DBS Finance Folds Into DBS Bank

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Move is part of Bank's efforts to streamline banking operations to better serve needs of customers

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Reorganisation Will Have Minimal Impact On Customers And Staff

SINGAPORE, Nov 28, 2000 - DBS Bank said today it will be integrating the operations of its finance arm, DBS Finance Limited, into the Bank. This exercise is expected to be legally completed by first quarter of next year.

This move is part of DBS Bank's continuing efforts to streamline its banking operations in Singapore and the region.

"There are many synergies in the operations of DBS Finance and the Bank. Integrating DBS Finance's operations into the Bank will mean greater efficiencies and economies of scale, " said Peter Tan, Executive Director, DBS Finance.

"After integration, our customers can look forward to additional financial products and services offered by DBS Bank, and convenient access to DBS' extensive delivery channels. We will also be able to leverage on the Bank's IT resources and capability in e-banking to offer DBS Finance's customers newer, more effective and convenient delivery channels," said Tan.

Tan also emphasised that there would be minimal disruption and impact to customers and their accounts.

"Over the past 30 years, DBS Finance has established mutually rewarding relationships with its customers. We would like to take this opportunity to express our appreciation for their invaluable support and we look forward to further expanding these close relationships when the operations are integrated with the Bank," added Tan.

All DBS Finance staff will be transferred to various departments within the Bank. As a result, they will have the opportunity to further develop their skills and knowledge of a wider range of products, services and operations within the Bank.

DBS Finance, a wholly owned subsidiary of DBS Bank, was established in 1970. It was one of the pioneers in providing hire purchase financing among finance companies in Singapore. DBS Finance provides consumers and small and medium enterprises (SMEs) in Singapore with a wide range of financial products and services, including deposits, share financing, housing loans, car, equipment, land transportation and ship financing and industrial/commercial financing. DBS Finance currently has five branches and two Lending Points, which are one-stop loans-only specialist centres.