DBS invests to grow business
By Hu Xiaocen |
April 12, 2012, Thursday
|
Print Edition
Print Edition
SINGAPORE'S DBS Bank will inject another 2.3 billion yuan (US$363.5 million) into its Chinese subsidiary to accelerate its expansion in China.
The bank will invest the money to expand its network, hire more employees, upgrade infrastructure, enhance consumer and corporate Internet banking platforms as well as in technology improvement.
"To be a leading Asian bank, we have to be a key player in China," Peter Seah, chairman of DBS Group, said yesterday. "In 2011, the net profit of the whole group exceeded S$3 billion (US$2.38 billion). China accounted for about 30 percent of our total revenues, and this year we expect this proportion to further increase."
DBS China, the wholly-owned subsidiary of the group, was set up in Shanghai in 2007 with a registered capital of 4 billion yuan. It is the first locally incorporated Singaporean bank to fully tap China's banking sector.
In January, the bank, southeast Asia's largest, opened its 25th outlet in China in Chongqing, which joined 10 other cities on its network nationwide.
The bank will invest the money to expand its network, hire more employees, upgrade infrastructure, enhance consumer and corporate Internet banking platforms as well as in technology improvement.
"To be a leading Asian bank, we have to be a key player in China," Peter Seah, chairman of DBS Group, said yesterday. "In 2011, the net profit of the whole group exceeded S$3 billion (US$2.38 billion). China accounted for about 30 percent of our total revenues, and this year we expect this proportion to further increase."
DBS China, the wholly-owned subsidiary of the group, was set up in Shanghai in 2007 with a registered capital of 4 billion yuan. It is the first locally incorporated Singaporean bank to fully tap China's banking sector.
In January, the bank, southeast Asia's largest, opened its 25th outlet in China in Chongqing, which joined 10 other cities on its network nationwide.
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