DBS INVESTS IN TAIPEI HUB AND NEW TAIWAN HEADQUARTERS
To Set up Subsidiary in 2011, in line with commitment to growing in Taiwan
SINGAPORE, TAIPEI, 25 October 2010 - DBS Bank, which aims to be among the top three foreign banks in Taiwan by 2015, announced today that it will be relocating its Taiwan headquarters to Shin Kong Xinyi Financial Center (A12 Building) in the heart of Taipei’s financial district. The move, part of DBS Taiwan’s Strategic Occupancy Plan, is slated for completion in the first half of 2011. This follows a similar relocation by the bank of its technology operations and support staff to Taipei Hub in the Neihu Science Park, in September 2010.
DBS Taiwan is also gearing up for local incorporation next year. The subsidiary is expected to be set up in September 2011.
These initiatives are testament to the bank’s commitment to building up its presence in Taiwan, with Greater China being one of DBS’ three key axes of growth in Asia.
Leverage Asian network, being the Asian bank of choice
Officiating at the grand opening of Taipei Hub, DBS Chief Executive Officer Piyush Gupta said, “Given our extensive footprint in the region, DBS can help to intermediate the increasing trade and investment flows between Taiwan, Hong Kong and China. With a growing regional wealth management business, as well as established treasury and markets, asset management and brokerage capabilities, we are also well-positioned to capture the burgeoning wealth flows in Asia. DBS’ pedigree as a well-governed
Singapore-headquartered bank has reinforced our status as one of the strongest banks in the region. This enables us to provide our customers with smart solutions while giving them peace of mind.”
For the better part of 2010, DBS, named the “Safest Bank in Asia” by Global Finance for two consecutive years, has been laying the groundwork on its strategic priorities across the region. They include strengthening its leadership position in Singapore, re-energising its Hong Kong operations, and building up its wealth management and SME businesses. DBS is also developing more customer-centric processes and investing in its people.
As an Asian bank, DBS has weathered the financial crisis better than its Western counterparts; the bank’s balance sheet remains strong. In second quarter 2010, DBS’ net earnings increased by 35% on-quarter to a quarterly record of SGD 718 million, before a goodwill impairment charge. Gupta said, “Operating trends continued to strengthen and there was broad-based loans growth. After taking a one-time charge of SGD 1.02 billion for DBS Hong Kong Limited, the Group still turned in a net profit of SGD 232 million for the first half. Our financial performance reflects the growth in underlying drivers, in line with our strategic direction and the depth of our relationships with customers.”
DBS Taiwan achieves good results and continues to grow
Since acquiring Bowa Commercial Bank in 2008, DBS has moved quickly to integrate it with its existing franchise and has turned in a strong performance, ahead of plan. DBS Taiwan reported pre-tax profits of NTD 317 million in 2009 and the uptrend is expected to continue. Statistics released by the Financial Supervisory Commission show that DBS’ pre-tax profit as at the end of July was NTD 421 million. Jerry Chen, General Manager of DBS Taiwan, said, “DBS Taiwan is now fully integrated and we are entering a growth phase, on the back of more diversified product lines and a larger network of branches. We will continue to expand the scale of our operations and profitability, develop cross-selling among various businesses and launch more solutions for our customers. This will help us achieve our target of being one of the top three foreign banks in Taiwan over the next five years. We are actively seeking growth and creating synergies.”
DBS currently has 40 branches in Taiwan. To provide customers with an even better banking experience, DBS Taiwan had renovated seven branches, and will do the same for another four branches by year-end.
DBS Taiwan also has a comprehensive range of products for companies and consumers which include mortgages, car loans and DBS Treasures wealth management services.
DBS’ Commitment to Taiwan
DBS Taiwan’s new premises underscore its commitment to Taiwan. Spanning over 70,770 square feet (1,990 pings), the new Taipei Hub houses 500 staff. The facility features state-of-the-art technology, training classrooms and a social hub for recreational use.
Chen said, “By integrating all of DBS’ operational support units in one location, we will effectively improve operational efficiency and productivity, strengthen communication between departments, and respond to the needs of customers even more promptly.”
DBS’ new 71,550 square feet (2,010 pings) headquarters at the A12 Building of Xinyi District will house a DBS flagship branch, offering a suite of financial and wealth management products and services.
Gupta said, “Taiwan is a strategic market for us. Going forward, we will continue to grow the large corporate segment, drive the SME business as well as cross-border trade. At the same time, we will also strengthen our consumer franchise by focusing on wealth management while growing our unsecured loans and transactional retail accounts portfolio.”
To further strengthen its brand profile in Taiwan, DBS recently launched a branding campaign to demonstrate how building lasting relationships is an integral part of banking the Asian way. The campaign also underscores how the bank embraces Asia’s past and believes in shaping Asia’s future.
DBS - Living, Breathing Asia
DBS is one of the largest financial services groups in Asia with operations in 15 markets. Headquartered in Singapore, DBS is a well-capitalised bank with "AA-" and "Aa1" credit ratings that are among the highest in the Asia-Pacific region.
As a bank that specialises in Asia, DBS leverages its deep understanding of the region, local culture and insights to serve and build lasting relationships with its clients. DBS provides the full range of services in corporate, SME, consumer and wholesale banking activities across Asia and the Middle East. The bank is committed to expanding its pan-Asia franchise by leveraging its growing presence in mainland China, Hong Kong and Taiwan to intermediate the increasing trade and investment flows between these markets. Likewise, DBS is focused on extending its end-to-end services to facilitate capital within fast-growing countries such as 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.