch points with phone banking, internet banking and customer service centres. With the aim of providing a higher level of customer service, DBS China has invested in upgrading its banking system platform and strengthening its capabilities and scale to better serve its customers. In addition, it will continue to develop strategic alliances to bring its partners' resources to customers.
As part of its five-year growth plans, DBS China will strengthen its presence in the Beijing Tianjin corridor, Yangtze River Delta, Fu-Xia Cluster and the Pearl River Delta. It will expand its existing branch network in Shanghai, Suzhou, Beijing, Shenzhen and Guangzhou into an integrated branch network offering consumer banking, corporate banking, enterprise banking, and investment banking services.
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 corporate, SME and consumer banking, treasury and markets, wealth 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.
About DBS China
DBS is one of the first few foreign banks and the first Singapore bank to incorporate
in China. The subsidiary, DBS Bank (China) Limited, is headquartered in Shanghai
and commenced business on 28 May 2007 with a registered capital of RMB 4 billion
(USD 523 million).
DBS first established its presence in China with a representative office in Beijing in
1993. In 2005, DBS officially launched its consumer banking business in Shenzhen,
followed by the opening of a sub-branch in Shanghai in May 2006.
Today, DBS has branches in Beijing, Shanghai, Shenzhen, Suzhou and Guangzhou,
and representative offices in Dongguan, Fuzhou, Hangzhou, and Tianjin.
More information on DBS China can be obtained from www.dbs.com/cn/