DBS looks into yuan bonds to expand
By Maggie Zhang |
February 4, 2010, Thursday
|
Print Edition
Print Edition
SINGAPORE'S DBS bank is considering issuing yuan-backed bonds to support its growth in China, its senior executives said yesterday.
"We're keenly studying issuing yuan-denominated bonds in China this year," said Teo Tzai Win, director and designated chief executive officer of DBS Bank (China) Ltd, yesterday. "We have made preparations and will contact further with regulators."
Locally incorporated overseas banks are allowed to sell yuan bonds in China as part of innovations necessary for Shanghai's goal to be a global financial hub.
DBS China was set up as the locally incorporated unit of Southeast Asia's biggest bank in May 2007. In the past three years, DBS grew its clients by four times and doubled its employees to 1,000 in China.
"We are open to different sources of financing and the yuan bond, a new issue, is something we will watch," DBS Chairman Koh Boon Hwee said in Shanghai.
On possible investment by DBS in domestic banks, Koh said it "is always open to strategic investment. But we have nothing specific in mind."
DBS seeks to expand its business to a dozen cities in the next five years by opening one branch each year pending regulatory go-ahead, Piyush Gupta, DBS group executive president, said yesterday.
The bank has eight branches and seven sub-branches in cities including Shanghai, Beijing and Tianjin and is the sixth-biggest overseas bank in the country.
The bank yesterday inaugurated its DBS Bank Tower headquarters in Lujiazui area.
"We're keenly studying issuing yuan-denominated bonds in China this year," said Teo Tzai Win, director and designated chief executive officer of DBS Bank (China) Ltd, yesterday. "We have made preparations and will contact further with regulators."
Locally incorporated overseas banks are allowed to sell yuan bonds in China as part of innovations necessary for Shanghai's goal to be a global financial hub.
DBS China was set up as the locally incorporated unit of Southeast Asia's biggest bank in May 2007. In the past three years, DBS grew its clients by four times and doubled its employees to 1,000 in China.
"We are open to different sources of financing and the yuan bond, a new issue, is something we will watch," DBS Chairman Koh Boon Hwee said in Shanghai.
On possible investment by DBS in domestic banks, Koh said it "is always open to strategic investment. But we have nothing specific in mind."
DBS seeks to expand its business to a dozen cities in the next five years by opening one branch each year pending regulatory go-ahead, Piyush Gupta, DBS group executive president, said yesterday.
The bank has eight branches and seven sub-branches in cities including Shanghai, Beijing and Tianjin and is the sixth-biggest overseas bank in the country.
The bank yesterday inaugurated its DBS Bank Tower headquarters in Lujiazui area.
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