DBS Bank has received regulatory approval to carry out banking activities in Australia, expanding its presence to a total of 18 markets around the world.
The licence allows DBS to conduct institutional banking activities. The bank’s first branch, in Sydney, will commence operations later this month. It is headed by DBS Australia country head Helen Yap.
With the new branch, DBS hopes to better support Australian companies looking to expand in Asia. DBS will also support Asian and international companies looking to expand in Australia, by providing them with corporate finance, trade finance, cash management and treasury solutions.
Among Southeast Asian nations, Singapore is Australia’s largest trade and investment partner, with the Singapore-Australia Free Trade Agreement in force since 2003. Eight of Australia’s 12 largest trading partners are within Asia, reflecting Australia’s increased economic participation with its Asian partners.
DBS chief executive officer Piyush Gupta said: “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.”
Yap said: “Our keen interest to establish an Australia presence is driven by increasing economic linkages between Asia and Australia. With DBS’ high credit ratings, strong capital position, comprehensive regional product platform, as well as Asian insights and experience, we believe the bank is well-positioned to serve Australian companies.”