DBS Bank opens branch

DBS Bank opens branch

SHANGHAI (AFP): DBS Bank, one of Singapore's Big Four banks, officially opened a branch office here Saturday, becoming the 35th foreign financial institution to do so in China's financial center.

The branch was DBS Bank's first in China, following the establishment of a representative office in Beijing in 1992, and the third of five branches the bank was opening in five countries this year, chairman Ngiam Tong Dow said.

Ngiam said at the opening ceremony, attended by Singapore Prime Minister Goh Chok Tong, who is visiting Shanghai, that the bank aimed to find its niche in China and gradually expand the geographic spread of offices beyond Shanghai and Beijing.

Branch deputy manager Aw Soon Beng said the bank would try to develop the project financing, trade financing and general corporate banking business.