DBS Bank announces opening of a representative office in Bangladesh
Bangladesh has been an important trading partner to Singapore over the last two decades. In 2021, Singapore was the third-largest importing partner of Bangladesh, with imports amounting to about USD2.4 billion (SGD3.23 billion) [1]. Singapore is also one of Bangladesh’s top investors in the power, energy, transport & logistics and port sectors.
In the near to medium term, Bangladesh will have significant investment requirements in energy and infrastructure that will likely be brought to life through private sector partnerships. DBS foresees that partners from North Asia and India would be the most viable and practical option.
While DBS has been active in Bangladesh – providing trade finance and advisory, in addition to arranging mandates in project investments – the establishment of DBS Dhaka will provide further impetus to the bank’s activities and greater market connectivity for DBS’ customers globally.
DBS has appointed Tahsina Banu as the Chief Representative of DBS Dhaka. A seasoned banker with more than 20 years of experience working in global banks in Bangladesh and the Middle East, Banu’s banking experience spans business and support functions including wholesale banking, trade operations and risk management.
Tan Su Shan, DBS Group Head of Institutional Banking, said, “As Singapore celebrates its 50th anniversary of establishing bilateral relationships with Bangladesh this year, it is an opportune time for DBS to invest in this rapidly growing market to build on the strength of our institutional and transaction banking franchise. In recent years, due to Bangladesh’s strategic location, it has emerged as a strategic gateway and priority market for our clients who are tapping into intra-regional trade opportunities in South Asia and beyond. Our representative office is part of our commitment to support our clients in their expansion plans in this region.”
DBS has been accorded the Safest Bank in Asia award by Global Finance for 14 consecutive years from 2009 to 2022. In addition, DBS was also recently named World’s Best Bank by US-based financial publication Global Finance in August 2022, making it the third time that the bank has clinched the magazine’s top accolade since 2018. This is also the bank’s seventh global best bank win within the last five years, reinforcing the bank’s position as an industry leader and a forward-looking institution shaping the future of banking.
[1] Source: Fifty Years of Bangladesh-Singapore Bilateral Ties: A Landmark Occasion – NUS Institute of South Asian Studies (ISAS)
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About DBS
DBS is a leading financial services group in Asia with 19 markets. Recognised for its global leadership, DBS has been named “World’s Best Bank” by Euromoney, “Global Banks of the Year” by The Banker and “Best Bank in the World” by Global Finance. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for 14 consecutive years from 2009 to 2022. DBS was also ranked No. 1 on Forbes' list of the World's Best Banks in India for two consecutive years.
DBS Bank has been present in India for 27 years, opening its first office in Mumbai in 1994. DBS Bank India Limited is the first among the large foreign banks in India to start operating as a wholly-owned, locally incorporated subsidiary of a leading global bank. DBS provides an entire range of banking services for large, medium and small enterprises and individual consumers in India. In 2016, DBS launched India's first mobile-only bank, digibank, with ~1 million savings accounts. In November 2020, Lakshmi Vilas Bank was amalgamated with DBS Bank India Limited. The bank now has a network of nearly 525 branches across 19 states in India.
DBS provides a full range of consumer, SME, and corporate banking services. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region's most dynamic markets. DBS is committed to building lasting relationships with customers and positively impacting communities through supporting social enterprises, as it banks on the Asian way. It has also established an SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and Asia. In 2020, DBS introduced the “Towards Zero Food Waste” initiative as part of a global sustainability practice to encourage a shift in behaviours and mindsets to reduce food waste.
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 of our 30,000+ staff representing over 40 nationalities. For more information, please visit www.dbs.com.
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