DBS BANK STRENGTHENS PRESENCE IN CHINA WITH LANDMARK TRANSACTION
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RBS to transfer retail and commercial banking portfolios to DBS China
SINGAPORE, CHINA, HONG KONG, TAIWAN, 15 December 2010 – DBS Bank and RBS today entered into an agreement to transfer RBS’ retail and commercial banking customer base, business portfolios and related employees in Shanghai, Beijing and Shenzhen to DBS China. This marks another significant milestone for DBS as it expands its franchise and grows its customer base in China.
With this strategic agreement, close to 25,000 retail and commercial banking RBS customers in Shanghai, Beijing and Shenzhen will be given the option to transfer their existing accounts and deposits to DBS China. They will have access to a full range of consumer banking products and services offered by DBS China, including deposits, investments, mortgage loans, and insurance. They will also have access to DBS’ large network in Asia, including 80 branches and over 1,000 ATMs in its home market in Singapore as well as 113 branches and 154 ATMs in the Greater China region. The transfer process is expected to be completed within six months.
Said Melvin Teo, Chief Executive Officer of DBS China: “This landmark agreement enables DBS China to rapidly expand its retail banking customer base, grow its deposit base and correspondingly, accelerate plans to grow its loan portfolio, in a market that is of critical importance to DBS. We look forward to welcoming RBS’ retail and commercial customers and employees to DBS China and will work closely with RBS to ensure a smooth and seamless transition process.”
He added: “Going forward, to better serve our customers in China, DBS intends to expand its branch network across China. With this strategic agreement, DBS will be able to tap into an attractive talent pool from RBS as the bank doubles its overall staff strength from 1,000 to 2,000 in line with business expansion needs.”
DBS was the first Singapore bank to set up a locally-incorporated subsidiary in China, back in May 2007. Over the last three years, DBS China has grown its customer base in the country by more than five times and doubled its staff strength to 1,000. Today, DBS China operates out of 16 outlets across Shanghai, Beijing, Tianjin, Suzhou, Shenzhen, Guangzhou, Dongguan and Nanning, with a new Hangzhou branch expected to be opened by year end. Earlier this year, DBS China inaugurated its new headquarters in DBS Bank Tower in the Lujiazui area in PuDong. The 143,000 square feet building is located next to the Pearl TV Tower, in the centre of Shanghai’s new financial district.
DBS Group Holdings Chief Executive Officer Piyush Gupta said: “We are extremely pleased with this unique opportunity to strengthen our presence and expand our customer base in China. DBS is fully committed to deepening its footprint in Asia and building lasting relationships with our customers and employees in this region.
This year, DBS China set up a Taiwan Desk and a Singapore desk in its Shanghai branch to better support Chinese MNCs’ growth in Asia and Asian customers’ expansion into China. DBS has been a pioneer in developing the RMB business and we will continue to leverage our Greater China franchise to build a leading RMB business spanning foreign exchange, bonds, structured products and hedging solutions.
To cater to the growing wealth management needs of the burgeoning middle class and affluent segments in China, we will also strengthen our wealth proposition as we become a leading Asian Bank and Asian Wealth Manager of choice.”
About DBS
DBS - Living, Breathing Asia
DBS is one of the largest financial services groups in Asia with operations in 15 markets. Headquartered in Singapore, DBS is a well-capitalised bank with "AA-" and "Aa1" credit ratings that 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 expanding 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 such as 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.