DBS' China unit opens Qingdao branch

Singapore Ambassador to China Stanley Loh (third from right); DBS Group Holdings chairman Peter Seah (fourth from right); DBS China chief executive Neil Ge (third from left); and Monetary Authority of Singapore Beijing Office Chief Representative Tay
Singapore Ambassador to China Stanley Loh (third from right); DBS Group Holdings chairman Peter Seah (fourth from right); DBS China chief executive Neil Ge (third from left); and Monetary Authority of Singapore Beijing Office Chief Representative Tay Hwee Ling (right) at the DBS Qingdao branch opening.PHOTO: DBS

DBS Bank (China), a unit of DBS, opened a branch in the eastern coastal city of Qingdao yesterday, its first in China's Shandong province.

The branch provides corporate banking services including deposit facilities, trade financing and treasury market services.

DBS Group Holdings chairman Peter Seah said at the ceremony: "The opening of our first branch in Qingdao demonstrates our strong confidence and continued investments in China."

He added that the branch will provide clients with more financing channels for cross-border yuan business, on top of helping with their overseas expansion needs.

The bank said the Qingdao branch will "strongly support Shandong's economic growth", as Qingdao is right in the middle of the Silk Road Economic Belt and the 21st Century Maritime Silk Road. Chinese President Xi Jinping launched the two initiatives in 2013, to boost trade and cooperation among various regions.

The Silk Road Economic Belt links China to Europe via Xinjiang and Central Asia states, and the 21st Century Maritime Silk Road connects China to Europe through South-east Asia and Africa.

DBS noted that the branch will help clients connect to Asia and tap opportunities in the Bohai coastal region and overseas.

The bank also held a seminar for clients from Shandong and North China yesterday, in conjunction with the branch opening.

DBS China chief executive Neil Ge noted Qingdao is its 11th branch and 34th banking outlet in China.

He said: "The seminar we held yesterday attracted many clients interested in hearing about our latest market insights on Asia."

Mr Ge added that the bank is able to offer "proprietary insights on Asia's financial market".

Rachael Boon

A version of this article appeared in the print edition of The Straits Times on October 22, 2015, with the headline 'DBS' China unit opens Qingdao branch'. Print Edition | Subscribe