DBS GRANTED HANOI REPRESENTATIVE LICENSE TO OPERATE IN VIETNAM

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SINGAPORE, 20 March 2008 – DBS Bank announced today that it received a license from the State Bank of Vietnam to set up a representative office in Hanoi, the Socialist Republic of Vietnam.

DBS Bank is one of the largest financial services groups in Asia with operations in 16 markets and over 13,000 employees. It holds leading positions in corporate, SME and consumer banking, treasury & markets, wealth management, securities brokerage, equity and debt fund raising. DBS is committed to expanding its regional presence through organic growth with the objective of adding value to its pan-Asia franchise and maximizing long-term shareholder value.

Located in Hanoi, the office will also foster and strengthen relationships between Vietnamese companies and DBS' vast client network in Singapore and Asia. Rajan Raju, Managing Director and Head of South and South East Asia, DBS Bank said "Vietnam provides an exciting opportunity for DBS to extend its pan-Asian footprint. The representative office is intended to be only the first of many steps towards developing a business here. In addition, we view Vietnam as a logical base from which to build a business in Indo-China, an area which is of great interest to our customers from Singapore, Hong Kong and elsewhere in Asia."

Dr. Wong Yit Fan, Chief Executive Officer of DBS Vietnam said, "We are delighted to receive the approval for a representative office which will spearhead our presence in Vietnam."

"We have been great admirers of Vietnam's remarkable economic transformation. As a bank which is born and bred in Asia, DBS' capacity to offer an Asia-specific focus in banking is a unique proposition at a time when trade and investment flows between Vietnam and the rest of Asia are on the rise." he said.

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 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.