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DBS seeks 50 outlets in 3-4 years
By Zhang Fengming |
September 28, 2010, Tuesday
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Print Edition
Print Edition
SOUTHEAST Asia's biggest bank, DBS, is planning to more than triple its China network in three to four years as it focuses on building up its franchise to tap China's growth, its senior officials said yesterday.
The lender has no immediate plan to list on the international board of the Shanghai Stock Exchange or issue yuan-backed bonds in China as it has no need to shore up liquidity.
The bank expects to have 50 outlets in China within three to four years from the current franchise of 16 outlets, said Piyush Gupta, chief executive officer of DBS Group Holdings and DBS Bank, yesterday in Singapore.
"We expect China to grow exponentially in years," he said. "The China market is expected to contribute 5 to 10 percent of our business in five to 10 years."
China now accounts for 2 to 3 percent of Singapore-based DBS's business.
China is a key part of the bank's "Asian-focus" strategy as its "own backyard is the best world to be" with the region's rapid growth, it said.
"This is Asia's time, and Asia's century, and we are all very excited about the opportunities ahead," Peter Seah, the bank's chairman, said.
The bank is planning to invest S$1.5 billion (US$1.13 billion) in a decade in key markets in Asia.
The lender has no immediate plan to list on the international board of the Shanghai Stock Exchange or issue yuan-backed bonds in China as it has no need to shore up liquidity.
The bank expects to have 50 outlets in China within three to four years from the current franchise of 16 outlets, said Piyush Gupta, chief executive officer of DBS Group Holdings and DBS Bank, yesterday in Singapore.
"We expect China to grow exponentially in years," he said. "The China market is expected to contribute 5 to 10 percent of our business in five to 10 years."
China now accounts for 2 to 3 percent of Singapore-based DBS's business.
China is a key part of the bank's "Asian-focus" strategy as its "own backyard is the best world to be" with the region's rapid growth, it said.
"This is Asia's time, and Asia's century, and we are all very excited about the opportunities ahead," Peter Seah, the bank's chairman, said.
The bank is planning to invest S$1.5 billion (US$1.13 billion) in a decade in key markets in Asia.
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