DBS reaffirms its commitment to growth in China with opening of Shanghai
sub-branch
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DBS also first Singapore-based bank in Suzhou
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Showcase of contemporary artwork in new Shanghai sub-branch reflects
the dynamism of modern Asia
SINGAPORE & HONG KONG, 30 MAY 2006 – DBS Bank Ltd (星展银行) reaffirms
its commitment in China with the opening of its DBS Shanghai Luwan Sub-branch
in the heart of Shanghai’s bustling commercial centre on Middle Huaihai
Road. The opening was officiated by Koh Boon Hwee on his first official
trip to China as Chairman of DBS Bank Ltd; Frank Wong, Vice Chairman and
Chief Operating Officer of DBS Bank Ltd; and Jiang Xiao Long, Luwan Deputy
Governor.
DBS Bank will also be opening its Suzhou Branch on 31 May, making it
the first Singapore-based bank to establish a presence in the fast growing
Suzhou region.
This expansion in Shanghai and Suzhou is part of DBS’ overall strategy
to grow its presence and business in the Yangtze Delta region, Pearl-River
Delta and the Northern China Economic Development Zone. The opening of
a branch in Suzhou will further strengthen DBS’ position in the Yangtze
Delta region, bringing it closer to its foreign and local corporate customers
in that geographic area.
Mr Koh said: “China’s rapid economic progress has inevitably led to
a growing demand for more sophisticated financial services. Deepening
our presence in China thus forms an integral part of our plans as DBS
becomes a premier bank in Asia. Over the years, we have steadily grown
in the Pearl River Delta region, Yangtze Delta region and the Northern
China Economic Development Zone. We believe these three areas attract
the largest share of foreign direct investments. Many of our targeted
customers are located in these regions and we look forward to serving
them.”
DBS’ flagship consumer banking branch in Shanghai enables customers
to enjoy a wide range of banking services in Renminbi and foreign currencies
including deposit, mortagages, exchange and remittance services.
Mr Wong, who is also the Chairman of DBS Bank (Hong Kong) Limited said:
“As a bank that is born and bred in Asia, we have a deep understanding
of the region, the local cultures and insights. To reflect the dynamism
and energy of a fast growing bank in Asia, selected contemporary artwork
from the Museum of Contemporary Art Shanghai (MoCA) will be showcased
in the new branch. The artwork epitomises the bank’s contemporary and
forward thinking approach, and reinforces our passion in harnessing the
energy of modern Asia.”
Wong added: “Leveraging our extensive experience in consumer banking,
expertise and infrastructure in Singapore and Hong Kong, we are confident
that DBS' range of products and services will meet the needs of customers
in China, and will allow us to reach out to Asia’s rising affluent."
In response to the growing demand for customised wealth management solutions
from affluent local residents and foreign individuals, a DBS Treasures
Priority Banking Centre is also housed within the new branch.
The DBS Treasures Centre will provide high net worth customers with
access to a wide range of wealth management and investment products, including
mutual funds, insurance, direct equity, bonds and portfolio management
services.
DBS Shanghai was among the first batch of ten foreign banks in 1998
to obtain a Renminbi license and DBS' historical relationship with China
is grounded by many years of support for China's many development and
infrastructure projects. Its first representative office in China opened
in Beijing in 1993, DBS Shenzhen opened in 1993 and DBS Shanghai Branch
opened in 1995.
In addition to DBS’ Shanghai Luwan Sub-branch, DBS also has a Shanghai
branch in Pudong, branches in Beijing, Shenzhen and Guangzhou, as well
as representative offices in Dongguan, Hangzhou, Fuzhou and Tianjin, offering
a full range of commercial and corporate banking services.
About DBS
Headquartered in Singapore, DBS is one of the largest financial services
groups in Asia with almost five million customers and operations in 14
markets. The largest bank in Singapore and the fifth largest banking group
in Hong Kong as measured by assets, DBS’ “AA-” and “Aa2” credit ratings
are among the highest in the Asia-Pacific region. DBS has leading positions
in consumer banking, treasury and markets, asset management, securities
brokerage, equity and debt fund raising. Beyond the anchor markets of
Singapore and Hong Kong, DBS serves corporate, institutional and retail
customers through its operations in China, India, Indonesia, Malaysia,
Thailand and The Philippines. More information about DBS Group Holdings
and DBS Bank can be obtained from our website www.dbs.com.
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