DBS OPENS REPRESENTATIVE OFFICE IN VIETNAM
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Offers tailor-made banking solutions to meet customers' requirements
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HANOI, 3 July 2008 - DBS Bank today announced the opening of its representative office in Hanoi, the Socialist Republic of Vietnam, three months after it received the license from the State Bank of Vietnam to do so.
DBS Bank is one of the largest financial services groups in Asia with operations in 16 markets and over 15,000 employees. It holds leading positions in corporate, SME and consumer banking, treasury & markets, wealth management, securities brokerage, equity and debt fund raising.
The Hanoi office will spearhead the bank's development of the wholesale banking business. Dr Wong Yit Fan, Chief Representative of DBS Bank Ltd, Hanoi Representative Office said: "Our Asia-specific banking capabilities will be a unique proposition for Vietnamese companies wishing to expand overseas, while our presence in Vietnam will facilitate the interests of Asia and Singapore-based companies that are already in, or are making their way to, the country.
"Since receiving our representative office licence in March, we have expanded our trade finance related activities significantly, and will look for further opportunities and penetrate the banking sector over time."
Richard Stanley, CEO of DBS Group Holdings & DBS Bank said: "Vietnam is fast becoming a key player in the Asian financial markets. We are excited at the opportunity of expanding our pan-Asian footprint in Vietnam and we are honoured to play a part in its economic transformation."
In line with its intentions to build a sustainable franchise in Vietnam, DBS organised an operational risk management workshop for banking and media representatives two weeks ago. Dr Wong said: "As a bank with Asian roots, we believe in giving as well as receiving. Just as the State Bank of Vietnam has extended its gracious hospitality to DBS, we too, are delighted to offer our market insights and operational risk expertise as a show of confidence to a country that is fast making a mark in the Asian financial markets."
About DBS
DBS is one of the largest financial services groups in Asia with operations in 16 markets. Headquartered in Singapore, DBS is the largest bank in the country 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.
As a bank that specialises in Asia, DBS leverages its deep understanding of the region, local culture and insights to serve and build lasting relationships with its clients. DBS provides the full range of services in corporate, SME, consumer and wholesale banking activities across Asia and the Middle East. The bank is committed to expand its pan-Asia franchise by leveraging its growing presence in mainland China, Hong Kong and Taiwan to intermediate the increasing trade and investment flows between these markets. Likewise, DBS is focused on extending its end-to-end services to facilitate capital within fast-growing countries in Indonesia and India.
DBS acknowledges the passion, commitment and can-do spirit in each of its 15,000 staff, representing over 30 nationalities. For more information, please visit www.dbs.com.