DBS Bank, Southeast Asia’s largest bank, officially launched operations in Sydney, Australia, expanding its presence to 18 markets around the world. With the branch, DBS will better facilitate business and investment flows between Australia and Asia.
New South Wales Treasurer and Minister for Industrial Relations, Gladys Berejiklian, Singapore’s High Commissioner to Australia Burhan Gafoor, DBS Chairman Peter Seah, DBS Chief Executive Officer Piyush Gupta and DBS Group Head of Institutional Banking Jeanette Wong were present to grace the occasion.
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.
“This new DBS branch is a welcome addition to Sydney’s banking industry. It is further proof that New South Wales is the number one State in which to do business in Australia,” said Treasurer Gladys Berejiklian.
“Singapore is a priority market for New South Wales and we are always looking for opportunities to encourage the growth of trade and investment links. The presence of this leading financial institution in our global city will be of great assistance to many businesses both here and in Asia,” Ms Berejiklian said.
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. Having co-chaired the Singapore Australia Business Alliance Forum back in 1995, I too have enjoyed a long association with Australia. Similarly, 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: “Eight of Australia’s 12 largest trading partners are within Asia, reflecting Australia’s strategic location and increased economic participation with its Asian partners. 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.”
Ms Jeanette Wong, DBS Group Head of Institutional Banking, said: “Australia offers many opportunities in the infrastructure, utilities, real estate and commodities sectors and is also a well-established project finance market. DBS has been active in all these sectors and with the new Sydney branch, DBS is now even better positioned to finance such opportunities for our Australian clients, as well as for our Asian clients investing in Australia."
