DBS Bank (China) Limited (“DBS China”) announced that it has facilitated one of its customers from Southeast Asia based in Suzhou Industrial Park (SIP) to obtain an RMB denominated loan from its Singapore headquarters under the new SIP cross-border renminibi (RMB) transactions initiative. DBS is one of the first banks, and the only Singapore-headquartered bank, to pilot this new initiative.
DBS China has also reached agreements with a couple of companies based in the SIP to obtain cross-border RMB loans. The bank’s Singapore headquarters is currently actively working with companies in the industrial township to prepare for RMB bonds issuance in Singapore. DBS is the first Singapore bank to set up operations in the SIP in 2007 and has been supporting the growth and development of Suzhou and SIP for the past seven years.
Last week, the Nanjing branch of the People’s Bank of China, China’s central bank, issued a directive to allow banks in Singapore to provide RMB denominated loans to companies located in the SIP, without limiting the annual foreign debt quota of the banks. In addition, there is an expansion in the usage of the loans, allowing companies to entrust loans to their subsidiaries.
DBS Bank (China) Limited Chief Executive Officer Neil Ge said, “We are honoured to participate in this new initiative, playing an active role in supporting the transformation of SIP’s financial services sector as well as facilitating RMB internationalisation and contributing to the close bilateral cooperation between China and Singapore. Being one of the pioneering banks of this new cross-border RMB lending initiative demonstrates DBS’ strength in cross border connectivity.”
“DBS is one of the first movers in the cross border RMB business and provides offshore RMB products and services in Singapore, Hong Kong and Taiwan, with seamless connectivity across the three markets, to help clients capture opportunities in a timely manner and to further support the development of RMB internationalisation.”
DBS – Living, Breathing Asia
DBS is a leading financial services group in Asia, with over 250 branches across 17 markets. Headquartered and listed in Singapore, DBS has a growing presence in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank’s capital position, as well as “AA-” and “Aa1” credit ratings, is among the highest in Asia-Pacific. 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 five consecutive years from 2009 to 2013.
DBS provides a full range of services in consumer, SME and corporate banking activities across Asia. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. These market insights and regional connectivity have helped to drive the bank’s growth as it sets out to be the Asian bank of choice. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way.
It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all of our 19,000 staff, representing over 30 nationalities. For more information, please visit www.dbs.com.