|
Sigapore's DBS Bank opens HCMC branch
DBS Bank, Southeast Asia’s largest bank, has opened its branch in Ho Chi Minh City to meet a growing demand for integrated banking solutions and greater market connectivity by Vietnamese firms.
The opening of the branch in the southern economic hub marks DBS’ next phase of growth in Vietnam, where the bank has been present since 2008 with its Hanoi representative office.
This move also underscores DBS’ continued execution against strategy to grow its presence in Asia and strengthen its banking franchise in the region.
The establishment of the branch in Vietnam, which has 20 full-time staff, will further strengthen DBS’ footprint in Asia and spearhead the development of the bank’s wholesale banking business.
DBS will support companies with business interests in Vietnam by connecting them to the bank’s extensive regional network and providing them with customized solutions.
These include trade financing, receivables financing, remittance, cash management and capital markets access. Over time, the branch will also extend its product and service offerings to cater to SMEs and affluent individuals.
“Vietnam is increasingly seen as a land of opportunities amid economic reforms and growth. Indeed, many companies, including DBS, view Vietnam as an emerging market with excellent prospects. Just recently, Singapore and Vietnam companies signed some USD 300 million worth of agreements to develop real estate projects here. With the rise of the middle class in Vietnam and Asia powering global economic growth, the future looks bright,” DBS Group Holdings Chief Executive Officer Piyush Gupta said.
“The opening of this new branch in Vietnam demonstrates DBS’ commitment to helping businesses expand within Vietnam and also across the region. DBS’ pedigree as a well-governed Singapore-headquartered bank reinforces our status as the safest bank in Asia and our network of more than 250 branches in the region places DBS in a unique position to help our customers leverage business growth and investment opportunities in Asia,” he added.
DBS received regulatory approval to set up a branch in HCMC in January 2010.
In 2009, Singapore was Vietnam’s fifth-largest foreign investor. As of September 2010, Singapore’s private sector has invested in a total of more than 800 projects worth nearly US$18 billion in a wide range of sectors in Vietnam.
tuoitrenews
|
