DBS gets regulatory nod to set up JV securities company in China

"The ability to set up a securities company in China represents yet another key milestone, enabling us to make available the best of DBS's capabilities and offerings, and provide customers in China with a full range of onshore and offshore financial services," he added.

Neil Ge, China head of DBS Group, said the new JV will further support the bank's long-term sustainable development in China and provide more comprehensive financial services to Chinese customers. About a quarter of DBS's total income comes from Greater China, but the bulk of that comes from the Hong Kong market.

DBS Bank opened its first representative office in Beijing in 1993 and was the first Singapore bank to incorporate in China in May 2007. According to the banking group's website, DBS China has about 12 branches and 23 sub-branches, and has more than doubled its staff strength to over 1,900. Its business focuses are on institutional banking, global transaction services, treasury and markets, SME banking as well as consumer banking targeting the affluent segments.For daily updates on weekdays and specially selected content for the weekend.

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