DBS BANK OFFICIALLY LAUNCHES EXPANDED 40-BRANCH
NETWORK IN TAIWAN
***
Opens first DBS Treasures priority banking centre
at newly renovated Tunbei Branch
TAIWAN, SINGAPORE, HONG KONG, MAINLAND CHINA, 5 September 2008 - DBS Bank officially launched its expanded network in Taiwan, following the acquisition and integration of "selected good bank assets" of Bowa Commercial Bank earlier this year. DBS Bank is the first Singapore bank to make a major investment in Taiwan.
To demonstrate DBS Bank's firm commitment to Taiwan, DBS Group Chairman Koh Boon Hwee and CEO Richard Stanley officiated the launch with the bank's employees and corporate customers. A customer appreciation event, graced by His Excellency
Mr Paul Chiu to the Vice Premier of Executive Yuan of Taiwan, and His Excellency Mr Stanley Loh, Singapore's Trade Representative, will be held this evening.
Mr Koh said: "I would like to extend DBS Bank's appreciation to the Taiwanese government and local regulators for their support. We are committed to Taiwan and will invest the necessary resources to build a strong franchise in this market. We believe there is much potential and many growth opportunities in Taiwan as it looks towards becoming a key financial centre in Asia."
Mr Stanley said: "DBS Bank's ambition is to become a leading bank in Asia. Our expansion in Taiwan reinforces DBS Bank's Greater China strategy and commitment to Asia. I am also very pleased to announce the opening of our Calcutta branch in India today, one of eight new branches to be opened by early 2009. We look forward to leveraging our extensive footprint in Hong Kong and growing presence in mainland China to better serve our customers in the Greater China, India and other parts of Asia."
The bank had received eight new branch licences from the Reserve Bank of India in March this year. Together with the existing branches in New Delhi and Mumbai, DBS India will have presence in 10 cities across the country. India is one of the fastest growing economies and a key market for DBS.
In Taiwan, the bank has 40 branches across Taiwan including DBS Taipei Branch which was set up in 1983. DBS Bank also opens its first Treasures priority banking centre at the newly renovated DBS Tunbei Branch (Taipei) today. This is consistent with the bank's efforts to reach out to the fast growing affluent segment in Taiwan. DBS Bank also has Treasures priority banking centres in Singapore, China, Hong Kong, India and Indonesia.
DBS Bank plans to progressively renovate all its branches, starting with DBS Tunbei Branch, followed by DBS Chungsiau (Taipei) and DBS Chungkang branches (Taichung) in October and November respectively. DBS Bank is also exploring ways to optimise its branch network in Taiwan by selectively relocating to more accessible and convenient locations. In addition, DBS Bank will be locally incorporated in three years' time.
"We were off to a great start in Taiwan, the integration was completed swiftly and on schedule. The speed, efficiency and teamwork are testimony of the quality and professionalism of our people. I am confident that DBS Bank will become a leading foreign player in Taiwan given the commitment and dedication of our employees. We look forward to contributing to the vibrant financial sector in Taiwan", added Mr Stanley.
Currently, DBS Bank has 950 employees in Taiwan. By the end of the year, it expects to grow its staff strength by more than 10% to support its growth plans.
General Manager and Head of DBS Taiwan Jerry Chen said: "We have resumed offering all products and services previously offered by Bowa before its takeover by the Central Deposit and Insurance Corporation. Moving ahead, we will continue to build on the strong foundation of DBS Taipei Branch which serves mid and large corporations."
"In addition, we also plan to offer a comprehensive range of products and services targeted at small and medium enterprises (SMEs) as well as the mass affluent in Taiwan. In this regard, we are pleased to have obtained credit card and wealth management licences which will enable us to offer holistic wealth management solutions to individual customers in Taiwan", added Mr Chen.
As part of its efforts to better serve its customers, the bank plans to establish six enterprise banking hubs in Taipei, Taoyuan, Hsinchu, Taichung, Tainan and Kaohsiung. DBS Bank plans to leverage its experience and expertise in enterprise banking in Singapore, Hong Kong and Mainland China to help SMEs in Taiwan to seize growth opportunities in Asia. DBS Bank customers can look forward to customised and one-stop solutions that would include factoring, equipment financing, cash management and corporate internet banking.
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.