DBS receives confirmation to proceed
with
the set up of first Islamic bank in Singapore
SINGAPORE, 30 MAR 2007 - DBS Bank (DBS) today received confirmation
from the Monetary Authority of Singapore that it is prepared to grant
a new bank licence to a DBS joint venture company to set up Singapore's
first Islamic bank. The Islamic bank's shareholders will comprise DBS,
as a majority shareholder, and prominent investors from the Gulf Cooperation
Council (GCC) countries. The Islamic bank will initially offer corporate,
capital market and private banking services.
Further details will be announced when DBS receives final approval
for the joint venture Islamic bank from the Monetary Authority of Singapore.
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
“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.
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