Singapore’s DBS Bank has received regulatory approval from the Australian Prudential Regulatory Authority to begin operations in the country, adding to DBS’ more than 280 branches worldwide.
DBS announced in its filing with the Singapore Exchange that it will open its first Australian branch in Sydney later this month.
Singapore is said to be Australia’s largest South East Asian trade and investment partner and DBS was the only branch from Singapore that did not operate in Australia.
The new DBS branch will provide both Asian and international companies interested in expanding in Australia and Australian companies exploring opportunities in Asia with services including corporate finance, trade finance, cash management and treasury solutions, reported the Straits Times.
DBS CEO Piyush Gupta said in a statement: “As a leading bank in Asia, DBS has a growing presence in the three Asian axes of growth: Greater China, Southeast Asia and South Asia.
“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.”
Australia has a free trade agreement with Singapore and other Asian countries including China, Japan, Malaysia and Korea.
Some of the other Asian banks already operating in Australia are Bank of China, Agricultural Bank of China and India’s Bank of Baroda and State Bank of India.
Source: BBR
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