DBS sets up Sabah branch

DBS sets up Sabah branch

SINGAPORE (AFP): The Development Bank of Singapore (DBS) Bank Ltd., one of the big four local banks, yesterday said it was setting up a branch in Labuan, Sabah.

"With a presence in Malaysia, we will now be able to play a more active role in further strengthening the close trade and economic ties between Malaysia and Singapore," said Chong Kie Cheong, the bank's executive vice president.

The bank said a management office of the Labuan Branch will be established in Kuala Lumpur to serve as a base for marketing, business development and client services.

The main activities of the Labuan branch include deposit- taking as well as arranging and participating in offshore financing programs for institutional and corporate clients.

DBS Bank's other international offices are located in Tokyo, Osaka, Seoul, Beijing, Taipei, Hong Kong, Bangkok, Jakarta, Bombay, New York, Los Angeles and London.