The senior management of DBS Bank revealed on May 25 that after the foundation of its domestic corporate bank they would plan to increase the number of its branches from 5 to 30-40 in a short period
DBS China Ltd., the wholly-owned subsidiary of DBS bank with registered capital of RMB4b, has got approval from CBRC and will open on May 28.
Liu Shuying, administrative president and governor of DBS China Ltd. addressed in the news conference: “In a short term we’ll add over thirty branches and the employees of BDS China will increase from 400 to 2000 within 5 years. We’re striving to ascend to the top five in the ranking list of foreign-invested banks in China.”
Senior management of DBS Bank indicated that within 5 years their profit in China would account for 7-9% of the group and currently it is only 1%. The bank has intent to go public listing in Chinese A-share market eventually.