The licence allows DBS to conduct institutional banking activities. The bank’s first branch, in Sydney, will commence operations later this month. It is headed by DBS Australia Country Head Helen Yap.
With the new branch, DBS will be able to better support Australian companies looking to expand in Asia. DBS will also support Asian and international companies looking to expand in Australia, by providing them with corporate finance, trade finance, cash management and treasury solutions.
DBS Chief Executive Officer Piyush Gupta said: “As a leading bank in Asia, DBS has a growing presence in the three Asian axes of growth: Greater China, Southeast Asia and South Asia. This has enabled the bank to help our customers leverage business growth and investment opportunities in Asia. Australia has been growing in importance as a trading partner of the Asian nations, and an Australia presence will further extend our ability to support our clients as they expand.”
Said Ms Yap: “Our keen interest to establish an Australia presence is driven by increasing economic linkages between Asia and Australia. With DBS’ high credit ratings, strong capital position, comprehensive regional product platform, as well as Asian insights and experience, we believe the bank is well-positioned to serve Australian companies.”
Among Southeast Asian nations, Singapore is Australia’s largest trade and investment partner, with the Singapore-Australia Free Trade Agreement in force since 2003. Eight of Australia’s 12 largest trading partners are within Asia, reflecting Australia’s strategic location and increased economic participation with its Asian partners.
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About DBS DBS - Living, Breathing AsiaDBS is a leading financial services group in Asia, with over 280 branches across 18 markets. Headquartered and listed in Singapore, DBS has a growing presence in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's capital position, as well as "AA-" and "Aa1" credit ratings, is among the highest in Asia-Pacific. DBS has been recognised for its leadership in the region, having been named “Asia’s Best Bank” by The Banker, a member of the Financial Times group, and “Best Bank in Asia-Pacific” by Global Finance. The bank has also been named “Safest Bank in Asia” by Global Finance for six consecutive years from 2009 to 2014.
DBS provides a full range of services in consumer, SME and corporate banking activities across Asia. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. These market insights and regional connectivity have helped to drive the bank’s growth as it sets out to be the Asian bank of choice. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all of our 21,000 staff, representing over 40 nationalities. For more information, please visit www.dbs.com.
