This deal is the second landmark deal that DBS has concluded in Qianhai district. Last August, DBS Hong Kong partnered Bank of China Shenzhen Branch to offer a one-year RMB100 million bilateral cross-border RMB loan to Shenzhen International. To further support Qianhai district’s financial reforms and contribute to the development of the domestic real economy, DBS China recently renamed and restructured its Shenzhen Guoshang sub-branch to Shenzhen Qianhai sub-branch, to boost its competitive advantage in the pilot zone by offering a full range of banking products and services to corporates. With the establishment of DBS China’s Qianhai sub-branch, the bank can offer timely and comprehensive bilateral solutions such as cross-border Yuan loans to corporates based in Qianhai and across China.
Tan Teck Long, Managing Director and Head of Institutional Banking Group, DBS China said, “With the transformation of China's economic development and deepening financial reforms, we are optimistic of the many potential opportunities in special economic zones including Qianhai Shenzhen-Hong Kong Cooperation Zone, China (Shanghai) Pilot Free Trade Zone, Suzhou Industrial Park, Sino-Singapore Tianjin Eco-city etc. Leveraging the bank’s extensive network and experience in Asia, DBS has partnered many customers such as SF in these special zones to capture opportunities through financial innovation. We hope to use our expertise and experience to help more companies benefit from such reforms."
This cross-border Yuan loan has provided SF with another channel to raise funds at a lower cost than the domestic interest rates. Established since 1993 in China (including Hong Kong, Macau and Taiwan), SF has built extensive networks and business lines including information collection, market development, logistics distribution and express delivery services. SF has also set up multiple subsidiaries in Shenzhen Qianhai district.
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About DBS China
DBS Bank (China) Limited (DBS China) is a subsidiary of DBS, one of Asia’s leading financial services groups. Formerly the Development Bank of Singapore, DBS opened its first representative office in Beijing in 1993 and was among the first group of foreign banks and the first Singapore bank to incorporate in China in May 2007. Since then, DBS China has rapidly expanded its franchise across the country, currently operating out of 10 branches and 21 sub-branches and has more than doubled its staff strength to over 2,300. DBS China’s business focuses are institutional banking, global transaction services, treasury and markets, SME banking as well as consumer banking targeting the affluent segments.
DBS China is among the first batch of financial institutions and one of the first two foreign banks, to obtain approval for setting up an outlet in the FTZ on September 29th, 2013; and is also among the first batch of foreign banks to receive operational approval for the Shanghai FTZ outlet on December 31st, 2013. On January 7th, 2014, DBS China’s Shanghai Pilot Free Trade Zone Sub-branch became the first foreign bank to open for business.
China is DBS’ key priority market. The strengths of our franchise in China have been recognized by esteemed regional and local media, government bodies and industry associations such as Global Finance (Stars of China: Best Small Business Lending & Best Retail Bank, 2013; Best Treasury and Cash Management among foreign banks, 2011-2012) and 21st Century Business Herald (Best Wealth Management Service, 2011-2012).
About DBSDBS - Living, Breathing Asia
DBS is a leading financial services group in Asia, with over 250 branches across 17 markets. Headquartered and listed in Singapore, DBS has a growing presence in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's capital position, as well as "AA-" and "Aa1" credit ratings, is among the highest in Asia-Pacific. DBS has been recognised for its leadership in the region, having been named “Asia’s Best Bank” by The Banker, a member of the Financial Times group, and “Best Bank in Asia-Pacific” by Global Finance. The bank has also been named “Safest Bank in Asia” by Global Finance for six consecutive years from 2009 to 2014.
DBS provides a full range of services in consumer, SME and corporate banking activities across Asia. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. These market insights and regional connectivity have helped to drive the bank’s growth as it sets out to be the Asian bank of choice. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all of our 21,000 staff, representing over 30 nationalities. For more information, please visit www.dbs.com
