DBS wins nod to start operations in FTZ
Print Edition
DBS Bank has won approval for its sub-branch in the Shanghai pilot free trade zone to start operations, the Singapore-based bank said yesterday.
The branch obtained approval from the China Banking Regulatory Commission on Tuesday, the last day of 2013, to commence operations, the bank said in a statement.
DBS Bank (China) is among the first batch of financial institutions, and one of the first two foreign banks, to be approved to set up an outlet in the FTZ, it said.
“The commencement of business by the DBS China FTZ sub-branch will help us seize new opportunities ahead, providing Asian connectivity to clients from the sub-branch,” said DBS Bank (China) CEO Neil Ge.
DBS is the biggest bank in Southeast Asia and one of the leading financial services group in Asia, with over 250 branches across 16 markets.
Headquartered and listed in Singapore, DBS has a growing presence in the three key Asian axes of growth: China, Southeast Asia and South Asia.
The China (Shanghai) Pilot Free Trade Zone was established in September 2013.
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