DBS BANK RECEIVES FINAL APPROVAL TO INCORPORATE
LOCALLY IN CHINA
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SINGAPORE, 21 MAY 2007 DBS Bank Ltd (DBS) announced today that
it has received final approval for local incorporation from the
China Banking Regulatory Commission (CBRC). The new entity will
be named DBS Bank (China) Limited.
As a local subsidiary, DBS Bank (China) Limited will be able to
offer a comprehensive suite of RMB products and services to local
residents in China, subject to regulatory approval. DBS expects
its local subsidiary to commence business in the coming weeks.
More details will be announced in due course.
About DBS
Headquartered in Singapore, DBS is one of the largest financial
services groups in Asia with operations in 15 markets. The largest
bank in Singapore as measured by assets, and a leading bank in Hong
Kong, DBS' "AA-" and "Aa1" 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.
About DBS China
DBS first established its presence in China with a representative
office in Beijing in 1994. In 1995, DBS Shanghai Branch was one
of the first 10 foreign banks to obtain a Renminbi licence when
the licences were issued in 1998.
Today, DBS has branches in Beijing, Shanghai, Suzhou, Shenzhen and
Guangzhou and representative offices in Dongguan, Hangzhou, Fuzhou
and Tianjin. Prior to the local incorporation in China, DBS branches
have all the permitted licences available to foreign banks in China,
and service corporate and institutional clients with a full range
of corporate and investment banking services.
In 2005, DBS officially launched its consumer banking business
in Shenzhen, followed by the opening of a sub-branch in Shanghai
in May 2006.
More information about DBS Group Holdings and DBS Bank can be obtained
from our website www.dbs.com.