DBS BANK RECEIVES FINAL APPROVAL TO INCORPORATE LOCALLY IN CHINA

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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.