DBS China Receives Approval to Conduct RMB Business with Chinese Residents

2007-08-30 10:46 870

SINGAPORE, Aug. 29 /Xinhua-PRNewswire/ -- DBS Bank (China) Limited (DBS China), a fully-owned subsidiary of Singapore’s DBS Bank Ltd, today announced that it has received approval from the China Banking Regulatory Commission (CBRC) to offer RMB products and services to local Chinese residents.

Mored details on the DBS RMB products and services for the Chinese residents will be announced in due course.

About DBS

Headquartered in Singapore, DBS is one of the largest financial services groups in Asia with operations in 15 markets. The largest bank in Singapore as measured by assets, and a leading bank in Hong Kong, DBS' "AA-" and "Aa1" credit ratings are among the highest in the Asia-Pacific region. DBS has leading positions in corporate, SME and consumer banking, treasury and markets, wealth management, securities brokerage, equity and debt fund raising. Beyond the anchor markets of Singapore and Hong Kong, DBS serves corporate, institutional and retail customers through its operations in China, India, Indonesia, Malaysia, Thailand and The Philippines. More information about DBS Group Holdings and DBS Bank can be obtained from our website .

About DBS China

DBS is one of the first few foreign banks and the first Singapore bank to incorporate in China. The subsidiary, DBS Bank (China) Limited, is headquartered in Shanghai and commenced business on 28 May 2007 with a registered capital of RMB4 billion (USD523 million).

DBS first established its presence in China with a representative office in Beijing in 1993. In 2005, DBS officially launched its consumer banking business in Shenzhen, followed by the opening of a sub-branch in Shanghai in May 2006.

Today, DBS has branches in Beijing, Shanghai, Shenzhen, Suzhou and Guangzhou and representative offices in Dongguan, Fuzhou, Hangzhou, and Tianjin.

More information on DBS China can be obtained from

Source: DBS