DBS receives and commences trading on the London Metal Exchange
Singapore.21 Jun 2021
DBS is the first bank in Asia to be issued membership outside of London
Builds on bank’s suite of hedging and financial solutions to enhance support for clients in the metals industry
Singapore, 21 Jun 2021 - DBS today announced that it has commenced trading as a Category 4 member on the London Metal Exchange (LME) – the world’s leading platform for the trading of industrial metals. DBS is the first bank in Asia to be issued a membership with LME outside of London.
With the new membership, DBS’ corporate clients in Singapore, China, India, Indonesia, Korea and Hong Kong will have access to a comprehensive suite of hedging and financial solutions to support the diverse needs of metal businesses. LME’s deep market liquidity, its warrant delivery system and global warehouse network of over 600 approved storage facilities across 33 locations in Europe, USA and Asia[1] will help DBS’ corporate clients to price and hedge metals trades effectively, as well as facilitate physical delivery of the commodity. In addition, the membership will complement DBS’ existing Commodity Structured Trade Finance capabilities, which include complex tolling, inventory and pre-shipment finance.
Andrew Ng, Group Head of Treasury and Markets, DBS said, “With Asia leading the world’s global growth, the LME membership is a critical and necessary step for us to enhance support to our corporate clients, enabling them to access an international, robust and regulated metals market, through DBS. This offers our clients access to the exchange’s world-wide network of warehouses, providing an efficient hedging venue for metal trades done in their preferred market.”
With the push for a lower carbon economy globally, the need for efficient and affordable electricity storage will also continue to drive demand for non-ferrous metals which form critical components in batteries, said Tan Su Shan, Group Head of Institutional Banking, DBS. “Metals are an essential enabler to achieve a sustainable future, and as global demand for the commodity continues to grow exponentially, so will expectations on the industry’s sustainability standards. DBS is committed to both driving and lending support to initiatives that help our clients transition towards a low carbon future. The LME membership will provide our clients in the metals and mining space with the option to access sustainably-produced metal, such as low carbon aluminium, as well as metals that play a significant role in global decarbonisation and the circular economy, such as materials used to manufacture electric vehicles (EVs) and scrap metals.”
[1] The LME is the world’s centre for the trading of industrial metals, with the majority of all non-ferrous metal futures transacted on its platforms (https://www.lme.com/en-GB/About).
About DBS
DBS is a leading financial services group in Asia with a presence in 18 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “World’s Best Bank” by Euromoney, “Global Bank 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. In addition, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for 12 consecutive years from 2009 to 2020.
DBS provides a full range of services in consumer, SME and corporate banking. 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 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. For more information, please visit www.dbs.com.
With the new membership, DBS’ corporate clients in Singapore, China, India, Indonesia, Korea and Hong Kong will have access to a comprehensive suite of hedging and financial solutions to support the diverse needs of metal businesses. LME’s deep market liquidity, its warrant delivery system and global warehouse network of over 600 approved storage facilities across 33 locations in Europe, USA and Asia[1] will help DBS’ corporate clients to price and hedge metals trades effectively, as well as facilitate physical delivery of the commodity. In addition, the membership will complement DBS’ existing Commodity Structured Trade Finance capabilities, which include complex tolling, inventory and pre-shipment finance.
Andrew Ng, Group Head of Treasury and Markets, DBS said, “With Asia leading the world’s global growth, the LME membership is a critical and necessary step for us to enhance support to our corporate clients, enabling them to access an international, robust and regulated metals market, through DBS. This offers our clients access to the exchange’s world-wide network of warehouses, providing an efficient hedging venue for metal trades done in their preferred market.”
With the push for a lower carbon economy globally, the need for efficient and affordable electricity storage will also continue to drive demand for non-ferrous metals which form critical components in batteries, said Tan Su Shan, Group Head of Institutional Banking, DBS. “Metals are an essential enabler to achieve a sustainable future, and as global demand for the commodity continues to grow exponentially, so will expectations on the industry’s sustainability standards. DBS is committed to both driving and lending support to initiatives that help our clients transition towards a low carbon future. The LME membership will provide our clients in the metals and mining space with the option to access sustainably-produced metal, such as low carbon aluminium, as well as metals that play a significant role in global decarbonisation and the circular economy, such as materials used to manufacture electric vehicles (EVs) and scrap metals.”
[1] The LME is the world’s centre for the trading of industrial metals, with the majority of all non-ferrous metal futures transacted on its platforms (https://www.lme.com/en-GB/About).
[END]
About DBS
DBS is a leading financial services group in Asia with a presence in 18 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “World’s Best Bank” by Euromoney, “Global Bank 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. In addition, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for 12 consecutive years from 2009 to 2020.
DBS provides a full range of services in consumer, SME and corporate banking. 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 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. For more information, please visit www.dbs.com.
