DBS TO PARTICIPATE IN
WORLD EXPO 2010 IN SHANGHAI, CHINA
***
Bank commits over SGD1.5 million as a key sponsor of Singapore Pavilion; plans to ramp up China business and expand headcount by over 20%
SINGAPORE, 13 April 2010 – DBS Bank, Southeast Asia’s largest bank, will commit over SGD1.5 million to participate in the upcoming World Expo 2010 – China’s mega event of the year – raising its brand presence in an important growth market which will see a ramping up of business and significant hires this year.
DBS has grown rapidly in China in recent years, and the six-month World Expo – which has drawn participation from 200 nations and is expected to attract an estimated 70 million visitors – is a key platform by which the bank intends to raise its profile as it further expands in the market.
In China, DBS, which is the first Singapore bank to set up a locally-incorporated subsidiary in May 2007, is focused on serving corporate and affluent customers.
China has been the fastest-growing economy in Asia for the last decade, and DBS economists expect this record to continue this year. DBS forecasts that China’s economy will expand 9.5% this year.
Amid the significant wealth creation that rapid growth brings, this year, DBS China will ramp up its priority banking business, which caters to customers with at least RMB 400,000 in investible assets. Along with this expansion, the bank, which currently operates out of eight branches and seven sub-branches across China, has applied to regulators to open more branches. DBS China also intends to add about 200 staff to its existing headcount of close to 1,000 employees this year. More than half of the recruits will be for client-facing roles in priority banking, with the rest slated for positions in institutional banking, treasury and markets as well as support units to keep pace with rapid business expansion.
Melvin Teo, DBS China CEO, said, “China is a key market for DBS, and an integral part of the Group’s strategic intent to be The Asian Bank of Choice for New Asia. We are committed to putting roots here, investing for the future, and growing with our customers. Given this, we are proud to participate in World Expo 2010, a milestone event for China. We believe this mega event is a splendid platform for DBS to showcase our Asian heritage and insights, as well as regional connectivity in key financial markets.”
Visitors to the World Expo can learn more about DBS and its Asian heritage at the DBS Gallery housed in the Singapore Pavilion, a two-storey, music-like structure, from 21 June 2010 to 16 July 2010. In addition, the bank is sponsoring the DBS Fountain of Treasures at the Pavilion. Visitors to the fountain can expect daily dance performances, which showcase the cultural multiplicity of Singapore and Asia at large. New dance programmes ranging from rousing drum performances to ethnic mask dances will be introduced every two months.
Since May 2007, DBS China has nearly doubled its staff strength of close to 1,000, and expanded its customer base by over four times.
In February this year, DBS underscored its long-term commitment to China with the inauguration of its own headquarters building, DBS Bank Tower, which is located at the heart of Shanghai’s financial district. Last year, in the consumer banking space, DBS China launched a debit card, which enables card-holders to withdraw cash at over 100,000 ATMs in China, and more than 1,000 ATMs in Singapore and Hong Kong. For corporate clients, DBS was among the first batch of banks to pilot settlement of trades in renminbi, for cross-border deals involving Singapore or Hong Kong customers. In addition, DBS Private Equity also set up a USD100 million onshore RMB Fund to invest in promising unlisted companies in China.
About DBS
DBS is the largest bank in Singapore, a leading bank in Hong Kong and is one of the largest financial services groups in Asia. Headquartered in Singapore, DBS has operations in 16 markets and is a well-capitalised bank with "AA-" and "Aa1" credit ratings, one of the highest in the Asia Pacific region.
As a bank that specialises in Asia, DBS leverages its insights, deep understanding of the region and appreciation of local cultures to serve and build lasting relationships with its clients. DBS provides a full range of services in corporate, SME, consumer and wholesale banking activities across Asia and the Middle East. DBS will leverage its growing presence in China, Hong Kong and Taiwan to intermediate the increasing trade and investment flows in the Greater China region. The bank is also focused on extending its footprint and facilitating capital flows in fast-growing Indonesia and India.
DBS acknowledges the passion, commitment and can-do spirit in each of its 14,000 staff, representing over 30 nationalities. For more information, please visit www.dbs.com.