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DBS to open first Australia branch in June
DBS Bank is expanding into Australia next, after receiving regulatory approval to conduct institutional banking activities in the country.
The bank will start its first branch in Sydney later this month. This will be headed by its Australia country head Helen Yap.
DBS will be able to better support Australian companies planning to expand in Asia, and also Asian and international firms looking to head the other way to Australia, by providing corporate finance, trade finance, cash management and treasury solutions, it said.
"As a leading bank in Asia, DBS has a growing presence in the three Asian axes of growth: Greater China, South-east Asia and South Asia. This has enabled the bank to help our customers leverage business growth and investment opportunities in Asia," said its CEO Piyush Gupta.
"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."
Singapore is Australia's largest trading and investment partner within Asean, and both countries have had a free trade agreement in force since 2003.
With the new market, DBS is present in a total of 18 countries around the world.