DBS boosted by 6,000 transferred clients
By Zhang Fengming |
August 2, 2011, Tuesday
|
Print Edition
Print Edition
RETAIL deposits at DBS grew by 69 percent in the first half, thanks partly to the transfer of retail banking clients from Royal Bank of Scotland, DBS's consumer banking head said yesterday.
Southeast Asia's biggest bank has taken 6,000 retail clients with assets valued at US$500 million from RBS as the Singaporean bank seeks to expand its franchise in China, said Zhu Yaming, DBS Bank (China)'s head of consumer banking.
The transfer of retail clients to DBS is due to be completed in the third or fourth quarter of this year, she added.
"Our loans-to-deposits ratio has been under 75 percent since the first quarter of this year," said Zhu, "so we are not under pressure to attract deposits. Of course, the transfer from RBS helped to record a deposits rise."
Overseas banks in China are required to bring their loans-to-deposits ratio below 75 percent by the end of this year. Some, including HSBC, Citigroup and Standard Chartered, have met the requirement ahead of schedule.
Meanwhile, DBS is to open three or four new outlets in China in the second half of this year. The bank opened five during the first half.
Zhu said: "We are not at the stage of focusing on seeking investment returns (from retail banking). We are still implementing our commitment to the Chinese market and will continue our expansion over the next three to five years."
DBS said in April it plans to double its Chinese staff this year to more than 2,000.
Southeast Asia's biggest bank has taken 6,000 retail clients with assets valued at US$500 million from RBS as the Singaporean bank seeks to expand its franchise in China, said Zhu Yaming, DBS Bank (China)'s head of consumer banking.
The transfer of retail clients to DBS is due to be completed in the third or fourth quarter of this year, she added.
"Our loans-to-deposits ratio has been under 75 percent since the first quarter of this year," said Zhu, "so we are not under pressure to attract deposits. Of course, the transfer from RBS helped to record a deposits rise."
Overseas banks in China are required to bring their loans-to-deposits ratio below 75 percent by the end of this year. Some, including HSBC, Citigroup and Standard Chartered, have met the requirement ahead of schedule.
Meanwhile, DBS is to open three or four new outlets in China in the second half of this year. The bank opened five during the first half.
Zhu said: "We are not at the stage of focusing on seeking investment returns (from retail banking). We are still implementing our commitment to the Chinese market and will continue our expansion over the next three to five years."
DBS said in April it plans to double its Chinese staff this year to more than 2,000.
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