DBS Bank officially opened a branch in China's eastern coastal city of Qingdao on Wednesday, boosting its network in the world's second largest economy to 34 outlets.
As DBS China's first branch in the Shandong province, the Qingdao branch will provide a wide range of corporate banking services for Shandong clients, including deposit facilities, loans, trade financing, cash management and treasury market services, the bank said.
Qingdao is located at the centre of two significant initiatives, namely, the Silk Road Economic Belt and 21st Century Maritime Silk Road - or the "One Belt, One Road" initiatives - to increase trade and cooperation across Europe, the Middle East, South-east Asia and East Asia, it said.
DBS' Qingdao branch will support Shandong's economic growth, it said.
"Leveraging the bank's market insights and extensive network in Asia, the branch will provide comprehensive financial services to clients going aboard, connecting them to Asia and helping them better seize market opportunities both in the Bohai coastal region and overseas," said DBS.
At the opening ceremony, Peter Seah, DBS Group Holdings chairman, said the Qingdao branch will provide local clients with more financing channels for their cross-border renminbi business, as well as a wider range of financial services to meet their overseas expansion needs.
Neil Ge, DBS China chief executive, said Qingdao is the group's 11th branch and 34th banking outlet in China.
DBS China is a subsidiary of DBS, South-east Asia's biggest bank.
DBS has been in China for over 20 years. It was the first Singapore bank to set up a locally incorporated subsidiary in China in 2007.
Over the past eight years, DBS has grown to become one of the top five foreign banks in China, it said. DBS China is among the first batch of financial institutions and one of the first two foreign banks, to receive approval to establish an outlet in the Shanghai Free Trade Zone. It has also been an active participant and early mover in renminbi internationalisation.
Rivals OCBC Bank and United Overseas Bank (UOB) have also been building up their presence in China.
OCBC China currently has 17 branches and sub-branches. Including Wing Hang China, OCBC's presence in China comprises 32 banking branches and sub-branches.
UOB opened a new branch in Suzhou this year, giving it 17 branches in China. Including four non-banking subsidiaries and associates, UOB has 21 branches and offices in China.