DBS Bank Ltd opened its branch in the Middle East in Dubai at the Dubai International Financial Centre (“DIFC”) in March 2006. It is regulated by Dubai Financial Services Authority (“DFSA”).
It is among the first few Asian banks and the first Singapore based bank to receive a banking license to open its offices in DIFC. DBS aims to bridge both Asia and the GCC (Gulf Co-operation Council) region, the two largest growing regions in the world and build connectivity for its customers covering the regions.
DBS Bank Ltd (DIFC Branch) covers wholesale banking products and services including Corporate and Investment Banking, Debt and Capital Markets, Treasury Management, Institutional Equity Sales and Global Transaction Services (Cash and Trade). It also covers Private Banking customers. The team in Dubai works closely with DBS product partners in other regions.
With effect from 11th November 2010, Dubai Financial Services Authority (“DFSA”) has approved the upgrade of DBS Bank Ltd's license from Category 4 to Category 1 in the Dubai International Financial Centre (“DIFC”). The upgrade of its license permits DBS Bank Ltd to book loans and carry out trade finance activities locally.