DBS UNDERSCORES COMMITMENT TO CHINA;
INAUGURATES NEW CHINA HEADQUARTERS BUILDING IN SHANGHAI
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China franchise, key to DBS’ Greater China platform,
makes strides since May 2007 local incorporation; to expand further
SINGAPORE, CHINA, 3 February 2010 - DBS Bank today underscored its commitment to China, a key market in the bank’s Greater China platform, with the inauguration of a new headquarters building located at the heart of Shanghai’s financial district. DBS Chairman Koh Boon Hwee, Chief Executive Piyush Gupta and other board members, officiated at the inauguration ceremony, a momentous occasion for the bank.
DBS China will occupy five floors of DBS Bank Tower, which is located in Lujiazui, with spectacular views of the Bund. With the new building, the bank’s Shanghai-based staff will be housed under one roof, facilitating greater efficiency and productivity. It also marks a key milestone for DBS since it became the first Singapore bank to set up a locally-incorporated subsidiary in China in May 2007.
Since its local incorporation, DBS China has expanded its franchise in China, the fastest-growing Asian economy in the last decade.
In a little less than three years, DBS China has grown its customer base in China by over four times, and nearly doubled its staff strength to almost 1,000. Over the same time, the bank has also expanded its footprint, opening three branches in Tianjin, Nanning and Dongguan, as well as six sub-branches spread over Shanghai, Beijing, Suzhou, Shenzhen and Guangzhou. Today, DBS China operates out of eight branches and seven sub-branches across China. DBS China also rolled out consumer banking and private banking, which together with institutional banking and treasury and markets, make up its China franchise.
Said Melvin Teo, DBS China’s CEO-designate, “China is an important market for DBS. With this new headquarters building, we are underlining our firm commitment to China. We are putting roots here, building for the long-term and investing for the future.”
Going forward, the bank intends to continue to grow its branch footprint in China. There are also plans to expand into new businesses such as shipping finance and commodity trade finance.
China is also an important market in DBS’ Greater China platform. According to the World Trade Organization, intra-Asia trade is a USD 1.9 trillion market. Of this, more than 80% involves China, Hong Kong, Korea, Taiwan and Singapore. As an Asian bank, DBS is well-positioned in these markets to intermediate intra-Asia trade flows.
In Singapore, DBS is the biggest bank, with a market-leading position in many businesses. In Hong Kong, DBS has a leading franchise. In Taiwan, DBS now has 40 branches, following the acquisition of the “good bank assets” of Bowa Bank in 2008. In Korea, DBS has operated a branch in Seoul, servicing major corporates, since 1981.
DBS said that with about 50% of Taiwanese SMEs having China linkages, and with ties between Hong Kong and China becoming closer by the day, DBS is well-positioned to uniquely serve customers given the strength of its Greater China franchise.
Said DBS Chief Executive Piyush Gupta: “One of DBS’ competitive advantages as an Asian bank is the regional connectivity we offer our customers. We intend to fully leverage our extensive footprint in Hong Kong, and our growing presence in China and Taiwan, to intermediate the increasing trade and investment flows within the Greater China region."
DBS Bank Tower is part of a comprehensive, multi-year strategic occupancy programme announced by the bank in 2007. This includes the relocation of DBS Group’s Singapore headquarters to the Marina Bay Financial Centre in 2013, and various business units to One Island East and Millennium City 6 business complexes in Hong Kong.
DBS China is leasing 13,300 square meters of DBS Bank Tower, which can easily accommodate an increased number of employees as the bank expands in China.
DBS also announced that its employees across the region, together with dollar-for-dollar funds-matching by the bank, raised SGD 1.3 million for underprivileged children in Asia last year. As DBS supports the cause of children and learning, a portion of these funds will go towards establishing a foundation to provide scholarships to migrant children in China.
About DBS
DBS is the largest bank in Singapore, a leading bank in Hong Kong and is one of the largest financial services groups in Asia. Headquartered in Singapore, DBS has operations in 16 markets and is a well-capitalised bank with "AA-" and "Aa1" credit ratings, one of the highest in the Asia Pacific region.
As a bank that specialises in Asia, DBS leverages its insights, deep understanding of the region and appreciation of local cultures to serve and build lasting relationships with its clients. DBS provides a full range of services in corporate, SME, consumer and wholesale banking activities across Asia and the Middle East. DBS will leverage its growing presence in China, Hong Kong and Taiwan to intermediate the increasing trade and investment flows in the Greater China region. The bank is also focused on extending its footprint and facilitating capital flows in fast-growing Indonesia and India.
DBS acknowledges the passion, commitment and can-do spirit in each of its 14,000 staff, representing over 30 nationalities. For more information, please visit www.dbs.com.