(3 September 2015 – Australia) Southeast Asia’s largest bank, DBS Bank has officially launched operations in Sydney, Australia. The launch expands its presence to 18 markets around the world.
With a local branch, DBS says it will better facilitate business and investment flows between Australia and Asia.
Several dignitaries were present for the opening, including New South Wales Treasurer and Minister for Industrial Relations, Gladys Berejiklian, Singapore’s High Commissioner to Australia Burhan Gafoor and DBS executives such as Chairman Peter Seah, Chief Executive Officer Piyush Gupta and DBS Group Head of Institutional Banking Jeanette Wong.
DBS received regulatory approval in June this year to conduct institutional banking activities, such as corporate finance, trade finance, cash management and treasury solutions, out of its Sydney branch.
DBS Chairman Peter Seah said: “Australia was the first nation to establish diplomatic ties with Singapore back in August 1965, nine days after Singapore became independent.
“DBS is no stranger to Australia, having banked many companies here over the years. All of us in DBS look forward to forging closer ties that will facilitate business growth, both in Australia and across Asia in the years to come.”
DBS Chief Executive Officer Piyush Gupta said in a statement: “With our growing footprint in Greater China, Southeast Asia and South Asia, we are better able to connect clients in Australia with Asia and vice-versa, and support them more meaningfully.”
DBS covered the region out of its Singapore office, banking blue-chip Asian and Australian corporates as well as financing many infrastructure transactions including various Public Private Partnership projects.
In 2014, DBS’ net profit rose to a record SGD 4.05 billion. Total income rose 8% to SGD 9.62 billion, with all business segments contributing to the increase. In 1H2015, DBS’ earnings also reached a new high of SGD 2.39 billion. DBS has been recognised for its leadership in the region, having been named “Asia’s Best Bank” by The Banker, a member of the Financial Times group, and “Best Bank in Asia-Pacific” by Global Finance. The bank has also been named “Safest Bank in Asia” by Global Finance for six consecutive years from 2009 to 2014.